Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, on Wednesday announced that it has entered into an exchange agreement with POAI chief executive officer Dr. Carl Schwartz regarding a $2.1 million promissory note of the company. Per the agreement, Dr. Schwartz has exchanged the note for 1,533,481 shares of newly issued common stock at an exchange rate of $1.43 each, the closing price of the common stock on April 21, 2020. Dr. Schwartz agreed to not sell or transfer 766,740 shares (one-half of the shares) for three months after the date of the exchange agreement, and to not sell or transfer the remaining 766,741 shares for a period of six months following the agreement. Additional details concerning the agreement are available at www.SEC.gov on the company’s Form 8-K filed on April 22, 2020. “This agreement enables the company to strengthen its balance sheet and simplify its capital structure at a critical juncture in our quest to commercialize our highly valuable database of cancer tumors for the advancement of predictive medicine. At the same time, it reinforces my commitment and demonstrates my beliefs in our ability to emerge as a leader in the application of artificial intelligence to oncology therapies,” Predictive Oncology CEO Dr. Carl Schwartz stated in the news release.
To view the full press release, visit http://nnw.fm/02EAs
About Predictive Oncology Inc.
Predictive Oncology operates through three segments (domestic, international and other) that 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 road map 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.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
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