PTI reverse Merger Dies

Oracle Healthcare Acquisition Corp. (OTC BB: OHAQ) has canceled its agreed-upon acquisition of Precision Therapeutics Inc., a Pittsburgh-based oncology services company. The move comes because Oracle's lifecycle has ended, and it never brought the reverse merger up for a vote. It is unclear what happens next for PTI, which had been in registration for an IPO at the time that it agreed to the Oracle deal.

PTI has raised around $84 million in VC funding since 1996, from firms like Adams Capital Management (39.1% pre-IPO stake), Quaker bioVentures (21.5%), TVM Capital (9.1%), Birchmere Ventures (8.8%), Stephens Group (6.5%) and Draper Triangle Ventures.