Business
Extension of and update on Put Option with Conduit
Extension of and update on Put Option with Conduit.
About this update from Cizzle Biotechnology Holdings Plc
[{"type":"text","content":"\n\n8 September 2023\nCizzle Biotechnology Holdings plc\n \n(\"Cizzle\" or \"the Company\")\n \nExtension of and update on Put Option with Conduit\nCizzle Biotechnology Holdings plc, the UK based diagnostics developer, announces a further update regarding the Company's put option to sell its 5% economic interest and royalty sharing agreement in the AZD 1656 asset to treat inflammatory pulmonary and cardiovascular disease to Conduit Pharmaceuticals (\"Conduit\") for a total consideration of £3.25 million, to be satisfied through the issuance of new shares in Conduit (the \"Option\") and its prospective parent Murphy Canyon Acquisition Corp. (NASDAQ: MURF) (\"Murphy\").\n \nCizzle announced on 15 August 2023 that Murphy had formally notified its current shareholders that a special meeting was to be held on 7 September 2023 for Murphy shareholders to provide their approval for the transaction. The Board of Cizzle have now been informed that this meeting has been postponed and will now be held at 10:00 a.m., Eastern Time, on Wednesday 20 September 2023. As a consequence, the Option has been extended until 25 October 2023.\n \nShould Cizzle exercise the Option and the Conduit-Murphy Transaction complete, the Company will hold shares in the Conduit-Murphy merged business, thereafter to be called Conduit, which will become a publicly traded company on NASDAQ in the USA. Once issued, the new shares in Conduit to be provided to Cizzle pursuant to the exercise of the Option will not be subject to any restrictions.\n \nEnquiries:\n \n\n\n\n\nCizzle Biotechnology Holdings plc\n\n\nVia IFC Advisory\n\n\n\n\nAllan Syms (Executive Chairman)\n\n\n\n\n\n\n\n \n\n\n\n\nAllenby Capital Limited\n\n\n+44(0) 20 3328 5656\n\n\n\n\nJohn Depasquale\n\n\n\n\n\n\n\nGeorge Payne\n\n\n\n\n\n\n\n \n\n\n\n\nNovum Securities Limited\n\n\n+44(0) 20 7399 9400\n\n\n\n\nColin Rowbury\nJon Bellis\n\n\n\n\n\n\n\n \n\n\n\n\nIFC Advisory Limited\n\n\n+44(0) 20 3934 6630\n\n\n\n\nTim Metcalfe\n\n\n\n\n\n\n\nFlorence Chandler\n\n\n\n\n\n\n\n \nAbout Cizzle Biotechnology\nCizzle is developing a blood test for the early detection of lung cancer. The Company is a spin- out from the University of York, founded in 2006, around the work of Professor Coverley and colleagues. Its proof-of-concept prototype test is based on...