Predictive Oncology Provides Acquisition Update, Stresses Importance of AI in New Anti-Cancers, Anti-Virals and Vaccines
March 02 2020 - 8:30AM
Amid mounting concern over the impact of the COVID-19 outbreak,
caused by the novel coronavirus 2019-nCoV, governments,
universities and companies are racing to develop new diagnostics,
vaccines and drug therapies to battle the disease.
Artificial intelligence (AI) and machine learning (ML) are very
much a part of this race, from predicting virus spread to
identifying potential new treatments. Recent announcements by
privately held Insilico Medicine (https://insilico.com/ncov-sprint)
and MIT
(http://news.mit.edu/2020/artificial-intelligence-identifies-new-antibiotic-0220)
demonstrate the power of AI to rapidly discover potential
anti-virals and antibiotics.
These studies use similar AI and ML approaches to the CoRE™
technology from Carnegie-Mellon University (CMU) spin-out
Quantitative Medicine (QM), which POAI recently announced a letter
of intent to acquire
(http://investors.predictive-oncology.com/news-releases/news-release-details/predictive-oncology-inc-signs-letter-intent-acquire-quantitative).
With an agreement in principal in place, the all-stock acquisition
is expected to close in March 2020.
The acquisition will provide POAI with QM’s proven machine
learning framework (CoRE), developed at CMU and exclusively
licensed to QM. CoRE is a predictive model-building platform for
drug screening and optimization campaigns that uses hybrid machine
learning approaches to rapidly build predictive models to drive wet
lab experimentation. Unlike the approach of many AI companies just
working computationally (so called “in silico,” uniting the CoRE
approach with POAI-Helomics division’s PDx tumor profiling platform
and tumor data database allows for a one-of-a-kind, end-to-end
“discovery machine” to rapidly and cost-effectively generate
potential therapeutic candidates that demonstrate activity against
the disease. Therapeutic candidates developed by this iterative AI
and experiment cycle can be fast-tracked, since there is already
demonstrated activity in preclinical laboratory tests rather than
just a computer model. In projects with pharmaceutical companies,
QM demonstrated that the CoRE platform could reduce time to
discovery of novel therapeutics by 50%. This “speed-to-patient” is
not only important in cancer and other diseases but vital when
searching for treatments or vaccines for a novel virus such as
2019-nCoV.
While POAI’s current focus is on cancers, especially ovarian
cancer, the CoRE discovery machine could easily be applied to the
rapid discovery of other therapeutics, such as anti-virals. Given
sufficient resources and access to relevant data, POAI’s CoRE
driven Helomics discovery machine could soon be at the forefront of
the fight against these new viruses.
About Predictive Oncology Inc.Predictive
Oncology (Nasdaq: POAI) operates through three segments (Domestic,
International and other), which contain four subsidiaries;
Helomics, TumorGenesis, Skyline Medical and Skyline Europe.
Helomics applies artificial intelligence to its rich data gathered
from patient tumors to both personalize cancer therapies for
patients and drive the development of new targeted therapies in
collaborations with pharmaceutical companies. Helomics’
CLIA-certified lab provides clinical testing that assists
oncologists in individualizing patient treatment decisions, by
providing an evidence-based roadmap for therapy. In addition to its
proprietary precision oncology platform, Helomics offers boutique
CRO services that leverage its TruTumor™, patient-derived tumor
models coupled to a wide range of multi-omics assays (genomics,
proteomics and biochemical), and an AI-powered proprietary
bioinformatics platform to provide a tailored solution to its
clients’ specific needs. Predictive Oncology’s TumorGenesis
subsidiary is developing a new rapid approach to growing tumors in
the laboratory, which essentially “fools” cancer cells into
thinking they are still growing inside a patient. Its proprietary
Oncology Discovery Technology Platform kits will assist researchers
and clinicians to identify which cancer cells bind to specific
biomarkers. Once the biomarkers are identified they can be used in
TumorGenesis’ Oncology Capture Technology Platforms which isolate
and help categorize an individual patient’s heterogeneous tumor
samples to enable the development of patient specific treatment
options. Helomics and TumorGenesis are focused on ovarian cancer.
Predictive Oncology’s Skyline Medical division markets its patented
and FDA cleared STREAMWAY System, which automates the collection,
measurement and disposal of waste fluid, including blood,
irrigation fluid and others, within a medical facility, through
both domestic and international divisions. The company has achieved
sales in five of the seven continents through both direct sales and
distributor partners. For more information, please visit
www.predictive-oncology.com.
Forward-looking Statements
Certain of the matters discussed in the press release 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 (i)
the risk that the acquisition of Quantitative Medicine will not be
completed, or, if completed, that it does not provide anticipated
benefits to the Company or involves higher costs than anticipated
or other negative consequences, (ii) risks related to the recent
merger with Helomics, including the fact that 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; and the market price of the Company’s
common stock may decline as a result of the merger; (iii) 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 (iv) 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; Predictive’s ability to implement
its long range business plan for various applications of its
technology; Predictive’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 Predictive’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
SEC, 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 Predictive’s financial position. See
Predictive’s most recent Annual Report on Form 10-K, and subsequent
reports and other filings at www.sec.gov.
Contact:
Bob Myers651-389-4800bmyers@skylinemedical.com
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