Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the
Company”), formerly Skyline Medical, a company focused on applying
artificial intelligence to personalized medicine and drug
discovery, announced today that it has engaged Richard Gabriel as a
consultant to lead the external business development strategy for
TumorGenesis, Inc., its wholly-owned subsidiary. In this role,
Richard will work closely with TumorGenesis’s newly appointed
President, Dr. Mark Collins.
Richard Gabriel, BS, MBA, is an experienced consultant to early
stage healthcare companies and has been a board member of Precision
Therapeutics since 2016. Mr. Gabriel will continue to serve as a
board member for Precision Therapeutics in addition to providing
consulting services to TumorGenesis. Mr. Gabriel has spearheaded
TumorGenesis’s licensing of new technologies from 48 Hour
Discovery, SyntArray and CellBridge for 3D cell culturing.
Together, these ground-breaking technologies are expected to
advance the development of the next generation of patient derived
tumor models for precision cancer therapy and drug development,
with an initial focus on ovarian cancer.
“Ovarian cancer cells from one patient can be different in
another patient; however, one consistent fact about cancer cells is
that they fool our immune systems into behaving as if nothing was
wrong, thereby evading the immune system response. Our aim is to
combine the separate technologies (48 Hour Discovery, SyntArray and
CellBridge) into one system that fools the cancer cells into
behaving as if they were still in the patient. This will enable
drug developers to test drugs in a model system that closely mimics
the way a tumor grows in the body, which is expected to optimize
clinical trial outcomes and advance the development of personalized
therapies,” commented Richard Gabriel, Head of External Business
Development at TumorGenesis.
“With the appointment of Mr. Gabriel, we are moving quickly to
validate our new TumorGenesis technology in a clinical setting with
the help of pathologists and oncologists and, of course, patients.
We will then be able to screen larger combinations of drugs, using
this ‘cell capture, culture and screen’ process by partnering with
Helomics’ CLIA laboratory and other oncology labs around the world
to deliver a better outcome for patients,” commented Dr Mark
Collins, President of TumorGenesis Inc.
Dr. Carl Schwartz, CEO of Precision Therapeutics, commented, “We
are focused on bringing together cutting-edge technologies and a
first class leadership team as we build TumorGenesis into a crucial
partner to the precision medicine industry. Richard has a proven
track record in both entrepreneurial and public-company settings,
and we are pleased to engage him as the Head of External Business
Development for TumorGenesis. Since he became a board member for
Precision Therapeutics, he has been instrumental in securing
several technology licenses for TumorGenesis to advance its
development of next generation PDx tumor model and has provided
invaluable strategic counsel.”
Mr. Gabriel has served as Partner, Chief Operating Officer and
Co-Founder of GLG Pharma, LLC, since 2009. GLG Pharma is a Jupiter,
Florida company that is developing small molecule drugs and
diagnostic technology packages for the treatment of cancer.
GLG Pharma has a partnership with Precision
Therapeutics and Helomics focused on using their combined
technologies to bring a personalized, precision medicine approach
to ovarian and breast cancer patients. The partnership will build
on the Company’s STREAMWAY System to add a collection system for
ascites fluids based on GLG’s Capture, Culture and Screening
system, that pathologists can then process and send to Helomics for
further evaluation in using Helomics’ Precision Oncology Insights
platform. Together with a combination of STAT3 inhibitors from GLG,
the partnership is expected to create new revenue streams to be
shared between Precision Therapeutics, Helomics and GLG.
For more information on Richard Gabriel, his biography can be
found on the Company’s website at
http://www.skylinemedical.com/about-skyline/board-of-directors/ To
be added to the Precision Therapeutics’ database, please email
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About Precision Therapeutics Inc.
Precision Therapeutics (NASDAQ:AIPT) operates in two
business areas: first, applying artificial intelligence to
personalized medicine and drug discovery to provide personalized
medicine solutions for clients in the pharmaceutical, diagnostic,
and biotech industries, and second, production of
the FDA-approved STREAMWAY® System for automated,
direct-to-drain medical fluid disposal.
Precision Therapeutics' CRO services business is committed
to improving the effectiveness of cancer therapy using the power of
artificial intelligence (AI) applied to rich data diseases
databases. This business has launched with Precision
Therapeutics' investment in Helomics Corporation, a
precision diagnostic company and integrated clinical contract
research organization whose mission is to improve patient care by
partnering with pharmaceutical, diagnostic, and academic
organizations to bring innovative clinical products and
technologies to the marketplace. In addition to its
proprietary precision diagnostics for oncology, Helomics offers
boutique CRO services that leverage our patient-derived tumor
models, coupled to a wide range of multi-omics assays (genomics,
proteomics and biochemical), and a proprietary bioinformatics
platform (D-CHIP) to provide a tailored solution to our client's
specific needs. Helomics is 25% owned by Precision
Therapeutics. Helomics® is headquartered in Pittsburgh,
Pennsylvania where the company maintains state-of-the-art,
CLIA-certified, clinical and research laboratories. For more
information, please visit www.Helomics.com.
Precision Therapeutics has also announced the formation of a
subsidiary, TumorGenesis to pursue a new rapid approach to growing
tumors in the laboratory, which essentially “fools” the cancer
cells into thinking they are still growing inside the patient.
Precision Therapeutics and Helomics have also announced a
proposed joint venture with GLG Pharma focused on using
their combined technologies to bring personalized medicines and
testing to ovarian and breast cancer patients, especially those who
present with ascites fluid (over one-third of patients). The growth
strategy in this business includes securing new partnerships and
considering acquisitions in the precision medicine space.
Sold through the Skyline Medical business of Precision
Therapeutics, The STREAMWAY System virtually eliminates staff
exposure to blood, irrigation fluid and other potentially
infectious fluids found in the healthcare environment. Antiquated
manual fluid handling methods that require hand carrying and
emptying filled fluid canisters present an exposure risk and
potential liability. Skyline Medical's STREAMWAY System fully
automates the collection, measurement, and disposal of waste fluids
and is designed to: 1) reduce overhead costs to hospitals and
surgical centers; 2) improve compliance with OSHA and
other regulatory agency safety guidelines; 3) improve efficiency in
the operating room, and radiology and endoscopy departments,
thereby leading to greater profitability; and 4) provide greater
environmental stewardship by helping to eliminate the approximately
50 million potentially disease-infected canisters that go into
landfills each year in the U.S. For additional information,
please visit www.skylinemedical.com.
Forward-looking Statements
Certain of the matters discussed in this announcement contain
forward-looking statements that involve material risks to and
uncertainties in the Company's business that may cause actual
results to differ materially from those anticipated by the
statements made herein. Such risks and uncertainties include risks
related to our partnerships with other companies, including the
need to negotiate the definitive agreements; possible failure to
realize anticipated benefits of these partnerships; and costs of
providing funding to our partner companies, which may never be
repaid or provide anticipated returns. Other risks and
uncertainties relating to the Company include, among other things,
current negative operating cash flows and a need for additional
funding to finance our operating plan; the terms of any further
financing, which may be highly dilutive and may include onerous
terms; unexpected costs and operating deficits, and lower than
expected sales and revenues; sales cycles that can be longer
than expected, resulting in delays in projected sales or failure to
make such sales; uncertain willingness and ability of customers to
adopt new technologies and other factors that may affect further
market acceptance, if our product is not accepted by our potential
customers, it is unlikely that we will ever become profitable;
adverse economic conditions; adverse results of any legal
proceedings; the volatility of our operating results and financial
condition; inability to attract or retain qualified senior
management personnel, including sales and marketing personnel; our
ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to
possibly license from others patents and patent applications
necessary to develop products; the Company's ability to implement
its long range business plan for various applications of its
technology; the Company's ability to enter into agreements with any
necessary marketing and/or distribution partners and with any
strategic or joint venture partners; the impact of competition, the
obtaining and maintenance of any necessary regulatory clearances
applicable to applications of the Company's technology; and
management of growth and other risks and uncertainties that may be
detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission, which are available
for review at www.sec.gov. This is not a solicitation to
buy or sell securities and does not purport to be an analysis of
the Company's financial position. See the Company's most recent
Annual Report on Form 10-K, and subsequent reports and other
filings at www.sec.gov.
Contacts:Investor RelationsKCSA Strategic
CommunicationsElizabeth Barker(212) 896-1203ebarker@kcsa.com
MONEYINFO, LLCCharles
Moskowitz617-827-1296info@moneyinfo-llc.com
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