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Predictive Oncology Reports Second Quarter 2022 Financial Results

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EAGAN, Minn., Aug. 11, 2022 (GLOBE NEWSWIRE) — Predictive Oncology Inc. (NASDAQ: POAI) today announced the financial results for its second quarter ended June 30, 2022, which shows a strong balance sheet with a solid cash balance, commensurate equity and no debt. Highlights from the quarter include:

  • Commercialization launch of PeDAL, our innovative AI product, and presence at BIO International that included one-on-one partnering meetings with pharmaceutical and biotech companies
  • The appointment of Julia Kirshner, Ph.D., as Chief Scientific Officer
  • The consolidation and expansion of the research and development arm in Pittsburgh with the move of TumorGenesis to that location
  • An increase of cash and equivalents from $25 million on March 31, 2022, to $28 million at quarter end, which represents a positive change of 12%

Q2 2022 financial results
Predictive Oncology’s recognized net sales revenue of $0.4 million for the quarter was an increase of 6% from the comparative three-month period in 2021. The positive change was mainly due to zPREDICTA recognizing sales of $0.1 million.

The gross profit margin grew from 59% in the second quarter of 2021 to 64% for the comparable quarter of 2022. The increase is directly attributable to zPREDICTA with strong margins.

Net cash used in operating activities was $6.4 million and $5.5 million for the six months ended June 30, 2022, and June 30, 2021, respectively, primarily because of the increase in operating costs associated with zPREDICTA and POAI’s PeDAL commercial strategy.

General and administrative expenses increased from $2.1 million in the quarter ended June 30, 2021, to $2.4 million for the corresponding quarter in 2022. Operations expenses increased from $0.6 million in the quarter ended June 30, 2021 to $0.9 million in the quarter ended June 30, 2022, primarily due to higher staffing at zPREDICTA. This was partially offset by the timing of research and development expenses and lower consulting expenses.

Quarterly sales and marketing expenses of the company increased by $0.1 million for the quarter ended June 30, 2022, to $0.3 million, as compared to the corresponding period in 2021, due to staff-related expenses and the implementation of advertising and marketing initiatives.

Current market conditions, coupled with POAI’s lower quantitative valuation of zPREDICTA, resulted in a $7.2 million (non-cash) goodwill impairment in the quarter. zPREDICTA is anticipating stronger business growth in the second half of the year with current and potential customers of its validated models for multiple myeloma (existing), breast cancer (new) and pancreatic cancer (new), as well as the development of new therapies in immuno-oncology.

Other developments
First is the strategic move POAI made to further strengthen the company’s scientific and product offerings with the appointment of Dr. Julia Kirshner as Chief Scientific Officer. Dr. Kirshner was elevated from her role as Senior Vice President of Predictive Oncology and President of zPREDICTA (the company she founded and POAI acquired in Q4 2021). Dr. Kirshner will focus on the integration of POAI’s product lines and future development of its scientific programs. She will also be working closely with Dr. Pamela Bush, Senior Vice President of Strategic Sales and Business Development, to identify and meet customer needs and provide expanded solutions along the AI and drug development continuum.

Second is POAI’s decision to streamline the company’s research and development operations, which Dr. Kirshner will oversee. POAI will consolidate its TumorGenesis division by moving this business from Massachusetts to the flagship location in Pittsburgh, PA. By doing this, POAI can better focus on growth opportunities with its artificial intelligence technology and lab functions, while reducing overhead and centralizing scientific operations. This also provides the potential to bring in greater revenue levels as the company explores more expanded offerings for clients in the pharmaceutical and biotech industries.

Additionally, POAI attended the BIO International conference in June, specifically presenting PeDAL and Soluble Biotech. POAI launched the PeDAL platform as part of a comprehensive business development and marketing plan aimed to establish key relationships with targeted pharmaceutical and biotech companies. Soluble Biotech also looked to expand its customer base at the conference with parallel initiatives.

Shareholder earnings call
POAI will conduct a 2Q 2022 shareholder earnings call to take place on Friday, August 12, at 12:00 PM ET. The links to register for the webcast will be available at the links below:
To register and view the webcast, please go to this link: https://edge.media-server.com/mmc/p/it32fi7n.
For Q&A’s, please register here: https://register.vevent.com/register/BI2e83830dc64a4a8c8a33753ecde1ac52

About Predictive Oncology Inc.
Predictive Oncology (NASDAQ: POAI) is a knowledge-driven company, applying artificial intelligence to develop personalized cancer therapies that improve patient outcomes. The company, which offers a suite of solutions for oncology drug development, operates through four segments (Skyline, Helomics, zPREDICTA and Soluble), which covers five subsidiaries: Helomics, zPREDICTA, Soluble Biotech, TumorGenesis and Skyline Medical.

Helomics Holding Corporation is involved in applying artificial intelligence (“AI”) in the Company’s precision medicine business, to offer AI-driven predictive models of tumor drug response to enhance clinical results for patients and to aid diagnostic, biotech and pharmaceutical companies in new personalized diagnostic and drug development. Skyline Medical Inc. (“Skyline Medical”) sells the STREAMWAY System®, a fully automated wall-mounted product, which is utilized to dispose of an unlimited quantity of suction fluid in an operating room setting. It offers continuous performance for medical practitioners by effectively eradicating the healthcare professional’s exposure to potentially infectious liquids gathered during surgical and other medical operations. Soluble Biotech Inc. is involved in research and commercialization focused on protein production, stability studies and solubility improvements. zPREDICTA, Inc. does tumor-specific research using in vitro models for oncology and drug development. TumorGenesis serves as the company’s arm for research and development for zPREDICTA, Soluble and Helomics. This subsidiary is also involved in cellular media kit production which aids cancer cells to grow outside the body of patients while preserving their proteomic and RNA/DNA signatures.

Forward-Looking Statements
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, changes in management, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors discussed under the heading “Risk Factors” in our filings with the SEC. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements.

PREDICTIVE ONCOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

    June 30, 2022   December 31, 2021  
    (unaudited)   (audited)  
ASSETS              
Current Assets:              
Cash and Cash Equivalents   $ 28,249,452     $ 28,202,615  
Accounts Receivable     336,397       354,196  
Inventories     474,616       387,684  
Prepaid Expense and Other Assets     763,053       513,778  
Total Current Assets     29,823,518       29,458,273  
               
Fixed Assets, net     2,300,327       2,511,571  
Intangibles, net     3,790,637       3,962,118  
Lease Right-of-Use Assets     505,667       814,454  
Other Long-Term Assets     75,618       167,065  
Goodwill           6,857,790  
Total Assets   $ 36,495,767       43,771,271  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY              
Current Liabilities:              
Accounts Payable   $ 983,672     $ 1,021,774  
Accrued Expenses and other liabilities     856,654       1,262,641  
Derivative Liability     32,318       129,480  
Deferred Revenue     530,797       186,951  
Lease Liability     421,736       639,662  
Total Current Liabilities     2,825,177       3,240,508  
               
Lease Liability – Net of current portion     113,462       239,664  
Other long-term liabilities     21,731       25,415  
Total Liabilities     2,960,370       3,505,587  
               
Stockholders’ Equity:              
Preferred Stock, 20,000,000 authorized inclusive of designated below              
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 shares outstanding     792       792  
Common Stock, $.01 par value, 200,000,000 shares authorized, 78,155,127 and 65,614,597 outstanding     781,551       656,146  
Additional paid-in capital     174,555,375       167,649,028  
Accumulated Deficit     (141,802,321 )     (128,040,282 )
Total Stockholders’ Equity     33,535,397       40,265,684  
               
Total Liabilities and Stockholders’ Equity   $ 36,495,767     $ 43,771,271  
                 

PREDICTIVE ONCOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
(Unaudited)

  Three Months Ended June 30,   Six Months Ended June 30,
    2022       2021       2022       2021  
Revenue $ 371,591     $ 350,207     $ 686,159     $ 630,524  
Cost of goods sold   134,075       142,877       243,518       240,635  
Gross profit   237,516       207,330       442,641       389,889  
               
General and administrative expense   2,351,696       2,077,973       4,775,347       5,348,750  
Operations expense   909,113       567,796       1,800,184       1,142,608  
Sales and marketing expense   271,022       159,788       575,489       274,429  
Loss on impairment of goodwill   7,231,093             7,231,093        
Total operating loss   (10,525,408 )     (2,598,227 )     (13,939,472 )     (6,375,898 )
Other income   41,047       57,033       83,477       85,292  
Other expense   (2,217 )     (1,829 )     (3,206 )     (236,801 )
Gain (loss) on derivative instruments   95,254       (30,909 )     97,162       64,762  
Net loss $ (10,391,324 )   $ (2,573,932 )   $ (13,762,039 )   $ (6,462,645 )
Net loss attributable to common shareholders per common shares-basic and diluted $ (10,391,324 )   $ (2,573,932 )   $ (13,762,039 )   $ (6,462,645 )
               
Loss per common share basic $ (0.15 )   $ (0.05 )   $ (0.20 )   $ (0.15 )
Loss per common share diluted $ (0.15 )   $ (0.05 )   $ (0.20 )   $ (0.15 )
               
Weighted average shared used in computation – basic   68,896,506       51,581,762       67,374,250       44,089,157  
Weighted average shared used in computation – diluted   68,896,506       51,581,762       67,374,250       44,089,157  
               

Media relations contact:
Predictive Oncology
Theresa Ferguson
630-566-2003
[email protected]

Investor relations contact:
Landon Capital
Keith Pinder
(404) 995-6671
[email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Astro, Malaysia’s Largest Broadcaster Selects Amagi and AWS to transition Playout Services to the Cloud

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KUALA LUMPUR, Malaysia, May 29, 2024 /PRNewswire/ — Amagi, the leader in cloud-based SaaS technology for broadcast and connected TV (CTV), deployed on Amazon Web Services (AWS), today announced its partnership with Malaysia’s leading media and entertainment company – Astro Malaysia Holdings Berhad (Astro). 

Astro, Malaysia’s leading content and entertainment company, in partnership with Amagi, is modernizing systems and infrastructure for the playout and origination of its existing Linear Channels and Playout Disaster Recovery capabilities and transitioning them to AWS, the world’s most comprehensive and broadly adopted cloud. This marks a milestone in ASEAN’s broadcast industry. The Amagi playout deployment will help Astro optimize its media operations, enhance business agility, increase service resilience, and mitigate the risks of maintaining legacy systems.
The upcoming launch of the AWS Asia Pacific (Malaysia) Region complements Astro’s ongoing broadcast transformation journey, which aims to further enable the deployment of innovative media and entertainment solutions. By capitalizing on the robust cloud infrastructure, unparalleled scalability, and advanced services provided by AWS, Astro aims to further improve enhanced in-country network infrastructure resiliency and performance, thus delivering enriched customer experiences.
Defining the Future of Broadcast
Broadcasters have traditionally managed their channel automation and playout systems within on-premises data centers. As Astro continues its expansion across multiple regions, the organization will see workflows being optimized, media operations enhanced, and playout system management streamlined. To further complement the company’s pursuit of these goals, Astro will implement Amagi’s flagship products on AWS: the Amagi CLOUDPORT channel playout platform and the Amagi MONITORING solution. These advanced solutions will support Astro’s commitment to operational excellence, offering enhanced resiliency and enabling quicker upgrades to service capabilities, thereby meeting the evolving needs of the broadcasting landscape.
Mauro Di Pietro Paolo, Chief Technology Officer at Astro said, “As Malaysia’s leading broadcaster, Astro continues to drive innovation, and our partnership with Amagi underscores our continuous dedication to pioneering advancements in the industry. At Astro, we needed a playout platform that would align with our vision for transformation in our broadcast and media operations, have in-built disaster recovery capabilities, and provide a modernization path for our end-of-life on-premises systems. We’ve selected Amagi because of their proven track record of deploying playout systems on AWS and have demonstrated their ability to be a transformational platform.”
Srinivasan KA, Co-Founder and Chief Revenue Officer at Amagi said, “We are delighted to partner with Astro, one of the most innovative and forward-looking media companies in Asia, to help them achieve their cloud transformation goals. By leveraging our cloud-native solutions built on AWS’s global infrastructure, we can provide Astro with a scalable, secure, and cost-effective playout platform to support their current and future needs. This collaboration also demonstrates our commitment to empowering media companies with cutting-edge cloud technology and best-in-class service.”
“The broadcast industry is rapidly changing, requiring broadcasters to stay competitive with increased agility, resiliency, cost efficiency, and unified workflows, which can be achieved with AWS cloud. AWS is proud to work with solutions providers like Amagi to drive the industry forward,” said Pete Murray, Country Manager at AWS. “We’re thrilled to see our long-term customer Astro continue its transformative journey to delight their customers, and with Amagi, we look forward to digitalizing and advancing the future of Malaysia’s media and entertainment industry.”
Amagi and Astro launched broadcast station playout origination on AWS for the first channels and disaster recovery services in May 2024. This marks the first large-scale, cloud-based playout solution by a broadcaster in Malaysia. To meet the ever-changing needs of these networks, Amagi will continue to work closely with Astro to scale and evolve its Amagi CLOUDPORT solution.
About Astro
Astro Malaysia Holdings Berhad (Astro) is Malaysia’s leading content and entertainment company, serving 5.3 million homes or 67% of Malaysian TV households, 8,400 enterprises, 18.2 million weekly listeners across FM radio and online, and 15.6 million visitors to our digital brands every month. We serve Malaysians with 3 distinct services – Astro Pay-TV, NJOI Prepaid and sooka, our own OTT for the millennials; and Astro Fibre, our own broadband service, offers greater value with its content-broadband bundles. Close to a million homes are already streaming the best of home entertainment via our Hybrid 4K UHD Ultra Box and HD Ulti Box, which can be self-installed and run on both satellite and broadband. Today, our customers enjoy streaming our local signatures, Astro Originals, live sports and the best global shows from Netflix, Disney+ Hotstar, HBO GO, iQIYI, TVBAnywhere+, beIN SPORTS CONNECT, BBC Player, Viu, ZEE5, WeTV, Qalbox by MuslimPro, and our own TV companion app Astro GO. Astro Radio, home to the country’s highest-rated radio brands across all key languages, and our digital brands including AWANI, SYOK, Gempak, Xuan and Astro Ulagam, connect Malaysians to content and stories that matter.
About Amagi 
Amagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi enables content owners to launch, distribute, and monetize live linear channels on Free Ad-supported Streaming TV and video services platforms. Amagi also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. Overall, Amagi supports 800+ content brands, 800+ playout chains, and over 3800+ channel deliveries on its platform in over 150 countries. Amagi has a presence in New York, Los Angeles, London, Paris, Melbourne, Seoul, Singapore, and broadcast operations in New Delhi, and innovation centers in Bangalore, Zagreb, and Lodz.
About Amazon Web Services
For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS offers over 200 fully-featured services for compute, storage, databases, networking, analytics, machine learning, and AI, Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 102 Availability Zones (AZs) within 32 geographic regions around the world.
In March 2023, AWS announced plans to launch an AWS Infrastructure Region in Malaysia in 2024. As part of its commitment to the region, AWS is planning to invest $6 billion (approx. MYR 25.5 billion) in Malaysia by 2037.
Amagi Contact: Aashish WashikarDirector – Corporate CommunicationsEmail: [email protected] : +91 9533390005
Photo: https://mma.prnewswire.com/media/2423741/Amagi_and_AWS.jpg
 

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The European Patent Office, The world’s most powerful permanent magnet: Japanese inventor selected as finalist for the European Inventor Award 2024

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MUNICH, May 29, 2024 /PRNewswire/ — Magnets are all around us, they drive a wide array of modern technologies and exist in one way or another in almost every field on Earth. Permanent neodymium magnets are found nowadays in mobile phones, MRI scanners, electric vehicle motors, wind turbines and security systems as well as in jewellery, ABS brakes, pumps and generators. Their roles go from fastening boxes to helping generate electricity, guiding medical equipment and levitating components. The multifunctional benefits of magnets have changed the way our world works, and Sagawa’s neodymium magnets are a driving force behind the pervasive use of magnets worldwide. In recognition of his achievement, Sagawa is a finalist in the “Non-EPO Countries” category of the European Inventor Award 2024, having been selected by an independent jury from among 550 candidates for this year’s edition.

Motivated by the high price of cobalt at the time and inspired by the widespread availability and lower cost of iron, Sagawa set out in the late 70s and early 80s to find a replacement of cobalt-based magnet, but still be able to generate a robust, permanent magnetic field. He experimented with a wide variety of intermetallic compounds and phases before a breakthrough in the process led him to create the strong magnet. The process he developed is called sintering – a process that bonds the ground particles of his various magnetic components together using heat treatment. While magnets with similar compounds were being developed at the same time, this process made Sagawa’s magnet the strongest in the market.
Masato Sagawa is one of three finalists in the “Non-EPO Countries” category of the European Inventor Award 2024. The other finalists recognised for outstanding work are a Brazilian team led by Fernando Catalano and Micael Carmo for reducing noise and carbon emissions in air travel and American-based David Fattal for his advancements in display optics and software to create glasses-free 3D imaging. The EPO will announce the winners during a ceremony live-streamed here from Malta on 9 July 2024. In addition to each category, the EPO will reveal the Popular Prize winner, chosen by online public vote. Voting will remain open until the day of the ceremony. 
Web: https://www.epo.org/en

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TREEFROG THERAPEUTICS PICKS-UP BEST POSTER AWARD AT THE INTERNATIONAL SOCIETY FOR CELL & GENE THERAPY (ISCT) ANNUAL MEETING FOR THEIR CELL THERAPY PROGRAM IN PARKINSON’S DISEASE

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–  Treefrog will present two posters on their cell therapy program in Parkinson’s Disease and their proprietary encapsulation technology, C-Stem™ –  
BORDEAUX, France, May 29, 2024 /PRNewswire/ — TreeFrog Therapeutics has a busy schedule at the ISCT’s 30th annual meeting, taking place in Vancouver, Canada this week, with two posters being presented, one of which has been awarded the Best Poster in the iPSC category. A poster on their transformational encapsulation technology, C-Stem™, will also be presented. 

TreeFrog is a cell therapy company with a lead program in Parkinson’s disease, a complex neurodegenerative disease with no cure and treatments that offer symptomatic relief only. Decades of research demonstrate that cell therapy holds immense promise for Parkinson’s disease, with multiple clinical trials ongoing. However, the manufacturing of these cells must overcome major pharmaceutical challenges, including scalability, to be compatible with potential commercial phases. The cell therapy program at TreeFrog is based on C-Stem™, a proprietary technology platform that overcomes these challenges. In 2021, the company achieved a world-first of producing 15billion iPSCs in one run, in one week.
Michael Lanero Fidalgo, Chief Operating Officer, will represent the company for the Best Poster in the iPSC category, an award designed to recognize outstanding abstracts related to iPSC research. Poster #1219, First Off-The-Shelf Bioreactor Produced, iPSC-Derived Neural Microtissues Containing Dopaminergic Neurons Innervate the Striatum and Normalize Behavior in a Parkinson Rat Model, is also one of only twenty posters chosen for an elevator pitch presentation from the overall 600 considered.
Kevin Alessandri, co-founder and Chief Technology Officer, will present poster #1200 Cell encapsulation as a tool for stem cell-based cell therapy industrialization, a deep dive into how the C-Stem™ technology, can overcome the bottlenecks of the complex Chemistry, Manufacturing and Controls (CMC) in cell therapy. He will also participate as a KOL in the JSRM-ISCT iPSC workshop event iPSCs: From Bench to Bedside’ Scientific Signature Series.
Events:
Elevator Pitch presentation by Michael Lanero-Fidalgo, representing lead authors Nicolas Prudon & Lucia Cordero Espinoza May 29th, 2024 @ 12:00 – 13:00, Room 201iPSC Poster Presentation Networking reception (Posters #1219 & #1200) May 30th @ 18:00 – 19:30 Exhibit & Poster HalliPSC: Bench to Bedside: Scientific Signature Series, participation of Kevin Alessandri as KOL. June 1st, 2024 @ 7:30 – 16:00, Room 212-214www.treefrog.fr
CONTACT:  Rachel MooneyChief Communications OfficerTreeFrog Therapeutics [email protected]  
Logo – https://mma.prnewswire.com/media/2272329/treefrog_Logo.jpg

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