Update on Strategic Partnership in North America

Cizzle Biotechnology Holdings PLC

25 July 2024

 

25 July 2024

Cizzle Biotechnology Holdings plc

("Cizzle", "Cizzle Biotechnology", or "the Company")

Update on Strategic Licensing Partnership in North America

Cizzle Biotechnology, the UK based diagnostics developer, is pleased to provide an update on further progress with the Company's planned strategic and exclusive licensing partner in the USA, Cizzle Bio Inc ("BIO").

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, 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.

Enquiries:

Cizzle Biotechnology Holdings plc	Via IFC Advisory
Allan Syms (Executive Chairman)

Allenby Capital Limited	[phone]
John Depasquale
George Payne

Novum Securities Limited	[phone]
Colin Rowbury Jon Bellis

IFC Advisory Limited	[phone]
Tim Metcalfe
Florence Chandler

About Cizzle Biotechnology

Cizzle is developing a blood test for the early detection of lung cancer. The Company is a spin- out from the University of York, founded in 2006, around the work of Professor Coverley and colleagues. Its proof-of-concept prototype test is based on the ability to detect a stable plasma biomarker, a variant of CIZ1 known as CIZ1B. CIZ1 is a naturally occurring cell nuclear protein involved in DNA replication, and the targeted CIZ1B variant is highly correlated with early-stage lung cancer. For more information, please see https://cizzlebiotechnology.com

You can also follow the Company through its twitter account @CizzlePlc and on LinkedIn.

About Cizzle Bio Inc

Cizzle Bio Inc, a company registered in Texas USA, has been created by a group of high-net-worth individuals with a passion to improve cancer patient survival.  Recognising that one of the main causes of poor survival rates for certain cancers, and in particular lung cancer, is because diagnosis is often when the disease is at an advanced state, there is an unmet need for a simple blood test that can be used to detect cancer early. BIO is led by Bill Behnke, who has been pioneering Cizzle Biotechnology's marketing activities in the USA and is an accomplished entrepreneur and performance-driven senior executive with an extensive background of success in funding and building healthcare businesses through direct sales, marketing, sales management, and business development.  He is heavily engaged in charitable work for cancer, and served a nine-year tenure on the national board of the Leukemia and Lymphoma Society.  He currently serves on the boards of the ASCO Foundation's Conquer Cancer; the AYA Cancer Foundation; The Wheeler Group; Children's Shelter of San Antonio; South Texas Blood and Tissue Center; and the Leukemia and Lymphoma Society. 

 

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