Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery closed on its previously announced private placement of common stock and warrants. Priced at-the-market under Nasdaq rules, the 9,043,766 shares of common stocks and warrants were issued and sold by the company in order to purchase no more than 4,521,883 shares of common stock in the private placement. The common stock and associated warrants were issued for $1.95 each, with the warrants having an exercise price of $2 per share. The shares are exercisable immediately; however, they do have a five and one-half year term. In the announcement, POAI noted that it intends to use the estimated net proceeds of $5.88 million to pay off debt as well as general corporate purposes. The closing was made following all Securities and Exchange Commission (“SEC”) regulations and guidelines and under the required time frames outlined by the SEC.
In addition, the company announced the accomplishment of key data generation milestones in its retrospective study in collaboration with UPMC-Magee Women Hospital, to develop AI-driven models of ovarian cancer. Per the update, the data will be utilized to advance POAI’s AI-models of ovarian cancer and its internal ovarian cancer drug re-purposing project. “We are excited to have reached these key sequencing and data generation milestones as these data are the foundation of our AI-driven predictive models of patient outcome, which will further extend our clinical offering and help oncologists individualize patient therapy. In addition, these data will play an important role in our internal drug repurposing project for ovarian cancer, by providing additional information to help drive our AI-driven patient-centric platform, PeDAL(TM),” POAI CEO Dr. Carl Schwartz stated in the news release.
About Predictive Oncology Inc.
Predictive Oncology operates through three segments (domestic, international and other), 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 (“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 about the company, please visit www.Predictive-Oncology.com.
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