REG - Cizzle Biotechnology - Conduit Pharmaceuticals Proposed Listing

Cizzle Biotechnology HoldingsAnnouncement

09/11/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221109:nRSI7530Fa&default-theme=true

RNS Number : 7530F  Cizzle Biotechnology Holdings PLC  09 November 2022

9 November 2022

 

Cizzle Biotechnology Holdings Plc

("Cizzle Biotechnology", or the "Company")

 

Conduit Pharmaceuticals Proposed Listing

 

Cizzle Biotechnology, the UK-based diagnostics developer, is pleased to note
the announcement by Conduit Pharmaceuticals Limited ("Conduit") that they
intend to become a publicly traded company on NASDAQ in the USA via a merger
with Murphy Cannon Acquisition Corp. ("Murphy"), a NASDAQ listed special
purpose acquisition company.

Cizzle Biotechnology announced on 29 February 2022 that it has entered into a
definitive agreement with Conduit and St George Street Capital Limited
("SGSC") to acquire a further 5% economic interest in the commercialisation of
the AZD 1656 asset or other such assets being developed by Conduit or SGSC to
treat inflammatory pulmonary and cardiovascular disease, for a total
consideration of £1.88m, which was paid through the issue of new ordinary
shares in the Company at 4.0 pence per share. It has been reported that AZD
1656 acts as an immunomodulator to dampen inflammatory response which could
have wider applications in managing serious cardiovascular and lung diseases.

Conduit has entered into a definitive business combination agreement with
Murphy. 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 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 team.

Conduit state that the combined company is anticipated to have an estimated
pro forma enterprise valuation of approximately US$700 million.  Cash
proceeds from the transactions contemplated by the business combination
agreement are expected to consist of up to approximately US$136 million of
cash held in Murphy's trust account (before any redemptions by Murphy's public
stockholders) and approximately US$27 million (before expenses) attributable
to a private investment anchored by new and existing investors of Conduit

The transaction proceeds will advance the clinical evaluation of specific
activation of Tregs in one of a number of possible autoimmune diseases. The
transaction, which has been unanimously approved by the boards of directors of
both Conduit and Murphy, are subject to, among other customary closing
conditions, approval by the stockholders of Murphy, and the shareholders of
Conduit.

Commenting, Allan Syms, Executive Chairman of Cizzle Biotechnology, said:

"I am delighted to see Conduit announce this proposed listing, which will
provide them with funding to aid the development of AZD 1656 and other
potential assets being developed to treat inflammatory pulmonary and
cardiovascular disease, in which Cizzle Biotechnology has an economic interest
through its royalty rights, amongst the other assets in their portfolio."

Enquiries:

 

 Cizzle Biotechnology Holdings plc  Via IFC Advisory
 Allan Syms (Executive Chairman)

 

 Allenby Capital Limited  +44(0) 20 33285656
 John Depasquale
 Alex Brearley

 

 Novum Securities Limited  +44(0) 20 7399 9400
 Colin Rowbury

 Jon Bellis

 

 IFC Advisory Limited  +44(0) 20 3934 6630
 Tim Metcalfe          cizzle@investor-focus.co.uk
 Florence Chandler

 

Notes to Editors:

About Cizzle Biotechnology

Cizzle Biotechnology is also developing a blood test for the early detection
of lung cancer.  Cizzle Biotechnology 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 variant of CIZ1 known as CIZ1B.  CIZ1 is a naturally
occurring cell nuclear protein involved in DNA replication, and the targeted
CIZ1B variant is highly correlated with early-stage lung cancer.

For more information, please see https://cizzlebiotechnology.com
(https://cizzlebiotechnology.com/)

You can also follow the Company through its twitter account @CizzlePlc and on
LinkedIn.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBPBBTMTJMTMT