Interim Results19 Dec 2024 20:55
The RNS stated…
“With commercial antibodies in production and continuing the programme with BioTechne, the Company was pleased to announce on 2 April 2024 that it had signed a Memorandum of Understanding ("MoU") with a new business, funded by high-net worth individuals as an exclusive licensing partner for the USA and Canada. To align the interests of the two businesses, the US entity was named Cizzle Bio. The Company received a non-refundable upfront fee of US$100,000 and following the completion of the binding legal agreement, an initial up front royalty of US$300,000 is payable to Cizzle. Thereafter a royalty of 10% will be paid on revenues using the Company's technology, guaranteed by sequential minimum US$ 1 million payments on the 15th and 30th month anniversaries. The Company will also benefit in a 10% equity stake for no cash consideration.”
So far as I’m aware, this was the last official regulatory statement on the percentage regarding the equity stake in Ciz Bio Inc.
The subsequent signing of the agreement mentions no change in the % so as an investor, I would naturally assume that, unless told otherwise, this 10% equity still holds good. It doesn’t say 10% of equity if their only product is Ciz1b.
If the terms around our 10% equity have changed, then this should have been made clear in the Execution Of Agreement RNS. Failure to announce this change, if this really is the case would not only change my view on this agreement, it would put serious doubt in my mind with regard to the trust I afford to our CEO.