Precision Therapeutics Inc. (NASDAQ: AIPT) today announced that its chief executive officer and director, Carl Schwartz, has made an additional investment of $1,000,000 in the Company, effective January 8, 2019. Of this investment, $950,000 was a loan under an amended and restated promissory note, which now covers advances of $1,320,000, including a previous loan Dr. Schwartz made in November 2018. He also purchased 78,125 shares of the Company’s common stock in a private investment for $50,000, representing a price of $0.64 per share.
As part of the investment, which is detailed in a Form 8-K filed with the United States Securities and Exchange Commission on January 14, 2019, Mr. Schwartz also received additional warrants to purchase Company common stock.
In addition, Dr. Schwartz, since assuming the role of CEO, has elected to take his salary in the form of stock options, rather than cash, which further increases his equity stake in the Company.
“I have long been a firm believer in the vast potential of Precision Therapeutics and my most fervent demonstration of this belief is expressed through my investment in the company and my decision to receive compensation for my executive roles in the form of equity in lieu of cash. 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,” commented Dr. Schwartz. “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. I remain more convinced than ever that Precision Therapeutics will continue to create value for investors while providing essential products for human health, including AI-driven oncology treatment, top-tier clinical research resources and providing safer work environments wherever medical procedures are performed.”
Skyline’s revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility’s plumbing system to automate the collection, measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S.