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Predictive Oncology Prices $2.2M Direct Offering

NEW YORK – Predictive Oncology said Tuesday that it has reached agreements with investors for a direct offering of 2.2 million shares at $1 per share, for gross proceeds of about $2.2 million. 

The Eagan, Minnesota-based firm also has agreed to issue investors about 1.1 million warrants at the same price per share. These warrants will expire 5.5 years from issuance.

The firm said that it would use the proceeds for working capital.

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. 21.

Formerly known as Precision Therapeutics, Predictive Oncology had another offering of $2.2 million in May when the stock was worth $1.575 per share. The company also had a direct offering of $3.2 million in October 2019 at $0.50 per share.

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 mid-afternoon trading Tuesday on the Nasdaq, Predictive Oncology stock was up 10 percent to $1.10. 

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