AZD-1656

Conduit Pharmaceuticals files next generation cocrystal patent for VTAMA® (tapinarof) which the Company believes could be a superior asset with both inflammatory and autoimmune prospectives just as the drug approaches 2027 exclusivity expiration, positioning the Company for high-value licensing partnerships. NAPLES, Fla. and CAMBRIDGE, United Kingdom, April 11, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit Pharmaceuticals" or "Conduit" or the “Company”) today announces the filing of two groundbreaking patents for tapinarof (VTAMA®), including a dual active cocrystal, pairing the drug currently approved in the US for psoriasis and atopic dermatitis with a complementary drug substance known to address key patient needs in inflammatory skin conditions. The Company anticipates this combination drug approach could offer enhanced patient benefits over existing tapinarof formulations by addressing both therapeutic needs and known side effects, such as pain and itch, which are a known priority to sufferers of these conditions but typically overlooked by standard treatments that focus on the underlying disease alone. This innovative approach differentiates Conduit's intellectual property from existing formulation patents, offering potential partners a next generation tapinarof asset with what the Company estimates to be extensive commercial viability. This comes at a critical juncture for VTAMA®, a drug that has demonstrated blockbuster potential through Organon's $1.2 billion acquisition from Dermavant Sciences yet could face imminent generic competition upon exclusivity expiry in 2027. The timing is particularly strategic in the Company’s view, with tapinarof now entering clinical trials for cutaneous lupus and showing promise across multiple other inflammatory and autoimmune indications. Conduit's novel approach could enable an even broader range of high-value therapeutic opportunities, positioning Conduit at the forefront of a rapidly growing market segment. Conduit believes this new IP could enable formulations of tapinarof that address three key market needs: improved patient tolerability, extended patent protection, and expanded therapeutic applications. The global market for anti-inflammatory therapies, projected to exceed $233.6 billion by 2032 presents significant growth potential as tapinarof’s mechanism of action shows increasing relevance across numerous inflammatory conditions. By cocrystallizing Tapinarof with a therapeutic agent specifically selected to address unmet patient needs, Conduit has created an asset that combines potential clinical benefits with strong intellectual property protection during the crucial window before generic market entry, while simultaneously positioning the Company in the larger inflammatory/autoimmune space. The addition of this new asset to Conduit's portfolio reinforces the Company's business model of identifying and enhancing clinically validated compounds with high commercial potential. This approach previously yielded success with Conduit's development of AZD1656 for autoimmune diseases and continues to drive the Company's pipeline strategy. With the anti-inflammatory therapeutics market as a whole growing at nearly 9% annually and dermatology treatments maintaining 6-8% growth through 2030, Conduit believes a new patent protected tapinarof product represents a unique opportunity for partners seeking to exploit the full potential of the drug by both maximising its position in the dermatology space alongside expanding its market into other high value disease areas with current unmet needs. "With this strategic addition to our portfolio, we are not just adding another asset, but adding what we believe to be a highly commercially valuable patent position for tapinarof," said Dr. Joanne Holland, Chief Scientific Officer of Conduit Pharmaceuticals. "Whilst the current formulation is focused purely on underlying disease, our tapinarof cocrystal aims to offer a multifaceted approach addressing patient symptoms as well as disease. New composition of matter IP, on a drug that could imminently face generic competition on near-term exclusivity expiry, could offer partners a strong position to exploit its market potential in the wider inflammatory and autoimmune space. We are now actively pursuing partnerships that can leverage this breakthrough IP while we continue to advance our broader pipeline." 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 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 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. Investors & Media:info@conduitpharma.com

NAPLES, Fla. and CAMBRIDGE, United Kingdom, April 10, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit" or the “Company”) today announced that its Board of Directors has authorized a share repurchase program under which the Company may purchase up to $1,000,000 of its outstanding common stock. The Directors believe that the market price of its common stock trades at prices that do not reflect their underlying value. Under the program, Conduit may repurchase shares from time to time through open market transactions or other methods in compliance with SEC Rule 10b-18. Purchases will be executed by The Benchmark Company, the Company's appointed broker, and will be subject to market conditions, corporate liquidity requirements, regulatory considerations, and other factors. The share repurchase program does not obligate the Company to acquire a particular amount of common stock and the Company will use its discretion to repurchase shares. The program has no fixed expiration date and may be adjusted or terminated at any time by the Company. “Given the current market value of our common stock we believe it is prudent to have the option to re-purchase our shares using our existing cash reserves,” said Dr. David Tapolczay, Chief Executive Officer of Conduit. “With multiple milestones anticipated across our pipeline this year, including preclinical data readouts and Phase II trial initiation for AZD1656, we believe in a balanced approach to capital allocation.” 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. Investors & Media:info@conduitpharma.com