10:44 AM EDT, 09/11/2024 (MT Newswires) -- Renovaro ( RENB ) said Wednesday it is offering up to a 20% stake in its cancer-diagnostics subsidiary RenovaroCube to new or existing investors.

Pricing and other terms of the stock subscription bid are subject to negotiation between the company and the prospective investors, along with approval by the Renovaro ( RENB ) board of directors, the company said.

RenovaroCube expects to use the proceeds from the upcoming stock sale to help accelerate its go-to-market strategy to generate revenue by advancing its product pipeline, including its work on a blood test that can detect recurrence of certain cancers within a few days of the patient beginning treatment.

Renovaro ( RENB ) added that it is still focusing on advancing its patented cancer vaccine.

Renovaro ( RENB ) shares dropped 14% in recent Wednesday trading.

Price: 0.59, Change: -0.10, Percent Change: -14.03