Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 51

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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ger Sub”), was completed pursuant to the Agreement and Plan of Merger, dated November
8, 2022, as amended, (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, at the closing, (i) Merger
Sub merged with and into Old Conduit, with Old Conduit surviving the Business Combination as a wholly-owned subsidiary of MURF, and (ii)
MURF changed its name from Murphy Canyon Acquisition Corp. to Conduit Pharmaceuticals Inc.

Conduit
has developed a unique business model that allows it to act as a conduit to bring clinical assets from pharmaceutical companies and develop
new treatments for patients. Our novel approach addresses unmet medical needs and lengthens the intellectual property for our existing
assets through cutting-edge solid-form technology and then commercializing these products with life science companies. We continue to
evaluate novel artificial intelligence and cybernetics approaches to drug re-purposing, intellectual property and asset selection to
give Conduit a competitive advantage.

We are led by highly experienced
executives: Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer Inc., the Chair of our Board of Directors, and Dr. Andrew Regan.
Our management team includes active senior scientists who have an extensive understanding of the pharmaceuticals market, which supports
our strategy of developing clinical assets in a cost-efficient manner while focusing on therapeutic efficacy and patient safety.

Simultaneously,
Conduit leverages the capabilities of our Cambridge laboratory facility and highly experienced team of solid-form experts to extend or
develop proprietary solid-form intellectual property for our existing and future clinical assets. Our own intellectual property portfolio
comprises pending patent applications in several international jurisdictions describing a solid-form compound, including the AZD1656
Cocrystal (a HK-4 Glucokinase Activator), targeting a wide range of autoimmune disorders. Our pipeline research includes a number of
compounds that serve as promising alternatives to existing clinical assets currently marketed and sold by large pharmaceutical companies,
which we have identified as having an opportunity to develop further intellectual property positions through solid-form technology.

In
connection with the funding and development of clinical assets, we expect to evaluate and select the specific molecules to be developed
and collaborate with external CROs and Key Opinion Leaders (“KOLs”) to run clinical trials that are managed, funded, and
overseen by us. We intend to leverage our comprehensive clinical and scientific expertise in order to facilitate development of clinical
assets through Phase II trials in an efficient