Cizzle Biotechnology Holdings Plc (LON:CIZ), the UK based diagnostics developer of early cancer tests, has announced that it has raised £150,000 through the issue of a convertible loan note (the “Note”), to provide additional funding to support the Company’s growth strategy, in particular to roll out its CIZ1B early cancer test in the UK and elsewhere in Europe following the successful licensing agreement with Cizzle Bio Inc (BIO) in North America.
The Note, which has been subscribed for by Frazer Lang, an existing investor in the Company, is convertible at any time, at the election of the Note holder, during its 24 month term into new ordinary shares in the Company at a price of 1.4 pence per share. No interest is payable on the Note.
Background
The Company’s commercial strategy is to licence globally its proprietary test for the CIZ1B biomarker for use in the early detection of lung cancer. Having secured the Company’s first licence agreement with BIO for North America and the Caribbean, BIO has already established partnerships with specialist clinical laboratories and hospitals to enable market penetration and make the test available to as many clinicians and patients as possible. The agreement with BIO provides the Company with guaranteed royalties and up-front fees of US$2.4 million, of which US$400,000 has already been received, as well as a future equity stake in BIO. The next payment of US$250,000 is expected at the end of July 2025 as a result of securing BIO’s first hospital contract in the Caribbean.
The discovery and development of the CIZ1B biomarker test is the result of many years of pioneering work by Professor Dawn Coverley, the Company’s founder and CSO, and her research team at the University of York. Initially supported by various UK research grants it has always been the ambition to ensure patients and healthcare professionals in the NHS and elsewhere should benefit from the Company’s work in early cancer detection as part of its commercial roll out plans.
The current NHS cancer plan aims to dramatically improve cancer survival by increasing the proportion of cancers diagnosed at stages 1 and 2 from half to three-quarters by 2028. This shift towards earlier diagnosis is expected to save 55,000 additional lives per year by 2028. The plan focuses on improving access to diagnosis and treatment, raising awareness of cancer symptoms, and increasing the number of cancers identified through screening, including personalised and risk-stratified approaches.
The Company’s focus is to appoint further accredited facilities globally, with the focus now on the UK and Europe, to launch the commercially scalable CIZ1B biomarker test to help reduce premature cancer deaths and improve survival rates and quality of life for cancer patients.
Commenting, Allan Syms, Executive Chairman of Cizzle Biotechnology, said:
“Following the success of the Company’s licensing strategy in North America, we are now keen to build partnerships in the UK and elsewhere in Europe. The CIZ1B biomarker and its use in early cancer diagnosis was the result of many years of research and development by Professor Coverley, the Founder and CSO of the Company, and her research team at the University of York, and we want to ensure this innovation also brings benefit to patients in the UK delivered through the NHS and other healthcare providers. The new funding provided by Frazer Lang, a long standing and supportive shareholder, will now allow us to bring forward our plans to make the test available to patients in the UK.”
Commenting, Frazer Lang said: “As a dedicated supporter of the Company’s mission to reduce lung cancer’s impact through early detection with a simple, cost-effective blood test, I’m proud to provide additional funding to accelerate our efforts to benefit UK patients. This investment builds on my family’s existing stake, increasing our shareholding to 12.87% once the Note is converted. We are wholeheartedly committed to the Company’s success and to saving lives.“
