NEW YORK — Predictive Oncology on Wednesday announced that it has priced a public offering of approximately 6.3 million shares of common stock at $.50 per share for gross proceeds of up to roughly $3.2 million.
Dawson James Securities and Paulson Investment Company are acting as exclusive placement agents for the offering.
Predictive Oncology — formerly Precision Therapeutics — said it will use the proceeds of the offering for working capital, general corporate purposes, and repaying outstanding debt. It recently reported having $69,557 in cash and cash equivalents as of the end of June.
During Thursday morning trading on the Nasdaq, shares of the Eagan, Minnesota-based company were down nearly 11 percent to $.50.
Predictive Oncology operates through three subsidiaries: Helomics, which was fully acquired in 2018 and 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.