Predictive Oncology Announces Closing of $17.6 Million Private Placement Priced At-the-Market
February 23 2021 - 5:30PM
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 the closing of its previously announced
private placement of common stock and warrants priced
at-the-market under Nasdaq rules, resulting in gross proceeds to
the Company of $17,635,343.70. The Company sold and issued an
aggregate of 9,043,766 shares of its common stock and warrants to
purchase up to an aggregate of 4,521,883 shares of common stock in
the private placement, at a purchase price of $1.95 per share of
common stock and associated warrant. The warrants have an exercise
price of $2.00 per share, are exercisable immediately and have a
term of five and one-half years.
H.C. Wainwright & Co., LLC acted as the
exclusive placement agent for the offering.
The Company intends to use up to approximately
$5.88 million of the net proceeds to repay certain indebtedness and
the remainder of the net proceeds for general corporate
purposes.
The offer and sale of the foregoing
securities were 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 within five
calendar days and to use its 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 (Skyline, Helomics and Soluble Biotech),
which contain four subsidiaries: Helomics, TumorGenesis, Skyline
Medical and Soluble Biotech.
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.
TumorGenesis Inc. specializes in media that help cancer cells grow
and retain their DNA/RNA and proteomic signatures, providing
researchers with a tool to expand and study cancer cell types found
in tumors of the blood and organ systems of all mammals, including
humans. Skyline Medical 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. Soluble Biotech is a provider of soluble
and stable formulations for proteins including vaccines,
antibodies, large and small proteins and protein complexes. 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:
market and other conditions, the intended use of net proceeds from
the private placement, a variety of other risks and uncertainties
including, among other things, factors discussed under the heading
“Risk Factors” in our filings with the SEC. Except as expressly
required by law, the Company disclaims any intent or obligation to
update these forward-looking statements.
Investor Relations Contact:
Landon CapitalKeith Pinder(404)
995-6671kpinder@landoncapital.net
Source: Predictive Oncology Inc.
Predictive Oncology (NASDAQ:POAI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Predictive Oncology (NASDAQ:POAI)
Historical Stock Chart
From Sep 2023 to Sep 2024