Full Press Release Details
Pharmaceuticals Announces Leadership Changes
Fla. and CAMBRIDGE, United Kingdom, April 16, 2025 (GLOBE NEWSWIRE) - Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit
Pharmaceuticals" or "Conduit" or the "Company") today announced key leadership changes
to support the company's next phase of growth and execution.
Andrew Regan, the founder and initial financial backer of Conduit Pharmaceuticals, has been appointed Chief Executive Officer. He will
succeed Dr. David Tapolczay, who is stepping down as CEO and as a member of the Board of Directors for personal reasons. Dr. Tapolczay
will continue to serve the company as Head of Strategy & Licensing, ensuring continuity in strategic development and with an immediate
focus on out-licensing deals for its tapinarof patents.
Regan is a successful entrepreneur with an extensive background in founding and scaling innovative companies across sectors. At the age
of 29, Dr. Regan sold Hobson Plc in 1996 for 154 million by way of a recommended cash takeover. In 2000, he was the founding shareholder
of Asos plc, a global online fashion and beauty retailer which grew to a market capitalization in excess of 4.8 billion. Indian
state-owned oil company ONGC Videsh acquired Imperial Energy, of which Dr. Regan was a founding shareholder, for 1.4 billion.
In 2014, he was awarded a PhD for his research in writing and developing a bio-inspired algorithm for forecasting the financial markets.
Dr. Regan brings deep business acumen and a proven ability to drive growth, scale operations, and unlock shareholder value-making
him ideally suited to lead Conduit forward.
are grateful to David for his leadership during a pivotal time for Conduit," said Dr. Regan. "He has laid the foundation
for our future success and I am delighted that he will remain closely involved and can focus on out-licensing deals for the Company,
given his excellent track-record of licensing and royalty deals in multiple pharmaceuticals products, including pembrolizumab, now marketed
as Keytruda by Merck. We will maximise shareholder value at Conduit through licensing opportunities by creating new 20-year Composition-of-Matter
patents, utilising cutting-edge AI and Cybernetics in collaboration with Sarborg to repurpose drugs, and by avoiding the operating inefficiencies
of a traditional pharma company."
on the transition, Dr. Tapolczay said, "It has been a privilege to serve as CEO of Conduit during this exciting phase of its evolution.
I'm incredibly proud of what we have accomplished, from securing our public listing on NASDAQ to signing our license deal with
AstraZeneca and advancing our pipeline towards our first clinical trial. Andrew's entrepreneurial leadership and vision make him
the right person to lead Conduit into the future, and I have full confidence in its growth under his guidance."
Company also announces that Faith Charles will be stepping down from the Board of Directors for personal reasons. Ms. Charles has been
a key advisor and advocate for the Company during her tenure.
of the Board of Directors, Dr. Freda Lewis-Hall, said, "We sincerely thank both David and Faith for their valuable contributions
to Conduit's early achievements. We welcome Andrew as CEO and are confident that under his leadership, Conduit will maximise value
for patients, partners, and shareholders."
Conduit Pharmaceuticals
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.
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.