Listed UK-based diagnostics developer Cizzle Biotechnology has taken a further step forward in its research into and treatment of lung cancer after conditionally raising £500,000 through an issue of shares – with support from Shakespeare Martineau’s Birmingham office.
This involved the issue of a prospectus and the shares are expected to be admitted to trading on the London Stock Exchange on 26 September 2022.
Cizzle Biotechnology, which was originally a spin-out from the University of York, has also secured a further £500,000 to provide additional funds, if required. The funds will be used to provide working capital in developing its blood test for the early detection of lung cancer.
The Shakespeare Martineau team was led by Keith Spedding and legal director Jennie Davis.
Corporate partner Keith Spedding said: “It has been great to get this deal over the line, which will allow Cizzle to develop treatments and continue developing its blood test for the early detection of lung cancer. Lung cancer is incredibly hard to diagnose at an early stage as there are few clinical symptoms. However, Cizzle is working tirelessly to provide a solution to this problem.
“The biotech industry is absolutely fascinating – we are seeing huge movements and rapid growth in this market as clinical need increases, and technology and innovation races to keep up. It continues to show our expertise in listed company transactions.”
Lung cancer is one of the most common and serious types of cancer, with around 47,000 people diagnosed with the condition every year in the UK, according to the NHS.
In a clinical trial, data showed there was a significant increase in the migration of the regulatory T cells – which potentially reduce serious cardiovascular and lung diseases that are causative in the development of lung cancer, which Cizzle is developing a diagnostic test to identify – from the patients who had taken the drugs compared to those who had not.
Allan Syms, executive chairman of Cizzle Biotechnology, said: “I am delighted with the progress Cizzle is making and that we have secured this additional funding to implement the next steps in our strategy.
“Our work, using novel technologies that are simple and inexpensive, is of the utmost importance in enabling lung cancer to be detected at an early stage and thereby potentially preventing suffering and saving many lives.
“We sincerely thank our funders for their support and look forward to reporting further progress in due course.”
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