• Conduit Pharmaceuticals announces new addition to its autoimmune pipeline, underscored by composition of matter patent filing to strengthen its competitive position

• This new asset, CDT1656, combines AZD1656 with a second known-compound that has demonstrated immune-modulating effects across multiple autoimmune conditions, enhancing its therapeutic potential
  
• The addition of CDT1656 and the supporting composition of matter patent filing highlight Conduit's commitment to building a robust asset portfolio, positioning the Company for future licensing opportunities
  

SAN DIEGO and LONDON, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit" or the "Company"), today announces the filing of two new patent applications relating to its lead clinical candidate, AZD1656, a HK-4 glucokinase activator licensed from AstraZeneca targeting a broad spectrum of autoimmune disorders.

The patent applications include a novel composition of matter filing for CDT1656, the newly introduced asset in Conduit's portfolio. CDT1656 combines AZD1656 with a second compound whose mechanism of action plays a critical role in the progression of autoimmune disorders and has shown potential across a range of conditions. This combination provides an expansion to Conduit's pipeline, creating an innovative addition to the Company's autoimmune portfolio. Conduit believes that the development of CDT1656 has the potential to expand the market opportunity for the Company across a broader range of autoimmune conditions and patient subsets further strengthening its strategic position.

These filings reinforce Conduit's commitment to building valuable Intellectual Property (IP) across its portfolio, particularly with assets that can be combined with existing therapies to offer enhanced treatment solutions. As part of its broader strategy, Conduit intends to create additional IP combinations to maximize the future licensing value of its assets. Furthermore, Conduit aims to strategically position itself to capture market share for products with expiring patents or IP vulnerabilities in the near term, ensuring its portfolio is well-positioned to drive both innovation and commercial success.

The autoimmune disease therapeutics market size was estimated to be $214.54 billion in 2024 and is expected to grow at a compound annual growth rate of 7.90% to reach $339.00 billion by 20301. CDT1656 has the potential to unlock significant market opportunities, offering expanded treatment options and positioning the Company for further growth in this rapidly evolving sector.

"The filing of these two new patents reflects our dedication at Conduit to maximizing our IP portfolio and highlights the strength of research and development at our Cambridge, UK laboratory," said Dr. David Tapolczay, Chief Executive Officer at Conduit. "By securing exclusive rights to CDT1656, a combination of AZD1656 and a second compound which offers additional autoimmune benefits, we are positioning Conduit for future licensing opportunities and market growth. These developments demonstrate our commitment to driving value through strategic IP creation and capitalizing on untapped opportunities in the sector."

About Conduit Pharmaceuticals

Conduit is a multi-asset, clinical stage, disease-agnostic life science company delivering an efficient model for compound development. Conduit both acquires and funds the development of Phase 2-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 endeavors 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.

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Conduit Pharmaceuticals Inc.
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