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Special Note Regarding Forward Looking Statements: This document contains some forward-looking statements. Various factors could cause actual results to differ materially from those projected in the forward-looking statements, including comments projecting product launch dates, sales revenues and the Company’s valuation. Although the Company believes that forward- looking statements contained herein are reasonable, it can give no assurance that the Company’s expectations are correct. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement. EXECUTIVE SUMMARY PORTABLE CAGE-SIDE DIABETES TEST FOR COMPANION ANIMALS

Anipoc Exec Summary A1c03

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Page 1: Anipoc Exec Summary A1c03

Special Note Regarding Forward Looking Statements:

This document contains some forward-looking statements. Various factors could cause actual results to differ materially from those projected in the forward-looking statements, including comments projecting product launch dates, sales revenues and the Company’s valuation. Although the Company believes that forward-looking statements contained herein are reasonable, it can give no assurance that the Company’s expectations are correct. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement.

EXECUTIVE SUMMARY

PORTABLE CAGE-SIDE DIABETES TEST FOR COMPANION ANIMALS

Page 2: Anipoc Exec Summary A1c03

Company AniPOC Limited is involved in development and commercialisation of innovative, rapid point-of-care (POC) diagnostics for companion animals, poultry and livestock. Our products enable farm operatives and veterinarians to carry out on-site testing on samples recovered from animals with little or no sample preparation and without expensive equipment.

TechnologyAniPOC has an exclusive worldwide licence for a patented microfluidics platform technology validated for development of rapid diagnostics for the human healthcare market. The development of the platform itself cost the licensor US$9 million and AniPOC is repositioning the platform technology for development of novel veterinary diagnostics. As part of the licence agreement AniPOC has access to products developed by the licensor for repositioning to the veterinary market.

AniPOC Limited is involved in development and commercialisation of innovative rapid point-of-care (POC) diagnostics for companion animals, poultry and livestock

OpportunityDiagnosis of diabetes in companion animals is usually determined by measuring urine or blood glucose levels. These measurements are quick and can be performed in the clinic. Diagnosis is often confirmed by determining serum Fructosamine levels. Fructosamine is a collection of proteins that are modified by excess glucose in the blood. Serum Fructosamine levels provide information on the management of a pet’s blood glucose levels over a period of 1 to 2 weeks prior to testing. Several Fructosamine tests are usually performed in the first 4 to 6 months to evaluate treatment regimen designed to stabilize a diabetic pet’s blood glucose levels. However, in order to monitor progress over a longer period (e.g., 8-10 weeks), veterinarians measure HbA1c levels in the blood. HbA1c is haemoglobin that has been altered by excess glucose in the blood. Neither, the Fructosamine

test or the HbA1c test can be performed cage-side, i.e., at the point of providing care, because unlike the glucose test, they are not available in a point-of-care format. Hence, the market opportunity for both tests in a POC format is significant. AniPOC has access to an approved HbA1c test for humans which, according to a recent ‘look-see’ case study performed on a blood sample recovered from a diabetic dog, indicated that with minor modifications the human HbA1c test has the potential to be repositioned for use in companion animals.

2 AniPOC Executive Summary

Diabetes Test ProductAniPOC is seeking to commercialise its first product, a ground breaking blood test for stabilisation and on-going monitoring of diabetes in companion animals. The product enables veterinarians to test diabetic animals at their clinics within minutes. The test is easy to perform requiring only a drop of blood to be deposited onto a test cartridge which is then inserted into a hand held reader for a digital readout within 3 minutes (demonstration can be viewed at: http://youtu.be/nOz_hnsz2vU).

With minor modifications the human HbA1c test has the potential to be repositioned for use in companion animals

Page 3: Anipoc Exec Summary A1c03

MarketThere are an estimated 430 million cats and dogs in the EU and USA. The prevalence of diabetes amongst these animals is 0.5% (1:200 animals) with 1.4 million cases reported in USA alone. With such an incidence, the market for a rapid in-clinic HbA1c test for companion animals is estimated to be £258 million.

InvestmentAniPOC is seeking an investment of £325,000 to commercialise the HbA1c test for companion animals and develop a prototype of the Fructosamine test to demonstrate proof-of-concept. The Company intends to roll out the HbA1c test with the label ‘for research use only’ within 5-6 months to generate early revenues whilst undertaking studies to gain approval from regulatory authorities in the EU and USA for a validated product.

AniPOC’s single-use test cartridge will cost less than £3 to manufacture, which leaves significant headroom for negotiating a profitable transfer price with a global distributor of veterinary diagnostics

AniPOC is seeking an investment of £325,000 to commercialise the HbA1c test for companion animals

AniPOC Executive Summary 3

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

AniPOC Sales Revenue 39,000 510,000 1,499,000 5,365,000 9,079,000 14,229,000

Direct Costs 16,000 209,000 576,000 1,987,000 3,330,000 5,290,000

AniPOC Gross Margin 23,000 301,000 923,000 3,378,000 5,749,000 8,939,000

Total Overhead 337,000* 379,000* 276,000 285,000 295,000 305,000

EBITDA (£) (314,000) (78,000) 647,000 3,093,000 5,454,000 8,634,000

Financial Summary

The HbA1c test is presently offered by veterinary clinics for £30 to £45 which includes blood collection, courier charges for sample dispatch and reporting and interpretation of results. AniPOC’s single-use test cartridge will cost less than £3 to manufacture, which leaves significant headroom for negotiating a profitable transfer price with a global distributor of veterinary diagnostics.

* Development and operation costs combined

Page 4: Anipoc Exec Summary A1c03

Contact detailsPlease direct enquiries to:

Dr Kishor Modha AniPOC Limited Fyfield House 13 Main Street Gaulby Leicester LE7 9BE, UK

Tel: +44 116 259 9176 Mb: +44 7535 698 596 Email: [email protected]

OfferingAniPOC is seeking an investment of £325,000 for equity in the Company.

PortfolioAniPOC has two other products with a combined market of £485 million. The first of these is a rapid on-farm test for detection of Campylobacter in poultry flocks. Campylobacter is a bacterium that colonizes the gut of all poultry and causes severe food poisoning in humans. Screening broiler flocks to monitor the levels of this organism in poultry farms will become an essential practice as authorities in EU and USA move towards regulating the industry. AniPOC has a prototype product which could be brought to market in the EU within 12 months. The second product is a rapid in-clinic test for serum Fructosamine levels to facilitate diagnosis and stabilization of diabetic pets. This test can be performed in a similar manner to the HbA1c test. It is in early development and can be ready for market in 26-30 months.

ManagementFounding Directors of AniPOC, Dr Jayant Modha and Dr Kishor Modha have over 22 years of experience developing products, generating IP, raising development capital and adding value to companies. Since 2008, they have focused on investment and commercialisation of POC diagnostics for human and veterinary applications. They have licensed-in a novel microfluidics technology from MEC Dynamics Corporation, which has developed the Avie™ A1c system. Avie™ A1c test is a POC diagnostic approved by the FDA for rapid in-clinic or at-home determination of HbA1c in people monitoring diabetes.

AdvisorDr Kim Tan is a commercial advisor to AniPOC Limited. He is the chairman of Springhill Management Ltd (UK), a private equity fund management company specializing in the field of life sciences, focusing upon early stage investments and development capital. He is also an advisor to a number of government agencies in Asia on biotechnology and a Board member of the Asia Pacific Economic Cooperation (APEC) Life Science Forum. He is a non-executive director of Bioventix, a company listed on the PLUS Exchange.

AniPOC has two other products with a combined market of £485 million. The first of these is a rapid on-farm test for detection of Campylobacter in poultry flocks

AniPOC Executive Summary 4