Cardiogeni PLC (AQSE:CGNI), the UK biotech firm founded by Nobel Prize-winning scientist Sir Martin Evans, is finalising a joint venture deal in the United Arab Emirates that includes £20 million in funding to advance its novel heart failure treatments.
The company, which is listed on London’s AQSE Growth Market, said a legally binding agreement is expected to be signed in the coming weeks.
The deal will see £5 million provided this year as part of a broader non-dilutive licence package.
The joint venture will focus on bringing Cardiogeni’s medicines to market across the Gulf Cooperation Council region, including the UAE, Saudi Arabia, Oman and Bahrain.
The initiative is backed by local government and family office sponsors, which Cardiogeni says will help speed up regulatory and commercial progress in the region.
The company’s lead therapy, CLXR-001, is a cell-based medicine designed to treat heart failure by regenerating damaged heart tissue.
It is administered during bypass surgery and aims to improve both survival and quality of life.
A phase II trial in the European Union showed statistically significant improvements in heart function, reduced scarring and better patient-reported outcomes.
A new trial is underway, with interim results expected within 18 months.
Cardiogeni’s longer-term pipeline includes treatments aimed at patients undergoing stent procedures and those recovering from heart attacks.
Each candidate targets large patient populations and has the potential, the company believes, to become a blockbuster therapy.
The joint venture represents a major step forward for the biotech, providing capital to continue clinical development and a path to commercialisation in one of the world’s fastest-growing healthcare markets.