Bould Opportunities PLC - cash shell - Agrees to buy Cizzle Biotechnology Ltd for GBP21 million, and intends for shares to be admitted to the Standard Listing segment of the Official List and trading on the Main Market of the London Stock Exchange, all of which are subject to shareholder approval at a general meeting.
Bould, formerly known as Photonstart LED Group, was classified as a cash shell on April 5. Cizzle Biotechnology is a spin-out from the University of York, founded in 2006, and is focused on patent protected technology for the early detection of lung cancer through the development of a blood test for the CIZ1B biomarker.
Bould also raises GBP2.2 million to provide working capital for the enlarged company's strategy.
Chair Allan Syms says: "I am delighted that we are today announcing the proposed acquisition of Cizzle Biotechnology. Cizzle Biotechnology has developed a simple blood test for the early detection of lung cancer based on detecting a circulating protein biomarker, CIZ1B, in the blood stream.
"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. 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."
The GM will be held on May 13.
By Paul McGowan; paulmcgowan@alliancenews.com
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