Conduit Pharmaceuticals To Become A Publicly Traded Company Via Merger With Murphy Canyon Acquisition Corp
$MURF
Biotechnology: Pharmaceutical Preparations
Health Care
- Conduit Pharmaceuticals Limited ("Conduit") is led by highly experienced pharma executives, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, and Dr. David Tapolczay, former Chief Executive Officer of UK charity LifeArc; to fund the development of successful de-prioritized clinical assets licensed from large pharmaceutical companies,
- Existing clinical candidate (a glucokinase activator) has produced a new therapeutic concept: specific cell activation by a small molecule whereby the activated cell itself becomes the therapeutic agent within the body ("in vivo activated-cell therapy);
- Existing development pipeline also includes a potent, irreversible inhibitor of human Myeloperoxidase (MPO) that has the potential to treat idiopathic male infertility;
- Transaction proceeds will advance the clinical evaluation of specific activation of Tregs in one of a number of possible autoimmune diseases;
- Combined company anticipated to have an implied initial enterprise value of approximately $700.49 million, and the transaction is expected to deliver cash proceeds of around $149.36 million to Conduit (assuming no redemptions) to fund Conduit's clinical development programs,
- Transaction expected to be completed in first quarter of 2023; combined company expected to be listed on NASDAQ under ticker "CDT"