Vela Technologies PLC Update re. AZD1656 (8188F)

TIDMVELA

RNS Number : 8188F

Vela Technologies PLC

09 November 2022

9 November 2022

Vela Technologies plc

("Vela" or "the Company")

Update re. AZD1656

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 yesterday evening by Conduit Pharmaceuticals Limited ("Conduit") that it intends to become a publicly traded company on NASDAQ in the USA via a merger with Murphy Cannon Acquisition Corp. ("Murphy"), a NASDAQ-listed special purpose acquisition company.

Vela holds an economic interest in the commercialisation of a particular application of AZD1656, one of the assets of Conduit. Details of Vela's interest in AZD1656 were set out in the announcement published by Vela on 20 October 2020.

A copy of the announcement can be found at:

Conduit Pharmaceuticals to Become a Publicly Traded Company via Merger with Murphy Canyon Acquisition Corp. (accesswire.com)

The salient points of the announcement are as follows:

   --       Conduit and Murphy have entered into a definitive business combination agreement. 

-- The business combination is expected to provide Conduit with access to the public equity markets, which the parties believe will accelerate development of Conduit's autoimmune disease and idiopathic male infertility pipeline.

   --       The business combination is expected to close in the first quarter of 2023. 

-- The transaction is expected to deliver cash proceeds of around $149.65 million to Conduit (assuming no redemptions) to fund Conduit's clinical development programmes.

Further information on Conduit, including details on its relationship and partnership with St. George Street Capital, can be found in this presentation which was published as an SEC filing yesterday evening: https://www.sec.gov/Archives/edgar/data/1896212/000149315222030986/ex99-2.htm

For further information, please contact:

 
 Vela Technologies plc                         Tel: [phone] 
 
  Brent Fitzpatrick, Non-Executive Chairman 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser)   Tel: [phone] 
                                                5656 
 Nick Athanas / Piers Shimwell 
 Peterhouse Capital Limited (Broker)           Tel: [phone] 
                                                0930 
 Lucy Williams / Duncan Vasey / Eran Zucker 
  / Lauren Riley 
 Novus Communications (PR and IR Adviser)      Tel: [phone] 
                                                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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDVKLBBLFLEFBD

(END) Dow Jones Newswires

November 09, 2022 04:00 ET (09:00 GMT)