Predictive Oncology Inc. Reports Second Quarter 2019 Financial Results and Provides Corporate Update
Business highlights of the second quarter of 2019 through recent weeks include:
- The Skyline Medical division has received its first order from
Indiafor four machines to be sold to local hospitals. The sale of these four STREAMWAY units in Indiamarks our entry into that country.
- Helomics announced a joint collaborative agreement with UPMC to study the use of artificial intelligence to improve clinical decision making for ovarian cancer patients.
- Helomics signed a collaborative research agreement with
Pittsburgh, Pa.-based molecular imaging company, ChemImage to better determine disease progression in prostate cancer. Predictive Oncologyappointed Amelia Warner, Pharm.D., RPh, as the interim chief operating officer for its Helomics division.
- Announced our corporate name change to
Predictive Oncology Inc., which reflects the company’s mission and strategic focus. Helomics, Inc.and National Alopecia Areata Foundationsigned a services agreement to provide next-generation patient registry for Alopecia Areata Research.
- TumorGenesis and partner 48Hour Discovery received Alberta Innovates grant for development of novel cancer treatments.
- Helomics contracted to provide CRO and Artificial Intelligence drug development services to SpeciCare for a precision medicine trial.
- Helomics initiated a collaboration with Viome to determine role of gut microbiome in ovarian cancer.
- Helomics merger completed on
April 4, 2019.
Revenue for the quarter ended
Cash balance was approximately
The company will host a conference call at
The conference call will also be available through a live webcast, which can be accessed via the following link: https://services.choruscall.com/links/poai190819.html which will also be available through the company’s website at: http://investors.skylinemedical.com/events-and-presentations.
An audio replay of the call will be available approximately one hour after the end of the call through
A webcast replay of the call will also be available approximately one hour after the end of the call through
Certain of the matters discussed in the press release contain forward-looking statements that involve material risks to and uncertainties in the Company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include (i) risks related to the recent merger with Helomics, including the fact that the combined company will not be able to continue operating without additional financing; possible failure to realize anticipated benefits of the merger; costs associated with the merger may be higher than expected; the merger may result in disruption of the Company’s and Helomics’ existing businesses, distraction of management and diversion of resources; and the market price of the Company’s common stock may decline as a result of the merger; (ii) 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; and (iii) other risks and uncertainties relating to the Company that include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; sales cycles that can be longer than expected, resulting in delays in projected sales or failure to make such sales; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; Precision’s ability to implement its long range business plan for various applications of its technology; Precision’s ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of Precision’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the
|Predictive Oncology, Inc.|
|Condensed Consolidated Balance Sheet|
|June 30, 2019
||December 31, 2018
|Cash and cash equivalents||$||69,557||$||162,152|
|Certificates of deposit||-||-|
|Notes Receivable (inclusive of $0 and $452,775 in advances to Helomics; net of $787,524 allowance for credit losses)||250,000||497,276|
|Prepaid Expense and other assets||154,523||318,431|
|Total Current Assets||1,094,002||1,451,527|
|Fixed Assets, net||1,769,813||180,453|
|Lease Right of Use Assets||1,005,525||-|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Note Payable - Net of Discounts of $573,155 and $1,032,814||3,808,751||1,634,914|
|Lease Liability - Net of Long-Term Portion||501,427||-|
|Total Current Liabilities||9,455,816||3,655,527|
|Commitments and Contingencies||-||-|
|Series E Convertible Preferred Stock, $.01 par value, 350 shares authorized, 83.4 and 0 shares outstanding (Liquidation value$843,000)||1||-|
|Series B Convertible Preferred Stock, $.01 par value, 20,000,000 authorized, 79,246 and 79,246 outstanding||792||792|
|Series D Convertible Preferred Stock, $.01 par value, 20,000,000 authorized, 3,500,000 and 0 outstanding||35,000||-|
|Common Stock, $.01 par value, 100,000,000 authorized, 30,974,761 and 14,091,748 outstanding||309,747||140,917|
|Additional paid-in capital||86,882,073||63,019,708|
|Accumulated Other Comprehensive income||-||-|
|Total Stockholders' Equity||22,291,588||53,472|
|Total Liabilities and Stockholders' Equity||$||32,251,502||$||3,708,999|
|Predictive Oncology, Inc.|
|Condensed Consolidated Statements of Net Loss|
|Three Months Ended||Six Months Ended|
|Cost of goods sold||118,390||108,970||192,106||226,314|
|General and administrative expense||3,310,368||729,528||4,808,314||1,945,670|
|Sales and marketing expense||685,029||554,084||1,239,245||1,104,623|
|Total operating loss||(5,098,894||)||(1,412,902||)||(7,436,097||)||(3,172,924||)|
|Gain on revaluation of cash advances to Helomics||1,222,244||1,222,244|
|Gain/(loss) on equity method investment||6,164,260||(960,508||)||5,724,623||(960,508||)|
|Net Income/(loss )||1,465,104||(2,373,410||)||(1,828,080||)||(4,133,432||)|
|Deemed dividend on Series E Convertible Preferred Stock||20,398||-||20,398||-|
|Net income/(loss) attributable to common shareholders||$||1,444,706||$||(2,373,410||)||$||(1,848,478||)||$||(4,133,432||)|
|Gain/(loss) attributable to common shareholders per common share - basic||$||0.05||$||(0.20||)||$||(0.08||)||$||(0.36||)|
|Gain/(loss) attributable to common shareholders per common share - diluted||$||0.02||$||(0.20||)||$||(0.08||)||$||(0.36||)|
|Weighted average shares used in computation - basic||29,609,373||11,878,490||22,747,544||11,632,221|
|Weighted average shares used in computation - diluted||60,070,783||11,878,490||22,747,544||11,632,221|
Source: Predictive Oncology Inc.