Company Seeks to Expand Its Current Portfolio with ReNovo’s Stem and Tissue Products
Salt Lake City, UT — (April 12, 2016) – Predictive Technology Group, Inc. (OTC PINK: PRED), announces that the Company has completed its acquisition of ReNovo Biotech, Inc., establishing a new wholly-owned subsidiary called Predictive Biotech, Inc.
The acquisition provides PRED access to ReNovo Biotech’s cellular, tissue, biomaterial and regenerative medicine products and product candidates. Also, PRED will gain access to ReNovo’s distribution channels, including access to customers from a recent signing of a private label agreement. ReNovo has additional private label agreements pending for future implementations.
As part of PRED’s acquisition and restructuring, ReNovo Biotech’s CEO Eric Olson has been appointed as the President of Predictive Biotech, Inc.
Bradley Robinson, CEO of Predictive Technology Group, Inc., said, “We are very excited to announce that we have completed our due diligence, and have now been able to finalize our acquisition of ReNovo Biotech. This acquisition is a significant milestone for PRED and is the first step in our strategy to expand our product portfolio of technologies that are companion treatment solutions to our molecular diagnostic tests and pharmaceuticals. It will quickly help bring our company into revenue and cash flow through the existing distribution channels and private label partnerships. This allows us to begin clinical trials on the treatment of debilitating diseases with allogeneic and autologous stem cell products.”
Mr. Robinson continues, “Eric Olson is a proven President and CEO with over 20 years of experience in a broad range of various stage companies. Mr. Olson has established an outstanding record of verifiable success exceeding revenue, profit and business growth objectives in the rapidly changing medical device, biologics, and molecular diagnostic industries. He has experience in taking companies public and commercializing new technologies. Most recently, Mr. Olson was the President and CEO of Skeletal Kinetics in Cupertino, CA, and before that the President and CEO of Amedica Corporation in Salt Lake City, Utah.”
PRED continues on its commercialization expansion of novel therapeutics both through internal growths and acquisition of complementary diagnostic and therapeutic companies.
About Predictive Technology Group, Inc.
Predictive Technology Group, Inc. (PRED), through its wholly owned subsidiaries, revolutionizes the treatment of severe and debilitating diseases through the commercialization of novel therapeutics leveraged by proprietary gene-based companion diagnostics. The Company develops and acquires proprietary technologies that open windows into the origin of human illness and the role that genes and their related proteins play in diseases’ onsets and progressions. PRED’s subsidiaries use gene-based information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to prevent and treat diseases effectively, www.predictivetechnologygroup.com and www.predrx.com.
About ReNovo Biotech, Inc.
ReNovo Biotech, Inc. is a cellular and regenerative medicine company, focused on the development, processing and distribution of innovative allograft tissues, stem cells and biomaterials for the treatment of serious and debilitating diseases. The company develops and acquires technologies that incorporate the use of genome sequencing with proprietary tissue/stem cell recovery to ensure the highest quality treatment options for its surgeon customers and their patients.
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new vaccines and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.