UPDATE: Cizzle, Vela Technologies notes planned Conduit Pharma merger

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 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, 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 GBP1.9 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%

By Heather Rydings; heatherrydings@alliancenews.com

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