MINNEAPOLIS, May 20, 2021 (GLOBE NEWSWIRE) -- Predictive Oncology (NASDAQ: POAI), an artificial intelligence driven oncology and drug discovery company, announced today that its wholly owned subsidiary, TumorGenesis (TumorGenesis.net), has partnered a deal with the Swedish firm Cellevate AB (Cellevate.com). The companies are combining TumorGenesis’ medias with Cellevate’s high engineered matrix materials. This partnering opens new territories for both companies.
“We are starting with ovarian cancer because it’s what special medias TumorGenesis has and we’re combining it with Cellevate’s high efficiency nano spun matrix supports. This combination will give researchers the ability to grow ovarian cancer tissues in a 3D matrix support system with the right media for the right ovarian cancer cell types,” commented Richard Gabriel, Senior Vice President of Research & Development at Predictive Oncology Inc.
“Establishing this collaboration together with TumorGenesis is a big step in the right direction in giving researchers the next generation of tools needed to combat hard to treat diseases. By combining the strength and expertise of our organizations we believe that we can bring something truly unique and valuable to the market,” commented Maximilian Ottosson, CEO of Cellevate AB.
The importance of this collaboration is that cancer drugs can cost upwards of $2.0 billion dollars to get approved and into the market and one of the primary reasons for failure is picking the wrong target based on cancer cell lines. Only 9% of the drugs that were selected for Phase 1 will make it to the market according to the industry watcher, Bio, in 2016, and it has not gotten much better until now.
“Predictive Oncology is excited with this collaboration with Cellevate AB as we expand our oncology tools product line. We look forward to working closely with them in the future,” said J. Melville Engle, CEO and Chairman of POAI.
About Predictive Oncology Inc.
Predictive Oncology (NASDAQ: POAI) operates through three segments (Skyline, Helomics and Soluble Biotech), which contain four subsidiaries: Helomics, TumorGenesis, Skyline Medical and Soluble Biotech.
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. TumorGenesis Inc. specializes in media that help cancer cells grow and retain their DNA/RNA and proteomic signatures, providing researchers with a tool to expand and study cancer cell types found in tumors of the blood and organ systems of all mammals, including humans. Skyline Medical 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. Soluble Biotech is a provider of soluble and stable formulations for proteins including vaccines, antibodies, large and small proteins, and protein complexes.
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 because 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.
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Source: Predictive Oncology Inc.