Predictive Oncology Inc. (NASDAQ:POAI), a medical device company with a market capitalization of $12.37 million, announced the results of its Annual Meeting of Stockholders held on December 30, 2024.
According to InvestingPro analysis, the company is currently trading above its Fair Value, with recent financial data showing negative EBITDA of -$12.99 million.
The company, which specializes in orthopedic, prosthetic, and surgical appliances and supplies, reported the election of two Class III directors and the ratification of its independent auditor among other matters.
Stockholders elected Raymond (NS:RYMD) F. Vennare and Veena Rao, Ph.D., as Class III directors, with Vennare receiving 1,011,474 votes for and 343,249 withheld, and Rao receiving 1,004,249 votes for and 350,474 withheld. There were 1,794,780 broker non-votes for each director.
Additionally, the appointment of KPMG LLP as the company's independent registered public accounting firm for the year was ratified with 2,725,975 votes for, 358,342 votes against, and 65,186 abstentions.
The stockholders also approved the 2024 Equity Incentive Plan with 682,602 votes for, 568,479 against, 104,352 abstentions, and 1,794,070 broker non-votes. The approval comes as the company's stock has shown strong momentum, with InvestingPro data revealing a 33.53% return over the past week and a 46.34% gain year-to-date, despite ongoing profitability challenges.
However, a non-binding advisory resolution on the compensation of the company's named executive officers did not pass, with 613,375 votes for, 683,986 against, 58,071 abstentions, and 1,794,071 broker non-votes.
The meeting had a significant turnout with 6,667,221 shares of common stock outstanding and entitled to vote as of the record date, November 27, 2024. The election results are essential for shareholders as the directors will serve a three-year term that will influence the company's strategic direction until the 2027 annual meeting.
Predictive Oncology, known under former names such as Precision Therapeutics Inc., Precision Therapeutic Inc., and Skyline Medical (TASE:PMCN) Inc., has undergone several name changes, with the most recent being in March 2018. The company is headquartered in Pittsburgh, Pennsylvania, and is incorporated in Delaware.
This information is based on a press release statement from the company filed with the Securities and Exchange Commission on January 6, 2025. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with 11 additional ProTips and a detailed Pro Research Report, providing crucial metrics and expert analysis for informed investment decisions.
In other recent news, Predictive Oncology has been navigating through substantial developments. The company's Q2 2024 revenues saw a decline from $490,000 to $279,000 compared to the same quarter in the previous year, but it managed to reduce its net loss per share from $0.98 to $0.68.
Predictive Oncology has also been notified by Nasdaq for non-compliance with the exchange's rules due to falling short of the minimum stockholders' equity requirement and its stock price falling below the minimum bid price requirement.
In addition, the company has completed a significant ovarian cancer study with UPMC Magee-Womens Hospital and launched a 3D cell culture technology. It also confirmed the long-term stability of its biobank's cryopreserved patient tumor samples, an important factor in predicting patient outcomes and personalizing therapies. These are among the recent developments at Predictive Oncology.
Moreover, the company has expanded its artificial intelligence and machine learning capabilities for biomarker discovery and implemented cost reduction measures such as consolidating operations in Pittsburgh.
Despite operating at a loss with an accumulated deficit of $175 million, Predictive Oncology successfully raised $5 million in capital and decreased its net cash usage to $6.6 million for the six months ended June 30, 2024.
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