Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the
Company”), a company focused on applying artificial intelligence to
personalized medicine and drug discovery and producer of the
FDA-approved STREAMWAY® System for automated, direct-to-drain
medical fluid disposal, announced today that it expects to secure
its first European sales of the STREAMWAY® Systems in the second
half of 2018. Based on the interest generated to date, and the
stage of negotiations with several potential customers, the Company
expects these sales to generate meaningful revenues.
Earlier this year, the Company opened its new European
headquarters in Belgium, led by Jean-Paul Rasschaert, Vice
President of International Sales, to drive international sales for
the STREAMWAY System. Based on ongoing discussions that are
underway between the Company’s new European Headquarters and
hospital chains and medical clinics based in Europe, the Company
expects to make meaningful sales during the second half of 2018. In
addition, the Company continues to ramp its sales and marketing
initiatives in the U.S. market to drive both sales to its existing
customer base as well as sales to new clients, as disclosed in the
Company’s press release dated January 31, 2018.
Dr. Carl Schwartz, Chief Executive Officer of Precision
Therapeutics, commented, “Europe represents a significant untapped
market for the STREAMWAY System and we are pleased with the rapid
progress that the European Headquarters of our Skyline Medical
division is making educating the market about the importance of the
proper management of infectious healthcare waste. Based on the
interest we have generated over the past several months, we expect
to make meaningful STREAMWAY System sales in the second half of
2018, in addition to the 100 STREAMWAY Systems that we are
predicted to sell in the U.S. this year. We will continue to invest
in our sales and marketing efforts to drive this exciting
opportunity to secure new customers and grow our footprint in key
target international markets.”
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About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY System is
the first true direct-to-drain fluid disposal system designed
specifically for medical applications, such as radiology,
endoscopy, urology and cystoscopy procedures. It connects directly
to a facility's plumbing system to automate the collection,
measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and
improves compliance with Occupational Safety and Health
Administration (OSHA) and other regulatory agency safety
guidelines. It also provides unlimited capacity for increased
efficiency in the operating room, which leads to greater
profitability. Furthermore, the STREAMWAY eliminates canisters to
reduce overhead costs and provides greater environmental
stewardship by helping to eliminate the approximately 50 million
potentially disease-infected canisters that go into landfills
annually in the U.S. For a demonstration please
visit www.skylinemedical.com or call 855-785-8855.
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 (1)
risks related to the proposed merger, including the fact that we
may not complete the merger; we do not have complete information
about Helomics, including audited financial statements; the
combined company will not be able to continue operating without
additional financing; possible failure to realize anticipated
benefits of the merger; costs associated with the merger may be
higher than expected; the merger may result in disruption of the
Company’s and Helomics’ existing businesses, distraction of
management and diversion of resources; delay in completion of the
merger may significantly reduce the expected benefits; and the
market price of the Company’s common stock may decline as a result
of the merger; (2) 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; and (3) other risks and uncertainties relating to the
Company that 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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