Renovaro Issues Shareholder Letter and Provides Corporate Update

LOS ANGELES, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Renovaro Inc. (NASDAQ: RENB), a pioneer in cancer diagnostics and therapeutics powered by artificial intelligence, today issued a letter to shareholders from Chief Executive Officer David Weinstein.

Dear Shareholders,

It is my honor to address you as the newly appointed CEO of Renovaro Inc. After careful consideration, I left a 40-year career on Wall Street to join Renovaro because I believe the Company has tremendous potential in its verticals, such as the dendritic cancer cell vaccine (DCCV) and AI powered multi-cancer early detection screening and therapeutics. It has been a busy two weeks since I arrived, managing to file our 10-K and 10-K/A on time and retain MZ Group for investor relationships and have had dismissed the derivative class action lawsuit. Now, our principal focus is conducting a comprehensive analysis of both businesses and developing a 100-day plan of action to commercialize our existing assets as soon as feasible. This includes an evaluation of previously announced MOUs and then determining how to advance these relationships. Additionally, we recognize the company's strengths and are identifying areas where we can focus on business development. One key focus area is the cross pollination for both verticals. RenovaroCube can generate useful biomarkers analysis that could be used in trial design and cohort stratification for the DCCV clinical trials.

The future of multi-cancer early detection screening and recurrence testing reached an inflection point four years ago when the Nvidia-powered AI chips were introduced. RenovaroCube, Freenome, and other new entrants have the potential to set the standard because they are processing vast data sets with multiple biomarkers. Our moonshot is to achieve a test accuracy over 95% and, ultimately, to provide patients with rapid results from a simple blood draw taken when they have their physical exam. We are excited about the Company's prospects and believe that over the next five years we will be part of the paradigm shift within the industry. Maurice van Tilberg, the Chairman of the Board (Director of the Dutch National Growth fund and former CEO of Euronext Amsterdam), remarked, "I am excited to be working with our CEO, David Weinstein. Together we are building a corporate culture that will support deliverables and timely execution upon solidifying our 100-day plan. This plan will prioritize commercializing our technologies."

While chimeric antigen receptor (CAR)-T cell therapy has been successful in treating hematologic cancers, it has limited efficacy against solid tumors. While our Dendritic Cell Cancer Vaccine (DCCV) is still preclinical, it has the potential to treat solid tumors as a class. Preliminary preclinical in vitro data and the proof-of-concept data from the in vivo studies have been compelling, with near complete elimination of pancreatic tumors in three weeks.

Suffice it to say that both potential solutions represent billion-dollar opportunities. Yet, there remains much to be done to right the ship so we can extrapolate value from both verticals. Our goal is to advance from science to business. To accomplish this, I brought on an entirely new Board of Directors. They have both Wall Street experience and deep knowledge of biotechnology, AI, corporate governance, and public company finance.

Through the upcoming months, I will keep you informed and engaged in this journey. I am committed to solidifying our team and building the future. We are establishing proper corporate governance and transparency, which is important for all stakeholders.

You will hear from me in the next quarter about the progress would have made to that date. I am grateful for shareholders that have stayed with the company and will work hard to reward that loyalty.

Sincerely,

David Weinstein
CEO
Renovaro Inc.

About Renovaro

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.

RenovaroCube has developed an award-winning AI platform that is committed to the early detection of cancer and its recurrence and monitoring subsequent treatments. RenovaroCube intervenes at a stage where potential therapy can be most effective. RenovaroCube is a molecular data science company with a background in FinTech and a 12-year history. It brings together proprietary artificial intelligence (AI) technology, multi-omics, multi-modal data, and the expertise of a carefully selected multidisciplinary team to radically accelerate precision medicine and enable breakthrough changes in disease agnostic decision support.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties, including but not limited to the success or efficacy of our pipeline, platform and fundraising. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "plans," "expects," "aims," "intends," "potential," or similar expressions. Actual events or results may differ materially from those projected in any of such statements due to various uncertainties, including as set forth in Renovaro's most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Renovaro Inc. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
[email protected]
www.mzgroup.us

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Source: Renovaro Inc

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