The change is intended to reflect the company’s “new strategic focus on applying artificial intelligence to precision medicine and drug delivery,” the Minneapolis, Minn.-based company said.
As part of the change, Precision Therapeutics will shift its NASDAQ ticker symbol to ‘AIPT’ and will release a new logo and website to reflect the shift in the near future.
“Our new strategic direction marks a significant step in the company’s evolution, and by changing our name we are developing a strong corporate identity that will accurately represent our company and its services to both our customers and shareholders. Expanding into precision medicine provides our shareholders with access to a rapidly growing market that is revolutionizing the future of healthcare. Precision Therapeutics will operate two divisions: one which will be entirely focused on providing customized CRO services to pharmaceutical companies engaged in the development of precision medicine, and the other will continue to operate as Skyline Medical, the industry-leading producer of the Streamway System for automated, direct-to-drain medical fluid disposal,” CEO Dr. Carl Schwartz said in a prepared statement.
Earlier this month, the company priced an offering of common shares, looking to raise approximately $2.8 million.