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Predictive Oncology Announces $4.1M Direct Offering

NEW YORK – Predictive Oncology said Friday that it has reached agreements with investors for a direct offering of more than 3.4 million shares at $1.20 per share, for gross proceeds of approximately $4.1 million.

The firm also has agreed to issue investors slightly more than 1.7 million warrants at $1.37 per share. These warrants will expire 5.5 years from issuance.

This is the Eagan, Minnesota-based company's second such move this week. A $2.2 million offering of 2.2 million shares at $1 per share closed Thursday. That offering also included 1.1 million warrants at $1 per share. 

As with the earlier offering, Predictive Oncology said that it would use the proceeds for working capital.

Once again, H.C. Wainwright is the exclusive placement agent for this offering, which is priced at-market, per Nasdaq rules. Predictive Oncology said that it expects the offering to close on or about Jan. 26.

The firm operates through three subsidiaries: Helomics, which provides tumor-analysis services for treatment personalization and new drug development; TumorGenesis, which is developing patient-derived tumor models for precision drug testing; and Skyline Medical, which markets a US Food and Drug Administration-approved system for automated medical fluid disposal. 

In Friday morning trading on the Nasdaq, Predictive Oncology stock was at $1.20, down more than 12 percent from the previous day's close at $1.37.