Precision Therapeutics Reports First Quarter 2018 Financial Results
Highlights of the first quarter of 2018 and recent weeks include:
• Changed corporate name from Skyline Medical to
• Signed an LOI to increase the Company’s equity stake in Helomics Corporation® from 25% to 100%
• Precision Therapeutics,
• Formed TumorGenesis Inc. subsidiary to develop the next generation of patient derived tumor models for precision cancer therapy and drug development, with a focus on Multiple Myeloma, Triple-Negative Breast cancer (TNBC) and Ovarian cancers
Mark Collinsas President of TumorGenesis
- Secured license agreements with
SyntArray LLC, 48Hour Discovery and CellBridge Incorporatedto advance this strategy
Richard Gabrielas a consultant to lead the external business development strategy for TumorGenesis
• Appointed Deloitte & Touche LLP as
Highlights fromSkyline Medical, a division of
• Sold 16 STREAMWAY® Systems in the first three months of 2018, compared with three STREAMWAY Systems in Q1 2017, bringing the total number of STREAMWAY Systems sold to 123
• Expanded sales team with the appointment of
• Opened new European headquarters in
“To complement and enhance this offering in the precision oncology space, we formed TumorGenesis to pioneer a powerful, new approach to growing tumors in the laboratory. This approach will ‘fool’ the cancer cells into thinking they are still in the patient’s body and is expected to provide a more relevant patient tumor model for the testing of drugs for personalized therapy and for the development of new drugs. Together, Helomics’ dataset and TumorGenesis’ tumor model will offer the most advanced technologies on the market to advance the clinical testing of new personalized cancer therapies. This is truly a unique offering, combining artificial intelligence with personalized oncology, and we have put together a formidable team of scientists to drive these efforts,” continued Dr. Schwartz.
“Our Skyline Medical division is going from strength to strength, as evidenced by the record 16 STREAMWAY Systems sold this quarter. This very strong sales growth was the result of our expanded U.S.-based sales force, which led to an increase in sales to both existing customers and new customers. During the quarter, we opened our new European Headquarters and are pleased with their progress educating the market about the benefits of the STREAMWAY System.
Revenue for the three months ended
Gross profit for the three months ended
Total operating expenses for the three months ended
Net loss available to common shareholders for the three months ended
The Company had cash, cash equivalents and marketable securities of
Conference Call and Webcast
Management will also hold a conference call to discuss the financial results and provide a general business update. The conference call is scheduled to begin at
To access the conference call, U.S.-based listeners should dial +1 (800) 263 0877 and international listeners should dial +1 (646) 828-8143. All listeners should provide the following passcode: 9762238.
A dial-in replay of the call will also be available to those interested until
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About Precision Therapeutics Inc.
Sold through the Skyline Medical business of Precision Therapeutics, The STREAMWAY System virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement, and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit http://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, including the fact that we may not complete the merger; we do not have complete information about Helomics, including audited financial statements; 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 Securities and Exchange Commission, 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 the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
|STATEMENT OF OPERATIONS|
|Three Months Ended March 31,|
|Cost of goods sold||117,343||36,992|
|General and administrative expense||1,216,144||1,132,073|
|Sales and marketing expense||550,538||147,454|
|Net loss available to common shareholders||(1,760,022||)||(1,341,847||)|
|Other comprehensive gain|
|Unrealized gain from marketable securities||-||-|
|Loss per common share - basic and diluted||(0.15||)||(0.21||)|
|Weighted average shares used in computation - basic and diluted||11,383,217||6,450,967|
|FOR THE YEARS ENDED,|
|Cash and cash equivalents||2,232,803||766,189|
|Certificates of deposit||-||244,971|
|Prepaid Expense and other assets||208,305||289,966|
|Total Current Assets||3,122,940||2,371,182|
|Investment in Subsidiary||1,542,250||-|
|Fixed Assets, net||106,009||87,716|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total Current Liabilities||783,604||932,340|
|Commitments and Contingencies||-||-|
|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, 11,804,073 and 6,943,283 outstanding||118,040||69,432|
|Additional paid-in capital||61,622,067||57,380,256|
|Accumulated Other Comprehensive income||-||-|
|Total Stockholders' Equity||5,215,833||2,691,914|
|Total Liabilities and Stockholders' Equity||5,999,437||3,624,254|
Source: Precision Therapeutics Inc.