09:27 AM EDT, 07/10/2025 (MT Newswires) -- NeOnc Technologies ( NTHI ) said Thursday it received board approval for a proposed $50 million equity investment with UAE-based Quazar Investment to support its expansion in the Middle East and North Africa.

The board approval, granted on June 30, marks the first of five milestones required to close the deal outlined in a non-binding term sheet signed earlier, the company said.

NeOnc ( NTHI ) said the transaction remains subject to other conditions agreed in the term sheet that need to be satisfied within 120 days.

The company's shares were up more than 34% in Thursday's premarket activity.