Predictive Oncology Announces Closing of $7.2 Million Registered Direct Offerings
May 18 2022 - 5:15PM
Predictive Oncology Inc. (Nasdaq: POAI) (“Predictive Oncology” or
“the Company”), a knowledge-driven company focused on applying
artificial intelligence (“AI”) to personalized medicine and drug
discovery, today announced that it has closed its previously
announced two concurrent offerings with several institutional
investors that resulted in gross proceeds totaling approximately
$7.2 million before deducting placement agent fees and other
offerings expenses.
In the first offering, the Company issued and
sold 3,837,280 shares of its common stock, at a purchase price of
$0.60 per share, in a registered direct offering, for gross
proceeds of approximately $2.3 million. The Company has also issued
to these investors, in a concurrent private placement, unregistered
warrants to purchase up to an aggregate of 3,837,280 shares of its
common stock. The warrants have an exercise price of $0.70 per
share, will become exercisable six months following the date of
issuance and will expire five and one-half years from the date of
issuance.
In the second offering, the Company issued and
sold 8,162,720 shares of its common stock, at a purchase price of
$0.60 per share, in a concurrent registered direct offering, for
gross proceeds of approximately $4.9 million. The Company has also
amended certain existing warrants to purchase up to an aggregate of
16,325,435 shares of common stock of the Company that were
previously issued to those investors, with exercise prices ranging
from $1.00 to $2.00 per share and expiration dates ranging from
August 17, 2024 to August 23, 2026, to reduce the exercise price of
$0.70 per share, to make them non-exercisable until six months
following the closing of the registered direct offering and extend
the expiration date to five and one-half years following the
closing of the registered direct offering.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offerings.
The Company currently intends to use the net
proceeds from the offerings for working capital purposes.
The shares of common stock described above (but
not the warrants or the shares of common stock underlying the
warrants) were offered by the Company in the registered direct
offerings pursuant to an effective “shelf” registration statement
on Form S-3 (Registration No. 333-255582), including an
accompanying base prospectus previously filed with the Securities
and Exchange Commission (the “SEC”) on April 28, 2021 which became
effective on May 5, 2021. The offerings of such shares of common
stock were made only by means of a prospectus supplement that forms
a part of the registration statement. Final prospectus supplements
and the accompanying base prospectus relating to the registered
direct offerings have been filed with the SEC and are available on
the SEC’s website located at http://www.sec.gov. Electronic copies
of the prospectus supplements and the accompanying base prospectus
may also be obtained by contacting H.C. Wainwright & Co., LLC
at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
The warrants described above sold in the first
offering described above were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Act”) and, along with the shares of common stock underlying the
warrants, have not been registered under the Act, or applicable
state securities laws. Accordingly, the warrants and underlying
shares of common stock may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Predictive Oncology
Inc.
Predictive Oncology (NASDAQ: POAI) operates
through four segments (Skyline, Helomics, zPREDICTA and Soluble),
which covers five subsidiaries: Helomics, TumorGenesis, Skyline
Medical, zPREDICTA and Soluble Biotech.
TumorGenesis is the company’s arm for research
and development for zPREDICTA, Soluble Biotech and Helomics. This
subsidiary is also involved in media which aid cancer cells grow
outside the body of patients and preserve their proteomic and
RNA/DNA signatures. Helomics Holding Corporation is involved in
applying artificial intelligence (“AI”) in the company’s precision
medicine business, to offer AI-driven predictive models of tumor
drug response to enhance clinical results for patients and to aid
diagnostic, biotech and pharmaceutical industries in the new
personalized diagnostics and drugs development. Skyline Medical
Inc. (“Skyline Medical”) markets the STREAMWAY System, a fully
automated wall-mounted system, which is utilized to dispose of an
unlimited quantity of suction fluid offering continuous performance
for medical practitioners while effectively eradicating healthcare
professional’s exposure to potentially infectious liquids gathered
during surgical and other medical operations. Soluble Biotech Inc.
is involved in research focused on protein production, stability
studies and solubility improvements. zPREDICTA, Inc carries out
tumor-specific research using vitro models for oncology and drug
development.
Forward-Looking Statements:
This press release comprises of forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
management’s current expectations, estimates and projections about
our industry, our management's beliefs and certain assumptions made
by our management. Words such as "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "seeks," variations of such
words and similar expressions are intended to identify such
forward-looking statements. Such risks and uncertainties include:
market and other conditions and the intended use of net proceeds
from the registered direct offerings. The forward looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, including the risks described in public
filings with the U.S. Securities and Exchange Commission (SEC). The
Company’s actual results may differ materially from the anticipated
results reflected in these forward-looking statements.
Investor Relations Contact:
Landon CapitalKeith Pinder(404)
995-6671kpinder@landoncapital.net
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