Cizzle Biotechnology Holdings plc (LON:CIZ), the UK based diagnostics developer of early cancer tests, is pleased to announce that it has raised up to £250,000 through the issue of further unsecured convertible loan notes to Frazer Lang, an existing investor in the Company.
On 20 May 2025, the Company secured funding of £150,000 through the issue of convertible loan notes from the Company’s existing shareholder, Frazer Lang to provide additional funding to support the Company’s growth strategy, in particular to roll out its CIZ1B biomarker test to help detect lung cancer early in the UK and elsewhere in Europe. Today, the Company announced that it has entered into a Letter of Intent (“LOI”) with a leading medical diagnostic services provider (the “Provider”) acting in partnership with the NHS as result of that initiative.
The Additional Notes will be issued as an extension to the Company’s existing unsecured convertible loan notes of £150,000 issued to Frazer Lang, on 18 May 2025. The Company may issue the Additional Notes at £50,000 per month and any funds received will be used in connection with the Company’s focus on commercialising its CIZ1B biomarker test in North America and the UK. Any Additional Notes issued are convertible at any time up to 31 March 2026, at the election of the Note Holder, into new ordinary shares of 0.01p in the Company at a price of 1.4 pence per ordinary share. No interest or fees are payable on the Additional Notes.
Prior to 31 March 2026 the Company does not intend to incur any debt (other than in the ordinary course of business) or make any adjustments to its share capital while the Additional Notes are outstanding. Frazer Lang has committed to only redeem the Original Notes and Additional Notes for ordinary shares and not seek any cash repayment.
The Company has also issued warrants to Frazer Lang over 12,500,000 Ordinary Shares in the Company at an exercise price of 2p, to be exercised within two years of the date of issue.
Commenting, Allan Syms, Executive Chairman of Cizzle Biotechnology, said:
“The Company is making excellent progress in finding key partners to roll out our proprietary CIZ1B biomarker test that can help in early lung cancer detection. With an established route to market in North America and the Caribbean, we are committed to ensure that patients in the UK and elsewhere in Europe will also have access to a simple, non-invasive means to find cancer early when curative intervention is possible. Securing ongoing support from all our shareholders is critical in this journey and we want to thank in particular the significant investment and support we have received from Frazer Lang and his family. The further funding being received from Mr Lang provides important capital to accelerate our plans for growth and to make the test available to as many patients as soon as possible. In addition to the new programme in the UK, the Company will also continue to support its US partner Cizzle BIO Inc, to secure CLIA accreditation to take the test live in the near term, and to complete the ongoing Moffitt study to test patients with suspicious lung nodules in a clinical evaluation, as announced on 9 September 2024.”
Commenting, Frazer Lang said:
“I am delighted to extend my support for Cizzle through this additional funding, building on my existing shareholding. The Company’s progress in partnering with world-class organisations underscores the transformative potential of the CIZ1B test in early lung cancer detection. I remain fully committed to Cizzle’s mission and look forward to seeing the test benefit patients across the UK, Europe, and beyond.”
