Category V Biotech, Inc. Announces Letter of Intent to Acquire
Genetic Networks, Expanding into Biotechnology Sector
Miami,
FL -- May 15, 2024 -- InvestorsHub NewsWire -- 4Cable TV
International, Inc. soon to be known as Category V Biotech, Inc.
(OTC:
CATV) announced today the execution of a Letter of Intent (LOI)
to acquire Genetic Networks, LLC (https://geneticnetworks.com/),
a
leader in applied molecular biology and drug development. Effective
May 15, 2024, the LOI signifies Category V Biotech's acquisition of
100% equity interests in Genetic Networks, marking the company's
entry into
the biotechnology
sector of the Cannabis industry and solidifying its position as a
fully integrated global leader in this space.
Genetic
Networks brings a proprietary platform known as GeneScape™, which
facilitates the rapid and unbiased discovery of optimal
drug compounds
through whole-genome analysis.
By integrating
functional assays of
drug activity
and human gene variants, GeneScape™ can identify the most promising
targets and compounds for specific diseases, expediting development
timelines
and reducing
costs. This acquisition enables Category V Biotech to expand into
the biotech aspect of the Cannabis industry, leveraging Genetic
Networks' expertise in accelerating compound discovery and
development for pre-clinical and clinical testing.
"We
are excited to welcome Genetic Networks into the Category V Biotech
family," stated Michael Feldenkrais, CEO of Category V Biotech.
"Their state-of-the-art platform and extensive knowledge will be
instrumental as
we strive
to unlock the full potential of Cannabis-based therapeutics.
Together, we anticipate bringing novel treatments to patients
faster than ever before as regulated FDA products under the new
regulatory environment of the United States."
Under
the agreement's terms, Category V Biotech will acquire 100% of
Genetic Networks. The transaction is expected to conclude in the
second quarter of 2024, pending customary closing
conditions.
Dr.
Gennaro D'Urso, co-founder of Genetic Networks, echoed this
enthusiasm, stating, "Category V Biotech shares our dedication to
leveraging genetics to revolutionize drug development. By joining
forces,
we envisage
broadening the reach and impact of our platform, ultimately
delivering superior medicines to patients in need."
Following
the acquisition, Genetic Networks will operate
as a
wholly owned subsidiary of Category V Biotech, retaining its
existing management team and facilities. Category V Biotech plans
to leverage Genetic Networks' capabilities across its global
Cannabis operations,
including cultivation, biotech research, and retail.
This
transaction is the culmination of years of discussions,
awaiting
the right
moment for research and development in the United States to create
pharmaceutical-grade products using
Cannabis. With the recent announcement of the rescheduling of
Cannabis
from Controlled
Substance I to Controlled Substance III, reflecting a change in
U.S. policies, the long-awaited strategy can now come to fruition.
This shift paves the way for Category V Biotech
and Genetic
Networks to capitalize on emerging opportunities in the
Cannabis
industry, driving innovation and advancing therapeutic solutions
for patients.
Category
V Biotech remains actively engaged in pursuing additional
acquisitions in the Cannabis industry as part of its growth
strategy, with further transactions expected to be announced in the
coming months.
About Genetic Networks, LLC
Genetic
Networks, LLC, established in 2015, has been at the forefront of
serving three of the top ten bio-pharmaceutical companies with its
GeneScape™ technology. GeneScape™ expedites drug asset development
through applied molecular biology, offering a multidimensional map
of diseases and drugs that integrates genome-wide functional assays
of drug activity (H-Tech)
and human
genes and gene variants (Y-Tech) using proprietary analytics.
Genetic Networks' GeneScape™ platform accelerates the discovery and
development of optimal candidate compounds for pre-clinical and
clinical testing, identifying the optimal intersection between
targets and compounds in specific disease spaces through
whole-genome genetic perturbation and analysis.
About Category V Biotech, LLC, Inc.
Category
V Biotech, LLC, Inc. (OTC: CATV) aims to establish and operate a
fully integrated global Cannabis company, encompassing biotech
research, cultivation, manufacturing, and retail. Through strategic
acquisitions and organic growth, the company strives to emerge as
the world's leading provider of pharmaceutical Cannabis- based
products and therapies.
Cautionary Note Regarding Forward-Looking Statements
This
press release may contain forward-looking statements regarding
Category V Biotech, LLC's business, which are not historical facts
but are based on the company's current beliefs, expectations, and
assumptions about its future business, plans, strategies,
projections, anticipated events, and trends. Such forward-looking
statements are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict and many of
which are beyond the company's control. Actual results and
financial conditions may differ materially from those
indicated
in the
forward- looking
statements due to various factors.
The company
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, made from time to time,
except
as required
by law.
SOURCE: 4Cable
TV International,
Inc a/k/a Category V Biotech, LLC, Inc. (OTC: CATV)