Precision Therapeutics (NSDQ:AIPT) CEO Carl Schwartz recently boosted his stake in the company by $1.37 million, including a $950,000 loan and the $50,000 purchase of 78,125 shares of the company’s common stock, representing a price of $0.64 per share.
As part of the investment, detailed this week in an SEC filing, Schwartz also received additional warrants to purchase company common stock. Since assuming the role of CEO, Schwartz has elected to take his salary in the form of stock options, rather than cash, further increasing his equity stake in the Minneapolis company.
“I am pleased with our use of capital and confidently invest in Precision Therapeutics to demonstrate my long-term commitment to our mission and our investors,” Schwartz said in a prepared statement. “I am extremely proud of the evolution of our company, from the initial development of the Skyline Medical business, to the pending acquisition of Helomics, the initiation of the development of products by our TumorGenesis subsidiary, and other progress in the development of the company’s contract research organization business, which have brought us to where the company stands today.”
Precision Therapeutics signed a definitive merger agreement with Helomics in June 2018, completing the company’s plan to pivot toward artificial-intelligence powered personalized medicine. Pittsburgh, Pa.-based Helomics developed and maintains the D-Chip database, which contains de-identified data from clinical tests of tumor responses to drugs and uses AI-powered bioinformatics to generate insights from the data, Precision Therapeutics said.
The company’s Skyline Medical business makes the Streamway system for automated, direct-to-drain medical fluid disposal. Skyline Medical changed its name to Precision Therapeutics in February 2018.
Company stock rose slightly to $1 per share on the news.