Cizzle Biotechnology Holdings plc (LON:CIZ), a UK-based diagnostics developer, has provided an update on future progress with Cizzle Bio Inc., its planned exclusive strategic licensing partner in the US.
Following the signing of a Memorandum of Understanding (MoU) with BIO and receipt of an initial non-refundable upfront payment of USD 100,000 as announced on April 2, 2024, the Company has been working closely with BIO’s U.S. management team to further advance its plans to bring its CIZ1B biomarker test to market. BIO has already generated significant interest within its clinical division for the CIZ1B biomarker, generating a valuable pipeline of potential customers.
BIO has been successful in its initial investment round and has requested a 60-day extension to the completion of its legally binding agreement with Cizzle Biotechnology as contemplated in the Memorandum of Understanding to enable it to complete its proposed additional strategic investment. Because Cizzle will acquire 10% of BIO’s shares without cash consideration upon closing of the transaction, Cizzle’s directors believe that granting an extension will increase the value of our shares in BIO and provide access to greater capital, thereby enabling BIO to accelerate the deployment of our go-to-market strategy for our CIZ1B biomarker test. Accordingly, Cizzle has agreed to the 60-day extension. There are no other amendments to the terms of the Memorandum of Understanding detailed in our April 2, 2024 Announcement, nor are there any amendments to BIO’s anticipated timeline of key milestones for bringing our CIZ1B biomarker test to market as outlined in our June 17, 2024 Announcement.
Further announcements will be made in the coming days as the situation develops.
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