Precision Therapeutics Inc. (NASDAQ: AIPT) (“Precision” or “the
Company”) is pleased to announce that its Skyline Medical division,
producer of the FDA-approved and CE-marked
STREAMWAY®
System for automated, direct-to-drain medical fluid
disposal, has partnered with Prenit World, an international
distributor of medical infrastructure solutions for healthcare
facilities, to market the STREAMWAY System in India. Signing this
international distribution agreement represents the Company’s entry
into India’s bourgeoning healthcare market.
For the past 10 years Prenit World has provided technologically
advanced and superior quality medical infrastructure solutions to
operating theaters and other healthcare facilities in India. Under
the terms of the agreement, Prenit World will be the exclusive
distributor of the STREAMWAY System, as well as its associated
filters and cleaning solutions, to hospitals and other healthcare
facilities in India.
Partnering with a reputable third-party distributor in India is
the latest milestone in Skyline Medical’s ongoing international
expansion strategy. Following the opening of its European entity
earlier in 2018, the Company recently announced it has secured its
first system sale in Europe. Furthermore, Skyline Medical is
currently in negotiations with several other international
distributors in the United Arab Emirates, Kuwait and Libya, and is
also in direct negotiations with a number of hospital suppliers in
the Middle East that are instrumental in the building of hospitals
and operating rooms.
Dr. Carl Schwartz, CEO of Precision Therapeutics, commented,
“Prenit World supplies various healthcare organizations with
state-of-the-art, efficient and flexible medical healthcare
solutions that have stood the test of time. Their reputation for
superior quality and their track record of selling best-in-class
hospital infrastructure across the country make them the right
partner to market and distribute the STREAMWAY System in
India."
“India has a population of approximately 1.4 billion and
growing, which is fueling a bourgeoning healthcare industry,
supported by the expansion of the emerging middle-income class.
According to research from IBEF, the hospital industry in India
stood at US$61.79 billion in 2017 and is expected to reach
US$132.84 billion by 2023. Even capturing a small portion of market
share in India could drive meaningful revenue growth to the Company
so we are keen to enter this market. We are pleased to be making
strong progress executing on our sales and marketing strategy for
the STREAMWAY System, alongside our strategy to become a leading
provider of artificial-intelligence based precision medicine
solutions to the emerging personalized healthcare
market. These two strategic business verticals represent major
growth opportunities for the Company and we are excited to be at
this pivotal juncture in our development,” concluded Dr.
Schwartz.
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.
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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
617-827-1296info@moneyinfo-llc.com
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