Cizzle Biotechnology Holdings PLC (LSE:CIZ) shares surged 21% on Monday after the cancer diagnostics group unveiled a significant step forward for its lung cancer test in the United States.
The company said its North American licensing partner, Cizzle Bio Inc, has struck a deal with a major multi-site clinical diagnostics group to launch the CIZ1B biomarker test nationwide.
The assay is designed to detect lung cancer at an early stage, and the new partner is accredited by both COLA and CLIA, the two main regulatory bodies for US laboratories.
Cizzle also announced that it had received an early royalty payment of $125,000, bringing total receipts to $525,000 out of a guaranteed $2.4 million due under its agreement with Cizzle Bio.
A revised payment schedule now means the remaining royalties will be settled by the end of 2026, earlier than the April 2027 deadline previously agreed.
Executive chairman Allan Syms said the shift to a larger multi-site partner reflected the scale of the market opportunity. He added that the new royalty timetable showed “BIO’s commitment to our strong partnership.”
The shares rose 0.28p to 1.58p.