Conduit Pharmaceuticals Receives Patent Approval For Its Lead Asset Targeting Autoimmune Diseases

SAN DIEGO and LONDON, July 16, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit Pharmaceuticals" or "Conduit" or the “Company”) today announced the approval of a composition of matter patent application by IP Australia, achieving successful examination of a patent on its lead asset, an HK-4 Glucokinase Activator which targets a wide range of autoimmune diseases.

The Company is enrolled to participate in the Patent Prosecution Highway (PPH), a program to fast-track patent examination in major jurisdictions including the U.S., Europe and Japan. Since IP Australia has allowed patent application 2022384750, Conduit believes it is more likely to receive subsequent approvals in other markets. Patents in these major countries are the most sought after and valuable patents for marketed drug products, providing up to 20 years of patent protection.

Through innovative solid-form technology, Conduit’s R&D team identified cocrystals of its lead asset, AZD1656, a HK-4 Glucokinase Activator which offers promising solutions across a broad range of autoimmune conditions. “Cocrystals are by their very nature unexpected. Creating these cocrystals and obtaining meaningful patent protection for them, highlight the expertise and strategic effectiveness of Conduit's science and approach to drug products,” according to Jeffrey A. Lindeman, Ph.D., the Company’s consultant on cocrystal intellectual property. Cocrystal patents are classified as “drug substance” patents in the U.S. Food and Drug Administration’s (FDA) Orange Book. The patents not only enhance Conduit's Intellectual Property assets but also serve to maximize the Company's potential for future out-licensing opportunities, reinforcing the strategic value of cocrystal patents in the pharmaceutical landscape.

“The approval of the composition of matter patent in Australia for our lead asset augments our commitment to optimizing the value of our intellectual property portfolio,” said Dr. David Tapolczay, Chief Executive Officer. “With up to 20 years of patent protection and drug substance classification secured, this patent not only validates the robustness of our internal R&D capabilities but also significantly strengthen our position for future out-licensing opportunities.”

About Conduit Pharmaceuticals

Conduit Pharmaceuticals (Nasdaq: CDT) have developed a unique business model to bring medicines to patients. Its novel approach addresses unmet medical need and lengthens the intellectual property for its existing assets through cutting-edge solid-form technology and then commercializes these products with life science companies. Conduit is led by a highly experienced team of pharmaceutical executives, including CEO, Dr. David Tapolczay, former Chief Executive Officer of UK-based medical research charity LifeArc; and the Chair of our Board, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, Inc. Our Phase II ready pipeline, which consists of a HK4 Glucokinase Activator targeting auto-immune diseases that has undergone 20+ clinical trials in over 1,000 patients, and an MPO Inhibitor which we believe has the potential to treat Idiopathic Male Infertility.

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 as identified in 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.

Investors:

Bill Begien

Conduit Pharmaceuticals Inc.