Predictive Oncology Confirms Indications of Interest for Skyline Medical Business
06 December 2019 - 12:30AM
Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive Oncology”
or “the Company”), focused on applying artificial intelligence
(“AI”) to personalized medicine and drug discovery, today announced
that it has received indications of interest from several parties
for the possible acquisition of its Skyline Medical division, which
produces and sells the STREAMWAY System for disposal of fluids in
medical applications. As previously announced, Predictive Oncology
has determined that it will focus its resources on its primary
mission of applying artificial intelligence to precision medicine
and drug discovery.
Skyline Medical’s patented, FDA-approved STREAMWAY System is the
first truly continuous, direct-to-drain fluid disposal system
designed specifically for medical applications. The division has
expanded sales globally and made significant inroads in U.S.
markets.
Dr. Carl Schwartz, Predictive Oncology’s Chief Executive Officer
commented, “I am exceptionally pleased with the rapid growth and
development of our Helomics and Tumor Genesis divisions, as well as
the multiple indications of interest for our Skyline Medical
division. If this results in the sale of Skyline Medical, it would
not only provide additional working capital, it would also allow
Predictive Oncology to focus on the further development and
commercialization of our two divisions focused on precision
medicine”.
The Company believes it will have updates on the future of its
Skyline Medical business by early in 2020. The Company will
evaluate its alternatives for the Skyline Medical business in order
to maximize value for its stockholders. There is no assurance that
the Company will ultimately receive offers for the division that it
deems acceptable. Further, there is no assurance that the Company
will enter into a definitive agreement or ultimately complete a
sale of the division.
About Predictive Oncology Inc.
Predictive Oncology (Nasdaq: POAI) operates through five
segments (Domestic, International, Clinical, CRO and DCHIP), 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 (D- CHIP) 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)
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; (ii) 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 (iii) 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:Charles
Moskowitzinfo@MoneyInfo-LLC.com 339-201-7457
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