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Highlights
- Cardiogeni secures £20 million funding for heart failure clinical trials in UAE.
- Joint venture with UAE Private Office to develop medicines for GCC region.
- Initial investment of £5 million planned for H1 2025 to accelerate trials.
Cardiogeni (AQSE:CGNI), a UK-based clinical-stage biotechnology company, is pleased to announce a significant development in its pursuit of innovative heart failure treatments. The company has signed a memorandum of understanding (MoU) with the Private Office of Sheikh Al Qassimi, a strategic partner based in the United Arab Emirates (UAE), to secure direct investment and funding for its clinical trials.
The MoU establishes a framework for a joint venture (JV) between Cardiogeni and the Private Office of Sheikh Al Qassimi. The partnership will provide £20 million in funding for the company's research, development, and clinical trials in the UAE. This investment is critical in advancing Cardiogeni's novel heart failure medicines through human trials, which have the potential to address a significant unmet need in the Gulf Cooperation Council (GCC) region, including the UAE, Saudi Arabia, Oman, and Bahrain.
The principal terms outlined in the MoU include the following key points:
- Funding Amount: £20 million over the period from 2025 to 2027.
- Initial Investment: £5 million will be provided in H1 2025, with the remaining funds directed toward the clinical development of Cardiogeni's heart failure medicines through Phase 2b/3 clinical trials.
- Joint Venture Formation: A UAE-based joint venture corporation will be established to manage research and development (R&D), specialist manufacturing, Phase 2b/3 clinical trials, and commercialization efforts within the GCC states.
- Government and Family Office Support: The JV agreement will also benefit from relevant governmental and family office sponsorship to accelerate the development of Cardiogeni’s medicines in the region.
- Non-Binding Agreement: The MoU is non-binding, with both parties committed to negotiating a legally binding license agreement by March 31, 2025.
Dr. Darrin M Disley OBE, Executive Chairman of Cardiogeni, expressed his excitement about the partnership: "Following our recent admission to AQSE, we are delighted to share news of such a meaningful development for the company. The initial funding will facilitate the advancement of our innovative heart failure medicines through ongoing Randomized Controlled Trials (RCT) in Europe, and, through the JV to be formed, we will advance these trials in the GCC region, which has a significant unmet need due to a high prevalence of heart failure."
The partnership between Cardiogeni and the UAE Private Office represents a significant milestone for the company as it continues to expand its global reach and accelerate the development of groundbreaking heart failure treatments. The joint venture will benefit from the UAE’s strong medical research ecosystem and the region's growing healthcare market.
Following the formation of the joint venture and the receipt of initial funding, Cardiogeni plans to disclose further details of its clinical development program, including the forward funding schedule and anticipated timelines for expedited trials. The company will continue to provide updates to its shareholders as developments progress.
