Predictive Oncology (NASDAQ: POAI), a science-driven company leveraging its proprietary artificial intelligence (“AI”) and machine learning capabilities, extensive biorepository of tumor samples, CLI laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, is reporting on its financial and operating results for the three months ended March 31, 2023. According to the report, the company saw a net loss of $3.4 million on total net revenue of $0.2 million for the first quarter 2023, with gross profit margin decreasing to 50% during the quarter three months ended March 31, 2023, compared to 65% in the same period in 2022, and G&A expenses totaling $2,335,984 Q1 2023, compared to $2,423,651 for Q1 2022. Business highlights included a groundbreaking partnership with Cancer Research Horizons to drive the development of oncology drugs utilizing Predictive Oncology’s PEDAL(TM) platform as well as a collaboration with Integra Therapeutics and key changes in board membership and company leadership. The company also partnered with Cvergenx to develop the first-ever genomics-based approach to precision radiation therapy and drug discovery using AI and launched its Accelerating Compound Exploration (“ACE”) program to partner with academic and research institutions to advance their drug-discovery efforts.
“We are very pleased to have delivered a strong first quarter, announcing three meaningful contracts with Cvergenx, Cancer Research Horizons and Integra Therapeutics, that all seek to leverage our unique portfolio of assets and capabilities to expedite early drug discovery and enable drug development,” said Predictive Oncology CEO and chair Raymond F. Vennare in the press release. “As a highly differentiated leader in the field of AI-assisted drug discovery, we are in the very early stages of addressing a billion-dollar industry that is estimated to be growing 30% annually. I believe the steps that we have taken to this point position us very well to play a meaningful role in the development of new oncology drugs, which will not only benefit cancer patients but also create long-term value for our shareholders. I am excited for what we can achieve this year.”
To view the full press release, visit https://ibn.fm/Z0mEz
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 PEDAL and 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 complimented 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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