Company Seeks to Combine Use of Molecular Diagnostics with Stem Cell Technologies
Salt Lake City, UT – March 02, 2016 – Predictive Technology Group, Inc. (OTCPINK: PRED), through its wholly-owned subsidiary Predictive Therapeutics, Inc., announces that the Company has entered into a “Letter of Intent” to acquire ReNovo Biotech, Inc.
PRED through this acquisition gains access to ReNovo Biotech’s cellular, tissue, biomaterial and regenerative medicine products, R&D, sales/marketing expertise, distribution channels and product candidates. With the execution of this “Letter of Intent,” PRED expects to finalize and sign a definitive agreement after completing due diligence.
Bradley Robinson, CEO, Predictive Therapeutics, said, “We are very excited to announce our letter of intent to acquire ReNovo Biotech. 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. This will also allow us to begin clinical trials for the treatment of debilitating diseases with allogeneic and autologous stem cell products.”
Eric Olson, ReNovo Biotech’s CEO states, “We are pleased with the potential to be acquired by the publicly traded company, PRED. Utilizing PRED’s public experience and its umbrella of unique technologies gives ReNovo a multitude of opportunities that might not otherwise exist. Stem cells can be evaluated and assayed, guaranteeing those specific disease markers are NOT present prior to expanding particular cell lines used in ReNovo’s products. 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.”
Predictive Technology Group, Inc., through its wholly owned subsidiary Predictive Therapeutics, Inc., believes that a ReNovo Biotech, Inc. acquisition can bring immediate revenue and cash flow from ReNovo’s distribution channels and private label partnerships.
About Predictive Technology Group, Inc.
Predictive Technology Group, Inc. (PRED), through its wholly owned subsidiaries, revolutionizes the treatment of serious and debilitating diseases through the commercialization of novel therapeutics leveraged by proprietary gene-based companion diagnostics. The Company develops and/or acquires proprietary technologies that open windows into the origin of human disease 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 disease and therapeutic products designed to effectively prevent and/or treat diseases.
About ReNovo Biotech, Inc.
ReNovo Biotech, Inc. a cellular and regenerative medicine company is 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.