PITTSBURGH - Predictive Oncology Inc. (NASDAQ: NASDAQ:POAI), a company specializing in artificial intelligence-driven drug discovery and biologics, has announced the release of its advanced 3D cell culture model aimed at enhancing cancer drug discovery. The new organ-specific in vitro models are designed to closely replicate human tissue, potentially improving the prediction of clinical outcomes and streamlining the drug development process.
The company's CEO, Raymond Vennare, emphasized that these 3D cell cultures could reduce the time and cost associated with bringing new drugs to market by minimizing the need for animal testing and extensive iterations during clinical trials. The in vitro models are customizable and compatible with various cell types and drug classes, which may lead to more robust predictions of how drug candidates will perform in vivo.
Dr. Arlette Uihlein, SVP of Translational Medicine at Predictive Oncology, highlighted the company's dedication to developing organoids and spheroids through a high-throughput platform that integrates AI and machine learning. This approach is intended to efficiently predict drug responses for oncology modeling among other applications. The company's recent studies, including those on 3D tumor models like r-Breast and r-Pancreas, were presented at the SLAS conference in Boston, MA.
The relevance of 3D cell culture technology extends across pharmaceuticals, regenerative medicine, cancer research, and toxicology. These cultures are instrumental in accurately predicting drug efficacy, toxicity, and pharmacokinetics, which could lower the attrition rate of drug candidates in later clinical trial phases.
According to Precedence Research, the 3D cell culture market was valued at $1.42 billion in 2022 and is expected to grow to nearly $5.3 billion by 2032, with a compound annual growth rate of over 14%.
Predictive Oncology's PEDAL AI platform boasts a 92% accuracy rate in predicting tumor response to drugs, which could lead to more informed drug and tumor type combinations for testing. The company, based in Pittsburgh, PA, also maintains a biobank of over 150,000 assay-capable heterogeneous human tumor samples, positioning it as a significant player in the AI-based drug discovery sector.
This announcement is based on a press release statement from Predictive Oncology Inc. and reflects the company's current expectations and projections about future events. It is important to note that these forward-looking statements are subject to various risks and uncertainties, and actual future performance may differ materially from what is envisioned.
In other recent news, Predictive Oncology Inc. has seen significant developments in both its financial standing and research advancements. The company reported increased revenues of $420,000 for Q1 2024, up from $240,000 in Q1 2023, but also a net loss of $4.2 million for the quarter. Despite these financial challenges, Predictive Oncology continues to make strides in its research, particularly in AI-driven drug discovery and biologics.
In collaboration with UPMC Magee-Womens Hospital, the company conducted a study that suggests AI and machine learning capabilities may improve survival outcome predictions for ovarian cancer patients. The study developed machine learning models that could more accurately forecast short-term and long-term survival outcomes. Out of 160 models, seven showed high accuracy for two-year survival, and 13 for five-year survival predictions.
Predictive Oncology, leveraging its extensive biobank and AI platform PEDAL, is continuing to develop these machine learning models for clinical use. The company also formed several strategic partnerships with major institutions and companies like Fujifilm, FluGen, Cvergenx, Merck & Company, OCMS, and Redwire Space, aiming to advance precision medicine and treatment technologies.
These are recent developments that highlight Predictive Oncology's commitment to advancing medical research through AI and strategic collaborations.
InvestingPro Insights
Predictive Oncology Inc. (NASDAQ: POAI) has made strides in the field of AI-driven drug discovery, particularly with its latest advancements in 3D cell culture models. As the company pushes forward, its financial metrics and market performance offer additional context to its operational updates.
InvestingPro Data indicates a market capitalization of $5.95 million, underscoring the company's position in the market. Despite its innovative strides, the company's P/E ratio as of Q1 2024 stands at -0.41, reflecting its current lack of profitability. Still, the revenue growth for the same period is notable at 36.98%, demonstrating a significant increase that may be indicative of the company's growth potential in its sector.
From the InvestingPro Tips, two insights stand out for Predictive Oncology. Firstly, the company holds more cash than debt on its balance sheet, which is a positive sign of financial health and may provide flexibility for future investments and operations. Secondly, analysts anticipate sales growth in the current year, which aligns with the company's reported revenue growth and could be a harbinger of sustained upward momentum.
While these insights paint parts of the picture, there are 12 additional InvestingPro Tips available that could provide further depth into Predictive Oncology's financial and market status. These additional tips might offer potential investors a more comprehensive understanding of the company's performance and prospects.
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