MINNEAPOLIS, April 01, 2020 (GLOBE NEWSWIRE) — Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive Oncology” or “the Company”), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, today reported financial results for its full year ended December 31, 2019, as well as select corporate highlights.Q4 HighlightsSecured $15.0 Million equity line with Oasis Capital, LLCNew subsidiary Helomics reached milestone sequencing tumor cases in partnership with UPMC MageeSubsidiary Skyline Medical completed largest STREAMWAY™ System order to a single hospital in the Company’s historyLaunched CancerQuest 2020 initiative, with ovarian cancer initial targetFull-Year 2019 Results – 2019 vs. 2018Revenues were $1.4 million, flat year on year relative to $1.4 million in 2018Net loss was $19.7 million versus $10.1 million in 2018, owing in part to Helomics merger expenses, goodwill impairment, and other extraneous expenses related to the transaction.Bob Myers, CFO of Predictive Oncology, stated, “2019 was not without its challenges for the entire healthcare technology industry, yet we continued to execute on our business model, making a synergistic acquisition and shoring up our balance sheet via a new $15.0 million equity line from Oasis Capital. Our STREAMWAY line has maintained strong disposable product sales and we continue to sell the STREAMWAY System.”“We continue to be very excited about the revenue and monetization prospects for our precision medicine business, which will allow us to be at the forefront of developing the artificial intelligence required to combat a variety of ailments, as well as our revolutionary STREAMWAY clinical waste disposal products,” stated Dr. Carl Schwartz, CEO and Director. “We will continue to execute upon our comprehensive strategy to deliver long-term profitable growth and innovation while concentrating our efforts and resources on our recently acquired Helomics business.”“Building on the successes in 2019, we have recently announced the launch of our CancerQuest 2020 initiative, and we expect Helomics’ first AI-driven predictive model of ovarian cancer to be ready for initial commercialization in revenue generating projects with Pharma in Q2-2020,” Dr. Schwartz added. “Furthermore, we have signed a Letter of Intent to acquire Quantitative Medicine, a biomedical analytics and computational biology company. Against this backdrop, we believe that Predictive Oncology will continue to be a pioneer within the fields of biomarker discovery and precision therapies going forward.”FULL-YEAR 2019 RESULTSRevenues were $1.4 million, consistent with 2018. Revenues in both years were primarily driven through the sale of Predictive Oncology’s proprietary STREAMWAY units, of which 43 units and 41 units were sold, respectively, in each of 2019 and 2018. Gross margins remained strong, declining slightly to 62% in 2019, from 71% in 2018, largely due to the increase in costs following the consolidation of the Helomics acquisition on April 4, 2019. However, exclusive of Helomics, the cost of sales related to the sale of STREAMWAY products was comparable on a year-on-year basis.Net losses for 2019 totaled $19.7 million versus $10.1 million in 2018. General & administrative expenses rose 111% to nearly $9.8 million in 2019 as a result of extraneous expenses and initial costs related to the Helomics merger. In addition, Predictive Oncology recognized a credit loss of $1.0 million in notes receivable from CytoBioscience (now operating as InventaBioTech). Operational expenses also rose to $3.0 million, compared to $1.8 million in 2018. Net loss in 2019 reflected impairment charges of $8.1 million on goodwill related to the Helomics merger and $0.8 million on intangibles, versus no impairment charges in 2018.Separately, the Company benefited from a gain of $6.1 million as a result of the revaluation of the equity method investment recorded post the initial 25% purchase of Helomics, following the merger and consolidation of Helomics effective April 4, 2019. Predictive Oncology also incurred other expenses of $4.0 million in 2019 compared to only $441,000 in 2018, primarily due to an increase in interest expense, payment penalties, amortization of original issue discounts and a loss on debt extinguishment related to our notes payable.OUTLOOKGoing forward, management intends to focus its resources on the Helomics and TumorGenesis divisions and the Company’s primary mission of applying artificial intelligence to precision medicine, drug discovery and the mediums used to replace rats and mice in preliminary cancer studies. Predictive Oncology had previously reported in December 2019 that it had received several indications of interest for the possible acquisition of its Skyline Medical division (which owns and markets the Company’s proprietary STREAMWAY System) no further action has resulted from these indications, and today management reaffirms that it is focusing the majority of its resources on maximizing opportunities within the Company’s precision medicine business.About Predictive Oncology Inc.Predictive Oncology (Nasdaq: POAI) operates through three segments (Domestic, International and Helomics), which contain four subsidiaries; Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient treatment decisions, by providing an evidence-based roadmap for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor™, patient-derived tumor models coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified they can be used in TumorGenesis’ Oncology Capture Technology Platforms which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, please visit www.predictive-oncology.com.Forward-looking StatementsPortions of the narrative set for this this document that are not statements of historical or current facts are forward-looking statements, in particular, the commercial outlook provided above. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors.These factors include, in addition to those mentioned elsewhere herein:
We may not be able to continue operating without additional financing;Current negative operating cash flows;The terms of any further financing, which may be highly dilutive and may include onerous terms;Risks related to the 2019 merger with Helomics including; 1) significant goodwill could result in further impairment; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources;Risks related to our partnerships with other companies, including the need to negotiate the definitive agreements; possible failure to realize anticipated benefits of these partnerships; and costs of providing funding to our partner companies, which may never be repaid or provide anticipated returns;Risks related to the transaction with Quantitative Medicine including: 1) completion of the transaction; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources;Risk that we will be unable to complete the transaction with InventaBio Tech;Risk that we will be unable to protect our intellectual property or claims that we are infringing on others’ intellectual property;The impact of competition;Acquisition and maintenance of any necessary regulatory clearances applicable to applications of our technology;Inability to attract or retain qualified senior management personnel, including sales and marketing personnel;Risk that we never become profitable if our product is not accepted by potential customers;Possible impact of government regulation and scrutiny;Unexpected costs and operating deficits, and lower than expected sales and revenues, if any;Adverse results of any legal proceedings;The volatility of our operating results and financial condition, and,Other specific risks that may be alluded to in this report.Contact:
Predictive Oncology, Inc.
Consolidated Balance Sheets
Predictive Oncology, Inc.
Consolidated Statements of Operations
Tempus Launches COVID-19-Specific Clinical and Research Initiatives for Oncology
CHICAGO, May 30, 2020 (GLOBE NEWSWIRE) — Tempus, a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare, introduced a series of offerings designed to both advance vital research and support physicians in treating cancer patients, despite the challenges of the COVID-19 pandemic. Tempus is equipping physicians with the tools they need to treat high-risk patients while limiting their exposure to the virus, with mobile phlebotomy services, on-demand virtual case reviews, and COVID-19 PCR diagnostic testing for cancer patients.
“Cancer continues to be among the leading causes of death worldwide, and now more than ever, it is critical that cancer patients continue to receive the care and treatment they need for survival despite the pandemic,” said Eric Lefkofsky, Founder and CEO. “In the last few months, we’ve quickly mobilized to create offerings that ease the burden on physicians treating cancer patients amidst the threat of COVID-19, through a series of services and tests that are badly needed to ensure therapies aren’t disrupted.”COVID-19 PCR Diagnostic Testing
Earlier this month, Tempus launched a diagnostic polymerase chain reaction (PCR) test for COVID-19. Tempus’ CAP-accredited/CLIA-certified labs in Chicago and Atlanta are supporting the acceleration of testing in the U.S., and expect to test approximately 12,000 patients daily across both labs, with the ability to scale further if needed. Tempus makes it seamless for physicians to test their patients for the virus, providing results within 24-48 hours at no cost to the patient as Tempus bills insurance directly. Mobile Phlebotomy
Tempus now offers mobile phlebotomy services, which are available to patients who require a blood draw but are too sick or unable to travel to the clinic, or do not have access to an in-office phlebotomist or draw site. Experts are able to perform blood draws in patients’ homes for any Tempus test in which a blood sample is required, at no added cost.Virtual Case Reviews
Tempus’ on-demand virtual case review system provides clinical support to physicians and care teams in a timely manner when an in-person meeting isn’t possible. Tempus’ Medical Affairs team is available to answer patient report questions in real-time in a secure portal. In addition, Tempus now offers a variety of tele-health support services specific to COVID-19 if needed.Research Collaboration
Tempus has launched a large research collaboration to structure data for up to 50,000 COVID-19 positive patients. As part of the IRB approved study, Tempus is partnering with providers to collect data on COVID-19 patients, which Tempus is structuring and de-identifying without cost. In addition, Tempus expects to perform full transcriptomic profiling of approximately 10,000 patients within the cohort. All data will be shared with all participating institutions without restriction. About Tempus
Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of clinical and molecular data, and an operating system to make that data accessible and useful, Tempus enables physicians to make real-time, data-driven decisions to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.Erin Carron
Tempus’ TIME Trial™ Program Reaches Critical Scale and Operational Milestones
CHICAGO, May 29, 2020 (GLOBE NEWSWIRE) — Tempus, a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare, has reached a milestone in fully enrolling 2,500 oncologists into its Tempus Integrated Molecular Evaluation (TIME) Trial™ Program that seeks to rapidly match patients largely in the community setting to targeted clinical trials. To date, Tempus has signed up over 50 provider networks, over 30 unique biomarker trials, and has rapidly opened sites onto trials in an average of 10 days. Through the TIME Trial™ Program, Tempus is bringing the very best clinical trials to communities across the country, giving thousands of patients access to novel therapeutics.
“We have experience with clinical trial rapid deployment models, however Tempus provides an unparalleled level of commitment and support in aligning all involved parties and streamlining the process, especially given the challenges of the COVID-19 pandemic,” said Dr. Julio Peguero, Director of Research of Oncology Consultants. “We ultimately met our target goal of activating this trial in just two weeks, and hope to do the same for future patients.”Last spring, Tempus launched the TIME Trial™ Program in an effort to increase clinical trial participation by using real-time clinical and molecular data to match patients to trials, and then rapidly open pre-qualified sites once a patient has been identified. Since then, Tempus has built its TIME Trial™ Network, inclusive of some of the country’s top community hospitals and academic medical centers, totaling over 50 research sites and 2,500 oncologists.As of today, the program has 30 pharma-sponsored clinical trials, covering dozens of unique, actionable biomarkers across both solid and hematological malignancies. Every week, Tempus screens thousands of new patients against the criteria of the ultra-rare trials in the TIME Trial™ Network. Thus far, Tempus has matched nearly 1,000 patients to the trials in its portfolio and averaged just under 10 days from patient screened to site activated.“Cutting-edge cancer therapies increasingly target narrower populations of patients, and the clinical trials that study these therapies require equally specific patient populations,” said Amy Franzen, Vice President of Operations and Program Lead. “Tempus is able to use its advanced technology, access to real-time data, and strong operations to get the right patients access to the right therapies, closer to home.”Tempus screens patients from sites in the TIME Trial™ Network against applicable inclusion/exclusion criteria utilizing genomic sequencing data, matched with the patients’ clinical data. Then, Tempus applies its computational algorithm to provide rapid, comprehensive matches to applicable trials that can be brought to the patient. Once a patient has been screened and matched, Tempus provides the patient’s physician with a report that ranks relevant trials. If the physician expresses interest in enrolling his or her patient in a trial, the Site and Sponsor leverage a standard contract, standard rate card, and a central IRB to rapidly open the clinical trial and enroll the patient into the study in under two weeks.For the same reason that precision medicine is now possible due to technological advances such as cost effective genomic sequencing at scale, the maturing of artificial intelligence, and the evolution of cloud technology, it is now possible to run clinical trials more efficiently and based on real-time data. Tempus is increasing the speed of clinical trials and reaching into community settings, where the majority of cancer patients are treated today.About Tempus
Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of clinical and molecular data, and an operating system to make that data accessible and useful, Tempus enables physicians to make real-time, data-driven decisions to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.
Completely Online Summer Math Camps Offered to Meet Strong Demand from Parents During COVID-19
San Diego, May 29, 2020 (GLOBE NEWSWIRE) — Parents looking for a summer camp this year may find that there are limited options due to COVID-19 social distancing guidelines. Art of Problem Solving (AoPS), a leader in math education that has prepared hundreds of thousands of students for some of the most prestigious universities, has transformed its Summer Camp activities online to create a collaborative learning and social space for children in third grade through high school. The Summer Camp activities help students develop problem solving skills through group activities in math and related subjects.Though this is the fourth year that Art of Problem Solving has offered a Summer Camp, this is the first time the organization is offering the camp experience completely online. Activities include learning how to develop cryptographic skills to protect internet security, to a class that integrates math learning as part of a poetry project that concludes with a Poetry Slam. The two-week and four-week sessions start in June and last through the summer.“As a result of the COVID-19 pandemic, many parents are seeking a summer camp experience for their children that conforms to social distancing norms while encouraging learning and collaboration,” said Richard Rusczyk, the founder of Art of Problem Solving, which has offered classes since 2003. “At Art of Problem Solving, we quickly adapted our on-campus Summer Camp experience with our online academic models. Our first-ever online Summer Camp is designed to encourage students to develop problem solving skills in a personalized and collaborative group environment.”The COVID-19 pandemic has created wider public awareness of the relevancy of math and statistics in everyday life. Rusczyk said his organization has seen that interest reflected in demand from more parents and children who see math skills as increasingly important. Also, in response to COVID-19, the company offered for a limited time a free trial to its Beast Academy program that integrates comic-style “beast” characters and exercises, puzzles and games.The Art of Problem Solving began in 1993 with a pair of textbooks for middle and high school math contest participants. Ten years later, Art of Problem Solving launched a website with an online school and full math curriculum designed for high-performing math learners. Every member of the 2015, 2016, 2018, and 2019 U.S. International Math Olympiad teams―each of which took first place in the competition―are Art of Problem Solving alumni who collectively participated in more than 110 Art of Problem Solving Online courses. The Art of Problem Solving is an ACS WASC Accredited School that offers programs online and, prior to COVID-19, at its nationwide campus locations. The organization also works with school districts to integrate their offerings as part of school math lessons.Looking beyond the immediate pandemic, problem solving skills are considered to be essential to the nation’s future workforce. As professions shift toward greater use of automation and artificial intelligence, there is expected to be an increased demand for people who have the ability to identify creative solutions and manage these developments. Critical thinking and problem solving is a top skill identified by National Association of Colleges and Employers.About Art of Problem SolvingArt of Problem Solving has successfully trained hundreds of thousands of motivated students in preparation for success at top-tier colleges and careers. Through rigorous, high-quality K-12 math curriculum, online classes and learning centers, Art of Problem Solving trains today’s brightest minds to solve tomorrow’s challenges. For additional information, visit www.artofproblemsolving.com.Jaclyn Walian
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