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Predictive Oncology Reports First Quarter 2023 Financial Results and Provides Business Update

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EAGAN, Minn., May 15, 2023 (GLOBE NEWSWIRE) — Predictive Oncology (Nasdaq: POAI), a science driven company leveraging its proprietary artificial intelligence and machine learning capabilities, extensive biorepository of tumor samples, CLI laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, today reported financial and operating results for the three months ended March 31, 2023, and provided a corporate update. The company reported a net loss of $3.4 million on total net revenue of $0.2 million for the first quarter 2023.

Q1 2023 and Recent Highlights:

  • Announced groundbreaking partnership with Cancer Research Horizons to drive the development of oncology drugs utilizing Predictive Oncology’s PEDAL™ platform. The CRH network includes access to approximately 4,000 of the world’s leading cancer researchers. With approximately $370 million of annual research spend, CRH is the largest private funder of cancer research in the world.
  • Appointed pharma, biotech and digital health veteran Veena Rao, Ph.D., MBA, to its Board of Directors
  • Announced collaboration with Integra Therapeutics, a company focused on engineering the next generation of gene writing tools to cure diseases, to advance gene therapy leveraging Predictive’s novel formulation technology and protein expression experience.
  • Announced appointment of oncology translational research leader Christoph Reinhard, Ph.D., MBA, to its Scientific Advisory Board. Dr. Reinhard joins bioengineering expert Marc Malandro, Ph.D. and machine learning and analytics pioneer Robert F. Murphy, Ph.D. in the formation of Predictive Oncology’s world class SAB.
  • Announced partnership with Cvergenx to develop the first-ever genomics-based approach to precision radiation therapy and drug discovery using artificial intelligence.
  • Launched the Accelerating Compound Exploration (ACE) program to partner with academic and research institutions to advance their drug discovery initiatives.
  • Appointed Pamela Bush, Ph.D., MBA, as Chief Business Officer to lead the company’s business development, partnering and growth initiatives.

“We are very pleased to have delivered a strong first quarter, announcing three meaningful contracts with Cvergenx, Cancer Research Horizons and Integra Therapeutics, that all seek to leverage our unique portfolio of assets and capabilities to expedite early drug discovery and enable drug development,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “We also took significant steps to strengthen not only our senior leadership team, with the appointment of Dr. Pamela Bush as our new Chief Business Officer, but we made critical additions to our Board of Directors and Scientific Advisory Board as well.

“As a highly differentiated leader in the field of AI-assisted drug discovery, we are in the very early stages of addressing a billion-dollar industry that is estimated to be growing 30% annually. I believe the steps that we have taken to this point position us very well to play a meaningful role in the development of new oncology drugs, which will not only benefit cancer patients but also create long-term value for our shareholders. I am excited for what we can achieve this year.”

Q1 2023 Financial Summary:

  • Concluded the first quarter of 2023 with $18.6 million in cash and cash equivalents, compared to $22.1 million as of December 31, 2022, and $18.6 million in Stockholder’s Equity, compared to $21.8 million as of December 31, 2022.
  • Loss per common share for Q1 2023 was $0.86, as compared to $1.02 for the first quarter of 2022.
    • Q1 2023 Financial results
    • Predictive Oncology recorded revenue of $239,895 in the first quarter of 2023, compared to $314,568 in 2022. Sales of Streamway related products and services by our Eagan operating segment were responsible for the majority of the revenue.
    • Gross profit margin declined to 50% during the three months ended March 31, 2023 as compared to 65% in the comparable period in 2022 due to sales mix and lower margins on repairs and maintenance of previously sold Streamway machines.
    • G&A expenses decreased to $2,335,984 for the three months ended March 31, 2023, compared to $2,423,651 for the three months ended in 2022.
    • Sales and marketing expenses increased by $65,770 for the three months ended March 31, 2023, to $370,237, compared to $304,467 for the same period in 2022. The increase was due to higher employee related expenses driven by an increase in marketing and development staff in 2023.
    • Operations expense decreased by $12,553 to $878,518 for the three months ended March 31, 2023 compared to $891,071 for the three months ended in 2022, primarily due to lower research and development expenses, as well as expenses related to the closure of the TumorGenesis and zPREDICTA offices.
    • Net cash used in operating activities was $3,427,761 and $3,093,696 for the three months ended March 31, 2023 and March 31, 2022, respectively. Cash used in operating activities increased in the 2023 period primarily due to an increase in operating expenses and working capital.

Conference call and webcast details:

Predictive Oncology management will host an investor conference call and webcast today, May 15th, at 5:30pm EDT.

To participate in the call, investors and analysts should dial 1-877-407-3982 (domestic) or 1-201-493-6780 (international) and reference conference ID 13738479.

To access the Call Me™ feature, which eliminates the need to wait for a call operator, please click here.

The live webcast of the call can be accessed here.

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, 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.

Investor Relations Contact:
Tim McCarthy, CFA
LifeSci Advisors, LLC
[email protected]

PREDICTIVE ONCOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
  March 31,
2023
  December 31,
2022
ASSETS              
Current Assets:              
Cash and Cash Equivalents $ 18,597,119     $ 22,071,523  
Accounts Receivable   282,763       331,196  
Inventories   380,292       430,493  
Prepaid Expense and Other Assets   520,005       526,801  
Total Current Assets   19,780,179       23,360,013  
               
Property and Equipment, net   1,771,737       1,833,255  
Intangibles, net   272,969       253,865  
Lease Right-of-Use Assets   3,062,598       211,893  
Other Long-Term Assets   174,096       75,618  
Total Assets $ 25,061,579     $ 25,734,644  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY              
Current Liabilities:              
Accounts Payable $ 1,424,484     $ 943,452  
Accrued Expenses and Other Liabilities   1,406,069       2,229,075  
Derivative Liability   12,880       13,833  
Contract Liabilities   639,238       602,073  
Lease Liability   427,678       94,237  
Total Current Liabilities   3,910,349       3,882,670  
               
Lease Liability – Net of current portion   2,596,845       86,082  
Total Liabilities   6,507,194       3,968,752  
               
Stockholders’ Equity:              
Total Stockholders’ Equity   18,554,385       21,765,892  
               
Total Liabilities and Stockholders’ Equity $ 25,061,579     $ 25,734,644  
PREDICTIVE ONCOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
(Unaudited)
 
  Three months ended March 31,  
  2023     2022  
Revenue $ 239,895     $ 314,568  
Cost of goods sold   120,139       109,443  
Gross profit   119,756       205,125  
General and administrative expense   2,335,984       2,423,651  
Operations expense   878,518       891,071  
Sales and marketing expense   370,237       304,467  
Total operating loss   (3,464,983 )     (3,414,064 )
Other income   42,228       42,430  
Other expense         (989 )
Gain on derivative instruments   953       1,908  
Net loss $ (3,421,802 )   $ (3,370,715 )
               
Loss per common share – basic and diluted $ (0.86 )   $ (1.02 )
               
Weighted average shares used in computation – basic and diluted   3,968,099       3,291,762  

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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