MPO

SAN DIEGO, CA, USA and LONDON, UK I August 08, 2024 I 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 population 1 . 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. 1 https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(23)00457-9/abstract SOURCE: Conduit Pharmaceuticals

Looking to strengthen its pipeline, Conduit Pharmaceuticals forged an exclusive licensing agreement with AstraZeneca to acquire multiple assets with first-in-class potential from the latter, including two HK-4 glucokinase activators, codenamed AZD1656 and AZD5658, and a myeloperoxidase inhibitor AZD5904.As part of the deal announced Thursday, Conduit will secure exclusive rights to both AZD1656 and AZD5658 across all autoimmune indications, and to AZD5904 for idiopathic male infertility. Additionally, Conduit will receive relevant preclinical and clinical data, certain quantities of the experimental drugs, and knowledge transfer from AstraZeneca.Meanwhile, AstraZeneca stands to receive an undisclosed number of common stock shares in Conduit, in addition to a slice of sublicense revenues, comprising upfront and milestones payments plus any royalties from future partners. Moreover, AstraZeneca holds the first negotiation rights to develop, produce, and commercialise the licensed compounds if Conduit chooses to transfer or license the rights to another party.With AstraZeneca having advanced AZD1656 and AZD5904 through early-stage trials, Conduit will take charge of the drugs’ mid-stage programmes in autoimmune disorders. “Given the data from AstraZeneca’s clinical trials, we believe there is a strong rationale to initiate Phase II studies in multiple indications” commented David Tapolczay, chief executive of Conduit.Founded in 2019, Conduit specialises in acquiring assets that are already in preclinical and clinical stages. The company advances these candidates through Phase II trials and, if successful, aims for an exit via third-party licenses.

Composition of matter patent approval underscores the Company’s solid-form technology to maximize future value and ability to strengthen and broaden its intellectual property portfolioSAN DIEGO and LONDON, July 16, 2024 (GLOBE NEWSWIRE) -- 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