REG - Vela Technologies - Update re. Economic Interest in AZD1656

Vela TechnologiesAnnouncement

15/05/2023 13:30

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RNS Number : 4540Z  Vela Technologies PLC  15 May 2023

15 May 2023

Vela Technologies plc

("Vela" or "the Company")

 

Update on Put Option for potential sale of Economic Interest in AZD1656

Further to the Company's announcement on 20 April 2023, the Board of Vela
(AIM: VELA), an AIM-quoted investing company focused on early-stage and
pre-IPO disruptive technology investments, notes the Form S-4 Registration
Statement and preliminary proxy statement filed by Murphy Canyon Acquisition
Corp. (NASDAQ: MURF) on 12 May 2023 which is available for viewing on the
United States Securities and Exchange Commission's website.

 

On 20 April 2023, Vela announced that the Company entered into a put option
agreement to give the Company the right, but not the obligation ("the
Option"), to sell its economic interest in the commercialisation of the
Covid-19 application of AZD1656 for a total consideration of £4.0 million.
The Option was granted by Conduit Pharmaceuticals Limited ("Conduit") and its
prospective parent company, Murphy Canyon Acquisition Corp. ("Murphy"), a
Company listed on NASDAQ.

 

As previously announced on 20 April 2023, the Board of Vela is mindful that
there can be no guarantee that Vela will be able to exercise the Option, since
exercise is dependent on the successful completion of the merger between
Conduit and Murphy and the combined entity being listed on the NASDAQ stock
exchange.

 

A copy of the Form S-4 Registration Statement can be found at:

 

https://www.sec.gov/ix?doc=/Archives/edgar/data/1896212/000149315223016741/forms-4.htm
(https://www.sec.gov/ix?doc=/Archives/edgar/data/1896212/000149315223016741/forms-4.htm)

 

The Company will release further announcements as and when appropriate.

For further information, please contact:

 Vela Technologies plc                                    Tel: +44 (0) 7410 886830

 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 / Oryon Lass
 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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