Skyline Medical Inc (NASDAQ:SKLN) recently announced that it’s CEO, Dr. Carl Schwartz, was interviewed by “Money Info” by Princeton research, on September 27, along with other notable personalities. The company noted that the highlight of the show would be SKLN’s partnership with GLG. Under the partnership, the two companies plan to develop rapid diagnostic testing for fluids collected by Skyline’s STREAMWAY System, during procedures. The management also planned to discuss its new joint venture with Electronic On-Ramp, to supply the STREAMWAY System to mobile operating rooms, of the US government, used at disaster relief sites.
Following the interview, SKLN started to slowly decline in the stock market and losing $0.04 since. Another reason for the accelerated decline is the fact that the company has not issued any updates about its business, since then. As part of its agreement with GLG, the company is to issue shares of its common stock to GLG, in four tranches. The stock issuance is dependent upon the achievement of certain milestones.
The agreement would allow Skyline to market these tests, provided it pays a certain amount as royalty for individual tests. The company noted that the initial tests would look for cancer biomarkers and infectious diseases. However, the oncology test panels are said to include the patented STAT3 inhibitors from GLG, which are currently in preclinical development. GLG anticipates that the inhibitors would be useful in the development of the next generation of targeted therapies.
Mr. Schwartz noted that the partnership would provide them with access to the latest technology, which would allow them to enhance the collection of tissues and fluid waste and utilize it before disposal. He also claimed that cells sloughed off during the procedure can also be tested, through the new tests, to determine the progress of the surgery. The CEO expressed his confidence in the ability of the new tests to leverage sales and provide new and enhanced sources of revenue.
Skyline Medical Inc (NASDAQ:SKLN) completed the October 11 trading session with a loss of 3.23% to its share value, to close at $0.135 per share.