UPDATE - Renovaro Inc. Announces Expedited Trial for 2025 Lawsuit to Enforce Binding Merger Agreement with Predictive Oncology
LOS ANGELES, May 22, 2025 (GLOBE NEWSWIRE) -- Renovaro Inc. (NASDAQ:RENB), a TechBio leader focused on next-generation diagnostics, drug discovery, and genetically enhanced cancer therapies, today announced that it has received a ruling to expedite a trial in 2025 for the lawsuit it filed on May 9, 2025, in the Delaware Court of Chancery against Predictive Oncology Inc. (NASDAQ:POAI), seeking to enforce a binding merger agreement executed on January 1, 2025.
According to the Verified Complaint, the companies entered into a legally binding Letter Agreement pursuant to which Predictive Oncology would merge into Renovaro in exchange for a newly created class of preferred stock. Following the public disclosure of the agreement in a Form 8-K filed by POAI on January 6, 2025, POAI's stock price rose by more than 50%.
Renovaro alleges that Predictive Oncology breached the agreement's exclusivity and good faith negotiation provisions by conducting a public offering of $545,000 in securities on February 19, 2025—despite contractual restrictions—and later attempting to terminate the agreement unilaterally on April 3, 2025, without engaging meaningfully in the negotiation of a definitive merger agreement.
"This transaction was intended to create strategic and shareholder value for both companies. Unfortunately, Predictive Oncology has disregarded its contractual commitments," said a Renovaro spokesperson. "We are pursuing legal remedies to enforce our rights and protect our shareholders' interests."
The litigation seeks specific performance, injunctive relief, and damages for the alleged breaches. The case is pending in the Delaware Court of Chancery under Case No. 2025-0509.
About Renovaro Inc.
Renovaro https://renovarogroup.com/ aims to accelerate precision and personalized medicine for longevity powered by mutually reinforcing AI and biotechnology platforms for early diagnosis, better-targeted treatments, and drug discovery. Renovaro Inc. includes RenovaroBio with its advanced cell-gene immunotherapy company and RenovaroCube that is leveraging AI for multi-omic diagnostics and drug development, and BioSymetrics which specializes in contingent AI for precision neurology. For more information, visit www.renovarogroup.com.
Forward-Looking Statements
This release contains forward-looking statements, including those relating to the pending litigation and the proposed merger. These statements involve risks and uncertainties and are subject to change based on future developments. Renovaro undertakes no obligation to update any forward-looking statements except as required by law.
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
[email protected]
www.mzgroup.us
For media inquiries, please contact:
