Renovaro Provides Update to Definitive Agreement with Predictive Oncology
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.
Renovaro Biosciences (NASDAQ: RENB) ha annunciato un aggiornamento riguardo il suo Accordo Definitivo con Predictive Oncology (NASDAQ: POAI). L'accordo di fusione, firmato inizialmente il 1 gennaio 2025 e prorogato il 28 febbraio 2025, ha subito un contrattempo poiché POI ha inviato un'email il 3 aprile 2025, terminando la transazione di fusione.
Renovaro sostiene che POI deve rispettare gli obblighi vincolanti e stipulare un Accordo di Licenza esclusivo come previsto negli Accordi Vincolanti. L'azienda afferma che POI è in violazione di questi accordi e ha causato danni significativi a Renovaro. Se POI non stipula l'Accordo di Licenza esclusivo entro il 10 aprile 2025, Renovaro intraprenderà azioni legali per recuperare i danni e richiedere ulteriori rimedi per le violazioni.
Renovaro Biosciences (NASDAQ: RENB) ha anunciado una actualización sobre su Acuerdo Definitivo con Predictive Oncology (NASDAQ: POAI). El acuerdo de fusión, firmado inicialmente el 1 de enero de 2025 y ampliado el 28 de febrero de 2025, ha enfrentado un contratiempo ya que POI envió un correo electrónico el 3 de abril de 2025, terminando la transacción de fusión.
Renovaro sostiene que POI debe cumplir con las obligaciones vinculantes y celebrar un Acuerdo de Licencia exclusivo como se estipula en los Acuerdos Vinculantes. La empresa afirma que POI está en incumplimiento de estos acuerdos y ha causado daños sustanciales a Renovaro. Si POI no celebra el Acuerdo de Licencia exclusivo antes del 10 de abril de 2025, Renovaro buscará recursos legales para recuperar daños y solicitar remedios adicionales por las violaciones.
Renovaro Biosciences (NASDAQ: RENB)는 Predictive Oncology (NASDAQ: POAI)와의 최종 계약에 대한 업데이트를 발표했습니다. 2025년 1월 1일에 처음 서명된 합병 계약은 2025년 2월 28일에 연장되었으나, POI가 2025년 4월 3일에 합병 거래를 종료하는 이메일을 보낸 것으로 인해 차질이 발생했습니다.
Renovaro는 POI가 구속력 있는 의무를 준수하고 구속력 있는 계약서에 명시된 대로 독점 라이선스 계약을 체결해야 한다고 주장합니다. 회사는 POI가 이러한 계약을 위반했으며 Renovaro에 상당한 피해를 초래했다고 말합니다. POI가 2025년 4월 10일까지 독점 라이선스 계약을 체결하지 않으면, Renovaro는 손해를 회복하고 위반에 대한 추가 구제를 요청하기 위해 법적 조치를 취할 것입니다.
Renovaro Biosciences (NASDAQ: RENB) a annoncé une mise à jour concernant son Accord Définitif avec Predictive Oncology (NASDAQ: POAI). L'accord de fusion, initialement signé le 1er janvier 2025 et prolongé le 28 février 2025, a rencontré un contretemps lorsque POI a envoyé un e-mail le 3 avril 2025, mettant fin à la transaction de fusion.
Renovaro soutient que POI doit respecter les obligations contraignantes et conclure un Accord de Licence exclusif comme stipulé dans les Accords Contraignants. L'entreprise déclare que POI est en violation de ces accords et a causé des dommages substantiels à Renovaro. Si POI ne conclut pas l'Accord de Licence exclusif d'ici le 10 avril 2025, Renovaro poursuivra des recours juridiques pour récupérer des dommages et demander des mesures supplémentaires pour les violations.
Renovaro Biosciences (NASDAQ: RENB) hat ein Update zu seinem endgültigen Vertrag mit Predictive Oncology (NASDAQ: POAI) bekannt gegeben. Der ursprünglich am 1. Januar 2025 unterzeichnete und am 28. Februar 2025 verlängerte Fusionsvertrag hat einen Rückschlag erlitten, da POI am 3. April 2025 eine E-Mail gesendet hat, in der die Fusionstransaktion beendet wird.
Renovaro behauptet, dass POI den verbindlichen Verpflichtungen nachkommen und einen exklusiven Lizenzvertrag gemäß den verbindlichen Vereinbarungen abschließen muss. Das Unternehmen erklärt, dass POI gegen diese Vereinbarungen verstößt und Renovaro erheblichen Schaden zugefügt hat. Sollte POI bis zum 10. April 2025 keinen exklusiven Lizenzvertrag abschließen, wird Renovaro rechtliche Schritte einleiten, um Schäden zu erlangen und zusätzliche Abhilfemaßnahmen für die Verstöße zu suchen.
- Company taking decisive legal action to protect shareholder interests
- Binding agreements provide legal framework for seeking damages and remedies
- 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?
What legal actions is RENB considering against Predictive Oncology?
When is the deadline for Predictive Oncology to comply with RENB's License Agreement terms?
What are the main terms Renovaro (RENB) is seeking to enforce in the binding agreement?
