Regen BioPharma Inc. (OTCMKTS:RGBP) shares are down 20% in a week. The company is currently finalizing a strategic analysis for growth over the next five years.
On Wednesday, RGBP stock moved down 2.10% at $0.0225 with more than 95.02 million shares, compared to its average volume of 114.84 million shares. The stock has moved within a range of $0.0209 – 0.0271 after opening trade at $0.0230.
In addition, Regen BioPharma is diversifying into in-vitro diagnostics beyond therapeutics, which is a tactical priority, especially by focusing on cellular and regenerative medicine use. As a result, the company has signed a non-binding letter of intent to purchase Canary Oncoceutics Inc. Canary is creating in-vitro precision cancer tests leveraging cellular tech.
The completion of the acquisition as defined in the non-binding letter of intent is subject to various factors and conditions, including completing final negotiations, due diligence completion, and definitive agreement execution. In addition, the terms contemplated for Regen to close the acquisition require it to raise $50 million supporting the advancement of the oncology diagnostic platform. Canary’s precision cancer testing platform will complement current oncology genomic testing platforms. Therefore, with plans to acquire Canary, RGBP is a stock investors should keep an eye on in the coming weeks.
“This revolutionary functional approach to precision oncology is enabled by technology which Canary Oncoceutics, Inc. is in the process of licensing from Cornell University”, says Dr. Harry Lander, its CEO. “The technology creates a fully vascularized patient tumor in vitro by using endothelial cells and tumor obtained from the patient via biopsy. No artificial scaffolds or devices are needed and this allows for the perfusion of patient blood in this patient-derived tumoroid. The system is being designed to test various drugs for tumor killing as well as the effect the drugs have on tumor stem cells.”
RGBP stock is trading below the 20-Day and 50-Day Moving averages of $0.0240 and $0.0270 respectively. However, the stock is trading above 200-Day moving average of $0.0198. The stock is down 20% in the past week.