Vela Technologies PLC Update re. AZD1656 (8188F)
November 09 2022 - 4:00AM
UK Regulatory
TIDMVELA
RNS Number : 8188F
Vela Technologies PLC
09 November 2022
9 November 2022
Vela Technologies plc
("Vela" or "the Company")
Update re. AZD1656
The Board of Vela (AIM: VELA), an AIM-quoted investing company
focused on early-stage and pre-IPO disruptive technology
investments, notes the announcement made yesterday evening by
Conduit Pharmaceuticals Limited ("Conduit") that it intends to
become a publicly traded company on NASDAQ in the USA via a merger
with Murphy Cannon Acquisition Corp. ("Murphy"), a NASDAQ-listed
special purpose acquisition company.
Vela holds an economic interest in the commercialisation of a
particular application of AZD1656, one of the assets of Conduit.
Details of Vela's interest in AZD1656 were set out in the
announcement published by Vela on 20 October 2020.
A copy of the announcement can be found at:
Conduit Pharmaceuticals to Become a Publicly Traded Company via
Merger with Murphy Canyon Acquisition Corp. (accesswire.com)
The salient points of the announcement are as follows:
-- Conduit and Murphy have entered into a definitive business combination agreement.
-- The business combination is expected to provide Conduit with
access to the public equity markets, which the parties believe will
accelerate development of Conduit's autoimmune disease and
idiopathic male infertility pipeline.
-- The business combination is expected to close in the first quarter of 2023.
-- The transaction is expected to deliver cash proceeds of
around $149.65 million to Conduit (assuming no redemptions) to fund
Conduit's clinical development programmes.
Further information on Conduit, including details on its
relationship and partnership with St. George Street Capital, can be
found in this presentation which was published as an SEC filing
yesterday evening:
https://www.sec.gov/Archives/edgar/data/1896212/000149315222030986/ex99-2.htm
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7410886830
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Lucy Williams / Duncan Vasey / Eran Zucker
/ Lauren Riley
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448
9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company
focused on early stage and pre-IPO long term disruptive technology
investments. Vela's investee companies have either developed ways
of utilising technology or are developing technology with a view to
disrupting the businesses or sector in which they operate. Vela
Technologies will also invest in already-listed companies where
valuations offer additional opportunities.
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END
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