- POAI announced that total stockholders’ equity increased by nearly $33 million to $35.5 million
- Financial report notes net proceeds of $35.6 million from private placement, direct offering, warrant exercises
- Company subsidiaries reached several milestone achievements throughout the quarter.
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, reported its financial results for first quarter 2021, the period ending March 31, 2021 (https://ibn.fm/kUVwH). The company also released key business updates along with its financial numbers.
“The combination of equity transactions and retirement of our outstanding debt has brought significant value to our shareholders this quarter, as total stockholders’ equity increased by nearly $33 million,” said POAI Chief Executive Officer J. Melville Engle. “The Company’s subsidiaries continue to create value for our growing customer base as well.”
POAI’s $35.5 million stockholders’ equity figure increased from the $2.6 million the company reported on Dec. 31, 2020. This included net proceeds of $35.6 million from a recent private placement, a registered direct offering and warrant exercises, as well as a balance of $27.3 million cash and cash equivalents. POAI’s balance sheet strengthened through the quarter as the company fully repaid outstanding debt incurred from 2018 to 2020.
The company noted that its subsidiary Soluble Biotech had signed a contract with a pharmaceutical company to use Soluble Biotech’s proprietary protein formulation technology. Researchers from Helomics, another POAI subsidiary, also completed key sequencing milestones for ovarian cancer to help build its AI-driven models of the disease, the report noted.
“Soluble Biotech’s contract with this pharmaceutical company will allow the use of Soluble Biotech’s proprietary protein formulation technology in the improvement of the solubility and stability of a protein therapeutic destined for future clinical use. This may also lead to a strategic partnership for other therapeutics currently being developed by this pharma company,” reported Engle, who went on to note key highlights for the company’s other subsidiaries.
“We are building a strong commercial pipeline for our unique Patient-cEntric Discovery by Active Learning (PeDAL)(TM), which we launched at the beginning of 2021. PeDAL brings together the key Helomics assets of real-world longitudinal data on 150,000 tumor drug response profiles and our clinically validated tumor assay with Quantitative Medicine’s active machine learning (‘AI’) technology. We believe the PeDAL platform will revolutionize early discovery and allow our pharma partners to significantly improve the chances that new drugs will translate into the clinic, saving costs and time,” said Engle, who also added that Helomics has initiated an internal drug repositioning project in ovarian cancer that the company believes will provide validation data to drive its commercial discussions and as potentially valuable intellectual property for licensing.
Finally, TumorGenesis, another POAI subsidiary, is providing products that aid researchers at a top-tier laboratory to capture, culture and identify how ovarian cancer cells “break through” the protective lining in the abdomen—a valuable contribution in the understanding of how these cells migrate outside the abdominal cavity. “The results of this research could represent several billion dollars in future revenue for biotech and pharma companies, underscoring the value of TumorGenesis’s services and product lines to our customers,” Engle said.
“We are pleased with the direction of the Company and how its subsidiaries are moving. We are working towards leveraging our databases and intellectual property to fill the unmet market needs of pharmaceutical companies so they may deliver more targeted approaches to therapy, increasing our value to them while we all work together to improve patient outcomes,” he concluded.
POAI 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 more than 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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