- POAI
announces securities purchase agreement with accredited investors to
purchase shares of common stock
- Company
to use net proceeds from purchase agreement for general corporate purposes
- Agreement
expected to raise $3.5 million through issuance of up to 1,650,165
shares of common stock or common stock equivalents
Predictive Oncology Inc. (NASDAQ: POAI), a leader in the
cancer precision-medicine field, entered into a securities purchase agreement
with certain accredited investors to purchase shares of common stock; the
company plans to use the net proceeds from the purchase agreement for general
corporate purposes.
POAI, a company that focuses on providing predictive models
of tumor drug response to improve clinical outcomes for patients, provided
details of the securities purchase agreement in a March 16 announcement (http://ibn.fm/9l1rL).
The company explained that “it has entered into a securities
purchase agreement with certain accredited investors to raise $3.5
million through the issuance of up to 1,650,165 shares of common stock (or
common stock equivalents) and accompanying warrants to purchase an aggregate of
up to 3,300,330 shares of common stock at $2.121 per share of common
stock and accompanying warrants.
“The warrants will be exercisable immediately at an exercise
price of $1.88 per share, with one-half of the warrants to expire two
years after the date of issuance, and one-half to expire five and one-half
years after the date of issuance,” the statement continued. “The closing of the
private placement is subject to the satisfaction of certain customary closing
conditions set forth in the securities purchase agreement.”
The release noted that the offer and sale of the securities
are being made in a transaction not involving a public offering and have not
been registered under the Securities Act of 1933 or applicable state securities
laws. As a result, the securities may not be reoffered or resold in the
United States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Securities Act
and such applicable state securities laws.
Under an agreement with the investors, however, POAI will be
required to file an initial registration statement with the Securities and
Exchange Commission covering the resale of the shares of common stock to
be issued to the investors no later than 30 days after the closing of the
agreement.
POAI is bringing precision medicine, or tailored
medical treatment using the individual characteristics of each patient, to the
treatment of cancer. Through the company’s Helomics division, the company leverages
its unique, clinically validated patient derived (PDx) smart tumor profiling
platform to provide oncologists with a road map to help individualize therapy.
In addition, the company is leveraging artificial intelligence and its
proprietary database of over 150,000 cancer cases tumors to build
AI-driven models of tumor drug repose to improve outcomes for the patients of
today and tomorrow.
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
About MissionIR
MissionIR is
primarily focused on strategic communications. We have executed countless
communications programs to address the needs of companies ranging from
start-ups to established industry leaders, gaining valuable experience and the expertise
necessary to determine the most effective strategy for any given situation.
For more information, visit www.MissionIR.com
Please see full terms of use and disclaimers on the Mission
Investor Relations website applicable to all content provided by MIR, wherever
published or re-published: http://www.missionir.com/disclaimer.html
