Vela Technologies #VELA – Investee co Conduit Pharmaceuticals secures $2.65 million funding August 8, 2024 – Posted in: Vela Technologies Plc (VELA) – Tags: , , , , ,

Vela Technologies #VELA is pleased to note that investee pharmaceutical co Conduit Pharmaceuticals Inc. (NASDAQ:CDT) has entered into a financing agreement securing $2.65 million through a Senior Secured Promissory Note with Nirland Limited. The agreement, effective Monday, includes an issuance of 12.5 million shares of common stock to the purchaser.

The promissory note carries an annual interest rate of 12%, accruing daily, with the option for the purchaser to receive interest payments in cash or to accrue them. The note matures on August 5, 2025, and the company may prepay the principal and interest without penalty. The note is secured by all assets of Conduit Pharmaceuticals and its subsidiary and includes a personal guarantee by Dr. Andrew Regan, a board member.

The initial $1.675 million was received upon execution, with the remaining $475,000 contingent on the registration and effectiveness of a resale registration statement for the issued common stock. The company is obligated to use portions of future financing proceeds to prepay the note and interest. The agreement also grants Nirland Limited a right of first refusal to participate in future equity or debt offerings by the company.

In other recent news, Conduit Pharmaceuticals Inc. has achieved two significant milestones. The company secured a composition of matter patent from IP Australia for its HK-4 Glucokinase Activator, AZD1656, a crucial development in its strategy to fortify its intellectual property portfolio. The patent, which covers the cocrystals of AZD1656, provides up to 20 years of protection and underscores the company’s strategic approach to drug development.

Full story at Investing.com here