NeOnc secures $50 million investment following UAE subsidiary formation

ABU DHABI - NeOnc Technologies Holdings, Inc. (NASDAQ:NTHI), currently valued at $91.14 million, announced Monday that its subsidiary NuroMENA Holdings Ltd. has been officially incorporated by the Abu Dhabi Global Market (ADGM), fulfilling all contingencies for a $50 million investment from Quazar Investment. The news comes as the company’s stock trades significantly above its InvestingPro Fair Value, having declined over 60% in the past six months.

The incorporation, completed on August 6, enables the finalization of the previously announced cornerstone investment, which aims to accelerate the launch of NeOnc’s central nervous system (CNS) platform across the Middle East and North Africa region.

"We view this as a defining moment for NeOnc and a major validation of our global vision," said Amir Heshmatpour, Executive Chairman and President of NeOnc Technologies.

The strategic alliance is expected to help advance NeOnc’s clinical programs, including NEO212 and NEO100, which are therapies targeting brain cancer and other CNS conditions.

Upon closing of the investment, NuroMENA will be majority-controlled by Quazar Investment, with joint governance oversight between the two companies. Quazar Investment is a strategic investment firm based in Abu Dhabi with over $3.3 billion in assets under management.

NeOnc Technologies is a multi-Phase 2 clinical-stage biotechnology company focused on developing therapies for brain cancer and other CNS disorders.

This article is based on a press release statement from NeOnc Technologies.

In other recent news, NeOnc Technologies Holdings, Inc. has announced several significant developments. The company has secured a $50 million investment led by Quazar Investment, following the incorporation of its subsidiary, NuroMENA Holdings Ltd., by the Abu Dhabi Global Market. This strategic partnership aims to bolster NeOnc’s central nervous system cancer treatment platform in the Middle East and North Africa. Additionally, NeOnc received two National Institutes of Health Small Business Technology Transfer grants totaling $2.5 million to further the development of its cancer therapeutic compound, NEO212. These grants include a $400,000 Phase 1 grant for preclinical studies in acute myelogenous leukemia and a $2.1 million Phase 2 grant for expanding clinical development into newly diagnosed gliomas.

Furthermore, NeOnc Technologies has signed a binding Letter of Intent to acquire intellectual property assets for $3.5 million. This acquisition involves 3D bioprinting, artificial intelligence, and quantum modeling technologies aimed at advancing brain-targeted therapies. The transaction includes U.S. Patent No. 11,788,057 B2, secured through a Patent Transfer Agreement with McMaster University. In related news, NeOnc’s stock experienced a 5.3% increase after announcing the $50 million strategic partnership with Quazar Investment, which includes a $35 million investment in shares and $15 million allocated for Phase 2B clinical trials and infrastructure development. These recent developments mark a period of strategic growth and investment for NeOnc Technologies.

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