Conduit Pharmaceuticals Repays $600,000 Note to Nirland, Updates on Senior Secured Promissory Note
NAPLES, Fla. and CAMBRIDGE, United Kingdom, Feb. 11, 2025 – Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), a leading biopharmaceutical company, announced today the repayment of a $600,000 promissory note (the “Note”) to Nirland Limited (“Nirland”). Additionally, the Company provided an update on the conversion of its Senior Secured Promissory Note (the “Senior Note”) with Nirland.
Repayment of the $600,000 Note
Conduit Pharmaceuticals announced the successful repayment of a $600,000 promissory note to Nirland, a private investment firm based in the United Kingdom. The note, which bore an interest rate of 8% per annum, was due on February 11, 2025. The repayment of this debt further strengthens Conduit’s financial position and reduces its overall debt burden.
Update on the Conversion of the Senior Secured Promissory Note
Furthermore, Conduit Pharmaceuticals provided an update on the conversion of its Senior Secured Promissory Note with Nirland. The Senior Note, which has a principal amount of $5 million and a maturity date of February 11, 2026, can be converted into equity at the option of Nirland at any time prior to maturity. The conversion price is based on the 20-day volume-weighted average price of Conduit’s common stock prior to the conversion.
Impact on Conduit Pharmaceuticals
The repayment of the $600,000 note and the update on the conversion of the Senior Note are positive developments for Conduit Pharmaceuticals. The repayment reduces the Company’s debt and improves its financial position, making it better positioned to invest in research and development and pursue growth opportunities. The update on the conversion of the Senior Note provides clarity on the potential dilutive impact of a conversion and gives investors a better understanding of the Company’s capital structure.
Impact on the World
The repayment of Conduit Pharmaceuticals’ debt and the update on the conversion of its Senior Note are not directly impactful to the world at large. However, these developments are significant for the biopharmaceutical industry and investors in the sector. The successful repayment of debt and the update on the conversion of the Senior Note demonstrate Conduit’s financial discipline and its commitment to managing its debt load. This, in turn, can help build confidence in the Company and the industry as a whole, potentially leading to increased investment and innovation.
Conclusion
In conclusion, Conduit Pharmaceuticals’ announcement of the repayment of its $600,000 note to Nirland and the update on the conversion of its Senior Secured Promissory Note are positive developments for the Company and the biopharmaceutical industry. These actions demonstrate Conduit’s financial discipline and commitment to managing its debt load, potentially leading to increased investor confidence and potential growth opportunities. As a responsible and forward-thinking biopharmaceutical company, Conduit continues to make strategic financial decisions that position it well for the future.
- Conduit Pharmaceuticals repaid a $600,000 note to Nirland
- Update on the conversion of Senior Secured Promissory Note with Nirland
- Repayment reduces debt and strengthens financial position
- Update provides clarity on potential dilutive impact of conversion
- Positive developments for Conduit and the biopharmaceutical industry
- Demonstrates financial discipline and commitment to managing debt
