Skyline Medical Announces Corporate Name Change to Precision Therapeutics
In addition to the new corporate name, the Company will change its ticker symbol on NASDAQ to ‘AIPT’. The Company will issue another press release in the near future announcing the date at which the new ticker symbol will take effect.
Precision Therapeutics mission is to positively improve the effectiveness of cancer therapy using the power of artificial intelligence (AI) applied to our rich data diseases data base. Through our venture with Helomics we control a diagnostic platform that generates rich molecular profiles and drug response data from the patient’s own tumor. This data is analyzed by our AI-based bioinformatics platform (D-CHIP™) which provides a precision oncology roadmap for the patient and their oncologist. Revenues are generated from the Helomics platform for the tests performed, e.g. Next Generation Sequencing (NGS) of the tumor etc. The D-CHIP platform continually learns the association between the DNA alterations and the drug response of the patient’s tumor generating actionable knowledge that is of great value to Pharma companies developing new therapies. Access to this knowledge and any lab services is offered through
To enhance the foundation provided by Helomics and drive both diagnostic and CRO revenues we intend to add additional strategic partnerships and acquisitions in the precision medicine space such as additional molecular tests for cancer and other diseases, companion diagnostics, microbiome assessment and other technologies to complement Next Generation Sequencing (NGS), e.g. standards.
Every test we perform adds to both the depth and utility of the D-CHIP knowledgebase to create a unique and highly valuable asset, allowing Precision Therapeutic to achieve its goal of positively improving patient outcomes.
Precision Medicine is an emerging field of healthcare that considers a patient’s genes, lifestyle, and environment in the development of effective therapies to treat disease. This is leading to better and more personalized treatments and diagnostic technologies and is rapidly becoming seen as a credible new approach to healthcare. According to research from Global Market Insights, the precision medicine market is estimated to grow at 10.5% CAGR to reach
Skyline’s new growth strategy is to participate in the growth of the emerging precision medicine sector by providing customized contract research organization (“CRO”) services to pharmaceutical, diagnostic, and academic organizations as they seek to bring novel drugs and targeted therapies to the marketplace. To drive this plan, the Company has secured a 20% equity stake in
Through the Company’s partnership with Helomics, the Company has also partnered with
The Company believes its flagship product, the
Along with the name change and change in NASDAQ symbol, the Company plans to adopt a new logo and new website. The Company will provide further updates to shareholders regarding these changes in the near future.
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, 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
Source: Skyline Medical Inc.