10th Feb 2025 11:28
(Alliance News) - Cardiogeni PLC on Monday said it has signed a memorandum of understanding with the private office of Sheikh Al Qassimi to provide direct investment and fund its clinical trials.
The Stratford-Upon-Avon, England-based clinical-stage biotechnology company said funding will be through the formation of a joint venture, with a total amount of GBP20 million to complete research, development and clinical trials in the United Arab Emirates.
The funding covers a period from 2025 from 2027, with an initial investment of GBP5 million in the first half of 2025 and the remainder funding clinical trials of Cardiogeni's heart failure medicines.
The UAE joint venture corporation will complete research and development, specialist manufacturing, clinical trials and commercialisation in the Gulf Cooperation Council states including the UAE, Saudi Arabia, Oman and Bahrain.
The company said the agreement includes government and family office sponsorship to speed up development.
The agreement is non-binding, with negotiations for a legally binding license agreement taking place throughout February with an aim for a final signed agreement by the end of March.
Cardiogeni started trading on the Aquis Stock Exchange at the end of January.
Executive Chair Darrin Disley said: "Following our recent admission to AQSE we are delighted to be able to share news of such a meaningful development for the company.
"The receipt of the initial funding will facilitate advancement of our innovative heart failure medicines through the ongoing randomised controlled trial in Europe and, via the JV to be formed, through pivotal human trials in a region that has both an excellent medical research eco-system and access to a market with a significant unmet need due to a high prevalence of heart failure."
The stock was quoted at 45.00 pence on AQSE on Monday morning.
By Michael Hennessey, Alliance News reporter
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