Predictive Technology Group Reports Second Quarter Fiscal 2020 Financial Results and Provides Corporate Update

Nachrichtenquelle: globenewswire
14.02.2020, 22:26  |  122   |   |   

SALT LAKE CITY, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Predictive Technology Group (OTC PINK: PRED) (“Predictive” or “The Company”), a leader in helping identify barriers that impact women’s health and build healthier families through its innovations to deliver personalized medicine, today announced financial results for the fiscal second quarter ended December 31, 2019 and provided a corporate update.

Management Commentary

“During the fiscal second quarter and subsequent period, we made significant progress toward our goal of becoming a leading developer of diagnostics and therapeutics targeting the women’s health and fertility markets,” said Bradley C. Robinson, Chief Executive Officer of Predictive Technologies Group. “The clear highlight since our last quarterly report is the announcement last month that we entered into a broad molecular diagnostic oncology development collaboration with Atrin Pharmaceuticals to develop diagnostic tools to facilitate improved selection of cancer patients who would most benefit from treatment with Atrin’s DNA Damage and Response inhibitors and other small molecule ATR inhibitors. This first-of-its-kind collaboration opens significant new markets for our state-of-the-art sequencing capabilities, genomics expertise and companion diagnostics and, we believe, establishes a framework for additional collaborations in the future.”

“At the same time, market uptake for our recently introduced diagnostic tests, including FertilityDX and ARTguide, is exceeding our expectations, reflecting the significant unmet needs that exist for accurate tests that can help patients and their doctors identify risk factors and barriers to pregnancy and develop tailored fertility treatments.”

“We did anticipate some softness in our Predictive Biotech business during the quarter, driven by heightened FDA regulation of human cell and tissue products, and the regenerative medicine industry as a whole, which we believe caused a contraction across the market and a year-over-year decline in our Predictive Biotech revenue. Total company revenue for the quarter was $7.3 million, down about $3.4 million from $10.7 million that was reported fiscal second quarter of 2018. Notwithstanding this temporary headwind, however, we see significant value in the Biotech business, and we are the clear industry leader with an excellent safety and quality record of over 100,000 allografts implanted with no adverse events.”     

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