- The global precision medicine market is expected to reach revenues of over $216.75 billion by 2028, propelled by a growing interest in personalized approaches to disease treatments and the application of new technologies
- Precision Therapeutics and its three wholly owned subdivisions are advancing the company’s goals of applying artificial intelligence to precision medicine and drug research to improve patient care
- The company’s Helomics subdivision analyzes disease data, particularly in targeting cancer therapies, and develops applicable technologies; the TumorGenesis division develops tumor-fighting tactics, and the Skyline Medical division markets a device that facilitates biological fluid collection in the medical arena
- Helomics was recently selected as the lab of choice for a grant-funded effort to develop test kits for screening prescription drug contaminants
Personalized medicine technology developer Precision Therapeutics Inc. (NASDAQ: AIPT) has added a new biomedical research partnership to its portfolio, furthering its mission to apply artificial intelligence to precision medicine and drug discovery in an effort to improve the quality of patient care.
The innovative use of applied science in building artificial intelligence applications for medical advancement led Precision Therapeutics’ Helomics division to be selected as the preferred laboratory for the recently funded National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) grant to develop test kits for screening certain prescription drug contaminants.
The Accukit product will be used to test for microbial and viral contamination of biopharmaceuticals, with the goal of improving biosafety testing for biopharmaceutical products, according to the company’s statement about the agreement (http://ibn.fm/k1clX). AccuGenomics Inc., Celgene, Merck and North Carolina State University are also partnering in the enterprise.
Helomics will work on a highly sensitive Next Generation Sequencing-based platform to streamline screening biopharmaceuticals for the contaminants. The Accukit is expected to be able to detect 22 known but unintended viruses and bacteria at sensitivity levels required to pass strict quality control standards.
“The opportunity to contribute to innovative approaches to drug development is an important part of our business,” Helomics President Gerald Vardzel stated in a news release. “Our state of the art and highly recognized CLIA-certified lab in Pittsburgh contributes to our remaining at the cutting edge of innovation with leading edge partners that utilize our boutique contract research services.”
Helomics is one of three wholly owned Precision Therapeutics subsidiaries, the others being TumorGenesis and Skyline Medical. TumorGenesis is developing a new rapid approach to growing tumors in the laboratory to trick cancer cells into thinking they are still growing inside a patient, with the ultimate goal being to obtain information about the cells that can then be used to develop patient-specific treatment options. Skyline Medical markets the company’s patented and FDA-cleared STREAMWAY System for the automated collection, measurement and disposal of waste fluids within medical facilities, such as blood and surgical irrigation fluid.
Working together, Precision Therapeutics’ divisions advance its efforts to positively improve the effectiveness of cancer therapy using the power of AI and the company’s rich database of disease particulars gathered from the study of patient tumors to help patients and drive the development of new pharmaceutical therapies.
Precision medicine is a multibillion-dollar market that is gaining stature among populations of all ages, not only because of the therapies’ approach to individualized attention but also because of the growing use of technological advances for personal health care devices that include smart technologies. Precision medicine got a further push when the U.S. government’s Precision Medicine Initiative was introduced in 2015 (http://ibn.fm/QE0M6). Market analysts at BIS Research predict that, between 2018 and 2028, the global precision medicine market could grow from $78.85 billion to over $216.75 billion at a CAGR of 10.64 percent (http://ibn.fm/20FrL).
For more information, visit the company’s website at www.PrecisionTherapeutics.com
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