MIAMI, May 15, 2024 /PRNewswire/ -- 4Cable TV International, Inc. soon to be known as Category V Biotech, Inc. (OTC: CATV) announced today the execution of a Letter of Intent (LOI) to acquire Genetic Networks, LLC (https://geneticnetworks.com/), a leader in applied molecular biology and drug development. Effective May 15, 2024, the LOI signifies Category V Biotech's acquisition of 100% equity interests in Genetic Networks, marking the company's entry into the biotechnology sector of the Cannabis industry and solidifying its position as a fully integrated global leader in this space.
Genetic Networks brings a proprietary platform known as GeneScape™, which facilitates the rapid and unbiased discovery of optimal drug compounds through whole-genome analysis. By integrating functional assays of drug activity and human gene variants, GeneScape™ can identify the most promising targets and compounds for specific diseases, expediting development timelines and reducing costs. This acquisition enables Category V Biotech to expand into the biotech aspect of the Cannabis industry, leveraging Genetic Networks' expertise in accelerating compound discovery and development for pre-clinical and clinical testing.
"We are excited to welcome Genetic Networks into the Category V Biotech family," stated Michael Feldenkrais, CEO of Category V Biotech. "Their state-of-the-art platform and extensive knowledge will be instrumental as we strive to unlock the full potential of Cannabis-based therapeutics. Together, we anticipate bringing novel treatments to patients faster than ever before as regulated FDA products under the new regulatory environment of the United States."
Under the agreement's terms, Category V Biotech will acquire 100% of Genetic Networks. The transaction is expected to conclude in the second quarter of 2024, pending customary closing conditions.
Dr. Gennaro D'Urso, co-founder of Genetic Networks, echoed this enthusiasm, stating, "Category V Biotech shares our dedication to leveraging genetics to revolutionize drug development. By joining forces, we envisage broadening the reach and impact of our platform, ultimately delivering superior medicines to patients in need."
Following the acquisition, Genetic Networks will operate as a wholly owned subsidiary of Category V Biotech, retaining its existing management team and facilities. Category V Biotech plans to leverage Genetic Networks' capabilities across its global Cannabis operations, including cultivation, biotech research, and retail.
This transaction is the culmination of years of discussions, awaiting the right moment for research and development in the United States to create pharmaceutical-grade products using Cannabis. With the recent announcement of the rescheduling of Cannabis from Controlled Substance I to Controlled Substance III, reflecting a change in U.S. policies, the long-awaited strategy can now come to fruition. This shift paves the way for Category V Biotech and Genetic Networks to capitalize on emerging opportunities in the Cannabis industry, driving innovation and advancing therapeutic solutions for patients.
Category V Biotech remains actively engaged in pursuing additional acquisitions in the Cannabis industry as part of its growth strategy, with further transactions expected to be announced in the coming months.
About Genetic Networks, LLC
Genetic Networks, LLC, established in 2015, has been at the forefront of serving three of the top ten bio-pharmaceutical companies with its GeneScape™ technology. GeneScape™ expedites drug asset development through applied molecular biology, offering a multidimensional map of diseases and drugs that integrates genome-wide functional assays of drug activity (H-Tech) and human genes and gene variants (Y-Tech) using proprietary analytics. Genetic Networks' GeneScape™ platform accelerates the discovery and development of optimal candidate compounds for pre-clinical and clinical testing, identifying the optimal intersection between targets and compounds in specific disease spaces through whole-genome genetic perturbation and analysis.
About Category V Biotech, LLC, Inc.
Category V Biotech, LLC, Inc. (OTC: CATV) aims to establish and operate a fully integrated global Cannabis company, encompassing biotech research, cultivation, manufacturing, and retail. Through strategic acquisitions and organic growth, the company strives to emerge as the world's leading provider of pharmaceutical Cannabis- based products and therapies.
This press release may contain forward-looking statements regarding Category V Biotech, LLC's business, which are not historical facts but are based on the company's current beliefs, expectations, and assumptions about its future business, plans, strategies, projections, anticipated events, and trends. Such forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are beyond the company's control. Actual results and financial conditions may differ materially from those indicated in the forward- looking statements due to various factors. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, made from time to time, except as required by law.
SOURCE: 4Cable TV International, Inc a/k/a Category V Biotech, LLC, Inc. (OTC: CATV)
