REG - Cizzle Biotechnology - Issue of Share Options in Lieu of Consultancy Fees

Cizzle Biotechnology HoldingsAnnouncement

09/07/2024 07:00

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RNS Number : 5854V  Cizzle Biotechnology Holdings PLC  09 July 2024

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                            Via IFC Advisory

 Allan Syms (Executive Chairman)

 Allenby Capital Limited                                      +44(0) 20 3328 5656

 John Depasquale/George Payne (Corporate Finance)

 Stefano Aquilino/Amrit Nahal (Sales and Corporate Broking)

 Novum Securities Limited                                     +44(0) 20 7399 9400

 Colin Rowbury / Jon Bellis

 IFC Advisory Limited                                         +44(0) 20 3934 6630

 Tim Metcalfe / Florence Chandler

 

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 (https://cizzlebiotechnology.com/)

You can also follow the Company through its twitter account @CizzlePlc and on
LinkedIn.

 

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