Igraine Plc Investee Update - AZD1656

 
TIDMKING 
 
9th November 2022 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
                                  Igraine plc 
 
                                  AQSE: KING 
 
                         ("Igraine" or "the Company") 
 
           Investee Update: Conduit Pharmaceuticals proposed listing 
 
Investee: EML 
 
Igraine plc maintains a 2% equity interest in, Excalibur Medicines Ltd ("EML"), 
 
EML has secured exclusive rights to and owns the patents on a drug, AZD1656, 
which is being developed as a potential therapeutic for people with diabetes 
suffering from COVID-19. 
 
Conduit Pharmaceuticals Ltd ("Conduit") pipeline includes the AstraZeneca 
agreement of 2 assets licensed in 6 applications, one of which is AZD1656 
Covid-19, owned in conjunction with EML, has entered into a definitive business 
combination agreement with Murphy Cannon Acquisition Corp. ("Murphy"). The 
business combination transaction is expected to provide Conduit with access to 
the public equity market, which the parties believe will accelerate development 
of Conduit's pipeline. Upon the business combination transaction closing, which 
is expected to occur in the first quarter of 2023, the combined company is 
expected to be named Conduit Pharmaceuticals Inc., which will continue to 
operate under the Conduit management team. 
 
Conduit state that the combined company is anticipated to have an estimated pro 
forma enterprise valuation of approximately US$700 million. Cash proceeds from 
the transactions contemplated by the business combination agreement are 
expected to consist of up to approximately US$136 million of cash held in 
Murphy's trust account (before any redemptions by Murphy's public stockholders) 
and approximately US$27 million (before expenses) attributable to a private 
investment anchored by new and existing investors of Conduit. 
 
The transaction proceeds will advance the clinical evaluation of specific 
activation of Tregs in one of a number of possible autoimmune diseases. The 
transaction, which has been unanimously approved by the boards of directors of 
both Conduit and Murphy, are subject to, among other customary closing 
conditions, approval by the stockholders of Murphy, and the shareholders of 
Conduit. 
 
The Directors of the Company, who have issued this RIS announcement after due 
and careful enquiry, accept responsibility for its content. 
 
https://www.conduitpharma.com/corporate-profile/asset-pipeline/ 
 
https://www.accesswire.com/724601/ 
Conduit-Pharmaceuticals-to-Become-a-Publicly-Traded-Company-via-Merger-with-Murphy-Canyon-Acquisition-Corp 
 
Enquiries 
 
Company 
Simon Grant ( Non-Executive Director) 
Steve Winfield (Executive Director) 
[e-mail] 
Office Line: [phone] 
 
AQSE Growth Market Corporate Adviser 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Tel: [phone] 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 09, 2022 05:56 ET (10:56 GMT)