By Sabela Ojea
Predictive Oncology has signed a deal to be taken over by Renovaro in exchange for a newly created series of preferred stock in the biotechnology company.
The AI-driven drug-discovery company on Monday said that the acquisition, which follows a formal review of strategic alternatives put in place since mid-November, would reduce its operating expenses by more than 30% on a combined basis in the near term.
The acquisition is subject to a minimum fundraising of $15 million by Renovaro, as well as formal approval by Predictive Oncology's shareholders.
There is no assurance that an agreement or transaction with Renovaro will be executed.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 06, 2025 09:22 ET (14:22 GMT)
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