REG - Vela Technologies - Update re. AZD1656

Vela TechnologiesAnnouncement

09/11/2022 09:15

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RNS Number : 8188F  Vela Technologies PLC  09 November 2022

9 November 2022

Vela Technologies plc

("Vela" or "the Company")

Update re. AZD1656

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, notes the
announcement made yesterday evening by Conduit Pharmaceuticals Limited
("Conduit") that it intends 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.

 

Vela holds an economic interest in the commercialisation of a particular
application of AZD1656, one of the assets of Conduit.  Details of Vela's
interest in AZD1656 were set out in the announcement published by Vela on 20
October 2020.

A copy of the announcement can be found at:

Conduit Pharmaceuticals to Become a Publicly Traded Company via Merger with
Murphy Canyon Acquisition Corp. (accesswire.com)
(https://www.accesswire.com/724601/Conduit-Pharmaceuticals-to-Become-a-Publicly-Traded-Company-via-Merger-with-Murphy-Canyon-Acquisition-Corp)

 

The salient points of the announcement are as follows:

·       Conduit and Murphy have entered into a definitive business
combination agreement.

·       The business combination is expected to provide Conduit with
access to the public equity markets, which the parties believe will accelerate
development of Conduit's autoimmune disease and idiopathic male infertility
pipeline.

·       The business combination is expected to close in the first
quarter of 2023.

·       The transaction is expected to deliver cash proceeds of around
$149.65 million to Conduit (assuming no redemptions) to fund Conduit's
clinical development programmes.

Further information on Conduit, including details on its relationship and
partnership with St. George Street Capital, can be found in this presentation
which was published as an SEC filing yesterday evening:
https://www.sec.gov/Archives/edgar/data/1896212/000149315222030986/ex99-2.htm

For further information, please contact:

 Vela Technologies plc                                      Tel: +44 (0) 7410886830

 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
 Lucy Williams / Duncan Vasey / Eran Zucker / Lauren Riley
 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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