Predictive Oncology Completes Acquisition of Soluble Therapeutics and BioDtech
June 02 2020 - 8:30AM
Predictive Oncology Inc. (NASDAQ: POAI) (the “Company”) a
knowledge-driven company focused on applying artificial
intelligence (“AI”) to personalized medicine and drug discovery,
announced that it has completed the acquisition of the assets of
Soluble Therapeutics, Inc. and BioDtech, Inc., each of which is a
wholly-owned subsidiary of InventaBioTech, Inc. The Company
acquired the assets of Soluble and BioDtech, including, certain
intellectual property relating to contract research organization
(“CRO”) services and technology, certain equipment useful in such
services and technology and all other assets of Soluble
Therapeutics and BioDtech for 125,000 shares of common stock, in
addition to waiving all remaining amounts due and payable to the
Company under a secured promissory note of InventaBioTech in the
principal amount of $1,070,000 relating to advances made by the
Company in 2017.
Dr. Carl Schwartz, CEO and Director of the Company, commented,
“These two acquisitions meaningfully expand revenue and
monetization prospects for our precision medicine business. First,
the Soluble Therapeutics assets increase the Company’s capabilities
to provide services for the pharmaceutical and biotech industries
and predict and provide the best formulation with the highest
concentration and the most stable solution for protein and
peptide-based drugs. Second, the Company’s purchase of BioDtech’s
assets provides it with ownership over BioDtech’s successfully
developed test used to ‘unmask’ endotoxins, which allows a
monitoring physician to perhaps change the strategy of treatment or
treat the patient with antibiotics. These acquisitions will allow
Predictive Oncology to further maximize opportunities within the
Company’s precision medicine business.”
About Predictive Oncology Inc.
Predictive Oncology Inc. (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(TM), 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 this 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: we
may not be able to continue operating without additional financing;
current negative operating cash flows; the terms of any further
financing, which may be highly dilutive and may include onerous
terms; no assurance that a vaccine will be successfully developed
in collaboration with Dr. Daniel Carter, or that definitive
documentation of all arrangements with Dr. Carter will be
completed; risks related to the 2019 merger with Helomics
including: 1) significant goodwill could result in further
impairment, 2) possible failure to realize anticipated benefits of
the merger, 3) costs associated with the merger may be higher than
expected, 4) the merger may result in the disruption of our
existing businesses, and 5) distraction of management and diversion
of resources; 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; risks related to the acquisition of Soluble Therapeutics
and BioDtech and the pending acquisition of Quantitative Medicine
including: 1) completion of the Quantitative Medicine transaction,
2) possible failure to realize anticipated benefits of the
transactions, 3) costs associated with the acquisitions may be
higher than expected; 4) the transactions may result in the
disruption of our existing businesses, and 5) distraction of
management and diversion of resources; risk that we will be unable
to protect our intellectual property or claims that we are
infringing on others’ intellectual property; the impact of
competition; acquisition and maintenance of any necessary
regulatory clearances applicable to applications of our technology;
inability to attract or retain qualified senior management
personnel, including sales and marketing personnel; risk that we
never become profitable if our product is not accepted by potential
customers; possible impact of government regulation and scrutiny;
unexpected costs and operating deficits, and lower than expected
sales and revenues, if any; adverse results of any legal
proceedings; the volatility of our operating results and financial
condition; and, 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.
Investor Relations Contact:
Hayden IR James Carbonara (646)-755-7412
james@haydenir.com
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