Predictive Oncology (NASDAQ: POAI), a science-driven company leveraging its proprietary artificial intelligence (“AI”) and machine-learning capabilities, extensive biorepository of tumor samples, CLIA laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, is reported its financial and operating results for the three- and nine-month periods ending Sept. 30, 2023. Highlights of the report show a net loss of $3.2 million on total net revenue of $0.7 million for the third quarter 2023 along with the successful delivery of actionable results of its first campaign with Cancer Research Horizons (“CRH”), wherein the company predicted with a high degree of accuracy which cancer types and patient populations are most likely to respond to CRH’s preclinical glutaminase inhibitors; the successful completion of a molecular characterization study in collaboration with UPMC Magee-Womens Hospital; and a 22% reduction in net loss in Q3 2023 versus the same quarter in 2022, driven by lower general and administrative expenses.
“We recently achieved a key milestone with the delivery of successful results from our first campaign with Cancer Research Horizons, a subsidiary of the largest independent funder of cancer research in the world,” said Predictive Oncology CEO and chair Raymond F. Vennare in the press release. “In this groundbreaking and validating work, we leveraged our PEDAL platform and capabilities to evaluate their preclinical glutaminase inhibitors to predict, with a high degree of accuracy, which cancer types and patient populations are most likely to respond to these compounds, providing actionable information that can inform future clinical development pathways. The results from this initial PEDAL campaign further create value by validating the data package for these assets, making them ideal candidates for potential out-licensing. We were also very pleased to announce, just a few days ago, the completion of a molecular characterization study in collaboration with UPMC Magee-Womens Hospital in Pittsburgh to identify the key molecular features that drive overall survival in ovarian cancer. In addition to demonstrating the versatility of our technology, we believe these findings will ultimately contribute to the development of personalized therapies that extend the overall survival of ovarian cancer patients.”
To view the full press release, visit https://ibn.fm/KKops
About Predictive Oncology Inc.
Predictive Oncology is on the cutting edge of the rapidly growing use of artificial intelligence (“AI”) and machine learning to expedite early drug discovery and enable drug development for the benefit of cancer patients worldwide. The company’s scientifically validated AI platform, PEDAL, is able to predict with 92% accuracy if a tumor sample will respond to a certain drug compound, allowing for a more informed selection of drug/tumor type combinations for subsequent in-vitro testing. With the company’s vast biobank of more than 150,000 assay-capable heterogenous human tumor samples, Predictive Oncology offers its academic and industry partners one of the industry’s broadest AI-based, drug-discovery solutions, further complemented by its wholly owned CLIA lab and GMP facilities. For more information about the company, please visit www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://ibn.fm/POAI
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