MINNEAPOLIS, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Predictive Oncology Inc. (NASDAQ: POAI) is set to be a first mover in the artificial intelligence (AI) powered drug discovery market that POAI expects will grow to $20 billion in the next three years, reported the Company today in outlining its strategy for 2022. The Company plans to leverage its existing pharma relationships to market PeDAL™ in a move that will take the proprietary platform out of the research lab into the pipelines of oncology drug discovery companies.
POAI recently completed its Discovery 21 evaluation, the proof of concept for PeDAL. CoRE™, POAI’s Artificial Intelligence program, together with tumor profile data, human tumor samples and active machine learning, power PeDAL to determine the most effective drug treatment for a specific cancer type. With each iteration CoRE learns, thus improving the accuracy of the predicted treatment outcomes as more wet lab experimental data is added to the models. Identifying the best tumor type early in development leads to a more focused clinical development program, where the majority of drug development dollars are spent. The clinical development cost for a new oncology indication is estimated to be over $35M, according to the US Department of Health and Human Services.
“The demonstration of our drug discovery platform provides the proof of concept that our pharmaceutical partners have been waiting for,” said J. Melville (Mel) Engle, CEO and Chairman of Predictive Oncology Inc. (https://youtu.be/WaMjYfaUpcQ) “We expect to meet the existing demand from pharmaceutical companies for our solutions, which will help companies streamline their drug discovery processes, increasing the probability of technical success of new molecules entering the clinic. PeDAL provides an additional decision making tool to oncology drug development companies as they decide which tumor types to invest in and pursue.”
The Company expects to sign new partners this year and establish a new revenue stream from PeDAL-powered projects. POAI will initially roll out its services to the existing network of pharmaceutical companies already working with POAI. The Company estimates that PeDAL has the potential to improve the success of molecules going through clinical development. This will result in effective medicines making it to market faster, saving precious patent life, and eventually reducing the number of parallel programs needed for each successful market launch.
The Company expects to begin generating revenue from its PeDAL platform later this year.
About Predictive Oncology Inc. Predictive Oncology Inc. (NASDAQ: POAI) is a knowledge-driven company focused on applying artificial intelligence (AI) to develop personalized cancer therapies, which can lead to more effective treatments and improved patient outcomes. Using artificial intelligence, Predictive Oncology uses a database of 150,000+ cancer tumors, categorized by patient type, against drug compounds to determine optimal therapies to be used to ultimately eliminate cancer. As the drug discovery community has now realized, a genomics-based approach to cancer research and drug development is insufficient to achieve the promise of personalized therapeutics. Predictive Oncology instead takes a multiomic approach, which considers the vast multitude of factors that make each cancer unique.
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, risks that we will not be successful in entering into partnerships with biopharmaceutical companies, risks that the results of future evaluations of PeDAL will not be as favorable as the preliminary results of our internal evaluation, risks related to the recent acquisition of zPREDICTA, including no assurance of future operating results of zPREDICTA, no assurance that zPREDICTA’s customers will continue to utilize zPREDICTA’s services at historical levels or at all, risk of higher than anticipated expenses, integration risk, risk of future impairment of goodwill that would impact POAI’s operating results and reliance on zPREDICTA’s management and employees, and the 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.