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Approval of composition of matter patent in key jurisdiction underscores the Company’s commitment to maximize future out-licensing value
NAPLES, Fla. and CAMBRIDGE, United Kingdom, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit Pharmaceuticals" or "Conduit" or the “Company”) today announced that the Japan Patent Office (JPO) has granted approval of a composition of matter patent application for the Company’s lead asset, AZD1656, a Glucokinase Activator targeting a wide range of autoimmune disorders. This approval follows the recent patent grant in Australia, highlighting Conduit’s continued progress in safeguarding its intellectual property portfolio for future out-licensing opportunities.
“This approval represents another significant milestone in our efforts to maximize the value of our intellectual property portfolio,” said Dr. David Tapolczay, Chief Executive Officer of Conduit Pharmaceuticals. “The granting of this patent in Japan, one of the world’s largest pharmaceutical markets, underscores the strength of our scientific and intellectual property strategy. We look forward to securing additional approvals in other major markets, further enhancing our global patent coverage and bolstering our out-licensing opportunities.”
About Conduit Pharmaceuticals
Conduit Pharmaceuticals (Nasdaq: CDT) has developed a unique business model to bring medicines to patients. Its novel approach addresses unmet medical needs by enhancing and extending the intellectual property of its existing assets through cutting-edge solid-form technology, then commercializing these products with life science companies.
Conduit holds an exclusive license with AstraZeneca for the rights to AZD1656 and AZD5658, both Glucokinase Activators, and AZD5904, a myeloperoxidase inhibitor. Additionally, the Company has two further cocrystal assets including CDT1656, a combination of AZD1656 and a known compound, further broadening its innovative portfolio. Conduit is targeting Lupus and ANCA Vasculitis as its lead indications.
Conduit is led by a highly experienced team of pharmaceutical executives, including CEO, Dr. David Tapolczay, former Chief Executive Officer of UK-based medical research charity LifeArc, and the Chair of our Board, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, Inc.
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 endeavours 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.