IN BRIEF: Vela Technologies notes planned Conduit Pharma merger

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 USD149.7 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.

Current stock price: 0.028 pence, closing 50% higher in London on Wednesday

12-month change: down 54%

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.