1st Apr 2025 13:35
(Alliance News) - Cardiogeni PLC on Tuesday said it is making progress on a joint venture agreement in the UAE, to support the company's clinical trials.
The Stratford-Upon-Avon, England-based clinical-stage biotechnology company said the joint venture includes GBP20 million in non-dilutive licence funding.
The company had announced in February that it had signed a memorandum of understanding with the private office of Sheikh Al Qassimi to fund clinical trials and provide direct investment.
The company said the principal transaction terms are now being "enshrined in a legally binding agreement" which is expected to be signed and announced over the coming weeks.
These terms include GBP20 million in non-dilutive licence funding, with GBP5 million to be provided during the first half of 2025.
The joint venture will oversee the development and commercialisation of Cardiogeni's medicines in the Gulf Cooperation Council states including the UAE, Saudi Arabia, Oman and Bahrain. The project will benefit from support by regional government and family office sponsors to accelerate development.
The joint venture will oversee the development and commercialisation of Cardiogeni's medicines across Gulf Cooperation Council states, including the UAE, Saudi Arabia, Oman, and Bahrain. The company said the JV will benefit from support by regional government and family office sponsors to accelerate its development.
Shares in Cardiogeni were untraded on Tuesday, last quoted at 5.5 pence in London.
By Olivia Mason-Myhill, Alliance News reporter
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