Innoveren Scientific Profile
Innoveren Scientific, Inc. focuses on acquiring and developing early-stage companies or their technologies in the areas of therapeutics, medical devices, and diagnostics.
On June 3, 2022, the company closed its clinic in Scottsdale, Arizona. The company has now closed all of its clinical operations in the autologous infusion therapy business which delivered treatments for patients with chronic respiratory and pulmonary disorders. The company will continue to pursue Food and Drug Administration (‘FDA’) approval of the device that was utilized in the treatment provided at the clinics. The company also has a continued interest in the commercialization of the DenerveX device through a joint venture. The company has implemented the transition into a biologics and therapeutic device incubator company to bring new technologies to market.
The consolidated results for the company include the following wholly-owned subsidiaries: H-CYTE Management, LLC, Medovex Corp, Cognitive Health Institute, LLC, and Lung Institute Tampa, LLC and the results include Lung Institute Dallas, LLC (‘LI Dallas’), Lung Institute Nashville, LLC (‘LI Nashville’), Lung Institute Pittsburgh, LLC (‘LI Pittsburgh’), and Lung Institute Scottsdale, LLC (‘LI Scottsdale’), as Variable Interest Entities (‘VIEs’). Additionally, H-CYTE Management, LLC was the operator and manager of the various Lung Health Institute (LHI) clinics: LI Dallas, LI Nashville, LI Pittsburgh, and LI Scottsdale. The LI Dallas and LI Pittsburgh clinics did not reopen in 2020 after the temporary closure of all LI clinics due to COVID-19. These two clinics will remain permanently closed. During the first quarter of 2022, the company decided to close the LI Tampa and LI Nashville clinics. During the second quarter of 2022, the company closed the LI Scottsdale clinic. All LHI clinics are closed as of December 31, 2022.
On September 7, 2022, the company acquired all of the membership interests, with common stock, of Jantibody LLC (‘Jantibody’), a Nevada limited liability company. Jantibody is focused on the development of novel proprietary immunotherapies targeted towards ovarian cancer, pancreatic cancer, and mesothelioma.
On December 22, 2022, the company acquired all the membership interests, with common stock, in Scion Solutions, LLC (‘Scion’). Scion is a life sciences company that has developed a new technology in regenerative medicine specifically for limb salvage. Their proprietary product SkinDisc (patent pending) is a combination of stem cells and several other molecular components that stimulate tissue regeneration.
Autologous Infusion Therapy (‘Infusion Division’)
The company’s Infusion Division developed and implemented innovative treatment options in autologous cellular therapy (PRP-PBMC) to treat chronic lung disorders. During the first quarter of 2022, the clinics in Tampa and Nashville closed. During the second quarter of 2022, the clinic in Scottsdale closed. All clinical operations in the autologous infusion therapy division, which delivered treatments for patients with chronic respiratory and pulmonary disorders have now closed.
Biotech Development (‘Biotech Division’)
During the year ended December 31, 2021, the company completed a review of the R&D status regarding the exclusive product supply and services agreements with Rion, LLC (‘Rion’) to develop and distribute (post the U.S. Food & Drug Administration, the ‘FDA’, approval) a biologic combining its PRP-PBMC (‘PRP’) technology with Rion’s exosomes (‘EV’) technology for the treatment of chronic obstructive pulmonary disease (‘COPD’). The company has determined a single entity biologic from an alternative commercial source will be a more viable solution. The company has decided to move away from Rion’s PRP technology and is progressing towards alternate biologics and therapeutic devices to meet the needs of the business.
As of December 31, 2022, the company had closed all of the LHI clinics and has moved away from the Infusion Division as part of its future plans. The company has also decided that the Biotech Division will begin to transform into a medical biosciences incubator division focusing on bringing new biologics and therapeutic device technologies to market for various health conditions.
Customers
The company’s infusion division customer base consisted of individuals who were suffering from chronic lung disease that are searching for alternative or adjunct forms of treatment outside of traditional pharmaceutical care, which has not been successful for them in the past.
History
The company was formerly known as H-CYTE, Inc. and changed its name to Innoveren Scientific, Inc. in July 2023.
