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Investing.com -- NeOnc Technologies Holdings Inc (NASDAQ:NTHI) stock jumped 5.3% after the clinical-stage biotechnology company announced signing a definitive agreement for a $50 million strategic partnership with Quazar Investment.
The agreement follows unanimous approval from NeOnc’s Board and involves Quazar acquiring 1.4 million shares at $25 per share, representing a $35 million investment to be held in custody at Morgan Stanley (NYSE:MS). The remaining $15 million will fund Phase 2B clinical trials and infrastructure development across the UAE and MENA region.
Under the partnership structure, 70% of the proceeds will go toward acquiring NeOnc common stock, while 30% is allocated for launching clinical trials and building infrastructure in the Middle East. The transaction must satisfy remaining conditions within 120 days, including legal formation of NuroMENA and NuroCure in Abu Dhabi.
"This definitive agreement sets the stage for accelerated global expansion and scientific innovation," said Amir Heshmatpour, Executive Chairman & President of NeOnc Technologies Holdings, Inc.
NeOnc Technologies, a multi-phase 2 clinical-stage biotechnology company, focuses on developing treatments for brain and central nervous system cancers. The partnership is expected to expand the company’s therapeutic footprint globally while establishing operational presence in the UAE.
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