Precision Therapeutics’ Subsidiary TumorGenesis and its Partner 48Hour Discovery Inc. Receive Alberta Innovates Product Demonstration Program Grant to Support Development of Novel Cancer Treatments
“This grant will provide additional funds to further drive the development of our proprietary Oncology Discovery Technology Platform kits, which will help researchers and clinicians identify which cancer cells bind to which biomarkers,” said
“The TumorGenesis platform and its methodology for tagging a tumor’s diverse cancer cell population is highly complementary to our Helomics discovery service business, which utilizes AI (Artificial Intelligence) and tumor genetic and drug response profiling. Our vision is to tag every patient’s complex tumor cell populations first with biomarkers, then to separate cancer cells using those biomarkers, creating a unique ‘fingerprint’ of that tumor to deliver a personalized medicine approach to cancer diagnosis and treatment,” said Dr.
The underlying technology behind the Discovery Kits—molecular screening for biomarkers—has been developed at 48HD and is being offered on a limited basis as a service in the 48HD laboratories. The Discovery Kits to be commercialized in this project will offer a similar service, where a 48HD molecular library may be used to test tumor tissue at any Canadian cancer treatment center as well as cancer centers in the US and around the world. The kits will be a simple but elegant solution to target drug therapy, replacing a time-consuming and complex, multistep discovery process that currently guides the approach to therapy.
“We are grateful to Alberta Innovates for supporting 48Hour
Founded in 2017, 48Hour
Certain of the matters discussed in the press release 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 (i) risks related to the recent merger with Helomics, including the fact that 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; and the market price of the Company’s common stock may decline as a result of the merger; (ii) 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 (iii) 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; Precision’s ability to implement its long range business plan for various applications of its technology; Precision’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 Precision’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
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Source: Precision Therapeutics Inc.