- Conduit expects to commence trading on
September 25, 2023 , under ticker symbol “CDT” for its common stock on The Nasdaq Global Market and ticker symbol “CDTTW” for its warrants on The Nasdaq Capital Market. - At the debut of trading, there will be a pro forma enterprise value of approximately
$720 million . Existing Conduit Pharmaceuticals shareholders will own approximately 90% of the combined company’s common stock issued and outstanding as of the closing. - Immediately prior to completion of the Transaction, MURF closed the previously announced investment by a single institutional investor, which purchased
$20.0 million of MURF’s units at a price of$10.00 per unit in a private placement. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock (the “Offering”). The warrants have an exercise price of$11.50 , are exercisable after 30 days after the completion of the business combination and expire five years after the completion of the Transaction. Together, the Transaction and the Offering, provide Conduit with approximately$20 million , after giving effect to Murphy Canyon stockholder redemptions and before payment of Transaction and Offering expenses. - The Transaction was completed on
September 22, 2023
In connection with the completion of the Transaction, MURF changed its name to
Management
Advisors
A.G.P./
About Conduit
Conduit 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 assets that are Phase II-ready 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.
About MURF
Prior to the business combination, MURF was a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Management was led by
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 product candidates, and expected use of proceeds, 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 obtain or maintain the listing of Conduit’s securities on Nasdaq following the business combination; the risk that the business combination disrupts current plans and operations of Conduit as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, 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
Contacts
ICR Westwicke
sean.leous@westwicke.com
as@conduitpharma.com
Source:
2023 GlobeNewswire, Inc., source