Predictive Oncology Announces $3,074,007 Registered Direct Offering Priced At-The-Market under Nasdaq Rules
January 08 2021 - 8:00AM
Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive Oncology” or
“the Company”), a knowledge-driven company focused on applying
artificial intelligence (“AI”) to personalized medicine and drug
discovery, today announced that it has entered into definitive
agreements with several institutional and accredited investors for
the issuance and sale of an aggregate of 3,650,840 shares of its
common stock, at a purchase price of $0.842 per share, for
gross proceeds of approximately $3.0 million in a registered direct
offering priced at-the-market under Nasdaq rules. Predictive
Oncology has also agreed to issue to the investors unregistered
warrants to purchase an aggregate of up to 1,825,420 shares of
common stock. The closing of the offering is expected to occur on
or about January 12, 2021, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The warrants have an exercise price equal to $0.80 per share,
are exercisable immediately upon issuance and will expire five and
one-half years from the issuance date.
The Company currently intends to use the net proceeds from the
offering for working capital purposes.
The shares of common stock described above (but not the warrants
or the shares of common stock underlying the warrants) are being
offered and sold by the Company in a registered direct offering
pursuant to a “shelf” registration statement on Form S-3
(Registration No. 333-234073), including a base prospectus
previously filed with the Securities and Exchange Commission (the
“SEC”) on October 3, 2019 and became effective on December 19,
2019. The offering of the shares of common stock will be made only
by means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and the
accompanying base prospectus relating to the registered direct
offering of the shares of common stock will be filed with the SEC
and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and the accompanying base prospectus may also be obtained, when
available, by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or
e-mail at placements@hcwco.com.
The warrants described above are being offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Act"), and Regulation D promulgated thereunder and,
along with the shares of common stock underlying the warrants, have
not been registered under the Act, or applicable state securities
laws. Accordingly, the warrants and the underlying shares of common
stock may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Act and such
applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Predictive Oncology Inc.
Predictive Oncology (NASDAQ: POAI) operates through three
segments (Skyline, Helomics and Soluble Biotech), which contain
four subsidiaries: Helomics, TumorGenesis, Skyline Medical and
Soluble Biotech.
Helomics applies artificial intelligence to its rich data
gathered from patient tumors to both personalize cancer therapies
for patients and drive the development of new targeted therapies in
collaborations with pharmaceutical companies. TumorGenesis Inc.
specializes in media that help cancer cells grow and retain their
DNA/RNA and proteomic signatures, providing researchers with a tool
to expand and study cancer cell types found in tumors of the blood
and organ systems of all mammals, including humans. Skyline Medical
markets its patented and FDA cleared STREAMWAY System, which
automates the collection, measurement, and disposal of waste fluid,
including blood, irrigation fluid and others, within a medical
facility, through both domestic and international divisions.
Soluble Biotech is a provider of soluble and stable formulations
for proteins including vaccines, antibodies, large and small
proteins and protein complexes. For more information, please
visit www.predictive-oncology.com.
Forward-looking Statements
Certain of the matters discussed in this 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:
market and other conditions, the completion of the registered
direct offering, the satisfaction of customary closing conditions
related to the registered direct offering and the intended use of
net proceeds from the registered direct offering, a variety of
other risks and uncertainties including, among other things,
factors discussed under the heading “Risk Factors” in our filings
with the SEC. Except as expressly required by law, the Company
disclaims any intent or obligation to update these forward-looking
statements.
Investor Relations Contact:
Landon CapitalKeith Pinder(404)
995-6671kpinder@landoncapital.net
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