Predictive Oncology Inc. (NASDAQ:POAI) has highlighted the “untapped” potential of its PEDAL drug discovery platform alongside its results for the year ended December 31, 2022.
“I assumed the role of chief executive officer of Predictive Oncology because, as a board member, I was able to see first-hand the untapped potential of the company’s assets, notably its proprietary PEDAL drug discovery engine, which leverages our proprietary artificial intelligence and machine learning capabilities to facilitate more efficient oncologic drug discovery and enable drug development,” said Raymond F Vennare, chief executive officer and chairman of Predictive Oncology in the results statement.
“I believe PEDAL, together with our CLIA lab and vast biorepository of tumor samples and extensive library of pathology slides, represent a unique portfolio of tangible assets capable of delivering real value to biopharmaceutical and drug discovery and development companies, while refining and expanding our intellectual property portfolio,” he added.
READ: Predictive Oncology and Cancer Research Horizons partner up to pursue development of cancer drugs
“We are in the very early stages of tapping the potential of these assets, which we believe will not only benefit our partners and create sustained value for our shareholders but, ultimately, improve and extend the quality of life of cancer patients on a global scale.
“I am confident that we are making the right decisions for the right reasons, and at the right time, to drive long-term growth for this company,” Vennare concluded.
Predictive Oncology recorded revenue of $1.5 million in 2022, up from $1.4 million in 2021, driven mainly by the Skyline division, although the zPREDICTA business showed “significant strength” in its first full year since its acquisition, generating revenue of $352,379.
Net losses were $25.7 million last year compared with $19.6 million in the prior year, with the loss per common share decreasing to $0.35 from $0.36. The gross profit margin was stable at 66% in both 2021 and 2022.
The company ended FY2022 with $22.1 million in cash and cash equivalents compared to $28.2 million in the prior year period.
2022 highlights:
- Successfully completed Discovery 21, establishing proof-of-concept for the PEDAL drug discovery platform and validating the company’s commercial platform;
- Effective March 16, 2023, Predictive Oncology and Cancer Research Horizons, the world’s largest private funder of cancer research, have partnered to drive the development of oncology drugs utilizing Predictive Oncology’s PEDAL platform that pairs artificial intelligence (AI) with the world’s largest biobank of tumor samples;
- Predictive Oncology and Cvergenx announced partnership to develop the first-ever genomics-based approach to precision radiation therapy and drug discovery using artificial intelligence;
- Launched the Accelerating Compound Exploration (ACE) program to partner with academic and research institutions to advance their drug discovery initiatives;
- Company names seasoned biotechnology and bioinformatics industry veteran Raymond F Vennare as chief executive officer and chairman of the board, effective November 1, 2022;
- Appointed Dr Pamela Bush as chief business officer (CBO) to lead the company’s business development, partnering and growth initiatives;
- Engaged LifeSci Advisors, the largest integrated investor relations firm in healthcare and the life sciences with global operations across North America, Europe, and Israel, to raise awareness among all Wall Street constituents, including leading life sciences analysts and institutional investors;
- Engaged DLA Piper, a global law firm with deep expertise in IP, life sciences and artificial intelligence;
- Expanded board to include two leading business, legal and life sciences experts: David S Smith, a life sciences and intellectual property attorney and leading authority on the legal issues surrounding the therapeutic use of human tissue and cells and Dr Matthew Hawryluk, CBO of Gritsone bio, and former VP of corporate and business development for Foundation Medicine.
- World-class Scientific Advisory Board (SAB) established to guide the company’s scientific initiatives and growth strategy and announced the appointments of genomics, molecular biology, biochemistry and bioengineering expert Dr Marc Malandro and machine learning and analytics pioneer Dr Robert F Murphy;
- Added good manufacturing practice (GMP) capabilities.
As a science-driven company on the leading edge of oncology drug discovery, Predictive Oncology offers an unrivaled suite of solutions for the biopharma industry. Through the integration of scientific rigor and machine learning, the company has developed the ability to advance molecules into medicine more confidently by introducing human diversity earlier into the discovery process with the pairing of artificial intelligence and the world’s largest privately held biobank of over 150,000 tumor samples.
Predictive Oncology’s solutions additionally include tumor models, biologics development, formulation design, a GMP facility, a CLIA laboratory and substantial scientific domain expertise.
Contact the author at jon.hopkins@proactiveinvestors.com