RCS - Vela Technologies - Update re. investment in Conduit Pharmaceuticals
09/08/2024 11:21
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RNS Number : 9330Z Vela Technologies PLC 09 August 2024
REACH: non-regulatory announcement
9 August 2024
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in Conduit Pharmaceuticals Inc.
The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early stage and pre-IPO disruptive technology investments, notes the
announcement released by Conduit Pharmaceuticals Inc. ("Conduit") on 8 August
2024 regarding Conduit entering into an exclusive licence agreement with
AstraZeneca for multiple assets to advance potential first-in-class
treatments.
Vela holds 1,005,760 common shares in Conduit representing 0.46% of Conduit's
issued share capital. At the closing mid-market price of $0.17 on 8 August
2024, Vela's holding in Conduit is valued at approximately $170,000.
The full release from Conduit can be accessed here (Conduit Pharmaceuticals
Enters into Exclusive License Agreement with AstraZeneca for Multiple Assets
to Advance Potential First-in-Class Treatments | Nasdaq
(https://www.nasdaq.com/press-release/conduit-pharmaceuticals-enters-exclusive-license-agreement-astrazeneca-multiple)
) and is re-produced in full below.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 07950 389 469
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328 5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469 0930
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448 9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company focused on early
stage and pre-IPO long term disruptive technology investments. Vela's
investee companies have either developed ways of utilising technology or are
developing technology with a view to disrupting the businesses or sector in
which they operate. Vela Technologies will also invest in already-listed
companies where valuations offer additional opportunities.
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Conduit Pharmaceuticals Enters into Exclusive License Agreement with
AstraZeneca for Multiple Assets to Advance Potential First-in-Class Treatments
· Conduit Pharmaceuticals enters into exclusive license agreement
with AstraZeneca for HK-4 Glucokinase activators AZD1656 and AZD5658 targeting
autoimmune indications and myeloperoxidase inhibitor AZD5904 targeting
idiopathic male infertility
· Assets have shown favorable preclinical and Phase I data. Conduit
to initiate Phase II clinical trials
SAN DIEGO and LONDON, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Conduit
Pharmaceuticals
(https://www.globenewswire.com/Tracker?data=Z5uVGjsbVQGcd0b4AcGdra2MYAjNdUJSVARyqSRsFIR1CYIDwvg2WXZO3omcQIiwnHYz5c5PmFUnmECMZkOOErVuG39EX9zXG-jL2r0qisA=)
Inc. (Nasdaq: CDT
(https://www.globenewswire.com/Tracker?data=PeMl7sMFmBN8LE5hrwa2wcTH3Hemyil905wadZiHQyxiLVf28s-gl0aqeqGIVKyhUomX9N-9r_lYGuo2ksf1ERi5NeTnNuhOYdvA9p3Gwacr_u_BYwhZixC8ae9GFSS9eO9UHV4HAVyD9xz-pczlGjc_jMrvnFxp_pSmD-jcv0tyaqjS461Weuz8UGCBDJBtLtx7sB-kd5Mvpy6yCNDE2xu2bWfbKlwD2rsWHu9xGNLLPMjmEc5x-dWfZF1HqVKx)
) ("Conduit" or the "Company"), today announced that the Company has entered
into an agreement with AstraZeneca to exclusively license rights to develop
AZD1656 and AZD5658, both HK-4 glucokinase activators, and AZD5904, a
myeloperoxidase inhibitor (MPO). AstraZeneca had progressed AZD1656 and
AZD5904 through Phase 1 clinical trials.
Conduit initially intends to conduct Phase II clinical trials on clinical
candidates AZD1656 and AZD5658 in 2024 for applications in autoimmune
disorders, a category which affect an estimated 10% of the population1.
Under the terms of the License Agreement, AstraZeneca will grant Conduit an
exclusive license to both AZD1656 and AZD5658 for all human indications, as
well as an exclusive license to AZD5904 for use in Idiopathic Male
Infertility.
As part of the License Agreement, AstraZeneca will be issued shares of common
stock in Conduit, and Conduit will also pay AstraZeneca a share of sublicense
revenues, including upfront payments, milestones, and royalties received from
future partners.
AstraZeneca will share pre-clinical and clinical data on the assets and supply
Conduit with certain quantities of AZD1656, AZD5904, and AZD5658 from its
inventory. The License Agreement also includes provisions for the transfer of
know-how related to AZD1656, AZD5658 and AZD5904 from AstraZeneca to Conduit.
AstraZeneca has been granted a right of first negotiation to develop,
manufacture, and commercialize the licensed compounds if Conduit seeks to
assign, license, or grant such rights to a third party.
Through the License Agreement, Conduit will analyze existing clinical data and
initiate Phase II trials. Conduit believes this will fast-track the
development of these compounds and bring innovative new medicines to patients
facing substantial unmet needs.
"We are delighted to have entered into an agreement with AstraZeneca to secure
the rights to develop AZD1656, AZD5658, and AZD5904. The potential of these
assets to become important first-in-class medicines for patients is promising.
Given the data from AstraZeneca's clinical trials, we believe there is a
strong rationale to initiate Phase II studies in multiple indications to
progress to commercialization of these assets," said Dr. David Tapolczay,
Chief Executive Officer of Conduit.
Conduit departs from the traditional business model of shepherding assets
through an entire commercial lifecycle by acquiring assets that have already
undergone pre-clinical and clinical testing. The Company works towards
accelerating the assets through Phase II trials and, if successful, intends to
seek exits through third-party license opportunities.
About Conduit Pharmaceuticals
Conduit is a multi-asset, clinical stage, disease-agnostic life science
company delivering an efficient model for compound development. Conduit both
acquires and funds the development of Phase II-ready assets and then seeks 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.
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