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Skyline Medical Completes Purchase of Preferred Stock in Helomics Corporation
GlobeNewswire•January 16, 2018

MINNEAPOLIS, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (SKLN) (“Skyline” or the “Company”), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, today announced it has completed the purchase of preferred stock convertible into 20% of the outstanding common stock of Helomics Corporation, in exchange for total consideration of 1.1 million shares of newly issued Skyline Medical common stock.

In addition, Skyline has the right to convert a previous $500,000 loan to Helomics into a further 5% equity stake, which would bring its total ownership to 25%.

Headquartered in Pittsburgh, Pennsylvania, Helomics has established operations that bridge two emerging areas of the healthcare industry: precision medicine and big data. Helomics’ competitive advantage lies in its proprietary D-CHIP™ database, which contains de-identified data compiled from more than a decade of clinical testing of tumor responses to drugs coupled to an Artificial Intelligence (AI) -powered bioinformatics engine which generates actionable scientific insights from this rich data. These insights are used by BioPharma companies in the research and development of targeted cancer treatments for any given patient profile. Skyline has an agreement in principle with Helomics to form a Skyline-Helomics joint venture.

“We are pleased to move forward with our investment in Helomics,” stated Dr. Carl Schwartz, CEO of Skyline Medical. “Precision medicine is emerging as a credible research area that could greatly improve the current state of cancer diagnosis and stimulate the development of oncological therapies. Helomics’ D-CHIP™ database supports pharmaceutical companies in the development of novel therapies that have the potential to expand the range of cancer treatment options on the market today by providing actionable insights which can be used to improve the clinical outcomes for patients. We believe this investment in Helomics presents an exciting opportunity for Skyline to participate in the growth of the precision medicine industry and look forward to working closely with the company to expand their business.”