Precision Therapeutics Continues to Build World Class Scientific Advisory Board with Appointment of Hector J. Gomez, MD, PhD
October 11 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, has appointed Dr. Hector
J. Gomez, President & CEO, Co-Founder of GLG Pharma, LLC, to
its Scientific Advisory Board.
Precision Therapeutics, its investee Helomics Corporation, and
GLG Pharma have a strategic partnership 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). Welcoming Dr.
Gomez onto the Company’s Scientific Advisory Board brings
additional international experience and connections to the Company
and is expected to drive forward these companies’ shared strategic
goals.
Dr. Gomez has extensive experience in the biotechnology
industry. Prior to founding GLG Pharma LLC in 2009, Dr. Gomez was
Chairman of the Board of Directors and Chief Medical Officer at
DNAprint genomics, Inc. from 2003 – 2008, which provided forensic
DNA testing to law enforcement based mostly on "Ancestry
Informative Markers" in DNA samples. He also served as Chief
Medical Officer and Director at Apollo Pharmaceuticals, Inc. From
1994 – 1999, he was President and Chief Executive Officer of
Transcend Therapeutics, Inc, and from 1992 – 1994 he served as Vice
President, Medical Affairs at Vertex Pharmaceuticals. He has an Eli
Lilly Fellowship, a Rockefeller Foundation Fellowship and is a
Fellow, Wisconsin Heart Association. Dr. Gomez’s professional
achievements include filing more than 20 successful INDs, including
Enalapril, Lisinopril, and Benazepril/Amlodipine combination,
taking10 compounds to market, including Enalapril (Vasotec),
Lisinopril (Prinivil), and Amlodipine/Benazepril (Lotrel) and
directing a Phase III study conducted completely outside of U.S.,
which was utilized to secure FDA approval of Lotrel.
The Scientific Advisory Board is comprised of world-renowned
scientific and medical experts who work closely with Precision
Therapeutics’ senior management team to advance the Company's
growth strategy in the precision medicine market. In addition to
Dr. Gomez, the Board currently consists of Dr. Marc Malandro, Dr.
Amelia Warner and Dr. Paul Kornblith.
Dr. Carl Schwartz, Chief Executive Officer of Precision
Therapeutics, commented, “Dr. Gomez is a proven leader in clinical
drug development, with expertise in clinical pharmacology and an
in-depth understanding of the entire drug development life cycle.
He has set up and directed clinical trials in 28 countries
worldwide. Moreover, he has experience leading and growing small
businesses, with a demonstrable track record of growing their
valuations. Bringing Dr. Gomez onto our Scientific Advisory Board
provides us with valuable contacts abroad and world class expertise
in clinical trials and drug development and is expected to help
drive our strategy to help pharmaceutical companies to bring next
generation precision medicines to market.”
To be added to the Precision Therapeutics’ database, please
email Info@MoneyInfo-llc.com with your email address. This is
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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 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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