Renovaro Biosciences initiates AI/ML integration and expands drug discovery capabilities through financing and acquisition of Predictive Oncology and BioSymetrics.
Quiver AI Summary
Renovaro Biosciences Inc. has announced the first tranche of financing to Predictive Oncology, Inc. to kickstart the integration of AI and machine learning technologies, core lab capabilities, and business development in Europe and the U.S. This move follows Renovaro's strategic acquisition of BioSymetrics, which enhances its drug discovery and diagnostic applications in oncology. The merger aims to leverage Predictive Oncology's AI-driven drug discovery platform and extensive biobank of tumor samples, positioning the combined entity to commercialize advanced diagnostic platforms. Renovaro CEO David Weinstein highlighted the commitment to establishing a world-class company focused on revolutionizing healthcare, while Predictive Oncology's CEO Raymond Vennare mentioned the logistical challenges ahead but expected a definitive agreement soon. The current transaction involves issuing preferred shares to Predictive's shareholders, with further details pending board approval.
Potential Positives
- Renovaro Biosciences has initiated the first tranche of financing to integrate advanced AI/ML platform technologies and core laboratory capabilities, positioning itself favorably in the competitive biotech landscape.
- The acquisition of Predictive Oncology significantly enhances Renovaro's capabilities with access to a vast biobank of over 150,000 patient tumor samples and cutting-edge drug discovery techniques.
- The company has secured an additional $15 million in equity to further accelerate its developments in healthcare, showcasing strong financial commitment and investor confidence.
- The merger with BioSymetrics is expected to create a comprehensive end-to-end solution for biomarker discovery and precision medicine, expanding Renovaro's potential market opportunities.
Potential Negatives
- The complexity of integrating multiple technologies and international teams may lead to operational challenges and delays, as highlighted by the CEO's acknowledgment of the need for "a bit more effort."
- The reliance on forward-looking statements could lead to a lack of accountability and potential disappointment among investors if projected outcomes are not met, as these statements are accompanied by a significant cautionary note.
- The issuance of redeemable preferred shares may dilute existing shareholders' equity and raise concerns about the financial health of the company, as it seeks further capital for its initiatives.
FAQ
What financing has Renovaro Biosciences announced?
Renovaro has advanced the first tranche of financing to Predictive Oncology for integrating AI/ML platform technologies and laboratory capabilities.
How will the merger with BioSymetrics benefit Renovaro?
The merger expands biomarker and drug discovery opportunities, enhancing Renovaro's diagnostics and drug development capabilities in oncology.
What technologies are being integrated with Predictive Oncology?
Renovaro is integrating Predictive's AI-driven drug discovery platform and biobank with its own multi-omic and multi-modal data expertise.
What is the expected outcome of this strategic acquisition?
The expected outcome is the creation of a commercialized, AI-driven platform for precision medicine and enhanced diagnostic capabilities.
How does Predictive Oncology utilize AI/ML?
Predictive Oncology uses AI/ML to predict tumor responses to drug compounds, which aids in personalized treatment selections for cancer patients.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
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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