- Definitive agreements with institutional, accredited investors call for issuance and sale of more than 3.5 million shares of common stock
- POAI currently focused on applying AI to develop personalized medical treatments, novel lab media and improved vaccines
- One of POAI’s highest priorities is building multi-omic predictive models of tumor drug response and outcome
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, has entered into definitive agreements with several investors for the sale of common stock (https://ibn.fm/YcBGM). The agreements with several institutional and accredited investors call for the issuance and sale of 3,650,840 shares of common stock; the stock will be sold at a purchase price of $0.842 per share, resulting in gross proceeds of approximately $3 million for POAI.
The announcement noted that the sale was a registered direct offering priced at-the-market under Nasdaq rules. As part of the agreements, POAI will also issue unregistered warrants to the investors for the purchase of up to 1,825,420 shares of common stock. The offering is expected to close on or about Jan. 12, 2021 and is subject to customary closing conditions. Predictive Oncology plans to use the proceeds from the offering for working capital purposes.
POAI is currently focused on applying AI to develop improved vaccines, personalized medical treatments, and lab media that replicates the body. The company intends to do this by leveraging the invaluable expertise, information and technology available from its subsidiaries Helomics, TumorGenesis and Soluble.
One of POAI’s highest priorities is building multi-omic predictive models of tumor drug response and outcome. The company accomplishes this by using Helomics proprietary TumorSpace knowledge base of 150,000 tumor drug response profiles gathered from more than 15 years of clinical testing. Helomics’ database, the largest of its kind in the world, includes information gathered from ovarian, colon, pancreas, and head and neck tumors. The company’s CLIA-certified lab conducts testing and provides information designed to support oncologists in pinpointing personalized patient-treatment options.
POAI’s wholly owned TumorGenesis subsidiary specializes in the field of ovarian cancer, developing tools (kits, reagents and specialty cell-culture media) to grow tumors and cancer cells in a manner that mimics the patient’s own body. TumorGenesis’ proprietary Oncology Capture Technology Platform isolates and cultures the patient’s heterogenous tumor sample, providing a much better model of the tumor outside the body (ex vivo). These improved ex-vivo tumor models can then be used by researchers to investigate cancer and by clinicians to develop patient-specific treatment plans.
POAI is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through its Helomics division, the company leverages its unique, clinically validated patient derived (“PDx”) smart tumor profiling platform to provide oncologists with a roadmap to help individualize therapy. In addition, the company is leveraging artificial intelligence and its proprietary database of over 150,000 cancer cases tumors to build AI-driven models of tumor drug response to improve outcomes for the patients of today and tomorrow.
For more information, visit the company’s website at www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://ibn.fm/POAI
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