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

Vela TechnologiesAnnouncement

21/09/2023 09:15

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RNS Number : 2155N  Vela Technologies PLC  21 September 2023

21 September 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 announcements on 15 August 2023, 7 September 2023 and
8 September 2023, 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 by Murphy Canyon Acquisition Corp. (NASDAQ: MURF)
("Murphy") that at the special meeting of stockholders held yesterday, its
initial business combination with Conduit Pharmaceuticals Limited ("Conduit")
has been approved.

 

An extract of the Murphy announcement is set out below and a link to the
announcement can be found here:

 

https://www.accesswire.com/786091/murphy-canyon-acquisition-corp-announces-stockholder-approval-of-the-proposed-combination-with-conduit-pharmaceuticals-limited
(https://www.accesswire.com/786091/murphy-canyon-acquisition-corp-announces-stockholder-approval-of-the-proposed-combination-with-conduit-pharmaceuticals-limited)

 

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 and its prospective parent company, Murphy,
a Company listed on NASDAQ.

 

On 15 May 2023, Vela announced that Murphy had filed the Form S-4 Registration
Statement and preliminary proxy statement with the SEC.

 

Following the approval of the business combination of Conduit and Murphy by
Murphy shareholders, the Board of Vela intends to exercise the Option
following the satisfaction or waiver of the remaining closing conditions as
stated in the Murphy announcement.

 

The Company will release further announcements as and when appropriate.

 

Extract from Murphy announcement

 

SAN DIEGO, CA / ACCESSWIRE / September 20, 2023 / Murphy Canyon Acquisition
Corp. (Nasdaq:MURF) ("MURF" or "Murphy Canyon"), a special purpose acquisition
company, announced today that at a special meeting of the MURF stockholders
(the "Special Meeting") held today, MURF's stockholders voted in favor of the
proposed business combination (the "Business Combination") with Conduit
Pharmaceuticals Limited ("Conduit") and the related proposals. As a result,
the completion of the Business Combination is expected to occur as soon as
practicable, subject to the satisfaction or waiver of remaining closing
conditions. Following the completion of the Business Combination, the newly
combined company will operate as Conduit Pharmaceuticals Inc. and its common
stock and public warrants will trade on The Nasdaq Global Market under the
symbols "CDT" and "CDTTW". Assuming that closing is completed on September 21,
2023, trading in the common stock and public warrants is expected to continue
on Nasdaq, switching from the symbols "MURF" and "MURFW" to the new symbols
"CDT" and "CDTTW", respectively, at the open of trading on September 22, 2023.

 

About Conduit

 

Conduit is a disease agnostic life science company providing an efficient
model for compound development. Formed in 2019, Conduit is a departure from
the traditional big pharma/biotech business model whereby, typically companies
shepherd their assets through regulatory approval, Conduit acquires assets
that are Phase II-ready and then seeks an exit through third-party license
deals following successful clinical trials. Conduit is led by a highly
experienced team of pharmaceutical executives, including Dr. David Tapolczay
and Dr. Freda Lewis-Hall, and was established to fund the development of
clinical molecules licensed from major pharmaceutical companies.

 

About Murphy Canyon Acquisition Corp.

 

Murphy Canyon is a blank check company formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. Management is led by
Jack Heilbron, Chief Executive Officer and Chairman of the Board of Directors.
Murphy Canyon is sponsored by Murphy Canyon Acquisition Sponsor, LLC, a wholly
owned subsidiary of Presidio Property Trust, Inc. (Nasdaq: SQFT), which is
expected to own 4,015,250 shares of Conduit after the successful completion of
the Business Combination.

 

Important Information and Where to Find It

 

This press release relates to a proposed transaction between Conduit and MURF.
In connection with the proposed Business Combination, Murphy Canyon filed its
registration statement on Form S-4 that includes a proxy statement with
respect to the stockholder meeting of Murphy Canyon and a prospectus with
respect to securities of the combined company (the "Registration Statement").
The proxy statement/prospectus was sent to all Murphy Canyon stockholders.
Murphy Canyon has also filed prospectus supplements amending the proxy
statement/prospectus that was sent to all Murphy Canyon stockholders. Murphy
Canyon has filed and will file other documents regarding the proposed Business
Combination with the U.S. Securities and Exchange Commission (the "SEC").
INVESTORS AND SECURITIES HOLDERS OF MURPHY CANYON ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS, PROSPECTUS SUPPLEMENT AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED
BUSINESS COMBINATION AS THEY BECOME AVAILABLE SINCE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND THE PARTIES
TO THE PROPOSED BUSINESS COMBINATION.

 

Investors and securities holders are able to obtain free copies of the
Registration Statement, proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by Murphy Canyon through
the website maintained by the SEC at https://sec.gov/ (https://sec.gov/) . In
addition, the documents filed by Murphy Canyon may be obtained free of charge
from Murphy Canyon's website at https://murphycanyonac.com
(https://murphycanyonac.com) or by written request to info@murphycanyonac.com
(mailto:info@murphycanyonac.com) . Additional information about the business
combination agreement dated November 8, 2022, as amended (the "Business
Combination Agreement"), and the transactions contemplated thereby (the
"Transaction") and investor presentations, were provided in Current Reports on
Form 8-K filed by Murphy Canyon with the SEC which can be accessed at
www.sec.gov (http://www.sec.gov) as well as online at
https://murphycanyonac.com (https://murphycanyonac.com) .

 

 

 

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
 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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