Cizzle Biotechnology Holdings PLC Update on Put Option with Conduit (2888J)
15 Agosto 2023 - 1:00AM
UK Regulatory
TIDMCIZ
RNS Number : 2888J
Cizzle Biotechnology Holdings PLC
15 August 2023
15 August 2023
Cizzle Biotechnology Holdings plc
("Cizzle" or "the Company")
Update on Put Option with Conduit
Cizzle Biotechnology Holdings plc, the UK based diagnostics
developer, is pleased to announce a further 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; and (ii) its royalty sharing
agreement with St George Street Capital, 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.
Conduit originally announced on 9 November 2022 that it had
entered into a definitive business combination agreement with
Murphy Canyon Acquisition Corp. (NASDAQ: MURF) ("Murphy"), a
'blank-check' special purpose acquisition company (the
"Conduit-Murphy Transaction"). On 12 May 2023, Murphy made a
preliminary proxy statement/prospectus Securities and Exchange
Commission ("SEC") Form S-4 filing in the USA.
Cizzle is pleased to note that Murphy has now received a notice
of effectiveness from the SEC which can be found here:
https://www.sec.gov/Archives/edgar/data/1896212/999999999523002356/xslEFFECTX01/primary_doc.xml
.
As such, Murphy has formally notified its current shareholders
that a special meeting will be held on 7 September 2023 for Murphy
shareholders to provide their approval for the transaction.
A link to the notice of special meeting and final prospectus can
be found here:
https://www.sec.gov/Archives/edgar/data/1896212/000149315223027856/form424b3.htm
Should Cizzle exercise its Option and the Conduit-Murphy
Transaction complete, 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.
The Company will release further announcements as and when
appropriate.
Allan Syms, Executive Chairman of Cizzle, commented: "We are
very pleased to see that Murphy has received the notice of
effectiveness from the SEC, which will allow, subject to their
shareholder approval, the merger between Murphy and Conduit to
complete and Conduit to become a publicly traded company on NASDAQ.
On the completion of Conduit's NASDAQ listing, the exercise of our
Option in these circumstances would provide Cizzle with a GBP3.25
million 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."
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 is developing a blood test for the early detection of
lung cancer. The Company 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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