9 November 2022

Vela Technologies plc

("Vela" or "the Company")

Update re. AZD1656

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement made yesterday evening by Conduit Pharmaceuticals Limited ("Conduit") that it intends to become a publicly traded company on NASDAQ in the USA via a merger with Murphy Cannon Acquisition Corp. ("Murphy"), a NASDAQ-listed special purpose acquisition company.

Vela holds an economic interest in the commercialisation of a particular application of AZD1656, one of the assets of Conduit.  Details of Vela's interest in AZD1656 were set out in the announcement published by Vela on 20 October 2020.

A copy of the announcement can be found at:

Conduit Pharmaceuticals to Become a Publicly Traded Company via Merger with Murphy Canyon Acquisition Corp. (accesswire.com)

The salient points of the announcement are as follows:

·       Conduit and Murphy have entered into a definitive business combination agreement.

·       The business combination is expected to provide Conduit with access to the public equity markets, which the parties believe will accelerate development of Conduit's autoimmune disease and idiopathic male infertility pipeline.

·       The business combination is expected to close in the first quarter of 2023.

·       The transaction is expected to deliver cash proceeds of around $149.65 million to Conduit (assuming no redemptions) to fund Conduit's clinical development programmes.

Further information on Conduit, including details on its relationship and partnership with St. George Street Capital, can be found in this presentation which was published as an SEC filing yesterday evening: https://www.sec.gov/Archives/edgar/data/1896212/000149315222030986/ex99-2.htm

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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.