Salt Lake City, Utah-based Predictive Technology Group (OTCMKTS:PRED) said today it closed its buy of ReNovo Biotech and tapped former ReNovo Biotech CEO Eric Olson as the new prez of Predictive Biotech.
Predictive Biotech said the acquisition will allow it access to ReNovo’s cellular, tissue, biomaterial and regenerative medicine products, as well as access to its distribution channels and customers from a recent private label agreement.
Predictive Technology said it will continue its commercialization expansion of therapeutics through internal growth as well as acquisition of complementary companies.
“We are very excited to announce that we have completed our due diligence, and have now been able to finalize our acquisition of ReNovo Biotech. This acquisition is a significant milestone for PRED and is the first step in our strategy to expand our product portfolio of technologies that are companion treatment solutions to our molecular diagnostic tests and pharmaceuticals. It will quickly help bring our company into revenue and cash flow through the existing distribution channels and private label partnerships. This allows us to begin clinical trials on the treatment of debilitating diseases with allogeneic and autologous stem cell products,” Predictive Technology Group CEO Bradley Robinson said in prepared remarks.
As part of the deal, previous ReNovo CEO Olson will also move to Predictive Biotech as its new president, the company said.
“Eric Olson is a proven President and CEO with over 20 years of experience in a broad range of various stage companies. Mr. Olson has established an outstanding record of verifiable success exceeding revenue, profit and business growth objectives in the rapidly changing medical device, biologics, and molecular diagnostic industries. He has experience in taking companies public and commercializing new technologies. Most recently, Mr. Olson was the President and CEO of Skeletal Kinetics in Cupertino, CA, and before that the President and CEO of Amedica Corporation in Salt Lake City, Utah,” Robinson said in a press release.
The companies did not release any financial or other details of the purchase.