Oscillate Plc Investee Company Update: Igraine Plc
November 09 2022 - 9:16AM
UK Regulatory
TIDMMUSH
Oscillate plc
("Oscillate plc" or the "Company")
Investee Company Update: Igraine Plc
Oscillate PLC (AQSE: MUSH) notes the announcement made by its investee Company,
Igraine plc regarding Excalibur Medicines Limited, a company in which Igraine
holds a 2% equity interest. Oscillate holds an interest of 25.67% in Igraine.
Below is an extract o the announcement without material change.
"Investee: EML
Igraine plc maintains a 2% equity interest in, Excalibur Medicines Ltd ("EML"),
EML has secured exclusive rights to and owns the patents on a drug, AZD1656,
which is being developed as a potential therapeutic for people with diabetes
suffering from COVID-19.
Conduit Pharmaceuticals Ltd ("Conduit") pipeline includes the AstraZeneca
agreement of 2 assets licensed in 6 applications, one of which is AZD1656
Covid-19, owned in conjunction with EML, has entered into a definitive business
combination agreement with Murphy Cannon Acquisition Corp. ("Murphy"). The
business combination transaction is expected to provide Conduit with access to
the public equity market, which the parties believe will accelerate development
of Conduit's pipeline. Upon the business combination transaction closing, which
is expected to occur in the first quarter of 2023, the combined company is
expected to be named Conduit Pharmaceuticals Inc., which will continue to
operate under the Conduit management team.
Conduit state that the combined company is anticipated to have an estimated pro
forma enterprise valuation of approximately US$700 million. Cash proceeds from
the transactions contemplated by the business combination agreement are
expected to consist of up to approximately US$136 million of cash held in
Murphy's trust account (before any redemptions by Murphy's public stockholders)
and approximately US$27 million (before expenses) attributable to a private
investment anchored by new and existing investors of Conduit.
The transaction proceeds will advance the clinical evaluation of specific
activation of Tregs in one of a number of possible autoimmune diseases. The
transaction, which has been unanimously approved by the boards of directors of
both Conduit and Murphy, are subject to, among other customary closing
conditions, approval by the stockholders of Murphy, and the shareholders of
Conduit.
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
https://www.conduitpharma.com/corporate-profile/asset-pipeline/
https://www.accesswire.com/724601/
Conduit-Pharmaceuticals-to-Become-a-Publicly-Traded-Company-via-Merger-with-Murphy-Canyon-Acquisition-Corp
"
--ENDS-
The directors of the Company accept responsibility for the contents of this
announcement.
Enquiries
Company:
Fungai Ndoro
Tel: +44 (0) 20 3745 0281
https://oscillateplc.com
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Mark Anwyl
Telephone: +44 (0) 20 7220 9796
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as
defined in the European Union (Withdrawal) Act 2018).
END
(END) Dow Jones Newswires
November 09, 2022 10:16 ET (15:16 GMT)
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