Cizzle Biotechnology Holdings PLC Update on Royalty Sharing Agreement in AZD1656 (4551Z)
15 Mayo 2023 - 7:42AM
UK Regulatory
TIDMCIZ
RNS Number : 4551Z
Cizzle Biotechnology Holdings PLC
15 May 2023
15 May 2023
Cizzle Biotechnology Holdings plc
("Cizzle" or the "Company")
Update regarding Put Option for Sale of Economic Interest and
Royalty Sharing Agreement in AZD1656
Preliminary S4 filing by Murphy Canyon Acquisition Corp
("Murphy")
Cizzle Biotechnology Holdings plc, the UK based diagnostics
developer, announces an update on its put option to sell: (i) its
5% economic interest in the commercialisation of the AZD 1656 asset
to treat inflammatory pulmonary and cardiovascular disease (the
"Economic Interest"); and (ii) its royalty sharing agreement with
St George Street Capital ("SGSC"), the UK-based biomedical charity
(the "Royalty Sharing Agreement") to Conduit Pharmaceuticals
("Conduit") for a total consideration of GBP3.25 million, to be
satisfied through the issuance of new shares in Conduit (the
"Option"), as announced by the Company on 19 December 2022.
Overview
Conduit originally announced on 9 November 2022 that it had
entered into a definitive business combination agreement with
Murphy, a 'blank-check' special purpose acquisition company (the
"Conduit-Murphy Transaction"). The completion of this
Conduit-Murphy Transaction is expected to occur in 2023. On 12 May
2023, Murphy made a preliminary proxy statement/prospectus
Securities and Exchange Commission Form S-4 filing in the USA,
which represents part of the process for progressing the
Conduit-Murphy Transaction, and is available for viewing on the
United States Securities and Exchange Commission's website.
For more information, please see Murphy's filing here:
https://www.sec.gov/edgar/browse/?CIK=1896212
Should Cizzle exercise its Option and the Conduit-Murphy
Transaction completes, the Company will hold shares in the
Conduit-Murphy merged business, thereafter to be called Conduit,
which will become a publicly traded company on NASDAQ in the USA.
Once issued, the new shares in Conduit to be provided to Cizzle
pursuant to the exercise of the Option will not be subject to any
restrictions.
Allan Syms, Executive Chairman of Cizzle, commented: "We
consider the filing of the preliminary Form S-4 by Murphy to be a
positive step towards completing the merger between Murphy and
Conduit, ultimately leading to Conduit becoming a publicly traded
business on NASDAQ. The successful exercise of our put Option,
which will convert to a value of GBP3.25m, in conjunction with the
Conduit-Murphy Transaction would provide Cizzle with an investment
in US listed securities which we will have flexibility to monetise
in part or whole to fund the development of our blood test for
CIZ1B to be used for early stage lung cancer detection. Potential
future funds from any such monetisation could be used to extend our
current plans to consider the use of CIZ1B for other cancers and to
begin work on a point of care test for this important cancer
biomarker. The consideration pursuant to the Option represents a
significant premium to our investment in initially securing royalty
rights in AZD1656."
A further announcement will be made by the Company as and when
appropriate.
Enquiries:
Cizzle Biotechnology Holdings Via IFC Advisory
plc
Allan Syms (Executive Chairman)
Allenby Capital Limited +44(0) 20 3328 5656
John Depasquale
George Payne
Novum Securities Limited +44(0) 20 7399 9400
Colin Rowbury
Jon Bellis
IFC Advisory Limited +44(0) 20 3934 6630
Tim Metcalfe
Florence Chandler
About Cizzle Biotechnology
Cizzle Biotechnology is developing a blood test for the early
detection of lung cancer. Cizzle Biotechnology is a spin- out from
the University of York, founded in 2006 around the work of
Professor Coverley and colleagues. Its proof-of-concept prototype
test is based on the ability to detect a stable plasma biomarker, a
variant of CIZ1 known as CIZ1B. CIZ1 is a naturally occurring cell
nuclear protein involved in DNA replication, and the targeted CIZ1B
variant is highly correlated with early-stage lung cancer. For more
information, please see https://cizzlebiotechnology.com You can
also follow the Company through its twitter account @CizzlePlc and
on LinkedIn.
About Conduit Pharmaceuticals Limited
Led by highly experienced pharma executives, Conduit is a
clinical stage specialty biopharmaceutical company, addressing
unmet medical needs in the areas of autoimmune disease and
idiopathic male infertility. The development pipeline includes a
glucokinase inhibitor in a number of Phase 2 ready autoimmune
diseases including uveitis, Hashimoto's Thyroiditis, preterm labor
and renal transplant. Conduit's development pipeline also includes
a potent, irreversible inhibitor of human Myeloperoxidase (MPO)
that has the potential to treat idiopathic male infertility.
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