9 July 2024
Cizzle Biotechnology Holdings
Plc
("Cizzle
Biotechnology", "Cizzle" or the "Company")
Issue of Share Options in
Lieu of Consultancy Fees
Cizzle Biotechnology, the UK based
diagnostics company focused on developing a cost effective
biomarker test to help detect early-stage lung cancer, announces an
award of share options over ordinary shares of 0.01 pence
("Ordinary Shares") to
Makabo Limited ("Makabo")
in lieu of consultancy fees.
The Company is currently focussed on
its roll out phase in North America and to support Cizzle's
commercialisation and communication strategy, the Company has
entered into an agreement with Makabo, with an effective date of 24
June 2024 (the "Agreement"). The Agreement will
provide resources, for an initial period of six months, to support
the Board in the areas of strategy, partnerships, licensing and
shareholder communications, as the Company considers its further
global expansion.
Pursuant to the Agreement, Makabo
has agreed to waive payment of more than 85 per cent. of its
entitled fees and link remuneration directly to the success of the
Company, and Makabo delivering enhanced shareholder value, by
accepting share options over new Ordinary Shares (the "Options"). Accordingly, Makabo
will be issued with 2,464,625 Options in aggregate over the initial
six months of the Agreement, with the Options having an exercise
price of 1.622965p per ordinary share, being the volume weighted
average price ("VWAP") of
the Ordinary Shares for the month of June 2024. The Options will be
granted on a pro-rata monthly basis and will all vest and become
exercisable on 25 June 2025 assuming that the VWAP of the Ordinary
Shares for the period 25 May 2025 to 24 June 2025 is equal or
greater than 3.24593p, being twice or greater than the Options
grant price. The Options will be then remain exercisable until 25
June 2027.
The Options have been granted
outside of, and in addition to, grants made under the Company's
existing share option schemes. Following the grant of the
Options, the total number of Ordinary Shares under option is
51,150,068, representing 12.9% of the Company's issued share
capital.
Allan Syms, Executive Chairman of Cizzle Biotechnology,
said:
"Cizzle operates a very lean structure and I
believe having further diverse input and support for the Cizzle
Board at this inflection point, from an adviser whose remuneration
is directly aligned with shareholders' interests, is key to
maximising value for all stakeholders. Ensuring we have the right
resources to realise the opportunities ahead is key to the success
of our business and the generation of shareholder value. This is an
exciting time for the Company as we aim to transform our business
from a research and development focused company to one with revenue
generating products available in the market to facilitate early
cancer detection. We look forward to working closely with Makabo
over the coming months to develop and deliver on our key strategic
goals."
Enquiries:
|
Cizzle Biotechnology Holdings plc
Allan Syms (Executive
Chairman)
|
Via IFC
Advisory
|
|
Allenby Capital Limited
John Depasquale/George Payne
(Corporate Finance)
Stefano Aquilino/Amrit Nahal (Sales
and Corporate Broking)
|
+44(0) 20
3328 5656
|
|
Novum Securities Limited
Colin Rowbury / Jon
Bellis
|
+44(0) 20
7399 9400
|
|
IFC
Advisory Limited
Tim Metcalfe / Florence
Chandler
|
+44(0) 20
3934 6630
|
About Cizzle Biotechnology
Cizzle is developing a blood test
for the early detection of lung cancer. The Company is a spin- out
from the University of York, founded in 2006, around the work of
Professor Coverley and colleagues. Its proof-of-concept prototype
test is based on the ability to detect a stable plasma biomarker, a
variant of CIZ1 known as CIZ1B. CIZ1 is a naturally occurring cell
nuclear protein involved in DNA replication, and the targeted CIZ1B
variant is highly correlated with early-stage lung cancer. For more
information, please see https://cizzlebiotechnology.com
You can also follow the Company
through its twitter account @CizzlePlc and on LinkedIn.
