Predictive Oncology Inc. Announces $3.5 Million Private Placement
March 16 2020 - 09:00AM
Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive Oncology” or
“the Company”), a data and artificial intelligence (“AI”) driven
discovery services company that provides predictive models of tumor
drug response to improve clinical outcomes for patients, today
announced that it has entered into a securities purchase agreement
with certain accredited investors to raise $3.5 million through the
issuance of up to 1,650,165 shares of common stock (or common stock
equivalents) and accompanying warrants to purchase an aggregate of
up to 3,300,330 shares of common stock at $2.121 per share of
common stock and accompanying warrants. The warrants will be
exercisable immediately at an exercise price of $1.88 per share,
with one-half of the warrants to expire two years after the date of
issuance, and one-half to expire five and one-half years after the
date of issuance.
The closing of the private placement is subject to the
satisfaction of certain customary closing conditions set forth in
the securities purchase agreement.
The Company intends to use the net proceeds for general
corporate purposes.
H.C. Wainwright & Co., LLC acted as the sole placement agent
for the offering.
The offer and sale of the foregoing securities are being made in
a transaction not involving a public offering and have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be reoffered or resold
in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act and such applicable
state securities laws.
Under an agreement with the investors, the Company is required
to file an initial registration statement with the Securities and
Exchange Commission covering the resale of the shares of common
stock to be issued to the investors no later than thirty days after
the closing and to use best efforts to have the registration
statement declared effective as promptly as practical thereafter,
and in any event no later than 90 days after today in the event of
a “full review” by the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
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 Company’s inability to consummate the private placement due to
the failure of one or more closing conditions set forth in the
securities purchase agreement to be satisfied, (ii) risks
associated with general economic and market conditions, (iii) 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
Predictive Oncology (NASDAQ:POAI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Predictive Oncology (NASDAQ:POAI)
Historical Stock Chart
From Mar 2023 to Mar 2024