LONDON: Cardiogeni (AQSE: CGNI), a UK-based clinical-stage biotechnology company founded by 2007 Nobel Laureate Sir Martin Evans, has announced the signing of a memorandum of understanding (MoU) with the Private Office of Sheikh Al Qassimi.
This agreement is set to facilitate direct investment and funding for the company’s clinical trials focused on novel heart failure medicines.
The joint venture (JV) aims to secure a total funding amount of £20 million, which will support research, development, and clinical trials in the United Arab Emirates (UAE).
Key Terms of the MoU
The principal terms of the MoU include:
– £20 million in funding between 2025 and 2027.
– An initial investment of £5 million in the first half of 2025, with the remaining funds allocated to support the clinical development of Cardiogeni’s heart failure medicines through Phase 2b/3 trials.
– The establishment of a UAE-based joint venture corporation to oversee R&D, specialist manufacturing, Phase 2b/3 clinical trials, and the commercialization of Cardiogeni’s heart failure medicines in Gulf Cooperation Council (GCC) states, including the UAE, Saudi Arabia, Oman, and Bahrain.
– The JV agreement will include governmental and family office sponsorship to expedite the development process in the GCC region.
– The MoU is non-binding, with the parties aiming to negotiate and sign a legally binding license agreement by March 31, 2025.
Following the formation of the joint venture and completion of the initial investment, Cardiogeni plans to disclose details of the clinical development program, funding schedule, and anticipated development timelines.
Dr. Darrin M. Disley OBE, Executive Chairman of Cardiogeni, expressed his enthusiasm for the agreement: “Following our recent admission to AQSE, we are delighted to share news of such a meaningful development for the company. The receipt of the initial funding will advance our innovative heart failure medicines through ongoing Randomized Controlled Trials (RCT) in Europe, and through pivotal Phase 2b/3 human trials in a region with both an excellent medical research ecosystem and a significant unmet need due to high heart failure prevalence.”