Update re. Economic Interest in AZD1656

Vela Technologies PLC

15 May 2023

 

15 May 2023

Vela Technologies plc

("Vela" or "the Company")

Update on Put Option for potential sale of Economic Interest in AZD1656

Further to the Company's announcement on 20 April 2023, the Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, notes the Form S-4 Registration Statement and preliminary proxy statement filed by Murphy Canyon Acquisition Corp. (NASDAQ: MURF) on 12 May 2023 which is available for viewing on the United States Securities and Exchange Commission's website.

On 20 April 2023, Vela announced that the Company entered into a put option agreement to give the Company the right, but not the obligation ("the Option"), to sell its economic interest in the commercialisation of the Covid-19 application of AZD1656 for a total consideration of £4.0 million. The Option was granted by Conduit Pharmaceuticals Limited ("Conduit") and its prospective parent company, Murphy Canyon Acquisition Corp. ("Murphy"), a Company listed on NASDAQ.

As previously announced on 20 April 2023, the Board of Vela is mindful that there can be no guarantee that Vela will be able to exercise the Option, since exercise is dependent on the successful completion of the merger between Conduit and Murphy and the combined entity being listed on the NASDAQ stock exchange.

A copy of the Form S-4 Registration Statement can be found at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1896212/000149315223016741/forms-4.htm

The Company will release further announcements as and when appropriate.

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker / Oryon Lass
Novus Communications (PR and IR Adviser)	Tel: [phone]
Alan Green / Jacqueline Briscoe

About Vela Technologies

Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments.  Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.

 

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