Renovaro Completes First Milestone Payment to Finalize Definitive Agreement with Predictive Oncology
Company Commits the First Tranche of Financing to Initiate the Integration of AI/ML Platform Technologies, Core Laboratory Capabilities and Business Development Efforts in Europe and the United States
Renovaro's Strategic Acquisition of BioSymetrics Vastly Expands Biomarker and Drug Discovery Opportunities and the Development of Diagnostic Applications in Oncology
LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) -- Renovaro Biosciences Inc. (NASDAQ:RENB), a TechBio leader focused on next-generation diagnostics, drug discovery, and genetically enhanced cancer therapies, today announced that it has advanced the first tranche of financing to Predictive Oncology, Inc. (NASDAQ:POAI) to initiate the previously announced integration of AI/ML platform technologies, core laboratory capabilities and business development efforts in Europe and the United States.
By adding Predictive's AI-driven drug discovery platform, vast biobank of more than 150,000 patient tumor samples, 200,000 pathology slides and decades of longitudinal drug response data to Renovaro's multi-disciplinary artificial intelligence, multi-omic and multi-modal data expertise, the combined company will be positioned to commercialize its drug discovery and diagnostic platforms.
"Since we first announced our intentions to merge with Predictive Oncology in January, we have worked diligently to thoroughly evaluate the expanded market opportunities created by this merger and the recent merger agreement with BioSymetrics," said David Weinstein, CEO of Renovaro. "We are committed to building a world class diagnostics and discovery company, underscored by our recent $15 million in additional equity committed to accelerate our focus on revolutionizing healthcare. This first tranche of financing represents diligent progress toward a definitive agreement. By combining the capabilities of Predictive Oncology, BioSymetrics and RenovaroCube we will have a solid AI stack and an end-to-end solution for biomarker discovery and validation for precision medicine."
Raymond Vennare, Chairman and Chief Executive Officer of Predictive Oncology added, "The recent acquisition of BioSymetrics, and our ability to launch ChemoFx in Europe, represent a significant step forward in our efforts. Although we have been working well together over the past two months, the complicated logistics of combining these technologies and international teams still requires a bit more effort, but we fully expect to be signing a definitive agreement within the next few weeks."
The current transaction involves issuing each Predictive Oncology shareholder an 18-month $3 Redeemable Preferred share. Predictive Oncology does not intend to discuss or disclose further developments regarding these discussions unless and until its Board of Directors has approved a transaction or otherwise determined that further disclosure is appropriate or required by law.
About Predictive Oncology
Predictive Oncology is on the cutting edge of the rapidly growing use of artificial intelligence and machine learning to expedite early biomarker and drug discovery and enable drug development for the benefit of cancer patients worldwide. The company's proprietary AI/ML platform has been scientifically validated to predict with 92% accuracy if a tumor sample will respond to a certain drug compound, allowing for a more informed selection of drug/tumor type combinations for subsequent in-vitro testing. Together with the company's vast biobank of more than 150,000 assay-capable heterogenous human tumor samples, Predictive Oncology offers its academic and industry partners one of the industry's broadest AI-based drug discovery solutions, further complimented by its wholly owned CLIA lab and GMP facilities. Predictive Oncology is headquartered in Pittsburgh, PA.
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 that is leveraging AI for multi-omic diagnostics and drug development. For more information, visit www.renovarogroup.com.
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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