Business
Update on Put Option with Conduit
Update on Put Option with Conduit.
About this update from Cizzle Biotechnology Holdings Plc
[{"type":"text","content":"\n\n21 September 2023\nCizzle Biotechnology Holdings plc\n \n(\"Cizzle\" or \"the Company\")\n \nUpdate on Put Option with Conduit\nShareholder Approval for Conduit-Murphy Merger and NASDAQ Listing\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 (\"Option\") 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 8 September that 2023 that Murphy planned to hold a special meeting of its shareholders to provide their approval for the merger of Conduit and Murphy on Wednesday 20 September 2023. At the meeting held yesterday the merger was approved and as a consequence it is expected to complete today. Assuming the merger completes as expected, the Conduit-Murphy merged business, thereafter to be called Conduit, will become a publicly traded company on NASDAQ in the USA tomorrow, 22 September 2023.\n \nShould Cizzle exercise its Option, the Company will hold shares in the NASDAQ listed merged business. 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\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\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\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\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 \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 the ability to detect a stable plasma biomarker, a ...