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Oscillate Plc - Investee Company Update: Igraine Plc

Announcement provided by

Oscillate plc · MUSH

09/11/2022 15:16

Oscillate Plc - Investee Company Update: Igraine Plc PR Newswire

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.


The directors of the Company accept responsibility for the contents of this announcement.



Fungai Ndoro

Tel:  +44 (0) 20 3745 0281

Corporate Adviser:

Peterhouse Capital Limited

Guy Miller & Mark Anwyl

Telephone: +44 (0) 20 7220 9796

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).

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