Cardiogeni PLC (AQSE:CGNI) has inked a £20 million agreement with the UAE Private Office of Sheikh Al Qassimi to support the development of its heart failure medicines.
A memorandum of understanding (MoU) envisages that the funding will be provided through a joint venture, which will oversee research, clinical trials, and commercialisation in the United Arab Emirates (UAE) and Gulf Cooperation Council (GCC) states.
It outlines an initial £5 million investment in the first half of 2025, with the remaining funds supporting Phase 2b/3 clinical trials in the future.
The JV will focus on specialist manufacturing and market expansion across GCC countries, including Saudi Arabia, Oman, and Bahrain.
"Following our recent admission to AQSE we are delighted to be able to share news of such a meaningful development for the company,” executive chair Dr Darrin Disley said in a statement.
“The receipt of the initial funding will facilitate the advancement of our innovative heart failure medicines through the ongoing randomised controlled trial (RCT) in Europe and, via the JV to be formed, through pivotal P2b/3 human trials in a region that has both an excellent medical research eco-system and access to a market with a significant unmet need due to a high prevalence of heart failure."
It is a non-binding agreement, presently, and the parties will now finalise a concrete deal by the end of March.