24/7 Market News Snapshot 08 Aug 2024 – Conduit Pharmaceuticals Inc. Common Stock (NASDAQ: CDT)

August 8, 2024 5:45

Press Release

DENVER, Colo., 08 August, 2024 (247marketnews.com) – (NASDAQ:CDT) are discussed in this article.
Conduit Pharmaceuticals Inc. (NASDAQ:CDT) has recently demonstrated significant market activity. Closing the previous session at $0.165, CDT has soared to $0.243 in the pre-market, marking a remarkable 47.27% increase. This surge is supported by a substantial trading volume of 15.4 million shares, reflecting heightened investor enthusiasm and signaling potential bullish trends. Investors are closely monitoring CDT as it continues its upward trajectory, creating vibrant opportunities within the financial markets.

In addition to this market performance, Conduit Pharmaceuticals has achieved a significant milestone by securing an exclusive licensing agreement with AstraZeneca. This pivotal deal grants Conduit the exclusive rights to develop key compounds, including AZD1656, AZD5658, and AZD5904. AZD1656 and AZD5658, both HK-4 glucokinase activators, and AZD5904, a myeloperoxidase inhibitor, have progressed through Phase 1 clinical trials under AstraZeneca’s stewardship, paving the way for further development by Conduit.

This agreement is expected to bolster Conduit Pharmaceuticals’ position as a leader in innovative drug development, particularly in the areas where these compounds are highly relevant. The HK-4 glucokinase activators have significant potential in glucose management, promising advancements in diabetes therapy. Simultaneously, the myeloperoxidase inhibitor offers new avenues for addressing inflammatory diseases.

The CEO of Conduit Pharmaceuticals emphasized the transformative nature of this collaboration, stating, “Securing the rights to these compounds marks a pivotal advancement for our company. AstraZeneca’s successful Phase 1 trials provide a robust framework for our continued development, underscoring our commitment to addressing critical unmet medical needs.”

Through this strategic acquisition, Conduit Pharmaceuticals is set to leverage its strong research and development framework, alongside AstraZeneca’s foundational work, to drive forward the next wave of therapeutic innovations. The company aims to improve patient outcomes globally by integrating these advanced solutions into its portfolio.

Stay updated with Conduit Pharmaceuticals Inc. through their official website and forthcoming announcements detailing their progressive ventures and strategic endeavors.

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