Predictive Oncology Inc. (POAI) has skyrocketed in premarket. What’s Going On?

Predictive Oncology Inc. (POAI) has experienced an increase of 27.84% in the premarket. However, the last trading session closed at $0.97 with an increase of 1.04%.

What’s happening?

POAI has not reported any latest news in the market. But let’s go through some of the recent news given by the company.

POAI Announces Newest Board Member

POAI is pleased to announce that Raymond F. Vennare is on the Board of Directors. Mr. Vennare offers more than thirty years of expertise to POAI as a successful senior executive. Moreover, he is a well-respected expert in the area of company creation and technology commercialization, etc. He has created, grown, and managed several firms on behalf of institutional investors, private foundations, and research organizations. Mr. Vennare was Chief Executive Officer and Chairman of the Board of Cvergenx, Inc. in 2015.

POAI Announces Results of Charter Amendment Proposal at Special Meeting

The stockholders authorized an amendment to the Company’s certificate of incorporation on August 17, 2021. This increased the number of authorized shares of the Company common stock from 100,000,000 to 200,000,000, and the amendment became operative on August 17, 2021. The permission was given during a special meeting of stockholders on August 10, 2021, which was postponed until August 17, 2021.

Financial Results for Quarter ended on 30 June 2021

On 12 August 2021, POAI announced financial results for the quarter that ended on 30 June 2021.

Firstly, net proceeds from a registered direct equity offering of $19.4 million contributed to a cash position of $44.9 million on June 30, 2021.
Secondly, as of June 30, 2021, total stockholders’ equity has grown by $50.4 million to $53.1 million, up from $2.6 million on December 31, 2020.
Thirdly, TumorGenesis has partnered with Cellevate AB to help researchers develop next-generation technologies to develop therapies for challenging illnesses.
Lastly, TumorGenesis and Soluble Biotech have announced the building of GMP facilities. This will allow them to expand their unique services to better satisfy the demands of their increasing client bases by the end of the year.

100,000 Genomes Project Data

On 3^rd August 2021, it was announced that POAI is delighted to provide preliminary findings on AI-driven ovarian cancer models. Working with data from Genomics England’s National Genomic Research Library (NGRL), Helomics has created a novel AI-driven model that can predict post-treatment survival rates for ovarian cancer patients. These artificial intelligence models have the potential to enhance ovarian cancer therapy pathways and promote the development of novel medicines. In late summer, the study’s findings will be accessible as a preprint on Biorxiv.

Helomics extracted important genetic characteristics from almost 500 ovarian cancer individuals. The AI algorithm learns patterns in the genetic alterations of patients’ tumors. Then it predicts their post-treatment survival rates with an accuracy of almost 70%. Helomics is presently striving to improve its AI algorithms in order to improve forecast accuracy.