Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit
Pharmaceuticals” or “Conduit”), a multi-asset clinical-stage
disease-agnostic life science company providing an efficient model
for compound development, today announced a partnership with
ClinConnect, a first-of-its-kind platform redefining how patients
and clinical trials find each other, to conduct a cocrystal
development program to evaluate Conduit’s AZD1656 compound.
AZD1656 is a molecule with potential treatment
applications currently in a wide variety of autoimmune disorders.
The cocrystal program will seek to identify, characterize, and
validate suitable cocrystal partners for AZD1656 to solve for
current challenges associated with solubility, stability, and
bioavailability. Pharmaceutical cocrystals may improve vital
physicochemical characteristics of a drug, including solubility,
dissolution, bioavailability, and stability of pharmaceutical
compounds, while maintaining its therapeutic activity.
“Working with ClinConnect to develop this
cocrystal program and advance AZD1656 was a natural fit. Together,
we hope to move this compound forward faster than through
traditional channels and with the same scientific rigor,” said Dr.
David Tapolczay, Chief Executive Officer of Conduit. “AZD1656 has
shown promise in early studies already conducted by AstraZeneca,
and we are thrilled at its potential. We’re proud to act swiftly in
pursuit of our goal of offering a leaner, more efficient, and
effective pathway to advance compelling assets for patients.”
Conduit Pharmaceuticals departs from the
traditional business model of shepherding assets through an entire
commercial lifecycle. Instead, Conduit, which went public on the
Nasdaq in September 2023, acquires assets that have already
undergone some pre-clinical and clinical testing, working to
accelerate them through Phase II trials and, if successful through
Phase II trials, intends to seek exits through third-party license
deals.
“This partnership is a significant milestone for
ClinConnect and is directly in line with our mission to build the
bridge between patients and the treatments they deserve access to,”
said Robert Maxwell, Founder and Chief Executive Officer at
ClinConnect. “Conduit’s model is particularly inspiring for us, as
it works creatively to help ensure that assets that can save
patient lives will not sit on the shelf. Through our work together,
we hope to accelerate potential care for patients who could benefit
from this molecule and others, potentially enabling access to
life-saving innovations earlier.”
About Conduit
PharmaceuticalsConduit is a disease-agnostic life science
company providing an efficient model for compound development.
Conduit is a departure from the traditional pharma/biotech business
model whereby, typically, companies shepherd their assets through
regulatory approval. Conduit acquires Phase II-ready assets and
then seeks an exit through third-party license deals following
successful clinical trials. Conduit is led by a highly experienced
team of pharmaceutical executives, including Dr. David Tapolczay
and Dr. Freda Lewis-Hall, and was established to fund the
development of clinical molecules licensed from major
pharmaceutical companies.
About ClinConnectClinConnect is a technology
company redefining how patients and clinical trials find each
other. The company’s platform, an easy-to-navigate, real-time map
of every trial known to the FDA, proactively matches patients and
their care teams to relevant studies across the U.S. By breaking
down the barriers many face when fighting disease, ClinConnect
increases the probability of finding life-changing clinical trials,
notifying those eligible, and helping them through the application
process. ClinConnect aims to ensure patients have better access to
the care they deserve, to accelerate clinical trial enrollment from
months to days, and to enable faster drug development and medical
innovation. To learn more, visit https://clinconnect.io/.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws. All statements other than statements of historical
facts contained in this press release, including statements
regarding Conduit’s future results of operations and financial
position, Conduit’s business strategy, prospective product
candidates, product approvals, research and development costs,
timing and likelihood of success, plans and objectives of
management for future operations, future results of current and
anticipated studies and business endeavors with third parties
(including ClinConnect), and future results of current and
anticipated product candidates, are forward-looking statements.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. These forward-looking statements
are subject to a number of risks, uncertainties and assumptions,
including, but not limited to; the inability to maintain the
listing of Conduit’s securities on Nasdaq; the ability to recognize
the anticipated benefits of the business combination completed in
September 2023, which may be affected by, among other things,
competition; the ability of the combined company to grow and manage
growth economically and hire and retain key employees; the risks
that Conduit’s product candidates in development fail clinical
trials or are not approved by the U.S. Food and Drug Administration
or other applicable authorities on a timely basis or at all;
changes in applicable laws or regulations; the possibility that
Conduit may be adversely affected by other economic, business,
and/or competitive factors; and other risks and uncertainties to be
identified in the proxy statement/prospectus (as amended and
supplemented) relating to the business combination completed in
September 2023, including those under “Risk Factors” therein, and
in other filings made by Conduit with the U.S. Securities and
Exchange Commission. Moreover, Conduit operates in a very
competitive and rapidly changing environment. Because
forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified and
some of which are beyond Conduit’s control, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and except as required by law, Conduit assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Conduit gives no assurance that it
will achieve its expectations.
Media:Sean LeousICR
WestwickeSean.Leous@westwicke.com+1.646.866.4012
Investors:Bill BegienConduit Pharmaceuticals
Inc.bb@conduitpharma.com
Conduit Pharmaceuticals (NASDAQ:CDT)
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