This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
24 July 2025
Cardiogeni PLC
("Cardiogeni" or the "Company")
Details of the Advanced Subscription and Company update
Cardiogeni (AQSE: CGNI), the UK clinical stage biotechnology company founded by 2007 Nobel Laureate Professor Sir Martin Evans to develop innovative heart failure medicines, provides additional details regarding the advanced subscription announced earlier today ("Advanced Subscription") and an update on Company progress in the first half of 2025.
While progressing the Company's clinical and corporate development strategy in the UAE, the Company remains committed to the UK and has completed two UK funding rounds with institutional and UHNW investors announced on May 22 2025 and the Enterprise Investment Scheme Advanced Subscription agreements announced on July 24 2025.
Advanced Subscription Details
The Advanced Subscription is an EIS compliant instrument allowing investors to subscribe for ordinary shares at a discount of 25% to the issue price at the next round of funding conducted by the Company raising at least £100K ("Funding Round") or to the closing mid-market share price on the 16th January 2026 ("Longstop Date"). This issuance of the Advanced Subscription shares will take place immediately either before the completion of a new Funding Round, a company exit, by the Longstop Date (if neither event occurs), or in the event of insolvency occurring before any of abovementioned the events, immediately prior to the occurrence of such insolvency event.
Additional information regarding the issue price, the number of ordinary shares that will be issued pursuant to the Advanced Subscription and the Admission of these shares to trading on the AQSE Growth Market will be announced as soon as the shares are to be issued.
The Advanced Subscription totals £150,000 before costs which has been received and the proceeds may be used to facilitate a potential dual listing on the AIM Market of the London Stock Exchange or a similar exchange, subject to market conditions during the second half of 2025. The funds will also provide the Company with additional working capital.
UAE JV and Funding Update
Following the Company's announcements dated 10 February 2025, 1 April 2025 and 5th June 2025, the Company has formed a joint venture ("JV") company in the United Arab Emirates JV to undertake the development and commercialisation of Cardiogeni's medicines in the UAE and Gulf Cooperation Council region ("GCC"). The principal terms of the JV will include £20m in non-dilutive license funding of which £5m is now expected to be provided in H2 2025.
The JV company has been established in the Abu Dhabi Global Market, ADGM, which provides a number of strategic benefits to address the GCC market, including an independent legal jurisdiction with its own civil and commercial laws, with direct application of English Common Law [1] , zero corporate tax and an extensive network of double taxation treaties with no withholding tax and restrictions on repatriation of profits. [2]
The Company is committed to progressing this parallel UK and GCC strategy to develop its innovative heart failure medicines and will provide further updates to the market in in due course.
END
About Cardiogeni
Founded by Nobel Laureate, Professor Sir Martin Evans, the Cardiogeni Group is developing a new class of life-saving cellular medicines. The Group's platform technology enables the creation of unique (living) cells that are engineered with a specific therapeutic function.
The Group's lead product, CLXR-001, is a patented engineered cellular medicine to treat heart failure patients which is administered during coronary artery bypass grafting surgery. The Group's novel epigenetic cellular reprogramming technology was developed in-house by Professor Sir Martin Evans and the platform along with the pipeline of medicines in development are protected by a portfolio of ~100 international patents and trademarks.
CLXR-001 targets heart failure which will affect 1 in 4 people in their lifetime and is not reversible or curable. CLXR-001 consists of a novel allogeneic (off-the-shelf) cell type, iMP cells, engineered for cardiac regeneration whose mechanism of action is to regenerate damaged heart tissue and restoration of improved heart function improving both the life expectancy and quality of life of patients.
CLXR-001 targets the cardiac market niche of CABG surgery with ~400,000 patients per year in the US alone. The Group's two follow-on products target larger cardiac market segments of stent treatment (over two million patients per year) and myocardial infarction (heart attack, over one million patients per year). Each of the products has the potential to become a first or best-in-class blockbuster ($1B in annual sales) medicine
CLXR-001 has successfully completed an EU Phase II investigator sponsored clinical trial in which patients showed a statistically significant (P<0.05) improvement in all end-point targets including heart function, reduction in heart scarring and an improvement in quality of life.
CLXR-001 has received regulatory approval to begin a randomized controlled trial from the national regulatory authority of a European Union member country and this trial has begun dosing patients with interim data expected to read-out within 18 months.
The Company's admission document is available to view on its website: www.cardiogeni.com
The Directors of Cardiogeni accept responsibility for this announcement.
For further information please contact:
| Cardiogeni PLC |
|
| Darrin Disley, Executive Chairman Ajan Reginald, Executive Officer |
Via First Sentinel |
|
First Sentinel Corporate Finance Limited, Corporate Adviser |
|
| Brian Stockbridge |
+44 (0) 7858 888007 |
|
SP Angel Corporate Finance LLP, Corporate Broker |
|
| David Hignell Vadim Alexandre Devik Mehta |
+44 20 3470 0470 |
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