Cizzle Biotechnology, a University of York spin-out company, is being acquired by London’s Bould Opportunities for £21 million.
Cizzle was founded in 2006 around the work of Professor Coverley and colleagues. It is focused on patent protected technology for the early detection of lung cancer through the development of a blood test for the CIZ1B biomarker.
The Company has conditionally raised gross proceeds of £2.2 million by way of a Placing in order to provide working capital for the combined entity’s strategy.
It is proposed that the Company’s name be changed to Cizzle Biotechnology Holdings ahead of its placing on the London Stock Exchange.
“I believe that the acquisition of Cizzle Biotechnology presents a compelling potential value opportunity for the Company, with a technology looking to address an urgent clinical need,” said Allan Syms, Chairman of Bould Opportunities.
“I would like to thank both the Bould and Cizzle shareholders for their considerable patience and hope that Bould shareholders support the Proposals at the forthcoming General Meeting.”