Precision Therapeutics Investee, Helomics Corporation, Launches Precision Oncology Insights Platform
August 09 2018 - 8:30AM
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 Helomics Corporation, which has a definitive merger agreement
with AIPT, has launched its new Precision Oncology Insights
platform. This platform provides a personalized oncology roadmap
for oncologists and their patients. The initial focus will be on
gynecologic cancers, especially ovarian.
This unique platform tests living tumor tissue from the patient
to determine how the tumors respond to drugs. Helomics then
combines this drug response profile with other genomic and
molecular data. The results are analysed by its Artificial
Intelligence knowledgebase, D-CHIP™ (Dynamic Clinical Health
Insights Platform), to generate a roadmap that provides additional
context to help the patient’s oncologist personalize treatment.
Helomics’ commercialization strategy for the Precision Oncology
Insights platform is focused on its existing network of 1,200+
oncologists, together with negotiating strategic deals with global
academic medical centers. Furthermore, new tumors are being
continuously added to the D-CHIP platform from patients using
Precision Oncology Insights. D-CHIP will become the cornerstone of
pharmaceutical drug development programs, biomarker discovery,
patient recruitment and selection for clinical trials and drug
repurposing initiatives. This has the potential to generate very
significant revenue to Helomics. Dr. Mark Collins, VP of Innovation
and Strategy for Helomics commented, “We firmly believe this unique
tumor drug response profiling platform, together with the latest
Next Generation Sequencing (NGS)-based genomic profiling and our
vast D-CHIP AI powered knowledge-base of 150,000 tumors, provides a
more functional approach to precision medicine than relying on
genomics alone. We believe this new Precision Oncology Insights
approach will help oncologists better guide therapy decision making
and we are excited to roll it out for our oncologists and their
patients during 2018.”
“With the launch of the Precision Oncology Insights platform, we
are executing on our strategy of moving from a traditional
diagnostic company focused on offering specific tests and dependent
upon unreliable reimbursement policies, to a precision medicine
company that provide of actionable treatment roadmaps supported by
a proprietary AI-powered bioinformatics engine. This new business
model offers more sustainable revenue stream, while growing patient
specimen volume which grows the data and hence the value of our
D-CHIP database,” commented Mr. Gerald Vardzel, CEO of
Helomics.
Dr. Carl Schwartz, Chief Executive Officer of Precision
Therapeutics, commented, “Helomics is making excellent progress as
it advances its mission to have a positive and meaningful impact on
outcomes in precision medicine. The Precision Oncology Insights
Business is currently focused on building closer relationships with
oncologists. While the outreach efforts are ongoing, Helomics has
already received positive feedback and validation for its precision
oncology insight approach. As tumor sample volumes increase, we
expect to leverage this into additional data for the D-CHIP, which
will in turn grow revenues and the total value of the
business.”
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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 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 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; 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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