People: Precision Therapeutics Inc (AIPT.OQ)
17 May 2019
Mr. Richard L. Gabriel serves as Director of the Company. Mr. Gabriel has more than 40 years of relevant healthcare experience, including two decades of executive leadership and as a director and a consultant to development-stage companies. He has served as chief operating officer of GLG Pharma, LLC (“GLG”) since 2009. He was chief executive officer of DNAPrint Genomics and DNAPrint Pharmaceuticals from 2003 to 2009. He is currently a director of Windgap Medical, a Massachusetts-based medical device company that is developing a compact and easy-to-use epinephrine autoinjector for the treatment of anaphylaxis. Mr. Gabriel holds an MBA from Suffolk University in Boston and a BS in Chemistry from Ohio Dominican College in Columbus. Mr. Gabriel serves as a director of GLG. On September 20, 2016, the Company entered into a partnership and exclusive reseller agreement with GLG. Under the terms of that agreement, GLG intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. The Company will issue an aggregate of 400,000 shares common stock to GLG in four separate tranches of 100,000 shares of common stock in each tranche. The shares reserved in each tranche will be released after the achievement of certain development milestones designated in the agreement. In addition, the Company will pay a royalty to GLG on the sale of individual tests. Also, on November 1, 2016, the Company announced that it agreed to grant GLG exclusive rights to market and distribute the STREAMWAY System in the U.K. On November 2, 2016, the Company announced that it agreed to grant GLG the same rights in Poland and certain other countries in Central Europe.
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