NeOnc Technologies signs $50M term sheet with Quazar to launch platform in UAE

NeOnc Technologies (NTHI) has signed a non-binding term sheet with Quazar Investment to form a new UAE-based investment and clinical platform focused on the Middle East and North Africa, or MENA, region. The non-binding term sheet outlines the formation of NuroMENA Holdings, a wholly owned holding company of NeOnc, which will oversee the incorporation of NuroCure, an Abu Dhabi onshore operating subsidiary. NuroCure will be responsible for initiating and managing clinical trials for NeOnc’s late-stage drug candidates across the UAE and the wider GCC and MENA region. The partnership leverages the UAE’s clinical trial infrastructure through Cleveland Clinic Abu Dhabi, which conducts trials under US FDA protocols. The non-binding term sheet contemplates a $50M equity investment, subject to execution of definitive documentation expected by July 10. The investment is contingent upon NeOnc Technologies satisfying certain conditions within 120 days of execution. Quazar will control and lead a capital formation round of up to $50M, priced at $25 per share. 70% of the funds will be used to acquire NeOnc Technologies common stock at $25/share, directly from NEONC. 30% will be allocated toward launching and scaling clinical trials, regulatory filings, and infrastructure development across the UAE and MENA region, through NuroCure, the Abu Dhabi-based operating company. The transactions contemplated by the term sheet are subject to a variety of conditions.