Predictive Oncology Reports Q2 2023 Net Loss, Strategic Partnerships and Appointments
In its Q2 2023 earnings report, Predictive Oncology (POAI) revealed a net loss of $3.9 million on total net revenue of $0.5 million. Despite this, the company announced several strategic partnerships and appointments, indicating a forward-looking approach to its operations and growth.
Predictive Oncology has launched collaborations with PEDAL-Cancer Research Horizons and Cvergenx. These partnerships aim to analyze drug compounds and identify new molecules, potentially leading to groundbreaking discoveries in cancer treatment. The company’s focus on patient heterogeneity and the use of active machine learning in drug discovery was highlighted during a presentation at the Bio International Convention. These factors emphasize the importance of personalized medicine in the future of cancer care.
In a bid to strengthen its strategic decision-making, Predictive Oncology has established a new Business Advisory Board. The board includes the appointment of Dr. Bernard Harris and Andrew Einhorn, adding to the company’s expertise and leadership. Further bolstering its board, the company has also included Dr. Veen Rao in its Board of Directors.
In a significant move, Predictive Oncology relocated its corporate headquarters to Eagan, Minnesota. One of the company’s most unique assets at this location is a biobank containing over 150,000 tumor samples. This vast collection will provide a wealth of information for ongoing and future research projects.
The company’s proprietary AI platform, PEDAL, continues to demonstrate its effectiveness with a 92% accuracy rate in predicting tumor response to specific drug compounds. This high level of precision could potentially revolutionize how cancer treatments are developed and administered.
Despite the reported net loss, Predictive Oncology finished Q2 2023 with $14.8 million in cash and cash equivalents, and $14.7 million in Stockholders Equity. This financial standing provides a solid base for the company’s ongoing operations and future initiatives.
Encouragingly for investors, the company reported a significant decrease in the loss per common share, down to $0.98 from $2.89 for Q2 2022. This improvement, along with the strategic initiatives and partnerships announced, indicates a potentially bright future for Predictive Oncology.
About Predictive Oncology
Predictive Oncology is on the cutting edge of the rapidly growing use of artificial intelligence 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. Together 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 complimented by its wholly owned CLIA lab and GMP facilities. Predictive Oncology is headquartered in Eagan, MN.