Roquefort Therapeutics PLC (LSE:ROQ) shares fell 7% to 1.3p after it updated the market on its AO-252 license agreement and clinical progress, extending the long stop date for completion of the transaction to 16 March 2026.
Last month the biotech ageed a deal to gain worldwide rights to the experimental oncology drug, which is currently undergoing a Phase I trial in the US for advanced solid tumours, with Coiled Therapeutics USA due to receive £25.5 million in shares if certain conditions are met, including a planned fundraising of at least £10.5 million and a shift from the Main Market to AIM.
Coiled USA has now expanded its Phase I trial to include all solid tumours and has now prioritised prostate cancer as the primary indication, with the first patient dosed in November in Cohort 4b.
Roquefort said pre-clinical data supported this focus, noting complete or partial responses in VCaP xenografts and strong tumour growth inhibition across AR-independent and AR-resistant models.
Coiled USA is enrolling further patients at the Cohort 4b dose level and has begun a food-effect study to optimise drug exposure.
The amendment to the license agreement increases upfront share consideration to £31.88 million and revises deferred consideration linked to future market capitalisation milestones.