Predictive Oncology Inc. (NASDAQ:POAI) listed a number of recent milestones with the release of its third-quarter results, which also revealed a significant 22% reduction in its net loss.
Chairman and CEO Raymond Vennare highlighted the delivery of successful results from its first campaign with Cancer Research Horizons, a subsidiary of the largest independent funder of cancer research in the world.
“In this ground-breaking and validating work, we leveraged our PEDAL platform and capabilities to evaluate their pre-clinical glutaminase inhibitors to predict, with a high degree of accuracy, which cancer types and patient populations are most likely to respond to these compounds, providing actionable information that can inform future clinical development pathways,” Vennare commented in a statement.
“The results from this initial PEDAL campaign further create value by validating the data package for these assets, making them ideal candidates for potential out-licensing.”
Also, the company announced the completion of a molecular characterization study in collaboration with UPMC Magee-Womens Hospital in Pittsburgh to identify the key molecular features that drive overall survival in ovarian cancer.
“In addition to demonstrating the versatility of our technology, we believe these findings will ultimately contribute to the development of personalized therapies that extend the overall survival of ovarian cancer patients,” Vennare added.
The study identified the key molecular features that drive overall survival in ovarian cancer by employing multi-omic machine learning models that may support tailoring of therapies to individual patients to positively affect overall survival.
Predictive Oncology reported a 57% increase in revenue to $715,056 for the three months to September 30, 2023, primarily due to higher sales of 3-D models. Its gross profit margin increased to 85% and it recorded a $0.78 loss per share, down from $1.04 in 3Q 2022.
It ended the quarter with $11.9 million in cash and cash equivalents.
“I am pleased with our progress to date and believe we have created a solid foundation on which to drive future growth,” said Vennare.
Contact the author at stephen.gunnion@proactiveinvestors.com