Sec Form 4 Filing - Vardzel Gerald J Jr @ Precision Therapeutics Inc. - 2019-04-04

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Vardzel Gerald J Jr 2. Issuer Name and Ticker or Trading Symbol Precision Therapeutics Inc. [ AIPT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 91 43RD ST, SUITE 110 3. Date of Earliest Transaction (MM/DD/YY) 04/04/2019 (Street) PITTSBURGH, PA15201 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $.01 par value 04/04/2019 A 718,205 A 718,205 D Common Stock, $.01 par value 04/04/2019 J( 2 ) 197,506 A 197,506 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Options (right to buy) $ 0.748 04/04/2019 A 151,260 ( 3 ) 04/04/2029 Common Stock 151,260 $ 0 151,260 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Vardzel Gerald J Jr 91 43RD ST SUITE 110 PITTSBURGH, PA15201 X Signatures /s/ Gerald J. Vardzel Jr. 04/08/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reporting person acquired 718,205 shares of issuer common stock in exchange for an 18% interest in Helomics Holding Corporation ("Helomics") pursuant to Helomics merger into the issuer. The shares are valued at $0.7480 per share, the closing price on the date of the closing, 4/4/2019. Of the 718,205 shares issued to the reporting person in the merger, 175,411 are currently being held in escrow and are subject to forfeiture during the escrow period (until 9/30/2020), to satisfy any claims arising as a result of any breach by Helomics of any of its representations and warranties or covenants in the merger agreement. ( 2 )Shares released from escrow. ( 3 )37,815 shares vest immediately and 37,815 vest on 10/4/2019; the remainder vests quarterly for 18 months.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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