MINNEAPOLIS, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or the “Company”), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, today announced it has signed a term sheet with Helomics Corporation, a precision diagnostic company and integrated clinical contract research organization, to leverage the Helomics D-CHIP™ platform to develop and market new approaches for personalized cancer diagnosis and care.
The joint venture follows a strategic collaboration between Helomics and Skyline announced on November 1, 2017 and represents a deeper partnership between the two companies that is expected to provide Skyline with opportunities to generate revenues from additional markets. Skyline Medical will own 51% of the joint venture, with Helomics owning the remaining 49%. The day to day operations of the Joint Venture will be managed by Helomics subject to the direction and oversight of the Joint Venture’s Board of Directors.
Dr. Carl Schwartz, Chief Executive Officer of Skyline Medical, commented, “Helomics’ D-CHIP™ platform uses Big Data, AI and bioinformatics to provide actionable insights on cancer in the area of precision medicine. The D-CHIP platform generates revenues from subscriptions from Pharma, BioPharma and Diagnostic Companies, as well as service revenues from additional “molecular informatics” solutions that further analyze the data in D-CHIP™. Forming a joint venture will allow us to further build out the database of patient data and ramp up commercial activities.”
Mr. Gerald Vardzel, President & CEO of Helomics, commented, “The D-CHIP™ platform provides our clients with a secure, regulatory compliant, cloud-based analytical platform, granting them access to the rich de-identified patient data collected from the HELOMICS diagnostic/precision oncology business, together with data from other partners. This area of medicine is experiencing rapid growth, as the benefits of personalized medicine tailored to an individual patient’s molecular data are becoming more apparent, and investment in the space is rising. We look forward to forming the joint venture to participate in the growth of this revolutionary area of medicine.”
The Joint Venture is subject to terms and conditions, including further due diligence and financing of the new entity.
About Skyline Medical
Skyline Medical produces a fully automated, patented, FDA-cleared waste fluid disposal system that 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 www.skylinemedical.com.
About Helomics Corporation
Helomics® is a precision diagnostic company and integrated clinical contract research organization whose mission is to improve patient care by partnering with pharmaceutical, diagnostic, and academic organizations to bring innovative clinical products and technologies to the marketplace. In addition to its proprietary precision diagnostics for oncology, Helomics offers boutique CRO services that leverage our patient-derived tumor models, coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and a proprietary bioinformatics platform (D-CHIP) to provide a tailored solution to our client’s specific needs.
Helomics® is headquartered in Pittsburgh, Pennsylvania where the company maintains state-of-the-art, CLIA-certified, clinical and research laboratories.
For more information, please visit: www.Helomics.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 risks related to the proposed joint ventures with Helomics and CytoBioscience, including the need to negotiate the definitive agreements for the joint ventures; possible failure to realize anticipated benefits of the joint ventures; and costs of providing funding to the joint ventures. Other risks and uncertainties relating to the Company 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; 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.
Carl Schwartz, Chief Executive Officer
KCSA Strategic Communications
Source: Skyline Medical Inc.