Igraine Plc - Investee Update - AZD1656 PR Newswire

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)
info@igraineplc.com
Office Line: +44 (0) 20 3778 0755

AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930