Conduit Pharmaceuticals Receives Patent Approval For Its Lead Asset Targeting Autoimmune Diseases
16 Julio 2024 - 6:30AM
Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit
Pharmaceuticals" or "Conduit" or the “Company”) today announced the
approval of a composition of matter patent application by IP
Australia, achieving successful examination of a patent on its lead
asset, an HK-4 Glucokinase Activator which targets a wide range of
autoimmune diseases.
The Company is enrolled to participate in the Patent Prosecution
Highway (PPH), a program to fast-track patent examination in major
jurisdictions including the U.S., Europe and Japan. Since IP
Australia has allowed patent application 2022384750, Conduit
believes it is more likely to receive subsequent approvals in other
markets. Patents in these major countries are the most sought after
and valuable patents for marketed drug products, providing up to 20
years of patent protection.
Through innovative solid-form technology, Conduit’s R&D team
identified cocrystals of its lead asset, AZD1656, a HK-4
Glucokinase Activator which offers promising solutions across a
broad range of autoimmune conditions. “Cocrystals are by their very
nature unexpected. Creating these cocrystals and obtaining
meaningful patent protection for them, highlight the expertise and
strategic effectiveness of Conduit's science and approach to drug
products,” according to Jeffrey A. Lindeman, Ph.D., the Company’s
consultant on cocrystal intellectual property. Cocrystal patents
are classified as “drug substance” patents in the U.S. Food and
Drug Administration’s (FDA) Orange Book. The patents not only
enhance Conduit's Intellectual Property assets but also serve to
maximize the Company's potential for future out-licensing
opportunities, reinforcing the strategic value of cocrystal patents
in the pharmaceutical landscape.
“The approval of the composition of matter patent in Australia
for our lead asset augments our commitment to optimizing the value
of our intellectual property portfolio,” said Dr. David Tapolczay,
Chief Executive Officer. “With up to 20 years of patent protection
and drug substance classification secured, this patent not only
validates the robustness of our internal R&D capabilities but
also significantly strengthen our position for future out-licensing
opportunities.”
About Conduit Pharmaceuticals
Conduit Pharmaceuticals (Nasdaq: CDT) have developed a unique
business model to bring medicines to patients. Its novel approach
addresses unmet medical need and lengthens the intellectual
property for its existing assets through cutting-edge solid-form
technology and then commercializes these products with life science
companies. Conduit is led by a highly experienced team of
pharmaceutical executives, including CEO, Dr. David Tapolczay,
former Chief Executive Officer of UK-based medical research charity
LifeArc; and the Chair of our Board, Dr. Freda Lewis-Hall,
former Chief Medical Officer of Pfizer, Inc. Our Phase II
ready pipeline, which consists of a HK4 Glucokinase Activator
targeting auto-immune diseases that has undergone 20+ clinical
trials in over 1,000 patients, and an MPO Inhibitor which we
believe has the potential to treat Idiopathic Male Infertility.
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 endeavours with third
parties, 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 as identified in
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.
Investors:Bill BegienConduit Pharmaceuticals
Inc.bb@conduitpharma.com
Conduit Pharmaceuticals (NASDAQ:CDT)
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