In This Article:
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.