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Investing.com -- Neonc Technologies Holdings Inc (NASDAQ:NTHI) stock fell 12.8% following the announcement of a definitive agreement to acquire intellectual property assets for $3.5 million in a mixed cash and stock transaction.
The clinical-stage biotechnology company, which focuses on brain cancer treatments, signed a binding Letter of Intent to purchase all equity interests in a yet-to-be-formed Delaware entity owned by Dr. Ishwar K. Puri and Beth R. Levinson. The acquisition includes U.S. Patent No. 11,788,057 B2, which features 3D bioprinting, artificial intelligence, and quantum modeling technologies aimed at accelerating preclinical drug discovery for brain-targeted therapies.
The transaction structure consists of $500,000 in cash and $3 million in Neonc common stock issued at $25 per share. As part of the deal, Dr. Puri, who currently serves as Senior Vice President of Research and Innovation at the University of Southern California, will join Neonc’s Board of Directors.
"Dr. Ishwar Puri’s appointment to our Board is a monumental addition to NeOnc’s global scientific leadership," said Amir Heshmatpour, Executive Chairman and President of NeOnc Technologies Holdings.
The acquired intellectual property will be integrated into Neonc’s existing platform and incorporated into the company’s Middle East partnership with Quazar Investment Group, which focuses on innovation and clinical trial execution across the GCC region.
Dr. Puri, who ranks among the top 0.4% of scholars worldwide by citation impact according to ScholarGPS, has authored over 200 publications and held various academic leadership positions in the U.S. and Canada.
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