Shares of Predictive Oncology traded higher after the company reported that it launched a new AI vaccine and drug development platform targeting coronaviruses and acute respiratory syndromes and that it is acquiring Soluble Therapeutics assets including its HSC Technology.
This morning, Predictive Oncology Inc. (POAI:NASDAQ), which focuses on applying artificial intelligence (AI) to personalized medicine and drug discovery, announced that "it will launch a new AI platform for vaccine and drug development targeting Coronaviruses and Acute Respiratory Syndromes (COVID-19, MERS, and SARS) through an operating agreement with Soluble Therapeutics." The company additionally reported that "it has signed a letter of intent with InventaBioTech to acquire Soluble Therapeutics, its assets and its HSCTM Technology."
The company reported that the Soluble Therapeutics purchase is expected to close in Q2/20 and is subject to the execution of a definitive agreement and customary closing conditions.
The company noted that "global health experts are predicting an ever-increasing number of viral outbreaks like COVID-19 and that it is taking proactive measures to be part of the solution by applying artificial intelligence to aid in the development of new drugs and vaccines...and that by using Soluble Therapeutics' HSC technology and its six machines, Soluble's computer system expects to be able to run over 12,000 computer simulations per machine to help generate new diagnostics, vaccines and therapeutics."
Predictive Oncology's CEO Carl Schwartz commented, "Soluble has six customized machines in its facilities that can help identify the best solutions for vaccines, proteins or antibodies being developed to help fight the COVID-19 contagion. Through this operating partnership and acquisition, we are ready to assist in the development of viable treatment options that use biological, complex ingredients and formulations to speed up the pre-clinical and clinical development of treatments."
Dr. Larry DeLucas, co-inventor of the HSC technology, added, "The combination of Soluble Therapeutics' technology with Predictive Oncology's AI capability has the potential to rapidly optimize formulations thereby accelerating the early phase of protein therapeutic development."
Predictive Oncology is based in Eagan, Minn., and operates via four subsidiary companies: Helomics, TumorGenesis, Skyline Medical and Skyline Europe.
Predictive Oncology has a market capitalization of around $8.4 million billion with approximately 3.925 million shares outstanding. POAI shares opened today at $2.10 (-$0.04, -1.87%) compared to yesterday's $2.14 closing price. The stock has traded today between $2.20 and $4.42 per share and is closed the trading day at $2.28 (+$0.14, +6.54%).
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