Reliance Global Group, Inc. (NASDAQ: EZRA) shares were flat Monday. The Lakewood, New Jersey-based firm announced that LifeSci Global Group LLC the biotech arm of EZRA International Group, has completed a strategic investment in Innervate Radiopharmaceuticals, a developer of positron emission tomography (PET) imaging and therapeutic radiopharmaceuticals focused initially on neuroblastoma and broader future applications in cardiovascular and neurodegenerative disease.
This investment reflects an initial capital deployment within a broader strategy to build exposure to high-growth healthcare platforms through disciplined, staged allocation over time.
“The transaction,” reads this morning’s news release, “gives Reliance entry into a late-stage radiopharmaceutical platform targeting a serious unmet need in pediatric oncology, with additional expansion opportunities in cardiovascular and neurodegenerative disease and the potential for a valuable Priority Review Voucher pathway.”
Reliance believes the investment represents a compelling opportunity to participate in a differentiated healthcare platform with meaningful near-term upside and substantially larger long-term expansion potential.
As part of the transaction, LifeSci Global is set to acquire 421,053 shares of Innervate Radiopharmaceuticals at $4.75 per share, for a total investment of approximately $2.0 million of which $500,000 was funded at closing. LifeSci Global also holds the unilateral right to accelerate funding.
EZRA shares began Monday up two cents, or 10.7%, to 19 cents.
