CDT Equity and Manoira Partner to Evaluate Animal-Health Products Launches in US, Europe

NAPLES, Florida, US, and CAMBRIDGE, United Kingdom — 28 October 2026: Biopharmaceutical development company CDT Equity Inc. (NASDAQ: CDT) has entered into an evaluation agreement with Manoira Corporation to investigate whether two clinical-stage compounds from CDT’s portfolio can improve Manoira’s planned animal-health products. The agreement was announced on 27 October, following its execution on 22 October 2026.

The collaboration will assess AZD1656, including certain proprietary cocrystal derivatives, and AZD5904 in combination with Manoira’s planned product range. The evaluation will examine whether the compounds can improve efficacy, safety, formulation or other commercially relevant characteristics.

Manoira is preparing to launch its first animal-health product range in the first quarter of 2027, based on its licensed portfolio of patented cannabinoid cocrystal and solid-form technologies. The company has stated that the products are in the manufacturing and testing phase. The proposed collaboration could add further assets to that portfolio, although no successful formulation, clinical benefit or regulatory approval has yet been demonstrated by the announcement.

The agreement is therefore best understood as an early-stage product-development and evaluation arrangement, with licensing and commercialisation discussions conditional on the results—not as confirmation that a new product has already been approved or launched.

Sources: CDT’s Form 8-K and the evaluation agreement. The planned launch and potential commercial discussions remain forward-looking.

What will the companies evaluate?

The agreement gives Manoira access to materials from CDT’s two clinical-stage assets for animal-health evaluation. The central question is whether combining either asset with Manoira’s planned products can produce a commercially meaningful improvement. The work is expected to address four broad areas:

• Efficacy: Whether the combination offers a measurable improvement over Manoira’s existing formulation or product concept.

• Safety: Whether the combination has an acceptable safety profile for its intended animal-health application.

• Formulation: Whether the compounds can be incorporated into a product in a way that improves its practical characteristics.

• Commercial relevance: Whether any observed improvement is meaningful enough to justify further development and potential licensing.

The publicly available agreement does not establish that the evaluation will demonstrate a positive outcome. It also does not publicly specify a particular disease indication, target species, dosage form, study design or efficacy endpoint. These details should not be inferred from the partnership announcement.

Under the agreement, Manoira must provide CDT with a written report of the results within 60 days of completing the evaluation. The parties may use the results for internal evaluation, but publication requires the other party’s prior written consent.

Understanding the technology: cocrystals and solid forms

Manoira’s planned product range is based on licensed cannabinoid-related patents involving cocrystal and solid-form technologies. These approaches concern the physical and chemical forms in which compounds are presented in a product.

In pharmaceutical development, cocrystal engineering can be used to investigate properties such as solubility, stability, manufacturability and other formulation characteristics. The benefits are compound- and formulation-specific: a cocrystal does not automatically improve absorption, safety or clinical efficacy.

Solid-form development can also affect product consistency and manufacturing performance. For animal-health products, these characteristics may be important when designing products for practical administration and reliable production. However, the value of any formulation change must be demonstrated through appropriate analytical, stability, safety and efficacy testing.

The CDT–Manoira agreement is intended to determine whether CDT’s assets add value when combined with Manoira’s product platform. The announcement does not provide experimental data demonstrating that the proposed combinations outperform existing formulations.

Why AZD1656 and AZD5904 matter to the evaluation

CDT has identified AZD1656 and AZD5904 as clinical-stage assets available for assessment in animal healthcare. The partnership gives Manoira a defined opportunity to test them alongside its planned products.

AZD1656 has previously been investigated in human clinical development. CDT’s earlier regulatory disclosures describe a programme involving 23 Phase I and Phase II studies in 526 subjects, of whom 446 received AZD1656. That historical human-development experience is relevant background on the compound’s development history, but it does not establish efficacy, dosing or safety in veterinary species. Human data cannot be directly substituted for species-specific animal-health evidence.

The current announcement does not provide comparable detailed clinical-development figures for AZD5904, nor does it disclose the specific veterinary indications being targeted. Both assets should therefore be regarded as candidates for evaluation within this particular partnership, not as established veterinary treatments.

For animal-health developers, repurposing or repositioning existing compounds can create opportunities to explore additional markets. Yet the pathway from a compound with prior development experience to a marketable veterinary product still requires evidence appropriate to the intended species, indication, route of administration and applicable regulatory framework.

Commercial terms: US$195,000 settled in equity

CDT’s Form 8-K provides a useful financial detail absent from a simple partnership headline: the evaluation carries a total fee of US$195,000, which CDT settled by issuing Manoira 1,347,616 common shares at US$0.1447 per share. The share issuance is disclosed in CDT’s US securities filing.

The structure conserves cash relative to a cash-settled payment but issues additional equity. The effect on existing shareholders depends on CDT’s total shares outstanding and other capital changes; the transaction alone is insufficient to calculate a reliable dilution percentage.

The agreement also establishes a defined pathway for possible commercial negotiations. If the results show that the CDT assets improve Manoira’s product offering, the parties are to negotiate in good faith for 120 days after delivery of the results. However, neither party is obliged to sign a subsequent commercial agreement. A binding commercial arrangement would require a separate written agreement signed by both companies.

This distinction is important for investors and industry observers. The announced fee reflects payment for evaluation work; it is not evidence of future royalties, product sales, licensing revenue or guaranteed commercialisation.

Governance and related-party considerations

The regulatory filing also discloses a governance connection: CDT’s former chief executive officer and former board member, Dr Andrew Regan, is Manoira’s sole director and beneficially owns more than 5% of CDT’s outstanding common stock. CDT stated that Dr Regan would not receive consideration from the transactions contemplated by the evaluation agreement.

The relationship is relevant context for investors assessing the transaction. It does not, by itself, establish that the agreement is inappropriate. The disclosed terms, evaluation results, governance procedures and any subsequent commercial agreement will be important factors in assessing the partnership’s eventual value.

What the agreement means for the animal-health industry

The partnership illustrates a development model in which a biopharmaceutical company evaluates existing assets for potential use in a specialist animal-health platform. Rather than committing immediately to a full commercial launch, the parties have created a time-limited evaluation stage intended to determine whether the combinations warrant further investment.