Cizzle Biotechnology Holdings plc (LON:CIZ), the UK based diagnostics developer, has provided an update on further progress with the Company’s planned strategic and exclusive licensing partner in the USA, Cizzle Bio Inc.
Following the Company’s signing of a Memorandum of Understanding (MoU) with BIO and the receipt of the initial non-refundable upfront fee of US$100,000, as announced on 2 April 2024, the Company has been working closely with BIO’s US management team to further progress the plans for bringing the Company’s CIZ1B biomarker test to market. BIO has already attracted significant interest within the clinical sector for the CIZ1B biomarker, generating a valuable pipeline of potential customers.
BIO has been successful with its initial investment round and has requested a 60-day extension to the completion of the binding legal agreement with Cizzle Biotechnology, as envisaged under the MoU, to enable BIO to complete on additional strategic investment that has been proposed. As Cizzle will be granted a 10% stake in BIO, for no cash consideration on closing, the Cizzle Directors believe that allowing for the extension will increase the value of the Company’s stake in BIO and with access to greater funds BIO will be able to accelerate the deployment of its go to market strategy for the Company’s CIZ1B biomarker test. Cizzle has therefore agreed to the 60-day extension. There are no other amendments to the terms of the MoU, detailed in the announcement on 2 April 2024, or amendments to BIO’s planned timetable of key milestones for bringing the Company’s CIZ1B biomarker test to market, as outlined in the Company’s announcement on 17 June 2024.
Further announcements will be made in due course as matters progress.
