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Category V Biotech (OTC: CATV), formerly known as 4Cable TV International, announced a Letter of Intent (LOI) to acquire Genetic Networks, This acquisition marks Category V Biotech's entry into the biotechnology sector of the Cannabis industry. Genetic Networks, a leader in applied molecular biology and drug development, brings its GeneScape™ platform to expedite drug discovery through whole-genome analysis. This strategic move aims to leverage Genetic Networks' expertise to accelerate compound discovery and development for pre-clinical and clinical testing, reducing costs and timelines.
Category V Biotech expects to complete the acquisition in Q2 2024, with Genetic Networks operating as a wholly owned subsidiary. The acquisition aligns with the recent reclassification of Cannabis in the U.S., allowing the company to capitalize on new opportunities in the Cannabis industry. The deal also signifies further planned acquisitions as part of Category V Biotech's growth strategy.
