Precision Therapeutics Reports Year End 2018 Financial Results and Provides Corporate Update
2019 Recent Developments
$2.43 millionin public offerings, coupled with an investment from Precision Therapeutics’ CEO, Dr. Carl Schwartzof $1.30 million.
- Announced results of special meeting of stockholders on March where the Company’s stockholders approved the Amended and Restated Agreement and Plan of Merger, dated as of
October 26, 2018(the “merger Agreement”), by and among Precision, Helomics Acquisition, Inc.and Helomics Holding Corporation.
Formed Scientific Advisory Boardcomprised of world-renowned scientific and medical experts including an Artificial Intelligence expert from Carnegie Mellon, Dr. Bob Murphy, an experienced Pharmaceutical Senior executive that ran Clinical Pharmacogenomics for Merck Researchlabs, Amelia Warner, a renowned neurosurgeon and cancer expert that has held key positions at University Of Pittsburg Medical Center, Harvard, and John Hopkins, Dr. Paul Kornblith, and VP of Operations at the Chan Zuckerberg Initiative, Mark Malandro.
- Signed the definitive Merger Agreement with Helomics which, upon completion of the merger, will increase Precision’s equity stake in Helomics from 25% to 100%.
- Launched the HelomicsDiscover™ program through our existing partnership with Helomics. The program brings together Helomics’ D-CHIP platform and Contract Research Organization (“CRO”) services.
- Launched Helomics’ new Precision Oncology Insights platform providing a personalized oncology roadmap for oncologists and their patients with initial focus on gynecologic cancers, especially ovarian.
Formed TumorGenesis Inc.to develop a new, rapid approach to growing tumors in the laboratory, which essentially “fools” the cancer cells into thinking they are still growing inside the patient.
- Changed corporate name from
Skyline Medical Inc., to Precision Therapeutics Inc.
NASDAQ Capital Marketticker symbol from 'SKLN' to ‘AIPT.'
2019 Recent Developments for Skyline Medical, a division of
- Expanded of sales of the company’s STREAMWAY system into
Saudi Arabia, Australia, Iraq, and into New Englandvia a new division of Yale Hospital.
- Completed a distribution agreement in
Taiwanwith medical supply distributor, Winner Scientific.
- Achieved Year-over-year increase in global disposable sales of 38%.
2018 Highlights for Skyline Medical
- Secured first European sale of the STREAMWAY® System, representing a major new market for the Company.
- Opened a European headquarters in
Belgiumand appointed Jean-Paul Rasschaertas Vice President of International Sales to drive international sales for the STREAMWAY System.
Kevin Hungerfordas Global Vice President of Sales and Marketing for the STREAMWAY System.
- Granted a European Patent No. 2948200 covering the STREAMWAY System.
- Signed eleven independent European distributors including
Switzerland, Austria, and part of France, as well as an independent distributor for Portugal.
- Partnered with Prenit World, an international distributor of medical infrastructure solutions for healthcare facilities, to market the STREAMWAY System in India.
Fiscal Year 2018 Financial Results
Revenue for the year ended
Cost of sales was
Total operating expenses for the year ended
Conference Call and Webcast
Management will host a conference today at
Participants are asked to preregister for the call through the following link: http://dpregister.com/10129676. Please note that registered participants will receive their dial in number upon registration and will dial directly into the call without delay. Those without internet access or who are unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the
Precision Therapeutics’ medicine business is committed to improving the effectiveness of cancer therapy using the power of artificial intelligence (AI) applied to rich data diseases databases. This business has launched with
Sold through the Skyline Medical business of
For additional information, please visit www.precisiontherapeutics.com.
Certain of the matters discussed in this announcement 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 (1) risks related to the proposed merger with Helomics, including the fact that we may not complete the merger; we do not have complete information about Helomics; 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; delay in completion of the merger may significantly reduce the expected benefits; and the market price of the Company’s common stock may decline as a result of the merger; (2) 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 (3) 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; the Company's ability to implement its long range business plan for various applications of its technology; the Company'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 the Company'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
|PRECISION THERAPEUTICS Inc|
|FOR THE YEARS ENDED,|
|December 31, 2018||December 31, 2017|
|Cash and cash equivalents||$||162,152||$||766,189|
|Certificates of deposit||-||244,971|
|Notes Receivable (inclusive of $452,775 in advances to Helomics)||497,276||667,512|
|Prepaid Expense and other assets||318,431||289,966|
|Total Current Assets||1,451,527||2,371,182|
|Fixed Assets, net||180,453||87,716|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Note Payable - Bridge Loan Net of Discount||1,327,942||-|
|Notes Payable - Net of Discount||306,972|
|Total Current Liabilities||3,655,527||932,340|
|Series B Convertible Preferred Stock, $.01 par value, 20,000,000 authorized, 79,246 and 79,246 outstanding||792||792|
|Series C Convertible Preferred Stock, $.01 par value, 20,000,000 authorized, 0 and 647,819 outstanding||-||6,479|
|Common Stock, $.01 par value, 50,000,000 authorized, 14,091,748 and 6,943,283 outstanding||140,917||69,432|
|Additional paid-in capital||63,019,708||55,636,680|
|Accumulated Other Comprehensive income||-||-|
|Total Stockholders' Equity||53,472||2,691,914|
|Total Liabilities and Stockholders' Equity||$||3,708,999||$||3,624,254|
|Statement of Comprehensive Loss||Year ended December 31,|
|Cost of goods sold||415,764||148,045|
|General and administrative expense||4,626,997||4,050,307|
|Sales and marketing expense||2,369,152||1,095,232|
|Total operating loss||7,861,379||6,053,523|
|Loss on equity method investment||(2,293,580||)||-|
|Net loss available to common shareholders||(10,086,477||)||(6,003,017||)|
|Loss per common share - basic and diluted||$||(0.79||)||$||(0.94||)|
|Weighted average shares used in computation - basic and diluted||12,816,289||6,362,989|
Source: Precision Therapeutics Inc.