Conduit Pharmaceuticals Partners with ClinConnect on Cocrystal Development Program for AZD1656

SAN DIEGO and LONDON, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (NASDAQ:CDT) ("Conduit Pharmaceuticals" or "Conduit"), a multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development, today announced a partnership with ClinConnect, a first-of-its-kind platform redefining how patients and clinical trials find each other, to conduct a cocrystal development program to evaluate Conduit's AZD1656 compound.

AZD1656 is a molecule with potential treatment applications currently in a wide variety of autoimmune disorders. The cocrystal program will seek to identify, characterize, and validate suitable cocrystal partners for AZD1656 to solve for current challenges associated with solubility, stability, and bioavailability. Pharmaceutical cocrystals may improve vital physicochemical characteristics of a drug, including solubility, dissolution, bioavailability, and stability of pharmaceutical compounds, while maintaining its therapeutic activity.

"Working with ClinConnect to develop this cocrystal program and advance AZD1656 was a natural fit. Together, we hope to move this compound forward faster than through traditional channels and with the same scientific rigor," said Dr. David Tapolczay, Chief Executive Officer of Conduit. "AZD1656 has shown promise in early studies already conducted by AstraZeneca, and we are thrilled at its potential. We're proud to act swiftly in pursuit of our goal of offering a leaner, more efficient, and effective pathway to advance compelling assets for patients."

Conduit Pharmaceuticals departs from the traditional business model of shepherding assets through an entire commercial lifecycle. Instead, Conduit, which went public on the Nasdaq in September 2023, acquires assets that have already undergone some pre-clinical and clinical testing, working to accelerate them through Phase II trials and, if successful through Phase II trials, intends to seek exits through third-party license deals.

"This partnership is a significant milestone for ClinConnect and is directly in line with our mission to build the bridge between patients and the treatments they deserve access to," said Robert Maxwell, Founder and Chief Executive Officer at ClinConnect. "Conduit's model is particularly inspiring for us, as it works creatively to help ensure that assets that can save patient lives will not sit on the shelf. Through our work together, we hope to accelerate potential care for patients who could benefit from this molecule and others, potentially enabling access to life-saving innovations earlier."

About Conduit Pharmaceuticals

Conduit is a disease-agnostic life science company providing an efficient model for compound development. Conduit is a departure from the traditional pharma/biotech business model whereby, typically, companies shepherd their assets through regulatory approval. Conduit acquires Phase II-ready assets 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 ClinConnect

ClinConnect is a technology company redefining how patients and clinical trials find each other. The company's platform, an easy-to-navigate, real-time map of every trial known to the FDA, proactively matches patients and their care teams to relevant studies across the U.S. By breaking down the barriers many face when fighting disease, ClinConnect increases the probability of finding life-changing clinical trials, notifying those eligible, and helping them through the application process. ClinConnect aims to ensure patients have better access to the care they deserve, to accelerate clinical trial enrollment from months to days, and to enable faster drug development and medical innovation. To learn more, visit https://clinconnect.io/.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding Conduit's future results of operations and financial position, Conduit's business strategy, prospective product candidates, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated studies and business endeavors with third parties (including ClinConnect), and future results of current and anticipated product candidates, are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to; the inability to maintain the listing of Conduit's securities on Nasdaq; the ability to recognize the anticipated benefits of the business combination completed in September 2023, which may be affected by, among other things, competition; the ability of the combined company to grow and manage growth economically and hire and retain key employees; the risks that Conduit's product candidates in development fail clinical trials or are not approved by the U.S. Food and Drug Administration or other applicable authorities on a timely basis or at all; changes in applicable laws or regulations; the possibility that Conduit may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties to be identified in the proxy statement/prospectus (as amended and supplemented) relating to the business combination completed in September 2023, including those under "Risk Factors" therein, and in other filings made by Conduit with the U.S. Securities and Exchange Commission. Moreover, Conduit operates in a very competitive and rapidly changing environment. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Conduit's control, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, Conduit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Conduit gives no assurance that it will achieve its expectations.

Media:

Sean Leous

ICR Westwicke

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Investors:

Bill Begien

Conduit Pharmaceuticals Inc.

[email protected]