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Investing.com -- NeOnc Technologies Holdings Inc (NASDAQ:NTHI) stock jumped 8.3% after the clinical-stage biotechnology company announced signing a non-binding term sheet with Quazar Investment to establish a new UAE-based platform focused on the Middle East and North Africa region.
The agreement outlines plans to form NuroMENA Holdings Ltd, a wholly owned subsidiary of NeOnc, which will oversee NuroCure, an Abu Dhabi operating subsidiary. NuroCure will manage clinical trials for NeOnc’s late-stage drug candidates across the UAE and wider MENA region.
The non-binding term sheet contemplates a $50 million equity investment priced at $25 per share, subject to execution of definitive documentation expected by July 10, 2025. The investment is contingent upon NeOnc meeting certain conditions within 120 days of execution.
According to the terms, 70% of the funds will be used to acquire NeOnc common stock directly from the company, while 30% will be allocated toward launching clinical trials and infrastructure development in the region.
The partnership leverages the UAE’s clinical trial infrastructure through Cleveland Clinic Abu Dhabi, which conducts trials under US FDA protocols. NuroCure will initiate clinical trials for NEO100, a candidate for Diffuse Intrinsic Pontine Glioma, and NEO212, a therapy targeting glioblastoma multiforme.
Amir Heshmatpour, Executive Chairman & President of NeOnc, stated: "We believe this partnership should allow us to bring our lifesaving work into the heart of the MENA region. With Quazar’s strategic support and our shared commitment to transformative brain cancer therapies, we are building a model that combines global innovation with regional precision."
Quazar Investment, a $3.3 billion family office and holdings platform, conducts 99% of its business with UAE Government entities.
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