Predictive Oncology Inc (NASDAQ:POAI) is gaining momentum and trading almost at session high on Thursday.
Market Action
As of 2:17, POAI stock has moved up 9.15% at $1.0816. Total volume was 1.40 million shares have traded hands, compared to its average volume of 2.93 million shares. The stock has moved in a range of $0.9800 – 1.0900 after opening at $0.098.
POAI Releases News
Predictive Oncology Inc.’s Wholly Owned Subsidiary, TumorGenesis, Partners with Cellevate AB
- POAI announced today that its wholly owned subsidiary, TumorGenesis (TumorGenesis.net), has partnered a deal with the Swedish firm Cellevate AB (Cellevate.com).
- The companies are combining TumorGenesis’ medias with Cellevate’s high engineered matrix materials. This partnering opens new territories for both companies.
- The importance of this collaboration is that cancer drugs can cost upwards of $2.0 billion dollars to get approved and into the market and one of the primary reasons for failure is picking the wrong target based on cancer cell lines.
- Only 9% of the drugs that were selected for Phase 1 will make it to the market according to the industry watcher, Bio, in 2016, and it has not gotten much better until now.
“We are starting with ovarian cancer because it’s what special medias TumorGenesis has and we’re combining it with Cellevate’s high efficiency nano spun matrix supports. This combination will give researchers the ability to grow ovarian cancer tissues in a 3D matrix support system with the right media for the right ovarian cancer cell types,” commented Richard Gabriel, Senior Vice President of Research & Development at Predictive Oncology Inc.
“Establishing this collaboration together with TumorGenesis is a big step in the right direction in giving researchers the next generation of tools needed to combat hard to treat diseases. By combining the strength and expertise of our organizations we believe that we can bring something truly unique and valuable to the market,” commented Maximilian Ottosson, CEO of Cellevate AB.
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