- Predictive Oncology announced the acquisition of Soluble Therapeutics Inc. & BioDtech Inc.
- Acquired companies seek to enhance drug development process through the optimization of protein solubility and stability as well as through detection, removal of endotoxins
- The companies were acquired for consideration amounting to 125,000 common shares and waiving of $1.07 million promissory note issued by parent company, InventaBioTech
- Predictive Oncology seeks to build out its precision medicine business line, aimed at helping clinicians individualize cancer treatment
Predictive Oncology (NASDAQ: POAI), a knowledge-driven medicine company that focuses on applying data and artificial intelligence (“AI”) to cancer personalized medicine and drug discovery, announced that it had completed the acquisition of Soluble Therapeutics Inc. and BioDtech Inc. (http://ibn.fm/ccEdD). The company revealed that it had purchased the assets of Soluble and BioDtech, including certain intellectual property relating to contract research organization (“CRO”) services and equipment from parent company InventaBioTech for a total consideration of 125,000 shares of common stock. As part of the transaction, Predictive Oncology also waived all of the remaining amounts due and payable to the company under a secured promissory note of InventaBioTech in the principal amount of $1,070,000 relating to advances made by the company in 2017.
The acquisition of Soluble Therapeutics and BioDtech marks a new step in Predictive Oncology’s journey towards building out its precision medicine business, following its acquisition of its Helomics arm in April 2019. Soluble Therapeutics, which was founded in 2008 with the aim of commercializing technology licensed from the University of Alabama at Birmingham, seeks to enhance the drug development process by rapidly optimizing protein solubility and stability. Meanwhile, BioDtech develops and markets a line of reagents and systems for the detection, neutralization and removal of endotoxin for researchers in the bioresearch and bioprocess fields.
“These two acquisitions meaningfully expand revenue and monetization prospects for our precision medicine business,” said Predictive Oncology CEO and director Dr. Carl Schwartz (http://ibn.fm/4Nk9J). “First, the Soluble Therapeutics assets increase the company’s capabilities to provide services for the pharmaceutical and biotech industries and predict and provide the best formulation with the highest concentration and the most stable solution for protein and peptide-based drugs. Second, the company’s purchase of BioDtech’s assets provides it with ownership over BioDtech’s successfully developed test used to ‘unmask’ endotoxins, which allows a monitoring physician to perhaps change the strategy of treatment or treat the patient with antibiotics. These acquisitions will allow Predictive Oncology to further maximize opportunities within the company’s precision medicine business.”
Predictive Oncology is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through its Helomics division, the company leverages its unique, clinically validated patient derived (“PDx”) smart tumor profiling platform to provide oncologists with a roadmap 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 response 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
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