Predictive Oncology, Inc. ( POAI ) stock is trading higher on Tuesday after the company reported results from utilizing artificial intelligence (AI) for drug repurposing.

The Details: Predictive uses AI and machine learning in combination with its biobank of primary tumor samples and drug response data to select drug candidates for potential further clinical testing.

The company is initially focusing its efforts on identifying drug candidates for treating ovarian, colon and breast cancer. The company said it decided to proactively explore drug repurposing candidates for ovarian cancer based on the survival predictions from the Magee Study and American Society of Clinical Oncology presentation.

“Our active learning AI platform enabled us to efficiently and confidently predict an additional 10x the number of measured experiments, eliminating at least 18 months of wet lab testing and identifying two drugs as having very promising results for use in one or more tumor types. Both of these drugs outperformed a known standard of care drug used to treat colon cancer,” said Dr. Arlette Uihlein, Senior Vice President of Translational Medicine and Drug Discovery and Medical Director at Predictive.

A recent market report predicts the repurposed drug market will grow from $32.1 billion in 2023 to $51.8 billion by 2033, reflecting a 4.5% compound annual growth rate.

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POAI Price Action: At the time of publication, Predictive shares are trading 10.5% higher at $1.79, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.