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Conduit Pharmaceuticals Announces Debt Repayment and Partial Conversion of Senior Secured Note
NAPLES, Fla. and CAMBRIDGE, United Kingdom, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), today
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[{"type":"text","content":"NAPLES, Fla. and CAMBRIDGE, United Kingdom, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), today announces the repayment of its $600,000 promissory note (the “Note”) to Nirland Limited (“Nirland”) and provided an update on the conversion of its Senior Secured Promissory Note (the “Senior Note”) with Nirland. On February 7, 2025, Conduit repaid the final balance of the Note in full, satisfying all obligations under the agreement. The Note, issued on October 28, 2024, had an original principal amount of $600,000, bore interest at a rate of 12% per annum, and was due to mature on October 31, 2025. In addition, as of February 10, 2025, Nirland has converted approximately $1.7 million of the original $2.65 million principal amount under the Senior Note into shares of Conduit’s common stock. The Senior Note, initially entered into on August 6, 2024, and subsequently amended in October and November 2024, bears interest at a rate of 12% per annum, accruing daily and payable monthly in arrears, either in cash or as accrued at Nirland’s discretion. The conversion further reduces Conduit’s debt obligations and aligns Nirland’s interests with those of the Company’s shareholders. Conduit remains focused on leveraging its strengthened financial position to support its strategic goals and deliver value to shareholders. About Conduit Pharmaceuticals Conduit is a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development. Conduit both acquires and funds the development of Phase 2-ready assets, building an integrated and advanced platform-driven approach powered by artificial intelligence (AI) and cybernetics, and seeking an exit through third-party license deals following successful clinical trials. Led by a highly experienced team of pharmaceutical executives including Dr. David Tapolczay and Dr. Freda Lewis-Hall, this novel approach is a departure from the traditional pharma/biotech business model of taking assets through regulatory approval. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding Conduit's future results of oper...