NeOnc Technologies (NTHI, Financial) has made significant progress in its strategic agreement with Quazar Investment, having received vital approval from its Board of Directors. On June 30, the Board gave unanimous consent to proceed with a planned $50 million equity investment and expansion into the MENA region based on a preliminary agreement with Quazar. This approval represents the first of five necessary steps in finalizing the transaction.
The proposed deal involves Quazar spearheading a capital campaign to raise up to $50 million, with shares priced at $25 each. The structure outlines that 70% of the funds will be used to purchase NeOnc's common stock, while the remaining 30% will support the initiation of clinical trials and infrastructure development in the UAE and the broader MENA area.
NeOnc is required to fulfill additional conditions within the next 120 days, including establishing NuroMENA and NuroCure in Abu Dhabi, transferring a Sub-License Agreement to NuroCure, completing necessary documentation, and securing approval for a detailed two-year business plan and budget. The deal's completion is contingent on meeting these conditions and the success of the capital formation effort.
