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Cizzle Biotechnology Holdings PLC - London-based diagnostics developer - and Vela Technologies PLC - Bradford, England-based investment firm focused on early-stage and pre-IPO disruptive technology investments - Notes announcement by Conduit Pharmaceuticals Ltd that it intends to become a publicly traded company on the Nasdaq in the US through a merger with special purpose acquisition firm Murphy Cannon Acquisition Corp. The deal is expected to generate $149.7 million worth of proceeds for Conduit.
Vela holds an interest in the commercialisation of AZD1656, a possible Covid-19 treatment, and one of Conduit's assets, as does Cizzle Biotechnology. Cizzle acquired an additional 5% back in "the commercialisation of the AZD1656 asset or other such assets being developed by Conduit or SGSC to treat inflammatory pulmonary and cardiovascular disease" back in February for £1.9 million.
Current Vela stock price: 0.027 pence, closing 43% higher in London on Wednesday
12-month change: down 54%
Current Cizzle stock price: 1.81p, closed up 9.7% on Wednesday
12-month change: down 57%
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