NeOnc Technologies completes $3.5 million AI and bioprinting IP acquisition

NeOnc Technologies Holdings Inc. (NASDAQ: NTHI) completed its acquisition of an intellectual property portfolio focused on artificial intelligence, 3D bioprinting, and quantum modeling technologies for $3.5 million, the company announced.

The biotechnology company paid $500,000 in cash and $3 million in common stock at $25 per share for the IP portfolio, which includes U.S. Patent No. 11,788,057 B2. The technology enables creation of patient-derived 3D brain tumor models for drug screening using AI and quantum modeling algorithms.

The acquisition aims to enhance NeOnc's drug discovery capabilities for central nervous system cancers. The company operates multiple Phase 2 clinical trials and holds exclusive licenses for NEO100 and NEO212 therapeutics, which have FDA Fast-Track and Investigational New Drug status.

NeOnc appointed Dr. Ishwar K. Puri to its board of directors concurrent with the acquisition closing. Puri serves as Senior Vice President of Research and Innovation at the University of Southern California and holds fellowships with the American Association for the Advancement of Science, Canadian Academy of Engineering, and American Society of Mechanical Engineers.

"Finalizing this acquisition is a transformative milestone for NeOnc, equipping us with technology that complements our clinical-stage assets," said Executive Chairman and President Amir Heshmatpour in a statement.

The technology will be integrated into NeOnc's research and development operations and support the company's strategic partnership with Quazar Investment Group for clinical trials in the Gulf Cooperation Council region. NeOnc's patent portfolio extends to 2038 and covers treatments for oncological and neurological conditions.

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