Predictive Oncology Inc. Announces Repayment or Extension of Promissory Notes due September 28, 2019
September 30 2019 - 12:00PM
Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive” or “the
Company”) today announced that its secured promissory notes that
were due September 28, 2019 have been repaid or extended. On
September 27, 2019, the Company repaid the remaining principal and
interest balance of $478,590 on one of such notes. On the same
date, the Company obtained a new investment of $700,000 from a
private investor in exchange for a new 8% secured promissory note
due on March 27, 2020 with an original principal amount of
$847,500. The Company also issued 88,574 shares of common stock and
a 682,368 share warrant to the new investor.
In addition, on September 27, 2019, the Company amended the
other outstanding note to extend the maturity date from September
28, 2019 to December 31, 2019. The outstanding principal amount of
the note was increased by $120,000 to a current principal amount of
$1,789,104, and the Company issued 150,000 shares of common stock
to the investor in connection with certain amended terms.
About Predictive Oncology Inc.
Predictive Oncology Inc. (NASDAQ: POAI) operates in two business
areas: first, applying artificial intelligence to personalized
medicine and drug discovery to provide personalized medicine
solutions for patients and clinicians as well as clients in the
pharmaceutical, diagnostic, and biotech industries, and second,
production of the FDA-approved STREAMWAY® System for automated,
direct-to-drain medical fluid disposal.
Forward-Looking Statements
Certain of the matters discussed in the press release contain
forward-looking statements that involve material risks to and
uncertainties in the Company’s business that may cause actual
results to differ materially from those anticipated by the
statements made herein. Such risks and uncertainties include (i)
risks related to the recent merger with Helomics, including the
fact that the combined company will not be able to continue
operating without additional financing; possible failure to realize
anticipated benefits of the merger; costs associated with the
merger may be higher than expected; the merger may result in
disruption of the Company’s and Helomics’ existing businesses,
distraction of management and diversion of resources; and the
market price of the Company’s common stock may decline as a result
of the merger; (ii) risks related to our partnerships with other
companies, including the need to negotiate the definitive
agreements; possible failure to realize anticipated benefits of
these partnerships; and costs of providing funding to our partner
companies, which may never be repaid or provide anticipated
returns; and (iii) other risks and uncertainties relating to the
Company that include, among other things, current negative
operating cash flows and a need for additional funding to finance
our operating plan; the terms of any further financing, which may
be highly dilutive and may include onerous terms; unexpected costs
and operating deficits, and lower than expected sales and revenues;
sales cycles that can be longer than expected, resulting in delays
in projected sales or failure to make such sales; uncertain
willingness and ability of customers to adopt new technologies and
other factors that may affect further market acceptance, if our
product is not accepted by our potential customers, it is unlikely
that we will ever become profitable; adverse economic conditions;
adverse results of any legal proceedings; the volatility of our
operating results and financial condition; inability to attract or
retain qualified senior management personnel, including sales and
marketing personnel; our ability to establish and maintain the
proprietary nature of our technology through the patent process, as
well as our ability to possibly license from others patents and
patent applications necessary to develop products; Predictive
Oncology’s ability to implement its long range business plan for
various applications of its technology; Predictive Oncology’s
ability to enter into agreements with any necessary marketing
and/or distribution partners and with any strategic or joint
venture partners; the impact of competition, the obtaining and
maintenance of any necessary regulatory clearances applicable to
applications of Predictive Oncology’s technology; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company’s reports filed with the SEC, which are
available for review at www.sec.gov. This is not a solicitation to
buy or sell securities and does not purport to be an analysis of
Predictive Oncology’s financial position. See Predictive Oncology’s
most recent Annual Report on Form 10-K, and subsequent reports and
other filings at www.sec.gov.
ContactBob Myers, Predictive Oncology Inc.651-389-4800
Predictive Oncology (NASDAQ:POAI)
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