Domo signs strategic collaboration agreement with AWS for AI solutions
CALABASAS, Calif. - NeOnc Technologies Holdings, Inc. (NASDAQ:NTHI), a clinical-stage biotech company with a market capitalization of $97.42 million, announced Monday it has completed the acquisition of an intellectual property portfolio featuring artificial intelligence, 3D bioprinting, and quantum modeling technologies for $3.5 million.
The transaction, comprising $500,000 in cash and $3 million in common stock at $25 per share, brings NeOnc a technology suite that includes U.S. Patent No. 11,788,057 B2. According to InvestingPro data, the company’s current ratio of 0.11 suggests careful cash management will be crucial for future operations.
The acquired technology enables the creation of patient-derived 3D brain tumor models and applies proprietary AI and quantum modeling algorithms to screen therapeutic candidates more efficiently, potentially shortening preclinical development timelines.
Concurrent with the acquisition, Dr. Ishwar K. Puri, Senior Vice President of Research and Innovation at the University of Southern California, has joined NeOnc’s Board of Directors.
"Finalizing this acquisition is a transformative milestone for NeOnc, equipping us with technology that complements our clinical-stage assets," said Amir Heshmatpour, Executive Chairman and President of NeOnc Technologies Holdings, in a press release statement.
NeOnc Technologies is a clinical-stage biotechnology company developing therapies for central nervous system cancers. While the company’s stock has seen a significant decline of nearly 52% over the past six months, recent momentum shows an 8.38% gain in the past week. The company’s NEO100 and NEO212 therapeutics are currently in Phase II clinical trials with FDA Fast-Track status. InvestingPro subscribers have access to 8 additional key insights about NTHI’s financial health and market position.
The newly acquired technology will support NeOnc’s research and development operations and its strategic partnership with Quazar Investment Group to advance clinical trials across the GCC region.
The company stated the technology will be integrated into its core operations to enhance its drug discovery capabilities for neurological cancers. With current earnings per share at -$2.31 and InvestingPro’s Fair Value analysis suggesting the stock is overvalued at current levels, investors may want to monitor the company’s progress in leveraging these new technologies to improve its financial position.
In other recent news, NeOnc Technologies Holdings, Inc. announced it will restate its first-quarter 2025 financials due to an error in calculating non-cash share-based compensation expenses. This adjustment is necessary because the company overstated expenses related to restricted stock units, which were not fully vested as previously reported. Additionally, NeOnc Technologies secured a $50 million investment from Quazar Investment following the incorporation of its subsidiary, NuroMENA Holdings Ltd., in Abu Dhabi. This investment aims to support the launch of NeOnc’s central nervous system platform in the Middle East and North Africa. The company also received $2.5 million in grants from the National Institutes of Health to advance its cancer drug NEO212. The grants include funding for preclinical studies in acute myelogenous leukemia and clinical development in newly diagnosed gliomas. Furthermore, NeOnc Technologies entered a $3.5 million agreement to acquire intellectual property assets involving 3D bioprinting and AI technologies, which are expected to enhance preclinical drug discovery for brain-targeted therapies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.