York spinout Cizzle Biotechnology has undertaken a reverse merger with Bould Opportunities to list on the London Stock Exchange.
Cizzle Biotechnology, a UK-based developer of a blood test to detect lung cancer that was spun out of University of York, has completed a reverse merger with blank cheque company Bould Opportunities and listed on the London Stock Exchange (LSE).
The £21m ($29m) deal marks the first time that a York spinout has listed on LSE. The combined business will operate as Cizzle Biotechnology Holdings.
Founded in 2004 as M&R 971, Cizzle Biotechnology has created a blood test for the early detection of lung cancer. It is based on research by Prof Dawn Coverley.
Proceeds from the merger have been allocated to securing CE accreditation for its product before moving it into clinical trials.
Cizzle secured $716,000 in funding from Finance Yorkshire’s Seedcorn Fund and existing investors Yorkshire Cancer Research and White Rose Technology Seedcorn Fund also continued. The company’s early backers also included Viking Members.
