Renovaro Announces Strategic Restructuring and Leadership Transition

• Supermajority of Shareholders Support Appointment of New CEO and the Replacement of Entire Board of Directors with Full Five-Member Slate
• Realignment of Resources to Optimize and Commercialize RenovaroCube, the Company's Disruptive AI Platform for Multi-omics Diagnostics for Cancer Early Detection and Patient Monitoring from Liquid Biopsies
• Newly Appointed Board Encompass Seasoned Veterans from Capital Markets, Governance, AI, Biotechnology, Cancer Detection and Treatment
• Restructuring to Accelerate Growth, Commercialization, Access to Strategic Capital and Create Long-Term Value for Shareholders

LOS ANGELES, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Renovaro Inc. (NASDAQ:RENB), a pioneer in cancer diagnostics and therapeutics powered by artificial intelligence, today announced a strategic restructuring and leadership transition of senior management and the Board of Directors to realign resources focused on the Company's AI Platform, RenovaroCube for multi-cancer early detection and patient monitoring. The Board, with the support of a supermajority of shareholders, appointed David Weinstein as director and new CEO and four new directors – Maurice van Tilburg, Chairman, Douglas Calder, James A. McNulty CPA, and Mark A. Collins PhD.

Departing Chairman, Rene Sindlev commented:

"We are excited to empower a team of seasoned executives and directors that both see the potential of Renovaro 2.0 (which we call RenoVision) and can design an execution plan to create long term value for shareholders. As a team they have expertise in AI, biotechnology, capital markets and governance."

RenoVision: 2.0  

• Bold Strategic Vision to Be Expertly Implemented by New Executive Leadership Team Led by David Weinstein, CEO, Renowned Senior Wall Street Executive with 39 years in Banking & Analyst Roles, Recognized for Developing Dynamic Growth Strategies for a Broad Range of Private and Public Companies with a Focus on Maximizing the Value of Innovative Life Science Platforms.
• Accomplished, Committed, & Fully Engaged Board-of-Directors Actively Contributing to Next Stage of Growth with Renewed Sense of Urgency. David commented, "The new five-member board is led by the new Chairman, Maurice van Tilburg, former CEO of Euronext Amsterdam and Director at the Netherlands National Growth Fund". Maurice brings a wealth of experience in Corporate Governance, operations, and product development critical to executing on RenoVision 2.0. Moreover, he is based in Amsterdam to assist our AI driven early cancer detection program at RenovaroCube."
• David continued, "the rest of our experienced Board of Directors includes:
  • James A. McNulty: after a 26 year-career as founder of three CPA firms, Mr. McNulty has served as CFO of several publicly traded Biopharmaceutical companies including 15 years at BioDelivery Sciences International.
  • Douglas W. Calder: For the last 24 years Mr. Calder has served in a number of senior life science executive roles with a focus on cancer immunotherapy and is currently co-founder and president of Vycellix Inc., a company developing cell-based therapeutics, headquartered in Tampa, Florida at the Moffitt Cancer Center with scientific operations in Stockholm, Sweden on the Karolinska Institute campus.
  • Mark A Collins, PhD: co-founded three companies in drug discovery, artificial intelligence, and the software space. Mark has strong knowledge of commercializing products and platforms in oncology diagnostics.

Revitalized Commitment to "Ambitious Innovation" Includes:

• 1) Strategic Asset Review & Pipeline Prioritization.
• 2) Commitment to Develop RenovaroCube as Best-in-Class Platform, while Securing World-Class Enabling Partnerships (Corporate & Academic).
• 3) Optimizing, Enhancing & Accelerating Cell Therapy Pipeline Clinical Advancement.
• 4) Financial Initiatives to Ensure Company's Balance Sheet Strength in Tandem with Fiscal Responsibility including Strict Budget Discipline.
• 5) Synchronizing All Aspects of Renovaro's Business Units to Yield Maximum Benefits to Patients and Shareholders.
  
  

About Renovaro

Renovaro https://renovarogroup.com/ aims to accelerate precision and personalized medicine for longevity powered by mutually reinforcing AI and biotechnology platforms for early diagnosis, better-targeted treatments, and drug discovery. Renovaro Inc. includes RenovaroBio with its advanced cell-gene immunotherapy company and RenovaroCube.

RenovaroCube has developed an award-winning AI platform that is committed to the early detection of cancer and its recurrence and monitoring subsequent treatments. RenovaroCube intervenes at a stage where potential therapy can be most effective. RenovaroCube is a molecular data science company with a background in FinTech and a 12-year history. It brings together proprietary artificial intelligence (AI) technology, multi-omics, multi-modal data, and the expertise of a carefully selected multidisciplinary team to radically accelerate precision medicine and enable breakthrough changes in disease agnostic decision support.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties, including but not limited to the success or efficacy of our pipeline, platform and fundraising. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "plans," "expects," "aims," "intends," "potential," or similar expressions. Actual events or results may differ materially from those projected in any of such statements due to various uncertainties, including as set forth in Renovaro's most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Renovaro Inc. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

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Source: Renovaro Inc.