Predictive Oncology Reports Year End 2021 Financial Results and Provides Business Update
- Validated results of subsidiary Helomics’ Discovery 21 proof of concept of its PeDAL® platform, demonstrated ability to make high-confidence predictions in ovarian tumor samples.
- Added new revenue stream, synergistic customer base and disruptive technology through acquisition of zPREDICTA, Inc., a company pioneering tumor-specific in vitro 3D cell culture models for drug discovery and development.
- Expanded strategic sales and business development by hiring
Pamela Bush, Ph.D., MBA, to lead monetization transition from research and development to commercial viability.
- Raised approximately
$55Mfrom at-the-market and private investment deals, as well as warrant exercises executed during 2021.
- Predictive subsidiary TumorGenesis partners with Swedish firm
Cellevate AB, a collaboration designed to help give researchers next-generation tools to build treatments for difficult diseases.
- Subsidiary Soluble Biotech announces building qualification of GMP (Good Manufacturing Practice) facilities, allowing an expansion of their unique services to better meet the needs of their growing customer base.
- Launches website highlighting AI-powered cancer research advancements.
Raymond F. Vennare, accomplished senior executive, board director and biotechnology entrepreneur, and Christina Jenkins, MD, strategic advisor and venture investor with expertise in clinical medicine, health systems, and health plans, as members of the Board of Directors.
“We are pleased to report that the conclusion of FY 2021 saw a strengthened balance sheet and we believe even greater value for our shareholders,” said
“Soluble Biotech, one of our other valuable business segments, which centers on contract services and research focused on solubility improvements, stability studies, and protein production, also saw exciting advancements this year toward completion of a new GMP facility. We believe the new GMP facility is expected to better meet the needs of the subsidiary’s customer base.
“We were excited to welcome
2021 Financial Highlights:
- Reinforced balance sheet with equity offerings and issuance of common stock for net proceeds of
$50.5 millionand warrant exercises of $4.5M; repaid, in full, outstanding debt obtained in 2019 and 2020.
- Concluded FY 2021 with
$28.2 millionin cash and equivalents compared to $.68 millionin the prior year period, and $40.3 millionin Stockholder’s Equity compared to $2.6 millionin 2020.
- Loss per common share in year ended 2021 dropped to
$0.36from $2.21for 2020.
FY 2021 Financial results
The Company recorded revenue of
Operations expense increased by
During the year ended
Net cash used in operating activities was
Net cash provided by financing activities was
COVID-19 has continued to impact the Company’s capital and financial resources, including our overall liquidity position and outlook. For instance, our accounts receivable has slowed while our suppliers continue to ask for pre-delivery deposits. We incurred net losses of
As the drug discovery community realizes, a genomics-based approach to cancer research and drug development is insufficient to achieve the promise of personalized therapeutics.
Investor Relations Contact:
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors discussed under the heading “Risk Factors” in our filings with the
CONDENSED CONSOLIDATED BALANCE SHEETS
|Cash and cash equivalents||$||28,202,615||$||678,332|
|Prepaid Expense and Other Assets||513,778||289,490|
|Total Current Assets||29,458,273||1,514,235|
|Fixed Assets, net||2,511,571||3,822,700|
|Lease Right-of-Use Assets||814,454||1,395,351|
|Other Long-Term Assets||167,065||116,257|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Notes Payable – Net of Discounts of
|Accrued Expenses and other liabilities||1,262,641||2,588,047|
|Lease Liability – Net of Long-Term Portion||639,662||597,469|
|Total Current Liabilities||3,240,508||9,336,921|
|Other Long Term Liabilities||25,415||235,705|
|Lease Liability, long-term portion||239,664||845,129|
|Preferred Stock, 20,000,000 authorized inclusive of designated below||-||-|
|Series B Convertible Preferred Stock,
|Total Stockholders' Equity||40,265,684||2,642,681|
|Total Liabilities and Stockholders' Equity||$||43,771,271||$||13,060,436|
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
|Cost of goods sold||487,024||447,192|
|General and administrative expense||10,932,125||10,351,973|
|Sales and marketing expense||774,530||584,937|
|Loss on goodwill impairment||2,813,792||12,876,498|
|Loss on impairment intangibles||2,893,548||-|
|Loss on impairment of software acquired||1,249,727||-|
|Total operating loss||(20,428,631||)||(25,360,037||)|
|Loss on early extinguishment of debt||-||(1,996,681||)|
|Gain on derivative instruments||164,902||1,765,907|
|Gain on notes receivables associated with asset purchase||-||1,290,000|
|Net loss before income tax benefit||$(20,318,832||)||(25,884,397||)|
|Income tax benefit||(661,658||)||-|
|Net loss attributable to common shareholders||$(19,657,174||)||$(26,438,684||)|
|Loss per common share - basic and diluted||$||(0.36||)||$||(2.21||)|
|Weighted average shares used in computation - basic and diluted||54,876,044||11,950,154|
Source: Predictive Oncology Inc.