Conduit Pharmaceuticals Announces Opening of Prime Laboratory Space in Europe’s Leading Life Sciences Hub

SAN DIEGO and LONDON, March 11, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: ) ("Conduit Pharmaceuticals" or "Conduit") today announced the opening of cutting-edge laboratory space in Cambridge, United Kingdom, a global centre for research and development for companies at the forefront of life science innovation. This strategic acquisition marks a pivotal milestone for Conduit, positioning the Company for portfolio expansion, enhanced development capabilities, and growth of a robust intellectual property portfolio.

The laboratory space in Cambridge sits within 150 acres and two million square feet of high technology and laboratory buildings, housing nearly 7,000 people at over 130 companies that range from exciting start-ups to some of the world's leading technology and life science businesses.

At Conduit’s new laboratory, the scientific team will focus on strengthening and extending the Company’s intellectual property portfolio using solid form technology to maximise out-licensing value. The new centre of excellence will function as the nucleus of the Company's workstream management platform, a system integrating the expertise of Conduit’s management and scientific teams with complimentary algorithmic and artificial intelligence tools. The Company believes this will streamline operations including asset selection and monitoring key deliverables within its clinical trials.

“Our new laboratory serves as a dynamic base for Conduit's breakthrough endeavours, providing an optimal environment to progress and expand upon our existing asset portfolio while also facilitating a generation of new intellectual property,” said Dr. David Tapolczay, Chief Executive Officer of Conduit. “This initiative reaffirms our commitment to leading the charge in pharmaceutical innovation, collaborating closely with the celebrated scientific community in Cambridge, a prominent global life sciences hub that consistently pushes the boundaries of what is possible and develops life-changing advancements for patients.”

About Conduit Pharmaceuticals

Conduit is a 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.

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 and uncertainties to be identified in the proxy statement/prospectus (as amended and supplemented) relating to the business combination completed in September 2023, including those under "Risk Factors" therein, and in other 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.

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Investors:

Bill Begien

Conduit Pharmaceuticals Inc.