Precision Therapeutics Granted European Patent for its Automated, Direct-to-Drain Medical Fluid Disposal System
July 12 2018 - 8:00PM
Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the
Company”), a company focused on applying artificial intelligence to
personalized medicine and drug discovery, is pleased to announce
that on July 11, 2018 the European Patent Office (“EPO”) granted
European Patent No. 2948200 covering the Company’s STREAMWAY®
System for automated, direct-to-drain medical fluid disposal,
which is sold through the Company’s Skyline Medical division.
The Company is seeking national validation of its European
patent in 11 European countries, including Belgium, France,
Germany, Ireland, Italy, the Netherlands, Norway, Poland, Spain,
Sweden and the United Kingdom. As a result of the granting of the
European patent, the Company has confidence that its intellectual
property is protected as it executes on its sales strategy for its
revolutionary, CE-marked, STREAMWAY System in Europe.
Dr. Carl Schwartz, Chief Executive Officer of Precision
Therapeutics, commented, “We view this announcement as recognition
of the unique benefits of the STREAMWAY System and validation
of our belief that we have a one-of-a-kind offering that fulfils an
unmet need in Europe. Our international expansion strategy is
underway, led by our European Headquarters, which opened earlier
this year, and supported by our strong team of in-house sales reps
and local independent distributors. As we continue to grow our
presence in Europe, we are pleased to have this patent in place to
provide protection for our product.”
The STREAMWAY System is a true direct-to-drain fluid disposal
system designed specifically for medical applications, such as
radiology, endoscopy, urology and cystoscopy procedures. The
STREAMWAY System connects directly to a facility's plumbing system
to automate the collection, measurement and disposal of waste
fluids. This 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 System eliminates the
need for canisters – thereby reducing overhead costs and providing
greater environmental stewardship by helping 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.
To be added to the Precision Therapeutics’ database, please
email Info@MoneyInfo-llc.com with your email address. This is
solely for the use of Precision Therapeutics and will not be sold
or distributed to third parties.
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 patients and clinicians as well as 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. For additional
information, please visit www.precisiontherapeutics.com.
Precision Therapeutics’ medicine 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 medicine 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 their 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 StatementsCertain 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; 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 Relations KCSA Strategic
Communications Elizabeth Barker (212) 896-1203 ebarker@kcsa.com
MONEYINFO, LLC Charles Moskowitz 617-827-1296
info@moneyinfo-llc.com
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