This story has been updated from a previous version to include additional information about Renovaro's recent acquisitions and technology platforms.
NEW YORK – Molecular test developer Renovaro said Wednesday that it has raised $15 million in a new equity financing at a price of $1.00 per share plus one privately placed cash warrant exercisable at $1.50 with a one-year term.
Renovaro CEO David Weinstein said in a statement that the new capital will help the Dutch firm accelerate its efforts in both diagnostics and drug discovery.
Renovaro, which is based in Amsterdam but also has offices in Los Angeles, includes two arms: RenovaroBio, which is advancing cell-gene immunotherapies, and the diagnostic-focused RenovaroCube, which was formed in February 2024 when the firm acquired GediCube. At the same time, GediCube had acquired a majority stake in Dutch liquid biopsy firm Cycolomics, which had been developing a circulating tumor DNA detection method based on Oxford Nanopore sequencing called CyclomicsSeq.
A company spokesperson said in an email that iRenovaroCube is now advancing a platform called Lumina for minimal residual disease detection in lung cancer using multiomic biomarkers and artificial intelligence. The spokesperson declined to comment on whether the company is still developing CyclomicsSeq, citing confidentiality.
Renovaro also said this week that it has entered into a definitive agreement to merge with BioSymetrics, an artificial intelligence-driven drug discovery and biomarker identification company.
The partnership is intended to enhance Renovaro's data repository and biomarker discovery capabilities and to accelerate its translational research.
BioSymetrics has developed a proprietary platform called Elion, which uses machine learning to investigate complex biological relationships, speeding up the discovery of novel diagnostics and therapeutics. Various aspects of the system match human phenotypes to model systems and link computational insights to real-world biological validation.
The transaction is expected to close in March 2025, subject to customary closing conditions and regulatory approvals.
The BioSysmetrics acquisition follows Renovaro's January all-stock purchase of Predictive Oncology, which uses AI and machine learning for early biomarker and drug discovery, and has amassed a biobank of more than 150,000 assay-capable heterogenous human tumor samples.