Business
Conduit Pharmaceuticals to Become a Publicly Traded Company via Merger with Murphy Canyon Acquisition Corp.
Conduit Pharmaceuticals Limited ("Conduit") is led by highly experienced pharma executives, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, and
About this update from Cdt Equity Inc.
[{"type":"text","content":"Conduit Pharmaceuticals Limited (\"Conduit\") is led by highly experienced pharma executives, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, and Dr. David Tapolczay, former Chief Executive Officer of UK charity LifeArc; to fund the development of successful de-prioritized clinical assets licensed from large pharmaceutical companies,Existing clinical candidate (a glucokinase activator) has produced a new therapeutic concept: specific cell activation by a small molecule whereby the activated cell itself becomes the therapeutic agent within the body (\"in vivo activated-cell therapy);Existing development pipeline also includes a potent, irreversible inhibitor of human Myeloperoxidase (MPO) that has the potential to treat idiopathic male infertility;Transaction proceeds will advance the clinical evaluation of specific activation of Tregs in one of a number of possible autoimmune diseases;Combined company anticipated to have an implied initial enterprise value of approximately $700.49 million, and the transaction is expected to deliver cash proceeds of around $149.36 million to Conduit (assuming no redemptions) to fund Conduit's clinical development programs,Transaction expected to be completed in first quarter of 2023; combined company expected to be listed on NASDAQ under ticker \"CDT\"SAN DIEGO, CA / ACCESSWIRE / November 8, 2022 / Conduit Pharmaceuticals Limited (\"Conduit\"),a pharmaceutical company led by highly experienced pharma executives, established to fund the development of successful deprioritized clinical assets licensed from large pharmaceutical companies, through its exclusive relationships, and Murphy Canyon Acquisition Corp. (NASDAQ:MURF) (\"Murphy\"), a blank-check special purpose acquisition company, announced today that they have entered into a definitive business combination agreement (the \"Business Combination Agreement\"). The business combination transaction is expected to provide Conduit with access to the public equity market, which the parties believe will accelerate development of Conduit's autoimmune disease and idiopathic male infertility pipeline. Upon the business combination transaction closing, which is expected to occur in the first quarter of 2023, the combined company is expected to be named Conduit Pharmaceuticals Inc., which will continue to operate under the Conduit management...