Predictive Technology Group (PRED) said today it signed a letter of intent to acquire ReNovo Biotech through its Predictive Therapeutics subsidiary for an undisclosed price.
The pending deal would add to the buyer’s holdings ReNovo’s cellular, tissue, biomaterial, and regenerative medicine products; R&D; sales/marketing expertise; distribution channels; and product candidates.
“This acquisition is one of the first steps in PRED's strategy to expand its portfolio of products and technologies that can be used as companion treatment solutions to our molecular diagnostic tests,” Predictive Therapeutics CEO Bradley Robinson said in a statement. “This will also allow us to begin clinical trials for the treatment of debilitating diseases with allogeneic and autologous stem cell products.”
Privately-held ReNovo Biotech is a cellular and regenerative medicine company focused on the development, processing, and distribution of innovative allograft tissues, stem cells, and biomaterials for treating “serious” and debilitating diseases. ReNovo develops and acquires technologies that incorporate the use of genome sequencing with proprietary tissue/stem cell recovery.
“We believe that combining the use of molecular diagnostics with stem cell technologies will be a major breakthrough in our understanding of how stem cells are used for clinical applications,” added Predictive Therapeutics CEO Bradley Robinson.
PRED, which publicly trades its shares on the OTC Pink® market, said it can generate through the acquisition immediate revenue and cash flow from ReNovo's distribution channels and private label partnerships.
PRED last year acquired a majority 84% stake in Predictive Therapeutics and acquired the remaining minority position on February 16.