Renovaro Biosciences saw a 7% increase in its shares, reaching $4.34, following the announcement of its acquisition of GEDi Cube International, an AI medical technology company. As part of the deal, GEDi Cube will become a wholly owned subsidiary of Renovaro.
Reaching its 52-week high of $4.50 earlier in the session, Renovaro's stock has experienced a remarkable 123% growth over the past 12 months.
Once completed, the acquisition will create a combined company that aims to revolutionize early diagnosis and identification of recurring cancer. In addition, the company intends to develop potential therapies for critical diseases such as pancreatic cancer and other solid tumors with low life expectancy.
Thanks to GEDi Cube's validated technology, the combined company will be capable of targeting 12 additional cancers, including pancreatic and breast cancer.
Upon closing the transaction, GEDi Cube equity holders will hold approximately 50% ownership of the combined company.
The deal is expected to be finalized in late Q4 2023 or early 2024.
Renovaro highlights that the combined company will have a unique advantage: the utilization of Renovaro Biosciences' pre-clinical and clinical trial data to enhance GEDi Cube's AI capabilities. This, in turn, will potentially expedite Renovaro's development of new therapies. Their joint efforts will leverage AI to transform the fields of diagnosis and treatment, ultimately redefining the future of medicine.