Renovaro Provides Update to Definitive Agreement with Predictive Oncology

Rhea-AI Summary

Renovaro Biosciences (NASDAQ: RENB) has announced an update regarding its Definitive Agreement with Predictive Oncology (NASDAQ: POAI). The merger agreement, initially signed on January 1, 2025, and extended on February 28, 2025, has faced a setback as POI sent an email on April 3, 2025, terminating the merger transaction.

Renovaro maintains that POI must comply with the binding obligations and enter into an exclusive License Agreement as stipulated in the Binding Agreements. The company states that POI is in breach of these agreements and has caused substantial damage to Renovaro. If POI fails to enter into the exclusive License Agreement by April 10, 2025, Renovaro will pursue legal remedies to recover damages and seek additional remedies for the breaches.

Positive

• Company taking decisive legal action to protect shareholder interests
• Binding agreements provide legal framework for seeking damages and remedies

Negative

• Merger agreement termination by Predictive Oncology threatens planned business expansion
• Legal dispute could result in additional costs and uncertainties
• Integration of AI/ML platforms and laboratory capabilities delayed or at risk
• Potential business development efforts in Europe and US hampered by agreement breach

LOS ANGELES, April 04, 2025 (GLOBE NEWSWIRE) -- Renovaro Biosciences Inc. (NASDAQ: RENB), a TechBio leader focused on next-generation diagnostics, drug discovery, and genetically enhanced cancer therapies, today provided an update regarding its Definitive Agreement with Predictive Oncology 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.

Renovaro entered into a binding agreement merger agreement with Predictive Oncology, Inc. (“POI”) dated January 1, 2025, and supplemented with the Extension Agreement dated February 28, 2025 (collectively, the “Binding Agreements”). On April 3, 2025, Renovaro received an email from POI terminating the merger transaction. Renovaro’s position is that POI must comply with the binding obligations thereunder and enter into an exclusive License Agreement as required in each of the Binding Agreements. Renovaro notes that POI is in breach of the Binding Agreements and has caused substantial damage to Renovaro for which it will seek redress. Failure to enter into an exclusive License Agreement on the terms set forth in the Binding Agreement on or before April 10, 2025, will cause Renovaro to seek all its legal remedies to recover all its damages and/or seek additional remedies to fully redress the breaches.

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.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
RENB@mzgroup.us
www.mzgroup.us

For media inquiries, please contact:
karen@renovarocube.com

FAQ

What happened to the merger agreement between Renovaro (RENB) and Predictive Oncology?

Predictive Oncology terminated the merger transaction on April 3, 2025, despite binding agreements signed on January 1, 2025, and extended on February 28, 2025.

What legal actions is RENB considering against Predictive Oncology?

Renovaro will pursue legal remedies to recover damages if POI fails to enter into an exclusive License Agreement by April 10, 2025.

When is the deadline for Predictive Oncology to comply with RENB's License Agreement terms?

The deadline is April 10, 2025, as specified in the binding agreements.

What are the main terms Renovaro (RENB) is seeking to enforce in the binding agreement?

Renovaro is seeking to enforce the exclusive License Agreement terms and integration of AI/ML platform technologies, core laboratory capabilities, and business development efforts in Europe and US.