Predictive Oncology Subsidiary, Helomics, Signs Collaborative Research Agreement with ChemImage to Expand Personalized Medicine to Prostate Cancer Prognosis and Treatment
MINNEAPOLIS, Minn., June 26, 2019 (GLOBE NEWSWIRE) -- Predictive Oncology (Nasdaq: POAI) (“Predictive Oncology” or “the Company”), a company focused on applying artificial intelligence to personalized medicine and drug discovery, announced today it has signed a collaborative research agreement with Pittsburgh, Pa.-based molecular imaging company, ChemImage, to establish the feasibility of coupling genomics to Raman spectroscopy to better determine disease progression in prostate cancer.
“Helomics’ ability to quickly generate data through our ‘multi-omic’ approach, coupled to our artificial intelligence (AI) technology, is a natural fit with companies like ChemImage, which is seeking a better understanding of disease progression through fusing together of ChemImage’s core Raman data with genomic data generated by Helomics,” commented Gerald Vardzel, president of Helomics.
ChemImage will share a set of human prostate tissue (biopsy and prostatectomy) samples with Helomics, which Helomics will sequence in order to better understand whether the combination of genomics (mutations and gene expression) and Raman imaging will provide insights to prostate cancer progression. Helomics also plans to integrate the data from these prostate cancer samples, together with its internal database of over 150,000 tumor cases into its D-CHIP predictive oncology models in order to build a predictive model of prostate cancer drug response.
“We look forward to combining capabilities with Helomics in this research collaboration, anticipating significant breakthroughs in our understanding of prostate cancer progression,” added Patrick Treado Ph.D., founder and chief technology officer of ChemImage. “In addition, working closely with another Pittsburgh-based company strengthens the business community and sense of collaboration that we believe demonstrates the region is at the cutting edge of medical research.”
“We believe that alliances of this kind are an excellent opportunity to demonstrate the power of the multi-omic approach coupled to AI with the goal of building predictive models for identifying and treating patients at higher risk,” commented Mark Collins Ph.D., chief technology officer of Helomics.
About Predictive Oncology Inc.
Predictive Oncology (Nasdaq: POAI) operates through its three wholly owned subsidiaries, Helomics, TumorGenesis and Skyline Medical. 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 (D-CHIP) 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 subsidiary 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.
About ChemImage Corporation
ChemImage Corporation is committed to making the world healthier and safer through dramatic advancements in chemical imaging technologies. The company's proprietary, state-of-the-art chemical imaging sensors, algorithms and analysis software enable defense organizations, homeland security agencies, forensic science laboratories, pharmaceutical manufacturers, automotive companies, life sciences, and medical device companies to solve the world’s most challenging health and safety issues. Our Life Sciences division develops molecular chemical imaging devices and data fusion tools for cancer detection, anatomic structure imaging, and cardiovascular health assessment without the use of reagents. This technology provides faster, more accurate diagnostics and safer, more effective procedures. With performance leading chemical imaging technology, ChemImage strives to provide people all over the world with an Awareness of Things™ (AoT™), giving a new level of situational awareness to people in their everyday lives. For more information, please visit www.chemimage.com
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; Predictive Oncology’s ability to implement its long range business plan for various applications of its technology; Predictive Oncology’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 Predictive Oncology’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 SEC, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of Predictive Oncology’s financial position. See Predictive Oncology’s most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.