Business
Corporate Update
Corporate Update.
About this update from Coiled Therapeutics Plc
[{"type":"text","content":"\n\n13 May 2025\nRoquefort Therapeutics plc\n(\"Roquefort Therapeutics\" or the \"Company\")\nCorporate Update\n \nRoquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth immunology and oncology markets, provides an update on the two previously announced material corporate transactions and the forward strategy for the Company.\n \nMaterial Corporate Transactions\nSale of Lyramid for US$10.8 Million\nOn 1 February 2025 the Company signed a binding share purchase agreement (the \"SPA\") for the sale of its wholly owned subsidiary Lyramid Pty Ltd (\"Lyramid\") to Pleiades Pharma Limited (\"Pleiades\") for a consideration amount of US$10.8 million. Completion of the SPA is contingent inter alia on Pleaides finalising certain in-licensing transactions (the \"Licensing Condition Precedent\") and completing a current fundraising round no later than 30 June 2025 (the \"Funding Condition Precedent\"). As announced on 4 March 2025, the Licensing Condition Precedent has been satisfied with the Funding Condition Precedent remaining outstanding.\n \nPleiades has advised that its fundraising has progressed to the level of negotiating term sheets with certain high-profile investors in the United Arab Emirates (\"UAE\") and, whereas there can be no guarantees, Pleiades remains confident of satisfying the Funding Condition Precedent on schedule.\n \nThe completion of the transaction with Pleiades will give the Company and its shareholders exposure to a well-funded company with a significant portfolio of pre-clinical and clinical assets including a Phase 3 stage cell therapy and Phase 2 stage vaccine. A future trade-sale or stock exchange listing of Pleiades may result in a significant cash windfall to the Company which could be distributed to shareholders as a special dividend.\n \nSale of Oncogeni Ltd for up to US$12 Million\nAs announced on 10 March 2025, the Company signed a term sheet for the proposed sale of its wholly owned subsidiary Oncogeni Ltd (\"Oncogeni\") to The Nation Trust Holding LLC (\"Nation Trust\") for a consideration cash amount of up to US$12 million (the \"Term Sheet\"). It was the intention of the parties to sign a binding share purchase agreement (the \"Oncogeni SPA\") within 60 days of signing...