Precision Therapeutics Leverages AI to Develop Customized Cancer Therapies and Files for IPO

VCBeat (WeChat ID: vcbeat) has learned that on January 18, Precision Therapeutics announced that Carl Schwartz, its CEO and Director, had increased his holdings in the company by $1.37 million worth of shares.

In this investment, $950,000 was provided as a loan under the Amended and Restated Promissory Note, which now includes a $1.32 million advance. Carl Schwartz also purchased 78,125 shares of the company’s common stock in a private placement at $0.64 per share, for a total investment of $50,000.

On January 14, Carl Schwartz detailed in a filing with the U.S. Securities and Exchange Commission that, as part of the investment, he also received additional warrants to purchase the company’s common stock.

Furthermore, since assuming the role of CEO, Carl Schwartz has chosen to receive his compensation in the form of stock options rather than cash, thereby further increasing his equity stake in the company.

“I have always firmly believed in the immense potential of Precision Therapeutics. My investment in the company, as well as my decision to receive compensation in equity rather than cash, are the strongest testaments to this conviction,” said Carl Schwartz in a statement. “I take great pride in the company’s growth and progress. I am more convinced than ever that Precision Therapeutics will continue to create value for investors while delivering essential products for human health, including AI-driven oncology therapies, top-tier clinical research resources, and safer work environments wherever medical procedures are performed.”

Precision Therapeutics is dedicated to harnessing the power of artificial intelligence, collaborating with the pharmaceutical, diagnostics, and biotechnology industries to develop highly customizable solutions for cancer patients. Formerly known as Skyline Medical, Precision Therapeutics completed its transition toward AI-driven personalized medicine through its merger with Helomics last June.

Helomics, headquartered in Pittsburgh, Pennsylvania, developed and maintains the D-Chip database, which contains de-identified data extracted from clinical trials on tumor responses to drugs. The company leverages AI-driven bioinformatics to derive insights from these data, enriching disease databases to improve the efficacy of cancer treatments.

In addition to providing proprietary precision diagnostics for oncology, Helomics also offers boutique CRO services. By leveraging patient-derived tumor models, integrating comprehensive multi-omics analyses (genomics, proteomics, and biochemistry), and utilizing its proprietary bioinformatics platform (D-CHIP), Helomics delivers tailored solutions to meet clients’ specific needs. Currently, Precision Therapeutics holds a 25% equity stake in Helomics.

In addition, Precision Therapeutics announced the establishment of a subsidiary, TumorGenesis, to pursue a novel approach to inhibiting tumor growth by essentially “tricking” cancer cells into believing they are still growing within the patient’s body. Precision Therapeutics and Helomics also announced a joint venture with GLG Pharma, focusing on leveraging their integrated technologies to provide personalized medicines and diagnostics for patients with ovarian and breast cancer, particularly those with ascites (who account for more than one-third of cases).

Affected by this news, the stock price of Precision Therapeutics rose slightly to $1 per share.