Welcome to our dedicated page for Murphy Canyon Acquisition news (Ticker: MURF), a resource for investors and traders seeking the latest updates and insights on Murphy Canyon Acquisition stock.
Murphy Canyon Acquisition Corp. (NASDAQ:MURF) is a blank-check company established for the purpose of executing a merger, share exchange, asset acquisition, share purchase, reorganization, or a similar business combination with one or more businesses. Recently, Murphy Canyon has been actively working on a significant business combination with Conduit Pharmaceuticals Limited, marking a pivotal phase in its operational timeline.
Conduit Pharmaceuticals Limited is a disease-agnostic life science company with a unique model for compound development. Formed in 2019, Conduit disrupts the traditional big pharma/biotech business model by acquiring assets that are Phase II-ready and subsequently seeking exits through third-party license deals after successful clinical trials. Led by an experienced team including Dr. David Tapolczay and Dr. Freda Lewis-Hall, Conduit focuses on funding the development of clinical molecules licensed from major pharmaceutical companies.
On November 8, 2022, Murphy Canyon and Conduit entered into a definitive business combination agreement. This agreement was further amended and led to the filing of a proxy statement/registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC) on May 12, 2023. The SEC declared this registration statement effective on August 11, 2023. Murphy Canyon has scheduled a special meeting for its stockholders to vote on the proposed business combination and other related proposals on September 13, 2023.
Once the transaction is closed, the combined entity will be renamed Conduit Pharmaceuticals Inc. and will be listed on the Nasdaq under the ticker symbols
Conduit Pharmaceuticals and Murphy Canyon Acquisition Corp. have announced a definitive agreement for a business combination. This merger will provide Conduit with an estimated enterprise value of $700.49 million, along with approximately $149.36 million cash proceeds to fund its clinical programs targeting autoimmune diseases and idiopathic male infertility. The combined company is set to list on NASDAQ under the ticker "CDT" in Q1 2023. Conduit's promising pipeline includes a glucokinase activator and an MPO inhibitor, aiming at unmet medical needs.
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