REG - Cizzle Biotechnology - Update on Put Option with Conduit

Cizzle Biotechnology HoldingsAnnouncement

21/09/2023 07:00

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RNS Number : 1933N  Cizzle Biotechnology Holdings PLC  21 September 2023

21 September 2023

Cizzle Biotechnology Holdings plc

 

("Cizzle" or "the Company")

 

Update on Put Option with Conduit

Shareholder Approval for Conduit-Murphy Merger and NASDAQ Listing

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 ("Option") 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 8 September that 2023 that Murphy planned to hold a
special meeting of its shareholders to provide their approval for the merger
of Conduit and Murphy on Wednesday 20 September 2023. At the meeting held
yesterday the merger was approved and as a consequence it is expected to
complete today.  Assuming the merger completes as expected, the
Conduit-Murphy merged business, thereafter to be called Conduit, will become a
publicly traded company on NASDAQ in the USA tomorrow, 22 September 2023.

 

Should Cizzle exercise its Option, the Company will hold shares in the NASDAQ
listed merged business. 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.

 

 

 

 

 

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