Conduit Pharmaceuticals Announces Debt Repayment and Partial Conversion of Senior Secured Note

Core Insights - Conduit Pharmaceuticals has successfully repaid a $600,000 promissory note to Nirland Limited, fulfilling all obligations under the agreement [1] - Nirland has converted approximately$1.7 million of the Senior Secured Promissory Note into shares of Conduit's common stock, reducing the company's debt obligations [2] - The company aims to leverage its improved financial position to support strategic goals and enhance shareholder value [3] Financial Updates - The promissory note had an original principal amount of $600,000, with a 12$2.65 million, was entered into on August 6, 2024, and has been amended multiple times, also bearing a 12% annual interest rate [2] Company Overview - Conduit Pharmaceuticals is a clinical-stage life science company focused on an efficient model for compound development, utilizing AI and cybernetics [4] - The company is led by experienced pharmaceutical executives and aims to build an integrated platform-driven approach, seeking exits through third-party license deals after successful clinical trials [4]