- 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://ibn.fm/fjuZr).
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://ibn.fm/gxRIf). 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://ibn.fm/au9Vz). 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://ibn.fm/POAI
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