Oscillate Plc Investee Company Update: Igraine Plc

 
TIDMMUSH 
 
Oscillate plc 
 
                      ("Oscillate plc" or the "Company") 
 
                     Investee Company Update: Igraine Plc 
 
Oscillate PLC (AQSE: MUSH) notes the announcement made by its investee Company, 
Igraine plc regarding Excalibur Medicines Limited, a company in which Igraine 
holds a 2% equity interest. Oscillate holds an interest of 25.67% in Igraine. 
Below is an extract o the announcement without material change. 
 
"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 
" 
 
                                    --ENDS- 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
Enquiries 
 
Company: 
 
Fungai Ndoro 
 
Tel:  [phone] 
 
https://oscillateplc.com 
 
Corporate Adviser: 
 
Peterhouse Capital Limited 
 
Guy Miller & Mark Anwyl 
 
Telephone: [phone] 
 
Market Abuse Regulation (MAR) Disclosure 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as 
defined in the European Union (Withdrawal) Act 2018). 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 09, 2022 10:16 ET (15:16 GMT)