Renovaro Biosciences Shares Hit 52-Week High After Friday Merger News

By Chris Wack

Renovaro Biosciences shares were up 10% to $4.92 after the company said Friday that it is buying GEDi Cube International, an AI medical technology company, in a stock-for-stock deal where GEDi Cube will become a wholly owned subsidiary of Renovaro.

The stock, which closed Friday up 10% hit its 52-week high of $5.00 earlier in the session, and is up 165% in the past 12 months.

Renovaro said that if completed, the transaction will result in a combined company that will offer advanced early diagnosis and early identification of recurring cancer as well as potential therapies for several critical diseases such as pancreatic cancer and other solid tumors with poor life expectancy.

Following the closing of the transaction, GEDi Cube equity holders are expected to own about 50% of the combined company.

The transaction is expected to close late in the fourth quarter of 2023 or early 2024.

Renovaro said it is expected that the combined company will have a unique advantage: Renovaro Biosciences’ pre-clinical and clinical trial data could be used to speed up GEDi Cube’s AI capabilities that, in turn, could potentially help to accelerate Renovaro’s development of potential new therapies. AI will be used to advance the fields of diagnosis and treatment with the aim of redefining the future of medicine.

Write to Chris Wack at [email protected]

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