- Several parties have indicated interest in potential acquisition of POAI’s Skyline Medical division
- The division has seen recent success with growing sales of its patented, FDA-approved STREAMWAY System
- POAI also regained compliance with Nasdaq’s minimum bid price requirement
Predictive Oncology Inc. (NASDAQ: POAI), a company focused on applying artificial intelligence to personalized medicine and drug discovery, has revealed that several parties have indicated interest in the potential acquisition of Skyline Medical, the division of the company that produces and sells the STREAMWAY System (http://nnw.fm/u9Acn). The patented, FDA-approved STREAMWAY System is the first truly continuous, direct-to-drain fluid disposal system designed specifically for medical applications.
In the past several months, Skyline Medical has seen marked success with the system, including the completion of the sale of 10 systems to the foremost teaching and research hospital in upstate New York (http://nnw.fm/j1RdT). The sale surpasses the company’s largest single-hospital sale to date and is only one indication of Skyline Medical’s focus on making significant inroads in the U.S. market and expanding sales globally.
“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,” POAI CEO Dr. Carl Schwartz stated in a news release. “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.”
Previously POAI had announced that it will be focusing primarily on the mission of applying artificial intelligence to precision medicine and drug discovery, sending a message to the market that its Skyline Medical division may be available. Updates on the future of the division may come in early 2020 as POAI evaluates options that will produce the greatest value for its stockholders. Although the company has received indications of interest, company officials note that there is no assurance that acceptable offers will be received or that a definitive agreement or sale will be completed.
In other POAI news, the company announced that it has regained compliance with Nasdaq’s minimum bid price requirement (http://nnw.fm/bOe4u). The company recently received a notification letter indicating the change in status. In November 2018, POAI was notified that the company did not meet the minimum price bid requirement. In order to meet the requirement, the letter stipulated that the closing bid price for POAI needed to be at least $1.00 for 10 consecutive business days. That occurred from October 29, 2019, to November 11, 2019, resulting in POAI regaining compliance.
Predictive Oncology, which began as a joint venture between Skyline Medical and Helomics, is ideally positioned to harness the power of artificial intelligence and work alongside the pharmaceutical, diagnostic and biotech industries to develop highly customizable assessment methods for cancer patients.
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://nnw.fm/POAI
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