Full Press Release Details
AI Company GEDiCube and Renovaro Biosciences
Sign Definitive Agreement to Combine
Message from Renovaro Biosciences CEO, The
LOS ANGELES, Oct. 2, 2023 (GLOBE NEWSWIRE) -Renovaro Biosciences
I am writing to provide you with an update on
our recent news of signing a definitive agreement to combine with GEDiCube (GEDiCube Press Release)( Renovaro Press Release) and to share
our vision for the promising future of our newly combined company if you, as shareholders, approve the agreement. As we embark on this
next chapter, we want to express our appreciation for your ongoing support and investment.
Renovaro Biosciences and GEDiCube strategically
decided to combine our two companies just months ago. We believe the combination will accelerate our shared mission to transform medicine
and promote healthy longevity through the synergistic applications of advanced AI technology and pioneering biotherapeutics.
The parties intend that I will serve as the CEO
of the combined company. I am humbled and honored to serve in that role. I firmly believe that we will achieve far more together than
either company could on its own. GEDiCube spent over a decade developing a proprietary AI platform that has already shown accuracy in
detecting cancers earlier through analysis of complex molecular data. Renovaro leveraged decades of collective immunology expertise to
develop a robust pipeline of novel immunotherapies.
By joining forces, our two technology divisions
will collaborate to push new boundaries in precision diagnostics and targeted treatments. At the same time, we will maintain nimble independent
operations, allowing each platform to advance rapidly.
I am excited to lead this combined company alongside
our esteemed leadership team and board members, who offer unparalleled experience across AI, healthcare, and biotechnology. We share an
ambitious vision to leverage AI to improve patient outcomes by detecting diseases sooner and matching treatments more precisely to the
individual. We believe that the coming months will be exciting as we prepare to realize this combination's potential and deliver on our
commitment to shareholders.
In this letter, I'd like to provide an update
on the combined company, our shared vision, our plans for immediate revenue generation, and our opportunities.
GEDiCube and Renovaro Biosciences came together
through a shared desire to accelerate innovation in precision medicine. However, our crossing paths was not coincidental. It resulted
from a carefully considered strategy to combine strengths and synergize work to elevate patient care by harnessing GEDiCube's AI
technology and its strategic partnerships, including with NVIDIA's inception platform and Renovaro's biotechnology.
GEDiCube's founding mission was to enable earlier
disease intervention through AI-driven insights. Their proprietary platform using differential multi-omics analysis was honed over a decade
to pinpoint molecular patterns that can detect cancer sooner than standard methods. GEDiCube won a prestigious medical technology competition
by using it to diagnose lung cancer with remarkable accuracy.
Renovaro was founded to develop powerful new immunotherapies
that retrain the body's intrinsic capacity to fight cancer. Despite recent advances, many solid tumors like pancreatic, liver, and triple-negative
breast cancer have seen limited improvement in survival rates. Renovaro aimed to change that paradigm using genetically modified allogeneic
dendritic cells to stimulate anti-tumor immunity.
As we learned about each technology, it rapidly
became apparent that combining Renovaro's immunotherapies with GEDiCube's AI-driven early diagnostic capabilities, its potential to help
determine cancers to target for therapy, to monitor the effectiveness of therapy, and even discovering new approaches to treatment could
lead to a powerful synergy. More lives could possibly be saved by catching cancers sooner and matching patients with optimal treatments.
At the same time, using real-world data, GEDiCube's AI algorithms could guide and accelerate Renovaro's therapy development. The knowledge
Renovaro has about key aspects of the immune system that relate to how cancers could respond to treatment, its access to the databases
of clinicians and large hospital systems, and the results from its own future clinical trials could help strengthen GEDiCube's AI
This compelling strategic rationale drove our
decision to join forces. Though our platforms are distinct, together, we will collaborate to enhance the productivity and performance
of both. United, we believe we can achieve the shared goal of delivering more effective, proactive, and personalized care to the patients
Introducing The New Company
Our combined company brings together two innovative
platforms in AI and biotherapeutics to offer comprehensive solutions spanning early cancer detection, diagnostic insights, and targeted
GEDiCube contributes an award-winning AI technology
that has already shown the ability to detect lung cancer early with 95% accuracy by analyzing complex molecular data. Their proprietary
platform searches for patterns across genomics, epigenomics, transcriptomics, and other omics layers to identify informative biomarkers
for over 12 cancers so far. With a strategic partnership with NVIDIA to incorporate medical imaging, GEDiCube is pioneering multi-modal
AI to improve diagnostic accuracy further. GEDiCube intends to rebrand as Renovaro.AI.
Renovaro's key strength is an advanced immunotherapy
platform focused initially on some of the deadliest solid tumor cancers that have seen only slightly improved survival rates. A patented
approach modifies allogeneic dendritic cells to stimulate anti-tumor immunity specific to a patient's genetic profile. In pancreatic
cancer models, this personalized vaccine technology has shown an 80-90% reduction in tumor size. Renovaro expects to start human trials
in the second half of 2024.
Our combined company unites renowned leaders in
AI and immunotherapy to deliver transformative solutions across the cancer care continuum. I am honored to serve as CEO, bringing decades
of global health leadership experience, including previously directing the U.S. President's Emergency Plan for AIDS Relief (PEPFAR)
and the Global Fund to Fight AIDS, Tuberculosis, and Malaria. I am joined by accomplished directors like Gregg Alton, former interim CEO
of Gilead Sciences, to help guide our strategy.
Visionary Craig Rhodes, CEO of GEDiCube, former
head of Life Sciences for Europe, the Middle East, and North Africa at NVIDIA, and before that, the leader for the AI divisions of Intel
and Oracle. His pioneering partnership brings AI to frontline cancer diagnosis and treatment. Craig's team has already developed
proprietary, award-winning technology that can detect lung cancer early with remarkable accuracy. He will lead Renovaro.AI.
Our combined company brings together renowned
leaders across AI and immunotherapy, including Dr. Anahid Jewett, Professor and Director of the tumor immunology laboratory at UCLA. Dr.
Jewett is nationally and internationally recognized for her groundbreaking contributions to NK cell biology and cancer immunotherapy.
Her work developing methods to generate super-charged NK cells is now being used in clinical trials with cancer patients. Dr. Jewett has
also conducted pivotal studies using our immunotherapy technology and demonstrated a remarkable 80-90% reduction in pancreatic tumor size
in models. Her expertise and involvement are a tremendous asset as we prepare to enter human trials in 2024.
Together, we believe our leadership team offers
the expertise to deliver integrated AI solutions for earlier diagnosis and targeted immunotherapies that match treatments more effectively
to patients. Our combined capabilities are structured to transform cancer care and detection across the continuum.
I am optimistic about the growth trajectory ahead
for our combined company, with multiple revenue-generating products expected to begin in 2024.
The AI division intends to launch commercial products
for early cancer detection and improved therapy selection in 2024. The rapidly expanding precision medicine market - which is projected
to reach $175 billion by 2030 - represents a tremendous opportunity. We believe we are strategically positioned to capture a substantial
share of a largely untapped market.
The immunotherapy division plans to start Phase
1/2 trials of our lead asset in the second half of 2024. I believe that this breakthrough approach could possibly lead to emergency use
authorization as soon as the end of 2027 following the results of a Phase 2 clinical trial, transforming treatment for cancers with stagnant
survival rates like pancreatic cancer.
We are also focused on supplementing our cash
position through dilutive and non-dilutive opportunities for pancreatic and other cancers, as well as for AI.
I am confident in our future, defined by life-saving
advancements in diagnostic insights and targeted immunotherapies for previously untreatable diseases.
I want to express my sincere appreciation for
your support as shareholders in getting our combined company to this point. Thanks to your ongoing investment, we believe we have the
potential to profoundly improve patient outcomes through the intersection of AI and biotechnology.
Upon closing, we intend to leverage our synergistic
capabilities and leadership expertise to achieve what neither could alone. We are motivated every day by the patients we can impact with
more precise, effective cancer care.
Challenges will lie ahead, as with any company