Predictive Oncology has updated investors on its use of artificial intelligence (AI) and machine learning and its extensive biorepository of tumor samples, CLI laboratory and GMP facility to accelerate oncologic drug discovery and development during the first three months of 2023 along with the release of its first quarter financial results.
Predictive Oncology CEO Raymond Vennare pointed to a number of milestones achieved during the quarter, including ground-breaking partnerships and key appointments.
“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,” Vennare said in a statement.
“We also took significant steps to strengthen not only our senior leadership team, with the appointment of Pamela Bush as our new Chief Business Officer, but we made critical additions to our Board of Directors and Scientific Advisory Board as well.”
He noted that, as a differentiated leader in the field of AI-assisted drug discovery, Predictive Oncology is in the very early stages of addressing a billion-dollar industry which is estimated to grow 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,” Vennare said.
For the three months ended March 31, 2023, the company posted revenue of $240,000, compared to $315,000 in the year-ago quarter.
Sales of Streamway-related products and services by its Eagan operating segment contributed the majority of the revenue, Predictive Oncology noted.
It narrowed its loss per share year-over-year from $1.02 in 1Q 2022 to $0.86 in the most recent quarter.
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