CDT Conduit Pharmaceuticals Inc

Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit Pharmaceuticals” or “Conduit” or the “Company”) today provides an R&D update on the development progress of pipeline assets AZD1656, AZD5658, and AZD5904. The Company has made significant progress with respect to confirmatory pre-clinical studies, clinical trial planning, formulation development, and intellectual property (IP) expansion to position its pipeline for continued success. These exciting developments underscore Conduit’s momentum and near-term potential.

Conduit has partnered with Charles River Laboratories Inc. to conduct preclinical studies evaluating its glucokinase inhibitors towards applications in autoimmune diseases, with an initial focus on lupus. The study aims to assess the impact of drug on disease progression in a well-established lupus model, using standard disease progression readouts, while also evaluating its effect on inflammatory markers and pro-inflammatory cytokine levels, with a focus on Treg immunoregulation. This study is expected to generate critical data on the therapeutic potential, informing future clinical development plans with results anticipated in Q2 2025, with a view to potentially increasing the probability of subsequent clinical trial success.

In parallel, Conduit continues to optimize the protocol for the design of its Phase II clinical trial for AZD1656. The trial will focus on two multisystem autoimmune diseases: systemic lupus erythematosus (SLE) with nephritis and ANCA-associated vasculitis (AAV). The current design is a single-center, double-blind, placebo-controlled study, designed to provide robust data on the safety, tolerability, and mechanistic effects of AZD1656. The Company will provide further updates on the finalization of the trial design and contracting for the study.

At its research and development facility at Cambridge Science Park, Conduit is enhancing its IP portfolio and optimize the formulation of its pipeline assets. In the laboratory, the Company is evaluating the assets licensed through the AstraZeneca partnership and other assets of critical interest. Significant progress has also been made in securing intellectual property (IP) protection for Conduit’s lead asset, AZD1656. Recent milestones include the grant of a composition-of-matter patent for the AZD1656 Cocrystals by the Japan Patent Office (JPO) and IP Australia, with pending applications at the USPTO and European Patent Office, and other global patent offices, expected to be approved early in the second quarter. In addition, Conduit is actively working to develop new solid forms of its key assets, including AZD1656, AZD5904 and AZD5658. These approvals and ongoing efforts are expected to strengthen Conduit’s IP portfolio and support its strategy of out-licensing and commercialization.

Through a strategic services agreement with Agility Life Sciences (“Agility”), a formulation development CDMO, Conduit is developing novel solid oral-dosage forms for its pipeline assets. Key activities include the development of proprietary solid forms for all autoimmune pipeline assets, protected by composition-of-matter IP, and collaboration with Agility to design enhanced oral dosage forms tailored to patient preferences and disease-specific needs. The development of proprietary forms of AZD1656, specifically tailored to unmet patient needs, are showing positive progress.

These efforts underscore Conduit’s commitment to advancing its pipeline and delivering innovative treatments for autoimmune disorders. The Company expects key results and critical milestones to be reached in the near term, positioning Conduit for exciting growth and development.

About Conduit Pharmaceuticals

Conduit is a multi-asset clinical stage, life science company delivering an efficient model for compound development. Conduit both acquires and funds the development of Phase 2-ready assets, building an integrated and advanced platform-driven approach powered by artificial intelligence (AI) and cybernetics, and seeking 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 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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