Minneapolis-based Precision Therapeutics completed its merger with Pittsburgh's Helomics, which uses artificial intelligence to develop personalized medical treatments for women’s oncology.
Precision Therapeutics issued 4 million shares of common stock and 3.5 million shares of Series D convertible preferred stock to Helomics stockholders. As result, Helomics stockholders now own approximately 44.4 percent of Precision Therapeutics’s common stock. The firm acquired a 25 percent stake in Helomics in December 2017.
Helomics had raised $211.5 million in funding over 10 rounds, according to Crunchbase. Birchmere Ventures and Draper Triangle were early investors.
“Helomics’ technology solidifies our approach to using an AI and data-driven approach to provide oncologists with actionable information to individualize therapy options for patients based on an understanding of each individual’s tumor type," Precision Therapeutics CEO Carl Schwartz said in a statement.
The Pittsburgh company originally was named Precision Therapeutics, but changed its name to Helomics in 2014. Skyline Medical changed its name to Precision Therapeutics last year after it had acquired its original stake in Helomics.