- Predictive Oncology’s CEO Carl Schwartz published open letter to company’s shareholders
- Schwartz elaborated on various developments within each of POAI’s divisions, has reiterated his optimism on company’s operations going forward
- CEO also revealed that company’s revenue trends have stabilized and are now on upward trend with cash burn beginning to decline
- Company also revealed its ability to access over $10 million in undrawn equity lines of credit
Carl Schwartz, the CEO of 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, has recently published a letter to the company’s shareholders elaborating on the company’s latest achievements as well as their prospects going forward (https://ibn.fm/L1mA8).
Within his letter, Schwartz addressed the latest developments within each of the company’s business verticals and stressed that in spite of the tumultuous global economy, Predictive Oncology was witnessing both stable and rising revenues along with declining levels of cash burns. Schwartz also detailed that the company’s balance sheet was still quite resilient with access to over $10 million in equity capital able to be drawn down from their existing lines of credit.
The letter also elaborated on the company’s various operational divisions, commencing with its Skyline Medical division. Skyline Medical is charged with the manufacture and sale of POAI’s groundbreaking, FDA-cleared STREAMWAY System – providing medical facilities with a direct-to-drain fluid disposal system intended to automate the collection, measurement and disposal of waste fluids during medical procedures. POAI revealed that the division was now self-supporting from a cash standpoint, with sales of disposables used on Streamway machines more than covering the business’ operating expenses. Separately, the company explained that the continued sale of new Streamway devices would also add to the future potential revenues which the company could derive from the sale of disposables.
Schwartz also touched upon the company’s Helomics division, which seeks to assist pharmaceutical, diagnostic and biotech industries develop predictive models of how tumors could respond to drugs. Helomics recently launched a restructured clinical test offering to clinicians for ovarian cancer, which has been very well received by oncologists. The company expects that this new test, coupled with Helomic’s existing product range, will be revenue generating by year end and should be able to cover the bulk of the division’s operating expenses going forward.
Elsewhere, Predictive Oncology also provided an update on subsidiary TumorGenesis, which specializes in the field of ovarian cancer, creating laboratory-grown cancer cells which can then be used to assist researchers and clinicians identify which cancer cells bind to specific biomarkers. TumorGenesis will be introducing its Ovarian Cell Line Media at the upcoming BIO-Europe Conference, which will allow researchers to isolate and successfully culture ovarian cancer cells that have not previously been cultured. Separately, the division is also in the process of registering with the US government as a contractor for developmental work in cancer cell capture and screening of compounds for the prevention and treatment of cancer.
Finally, Schwartz discussed the ongoing progress at Soluble Biotech, a subsidiary which seeks to provide optimized FDA-approved formulations for vaccines, antibodies and other protein therapeutics in a faster and lower cost basis to its customers. Having already secured a sizable contract, POAI’s management have expressed their confidence in the business generating revenues by the end of 2020.
With a number of ongoing positive developments taking place across Predictive Oncology’s various businesses, the company’s CEO has reaffirmed his positive stance on POAI’s corporate prospects, expressing his firm belief in the fourth quarter’s being “eventful”.
For more information about the company, visit 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