NeOnc signs non-binding term sheet for $50 million UAE investment

CALABASAS, Calif. - NeOnc Technologies Holdings, Inc. (NASDAQ:NTHI), a $110.36 million market cap biotechnology company, has signed a non-binding term sheet with Quazar Investment to establish a new UAE-based platform focused on brain cancer clinical trials in the Middle East and North Africa region, according to a press release statement.

The agreement outlines the formation of NuroMENA Holdings Ltd, a wholly owned holding company of NeOnc, which will oversee NuroCure, an Abu Dhabi operating subsidiary. NuroCure will manage clinical trials for NeOnc’s drug candidates NEO100 and NEO212, which target aggressive brain cancers.

The term sheet contemplates a $50 million equity investment priced at $25 per share, with 70% of funds used to acquire NeOnc common stock and 30% allocated toward clinical trials and infrastructure development in the region.

The transaction is contingent upon several conditions to be completed within 120 days, including board approval (already secured on June 30), legal formation of the entities, execution of a sub-license agreement, and finalization of offering documents.

The partnership will leverage clinical trial infrastructure through Cleveland Clinic Abu Dhabi, which conducts trials under US FDA protocols. Dr. David Peereboom, Head of Neuro-Oncology at Cleveland Clinic, serves on NeOnc’s Scientific Advisory Board.

This marks NeOnc’s first international expansion of its clinical programs. The company’s drug candidates target Diffuse Intrinsic Pontine Glioma and glioblastoma multiforme, aggressive brain cancers with limited treatment options.

Quazar Investment, a $3.3 billion family office and holdings platform, conducts 99% of its business with UAE government entities.

Definitive documentation is expected by July 10, though the press release notes the transaction remains subject to final negotiations and approvals.

In other recent news, NeOnc Technologies Holdings, Inc. announced the appointment of Dr. Josh Neman as its new Chief Clinical Officer. Dr. Neman, who previously worked at the University of Southern California, is known for his expertise in cancer neuroscience and translational research. In his role, he will lead NeOnc’s clinical development strategy, which includes overseeing four ongoing clinical trials. Notably, the company’s Phase 2a trial of its lead compound, NEO100, has completed enrollment ahead of schedule. This compound is part of NeOnc’s initiative to develop treatments that can penetrate the blood-brain barrier and target brain malignancies effectively. The company is also exploring the use of AI and quantum computing to enhance its drug delivery platform. NeOnc’s intellectual property portfolio includes 176 patents worldwide, underscoring its commitment to precision therapies for CNS cancers. These developments are part of NeOnc’s broader strategy to advance its clinical programs and strengthen its position in the biopharmaceutical industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.