REG - Cizzle Biotechnology - Extension of and update on Put Option with Conduit

Cizzle Biotechnology HoldingsAnnouncement

08/09/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230908:nRSH8453La&default-theme=true

RNS Number : 8453L  Cizzle Biotechnology Holdings PLC  08 September 2023

8 September 2023

Cizzle Biotechnology Holdings plc

 

("Cizzle" or "the Company")

 

Extension of and update on Put Option with Conduit

Cizzle 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 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").

 

Cizzle announced on 15 August 2023 that Murphy had formally notified its
current shareholders that a special meeting was to be held on 7 September 2023
for Murphy shareholders to provide their approval for the transaction.  The
Board of Cizzle have now been informed that this meeting has been postponed
and will now be held at 10:00 a.m., Eastern Time, on Wednesday 20 September
2023. As a consequence, the Option has been extended until 25 October 2023.

 

Should Cizzle exercise the Option and the Conduit-Murphy Transaction complete,
the Company will hold shares in the Conduit-Murphy merged business, thereafter
to be called Conduit, which will become a publicly traded company on NASDAQ in
the USA. Once issued, the new shares in Conduit to be provided to Cizzle
pursuant to the exercise of the Option will not be subject to any
restrictions.

 

Enquiries:

 

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

 

 Allenby Capital Limited  +44(0) 20 3328 5656
 John Depasquale
 George Payne

 

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

 Jon Bellis

 

 IFC Advisory Limited  +44(0) 20 3934 6630
 Tim Metcalfe
 Florence Chandler

 

About Cizzle Biotechnology

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

About Conduit Pharmaceuticals Limited

Led by highly experienced pharma executives, Conduit is a clinical stage
specialty biopharmaceutical company, addressing unmet medical needs in the
areas of autoimmune disease and idiopathic male infertility. The development
pipeline includes a glucokinase inhibitor in a number of Phase 2 ready
autoimmune diseases including uveitis, Hashimoto's Thyroiditis, preterm labor
and renal transplant. Conduit's development pipeline also includes a potent,
irreversible inhibitor of human Myeloperoxidase (MPO) that has the potential
to treat idiopathic male infertility.

 

 

 

 

 

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  MSCLPMFTMTMMMTJ