Precision Therapeutics Signs Definitive Merger Agreement with Helomics Holding Corporation
Precision Therapeutics Inc. (NASDAQ:AIPT), a company focused on applying artificial intelligence to personalized medicine and drug discovery, announce that it has signed a definitive merger agreement with Helomics Holding Corporation (“Helomics”). Upon completion of the merger, Precision will increase its equity stake in Helomics from 25% to 100%. This merger will provide Precision Therapeutics with full access to Helomics’ suite of Artificial Intelligence (AI), precision diagnostic and integrated CRO capabilities, which improve patient care and advance the development of innovative clinical products and technologies for the treatment of cancers.
Dr. Carl Schwartz, Chief Executive Officer of Precision Therapeutics, said this about the merger:
“Completing this definitive merger agreement represents a milestone in our strategy to cement our leadership position in the precision oncology market. Upon completion of the merger, we will have complete ownership of Helomics’ one of a kind tumor database, which has been developed over 15 years of clinical testing and contains drug response profiles of over 149,000 patient cancer tumors, and its D-CHIP bioinformatics engine that provides actionable insights into this data. There is significant demand from pharma companies for rich molecular data as it has the potential to revolutionize the effectiveness of clinical trials and drug development, and we believe that Helomics has a truly unique and best-in-class offering, combining artificial intelligence with personalized oncology. Our focus now will be on monetizing this offering to drive revenue generation to Precision Therapeutics in 2018 and beyond.”
Who Is Precision Therapeutics?
Precision Therapeutics (NASDAQ:AIPT) operates in two business areas: first, applying artificial intelligence to personalized medicine and drug discovery to provide personalized medicine solutions for patients and clinicians as well as clients in the pharmaceutical, diagnostic, and biotech industries, and second, production of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal.
PRECISION THERAPEUTICS, INC.
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