Business
Update on North American Strategic Licensing MoU
Update on North American Strategic Licensing MoU.
About this update from Cizzle Biotechnology Holdings Plc
[{"type":"text","content":"\n\n17 June 2024\nCizzle Biotechnology Holdings plc\n(\"Cizzle\", \"Cizzle Biotechnology\", or \"the Company\")\nUpdate on Strategic Licensing and Partnership Memorandum of Understanding for North America\nAnd\nExtension of Research Agreement with the University of York to conduct Clinical Evaluation with Leading US Cancer Centre.\nCizzle Biotechnology, the UK based diagnostics developer, is pleased to announce that as a result of its early collaboration with its planned strategic and exclusive licensing partner in the USA, Cizzle Bio Inc (\"BIO\"), its proprietary test for the CIZ1B biomarker has been selected as part of a major study being conducted at a leading cancer centre in the USA.\nIn addition, the Company's continuing assay development and clinical evaluation of CIZ1B, which is is highly associated with early-stage lung cancer, is underpinned by renewal of a research and development contract with the University of York. Subject to local ethical approvals, a new phase of work will provide clinical results on patients suspected to have early stage lung cancer arising from CT scanning in the US cancer centre. The new research agreement with the University of York will run until July 2025.\nFollowing the Company's signing of a Memorandum of Understanding (\"MoU\") with BIO, as announced on 2 April 2024, the Company received the initial non-refundable upfront fee of US$100,000 and expects a binding legal agreement to be completed within the envisaged 120 day period from signing the MoU, with a further US$300,000 payment to Cizzle on signing the binding agreement. The Company has been working closely with BIO's US management team to determine a timetable with key milestones for bringing the company's CIZ1B biomarker test to market. Further details on BIO's plans are outlined below. Details of the first hospital locations, clinical trials and initial deployment sites are confidential at this time, but will be announced in due course.\nKey Highlights\n• Cizzle received an up-front payment of US$100,000 as a non-refundable fee to grant BIO an exclusive negotiating period of 120 days from the signing of the MoU on 1 April 2024.\n• It is anticipated that the binding agreement, together with an initial royalty payment of US$300,000, will be completed within this 120 day period and wi...