Conduit Pharmaceuticals Enters into Exclusive License Agreement with AstraZeneca for Multiple Assets to Advance Potential First-in-Class Treatments
08 Agosto 2024 - 5:30AM
Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit" or the
“Company”), today announced that the Company has entered into an
agreement with AstraZeneca to exclusively license rights to develop
AZD1656 and AZD5658, both HK-4 glucokinase activators, and AZD5904,
a myeloperoxidase inhibitor (MPO). AstraZeneca had progressed
AZD1656 and AZD5904 through Phase 1 clinical trials.
Conduit initially intends to conduct Phase II
clinical trials on clinical candidates AZD1656 and AZD5658 in 2024
for applications in autoimmune disorders, a category which affect
an estimated 10% of the population1.
Under the terms of the License Agreement, AstraZeneca will grant
Conduit an exclusive license to both AZD1656 and AZD5658 for all
human indications, as well as an exclusive license to AZD5904 for
use in Idiopathic Male Infertility.
As part of the License Agreement, AstraZeneca will be issued
shares of common stock in Conduit, and Conduit will also pay
AstraZeneca a share of sublicense revenues, including upfront
payments, milestones, and royalties received from future
partners.
AstraZeneca will share pre-clinical and clinical data on the
assets and supply Conduit with certain quantities of AZD1656,
AZD5904, and AZD5658 from its inventory. The License Agreement also
includes provisions for the transfer of know-how related to
AZD1656, AZD5658 and AZD5904 from AstraZeneca to Conduit.
AstraZeneca has been granted a right of first negotiation to
develop, manufacture, and commercialize the licensed compounds if
Conduit seeks to assign, license, or grant such rights to a third
party.
Through the License Agreement, Conduit will analyze existing
clinical data and initiate Phase II trials. Conduit believes this
will fast-track the development of these compounds and bring
innovative new medicines to patients facing substantial unmet
needs.
"We are delighted to have entered into an agreement with
AstraZeneca to secure the rights to develop AZD1656, AZD5658, and
AZD5904. The potential of these assets to become important
first-in-class medicines for patients is promising. Given the data
from AstraZeneca’s clinical trials, we believe there is a strong
rationale to initiate Phase II studies in multiple indications to
progress to commercialization of these assets,” said Dr. David
Tapolczay, Chief Executive Officer of Conduit.
Conduit departs from the traditional business model of
shepherding assets through an entire commercial lifecycle by
acquiring assets that have already undergone pre-clinical and
clinical testing. The Company works towards accelerating the assets
through Phase II trials and, if successful, intends to seek exits
through third-party license opportunities.
About Conduit Pharmaceuticals
Conduit is a multi-asset, clinical stage, disease-agnostic life
science company delivering an efficient model for compound
development. Conduit both acquires and funds the development of
Phase II-ready assets and then seeks an exit through third-party
license deals following successful clinical trials. Led by a highly
experienced team of pharmaceutical executives including Dr. David
Tapolczay and Dr. Freda Lewis-Hall, this novel approach is a
departure from the traditional pharma/biotech business model of
taking assets through regulatory approval.
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, 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.
MediaSean LeousICR Westwicke
Sean.Leous@westwicke.com +1.646.866.4012
InvestorsBill Begien Conduit Pharmaceuticals
Inc. bb@conduitpharma.com
1
https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(23)00457-9/abstract
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