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Investor Presentation, Feb‐17
DisclaimerThe information contained in these slides has been prepared by Shield Therapeutics plc (the "Company"). It has not been approved by the United Kingdom Listing Authorityunder the Prospectus Rules (made under Part VI of the Financial Services and Markets Act 2000) or otherwise, or by the London Stock Exchange plc. Nothing in these slides,nor in any information communicated to you in the presentation of these slides, constitutes or forms part of any offer for sale or solicitation of any offer to buy or subscribefor any securities nor shall these slides, such presentation or any part of them form the basis of or be relied on in connection with, or act as any inducement to enter into,any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or thepresentation of them or on the completeness, accuracy or fairness thereof.No undertaking, representation, warranty or other assurance, express or implied, is or will be made or given by or on behalf of the Company or its directors, officers,partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in these slides and/or thepresentation of them and no responsibility or liability is accepted by any such person for any such information or opinions or for any errors, omissions or misstatements,negligent or otherwise, nor for any other communication written or otherwise. In addition, the Company undertakes no obligation to update or to correct any inaccuracieswhich may become apparent. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation, warranty or other assurance madefraudulently.The statements contained in these slides and/or the presentation of them may include "forward‐looking statements" that express expectations as to future events or results.Forward‐looking statements can be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects","intends", "may", "will", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives,goals, future events or intentions. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend uponcircumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from thoseexpressed or implied by such forward‐looking statements. Any of the assumptions underlying forward‐looking statements could prove inaccurate or incorrect and thereforeany results contemplated in forward‐looking statements may not actually be achieved. Nothing contained in these slides and/or the presentation of them should beconstrued as a profit forecast or profit estimate. Investors and any other recipients of such communications are cautioned not to place reliance on any forward‐lookingstatements. The Company undertakes no obligation to update or revise (publicly or otherwise) any forward‐looking statement, whether as a result of new information,future events or other circumstances.Neither these slides nor the presentation of them should be considered a recommendation by the Company or its directors, officers, employees, agents or advisers inconnection with any purchase of or subscription for securities of the Company.These slides should not be copied or distributed by recipients and, in particular, should not be distributed by any means, including electronic transmission, to persons withaddresses in the United States of America, Canada, Australia, South Africa or Japan, their possessions or territories or to any citizens thereof, or to any corporation,partnership or such entity created or organised under the laws thereof. Any such distribution contrary to the above could result in a violation of the laws of such countries.These slides and their contents are confidential and are being supplied to you solely for your information and may not be reproduced, re‐distributed or passed on, directly orindirectly, to any other person or published in whole or in part for any purpose. By accepting receipt of this document, you agree to be bound by the limitations andrestrictions set out above.
2
Paul StecklerVP Commercial Operations Paul has more than 17 years of pharmaceutical experience across a broad range of therapeutic areas
Prior to Shield, launched Jinarc (in polycystic kidney disease) for Otsuka, and has worked across multiple therapy areas at Pfizer
Dr Jackie MitchellVP Regulatory Affairs Jackie has over 20 years’ experience in regulatory affairs
Prior to Shield, worked in regulatory affairs for large, medium and small pharmaceutical companies
Angela Hildreth UK Finance Director Angela has served as the Group’s Financial Controller since 2011 and the UK Finance Director since 2015
Instrumental in setting up, managing and running all financial processes across UK, Germany and Switzerland
Mark SampsonChief Medical Officer Mark was appointed as VP, Medical Affairs at Shield in 2015 and transitioned into the role of CMO
More than 25 years of medical practice, pharmaceutical development and commercialisation experience
Shield Therapeutics – Our Executive TeamCarl Sterritt CEO and Founder Carl has 20 years of management and executive level experience in pharmaceutical development and commercialisation
Prior to Shield, Carl held senior management roles at United Therapeutics and Encysive Pharmaceuticals, working on innovative therapies for the treatment of pulmonary arterial hypertension
3
David ChildsDirector of Product Supply David has over 18 years of experience in chemical and pharmaceutical development
Successfully led teams of scientists in the development of synthetic processes and analytical methodologies
Note:(1) Financial data as of 10th February 2017(2) Internal company financial model; GfK research(3) Includes 9 member German sales team contracted through InVentiv
Commercial Stage Specialty Pharmaceutical
Company
• EU marketing approval for Feraccru 02/2016 for IDA with IBD
• Launched in UK and Germany
• Second asset, PT20 for Hyperphosphatemia –highly complementary
• Attractive pricing achieved in EU
Low Risk Pipeline
• Geographic and label expansion pathways defined in EU and US
• Supported by ongoing pivotal trials and secondary market filings underway
• Addressable market to grow from a near‐term opportunity of 4.3 million patients to overall opportunity of 34 million patients across all disease states with IDA(2)
Company History
• Founded in 2008
• IPO on AIM in Q1 2016, raising £32.5m
• Approx. 60 staff currently, with c.20 personnel in sales and marketing(3)
• c.£28m of working capital as of 30 June, 2016
Shield Therapeutics – Overview
0
100
200
300
400
500
1.00
1.20
1.40
1.60
1.80
2.00
Feb‐16 Apr‐16 Jun‐16 Aug‐16 Oct‐16 Dec‐16 Feb‐17
Volume Price (£)
Price (£) Volume (000s)
IPO Price of £1.50
90 Day VWAP £1.7190 Day ADTV 6,049
50%
12%
9%
5%
4%
4%
16%W. Health LP (Inventages)
Irorph Gmbh (AOP)
Carl Sterritt
Christian Schweiger
JPMorgan Asset Management UK
Aviva Investors Global Services
Other
Share Price Performance Since IPO(1)
Key Shareholders
4
Investment Highlights
Note:(1) http://www.who.int/nutrition/topics/ida/en/(2) Internal company financial model; GfK research
5
Feraccru: Approved, Launched and Highly Differentiated• First indication – Iron Deficiency Anaemia (IDA) in Inflammatory Bowel Disease (IBD) adult patients• Highly bioavailable / efficient absorption• Good tolerability, safety profile, and cost effective• Attractive pricing already achieved in Europe• Chronic Kidney Disease (CKD) label enabling study ongoing, Data 2H 2017
1
Iron Deficiency Anaemia: A Large Established Market Opportunity that Remains Underserved• According to WHO – “The world’s most common and widespread nutritional disorder”(1)• Associated with IBD, CKD, congestive heart failure, women’s health, surgery – An estimated 34
million patients globally(2)• Failure to treat leads to lethargy and more serious complications• Up to 70% of patients for whom oral iron is prescribed report gastro side effects• Hospital based IV iron administration expensive and also impacted by further limitations
2
Phase 3 Ready Asset: PT20 for Hyperphosphatemia • Successful Phase 2b Pivotal trial – one more pivotal study required for approval• Potential advantages: Good safety and tolerance, lower pill burden and opportunity to treat
resistant patients
3
Experienced Team with Proven Execution Track Record• 150 years of combined experience and proven ability to develop and commercialise ‘spec pharma’ products• Collectively have brought multiple novel molecules to market
4
…Addressed With a Phased Approach
Note: EU‐10 denotes Belgium, France, Germany, Greece, Italy, Netherlands, Poland, Romania, Spain, UK.Source: Company estimates
1.1m2.3m
4.3m
8.2m
33.8mGeographic expansion
Indication expansion
EU/USPaediatricIndication
US CKD (1.3m)
US IBD (0.7m)
EU‐10 CKD
EU‐10 IBD
Global Potential Patient Numbers – All Indications…
Medium to longer termNear term addressable market
Total:5.8 million
EU‐10 IBD1.1 million
US CKD1.3 million
US IBD0.7 million
EU‐10 CKD1.2 million
CKD other1.1 million
IBD other0.4 million
Womens’ Health12.5 million
Congestive Heart Failure3.8 million
Paediatric (all causes)4.9 million
Elderly (all causes)3.6 million
Surgery (PBM)1.1 million
Oncology2.0 million
Total:33.8 million
Initial targetpopulation4.3 million
6
Iron Deficiency AnaemiaA Significant Market Opportunity That Remains Underserved
7
EU‐10 Prevalent population with IBD 2.5 million
% ID
A 40
% (1
million)
% receiving oral iron therapy 31% (310,000)
% receiving IV iron therapy 24% (240,000)
% receiving no iron therapy 45% (c.450,000)
Market Expansion• Dissatisfied patients have access to well tolerated oral therapy
• Increasing capacity in hospital clinics increases access to untreated patients
2nd Line Treatment• Feraccru becomes first option for ferrous intolerant patients in treatment guidelines
• Reduces the requirement for IV therapy
Switch and Step Down• Capacity limits help switch from IV to Feraccru
• Patients can be sent home with Feraccruto treat anaemia
Source: GFK market research 2015
Feraccru – Access to Full IDA Patient PoolFeraccru has a significant opportunity to take share in all market segments
US Opportunity for Feraccru(1)IBD and CKD indications only
Note:(1) GfK research, Company estimates
8
Market access• Price 10%‐20% below IV (c.$3,600 p.a.) = uptake• Tier 3 strategy ensures uptake and higher price
• OFPs not currently reimbursed on most schemes• Pre‐authorisation limited to simple electronic
verification• Step edit may be introduced, positioning Feraccru
after OFPs and before IV iron
Revenue assessment• Peak sales opportunity in IBD and CKD approx. £300M • Penetration into the currently untreated CKD
population could add c. £200M to US revenue• General IDA label significantly adds to revenue
Next steps• Recruit small US‐based team of c. 5 people to start
market prep & prelaunch activities• Initially build on relationships being built via ongoing
clinical trials of Feraccru• Detailed commercial analysis to further understand
positioning and data requirements
PLACE IN THERAPY
Mild to moderate IDA
IBD CKD
KOLChronic
treatment duration
until failure
PAYERChronic
treatment duration
until failure
IV Iron Therapy IV Iron Therapy
IV Iron Therapy
30% 70%
Oral Iron
Oral Iron
Potential to be used 1st line as experience increases, even without trial data
Feraccru Overview – A Novel Oral Ferric IronA Compelling Alternative to IV Iron and Addresses Need from Intolerant Oral Iron Patients
Oral Iron Tolerant
• Able to take oral ferrous iron products (OFP)
• Many patients are intolerant of OFP, especially those with other diseases (e.g. IBD, CKD)
Intravenous Iron (IV)
Simple oral administration Efficient absorption Rapid Hb rise Placebo‐like safety Cost effective Can be taken without food
• Iron directly into the blood• But:
– Potential allergic reactions– Iron overload– Hospital only– Resuscitation team required– High overall cost
• No patients in long term study of Feraccru required interventional IV therapy
• IDA arises in diseases like Inflammatory Bowel Disease (“IBD”), Chronic Kidney Disease (“CKD”), Congestive Heart Failure (“CHF”) and in women with excessive uterine bleeding etc.
• Failure to treat leads to lethargy as well as much more serious consequences (e.g. immune & heart complications)
Fe2+
Fe2+
Insoluble complexes
+Radicals
Gut damage side effects
Patient diagnosed with Iron Deficiency Anaemia
(IDA)
Oral Iron Intolerant
Up to 70% with gastro side effects
Oral Iron
9
Feraccru Structure and FunctionFeraccru’s Chelated Structure Remains Stable in the Intestinal Lumen
Iron remains chelated, soluble and ready for absorption if patient is iron deficient.
• Feraccru is a complex of ferric iron (Fe3+) and three maltol ligands(1)‐(2)
– This is unlike pre‐existing oral iron formulations which contain ferrous iron (Fe2+) which must be in free form to be absorbed
• Maltol is a sugar derivative that strongly chelates iron in the ferric form so that it is stable, remaining in solution and available for absorption(2)
– Without a chelating agent, inorganic iron will hydrolyse to insoluble complexes in the neutral to alkaline pH of the small intestine(3)
• Remains tightly bound at higher pH of the small intestine, minimizing free ironexposure to the gut which leads to poor tolerabilityChemical Structure of Ferric Maltol(2)
Ferric (3‐hydroxy‐2‐methyl‐4H‐pyrane‐4‐one)
Chemical structure of ferric maltol reproduced from Stallmach A, Büning C. (2015)(2); mechanism figure adapted from Andews AC (2000). DMT1, divalent metal transporter 1; GI, gastrointestinal. (1) European Medicines Agency. Feraccru (ferric maltol) Summary of Product Characteristics. Revised 18 March 2016. (2) Stallmach A, Büning C. Expert Opin Pharmacother 2015;16:2859–67. (3) Barrand MA, et al. J Pharm Pharmacol 1987;39:203–11. (4) Andrews AC. Nat Rev Genet 2000;1:208–17. (5) Barrand MA, Callingham BA. Br J Pharmacol 1991;102:408–14. (6) Barrand MA, et al. Br J Pharmacol 1991;102:723–9. (7) Barrand MA, et al. J Pharm Pharmacol 1987;39:203–11. (8) Barrand MA, et al. J Pharm Pharmacol 1990;42:279–82. (9) Bokemeyer B. Drug Discov Today 2015;20:1037–9. (10) European Medicines Agency. Feraccru. Assessment report, 17 December 2015. (11) Singh S, Hider RC. Anal Biochem 1988;171: 47–54. (12) Stallmach A, Büning C. Expert Opin Pharmacother 2015;16:2859–67. 10
The Ferric Iron and Maltol Complex Completely Dissociates Before Iron is Rapidly Absorbed via an Endogenous Pathway(4)‐(12)
Fe3+
Fe2+
Ferroportin1
Iron TransportMechanism
Fe3+
Transferrin
Fe2+
Most iron enters the liver and bone marrow
11
12
13
14
0 4 8 12
Absolute Hb (g/dl)
Duration of treatment (weeks)Feraccru Placebo
• A clinically relevant haemoglobin (Hb) increase is considered to be 1g/dL
– Feraccru delivered highly relevant and rapid 2.3g/dL rise inside 12 weeks with 1g/dL in only 4 weeks
P
Ongoing Phase 3 Head to Head Study Design in EU and USHead to Head Against Injectafer/Ferinject IV Iron (Ferric Carboxy Maltose; FCM)
Prospective, Multicentre, Randomized, Controlled Phase 3b Study
Study duration (weeks)
Screening(Up to 14 Days)
R(n=242)
Ferric Maltol 30 mg BID (n=121)
IV iron administered as per the local summary of product characteristics (SPC) (n=121)
130 26 52
Post‐treatment safety follow‐up: 14 days after Week 52 or
premature discontinuation of Ferric Maltol or FCM
39
Study Endpoints
Primary efficacy endpoint:
Number of subjects achieveing either a 2g/dL increase in Hb OR normalization of Hb (>12g/dL women, >13g/dL men) at week 12
Secondary efficacy endpoints:
Change in Hb concentration from baseline to Week 12 / Proportion of subjects experiencing change from baseline in Hb concentration >1.0, or >2.0 g/DL at Wk 12
Change in mean serum ferritin from baseline to Week 1
Long term efficacy endpoints & treatment‐emergent Adverse Events
12
Data Expected: H2‐2017
Primary endpoint @ Wk12
Ongoing Phase 3 Study Design in CKD in USStudy Designed to Allow EU Label Expansion and aid US Approval
Study duration (weeks)
Screening R(n=162)
Ferric Maltol 30 mg BID (n=108)
Placebo(n=54)
40 8 16
Open‐label extension with
Ferric Maltol(52 weeks)(2)
12
Inclusion Criteria:• Ensure that subjects have true
IDA, which enhances clinical effectiveness
• Excludes EPO, reducing chance of Hb rise in placebo arm due to EPO effect
Study Endpoints
13
Primary efficacy endpoint:
Change in Hb concentration from baseline to Week 16
Secondary efficacy endpoints:
Ensure that effect at different Hb elevation can be evaluated
Data Expected: H2‐2017
Primary endpoint
Significant Progress Made Since IPO
EU Marketing Approval • Achieved for Feraccru in February 2016
Commercial Launch
• Launched in the UK in June 2016 with activities continuing to accelerate as per plan – Nine member sales team interacting daily with UK customers– Formulary access and approvals by CCGs increasing
• Launched in Germany in October 2016– Nine member in‐country team initially being managed by CSO
(InVentiv) with HQ and in‐country office support from Shield
Pricing / Reimbursement
• Achieved attractive price points in the UK and Germany– £47.60 per 28‐day treatment pack in UK– €64.00 per 28‐day treatment pack in Germany
IPR • Key Composition of Matter patent granted meaning IPR on Feraccru strengthened and extended to at least 2034
Revenues • 1st revenues from sales of Feraccru achieved in the UK
• First sales in Germany delivered as planned in October 2016
Corp Development / R&D
• Head to head and CKD Phase 3 studies of Feraccru progressing• Discussions progressing well with potential licensing partners in non‐core
markets • PT20 and PT40 activities continue in‐line with plan
14
Shield core markets
Inward enquires
AOP Pharma (Partner)
Non‐core markets
Active discussions
Launched
Commercialize in EU‐5 and US Markets, Local Partners ElsewhereFeraccru Global Strategy
15
PT20 – A Novel Phosphate Binder for Hyperphosphatemia
16
PT20 Overview
• PT20 is a novel iron‐based phosphate binder for the treatment of hyperphosphatemia related to dialysis or non‐dialysis dependent CKD
• Orally administered adipic acid doped, iron oxide based phosphate binder– Acts as a high capacity phosphate sponge
• Demonstrated high safety efficacy in successful pivotal phase 2b study
• Discovered in the UK at Cambridge University, and developed by the Medical Research Council
• Strong IP protection until at least 2028‐2029
– Without SPC/PTE benefits platform technology patent expires in February 2028, except for in the US, which expires in August 2029(1)
– Phosphate binder technology expires in August 2029(2)
17
Note:(1) Application PCT/GB2008/000408 filed on 6 February 2008 claiming priority from GB0702270.0 and US 60/888,386, both filed on 6 February 2007(2) Application PCT/GB2009/001931 filed on 5 August 2009 claiming priority from GB0814326.5 and US 61/086,244, both filed on 5 August 2008
Successfully Completed PT20 Pivotal Phase 2b Study
Results
• Primary endpoint met with a p value of 90%
Difference in Ferritin scores after removing IV iron for 14 days
Source: Company Phase 2b results
28 day change in serum phosphate baseline
(60)
(40)
(20)
‐‐
20
40
60
PT20 Placebo
Ferritin ng
/mL
Screening up to 14 days
Washout period up to 28 days
Pre‐treatment up to 7 days
Treatment period 29 days
Follow up 14 days
Stop phosphate‐binder Randomise
Start study medication
Complete treatment period
Placebo 400mg tid 800mg tid 1600mg tid 3200mg tid
(2.0)
(1.5)
(1.0)
(0.5)
‐‐
Serum pho
spha
te m
g/dL
18
Planned PT20 Phase 3 Study Design Post‐FDA
Screening up to 14 days
Washout up to 28 days
Pre Treatment
Period up to 7 days
OLE up to 32 weeks
Placebo (n=50)
PT20 (n=50)
PT20 (n=500)Dose titration of
1‐4g tid
Sevelamer hydrochloride
(n=250)Dose titration as PI
First 100 subjects with controlled serum phosphate level of
Key Strategies
Expand EU Footprint and Label of Feraccru
Drive Feraccru Adoption and Sales
Further Develop PT20 to Commercialization
Partner Outside Key Territories / In‐License Additional Complementary Assets/Seek M&A Opportunities
Commercialize Feraccru in US
1
2
3
4
5
20
EMA approval of Feraccru
Feraccru launches in UK in
IBD (first reference price)
H2H study starts Phase 3b 12 week data (H2H vs. IV) primary dataFeraccru launches
in Germany (second reference
price)
PT20 out‐licensing opportunities
Feraccru US label Phase 3 data readoutPhase 3 CKD study in US out to H2 2017
Feraccru US approval
2016 2017 2018 2019H1 H2 H1 H2 H1 H2 H1 H2
CKD study starts
Feraccru launch commences in distributor markets
Feraccru to launch across a wider set of European markets
1st non‐core market out‐
licensing deals for Feraccru
Shield Therapeutics – Key Value Driving Events Through 2019(1)
21
H2H LT Data
Feraccru US NDA for CKD/IBD
EU Paediatric MAAUS Paediatric NDA
Label expansion in Europe based on
further clinical data
EU paediatric studies conducted
Feraccru
Composition of Matter IP
Note:(1) Current targeted dates and subject to change
• Successful completion of an IPO on AIM raising £32.5m (gross) and further potential gross proceeds of £17.5m, subject to the full exercise of warrants
• First reported UK revenues in H1 2016
• Net loss for H1 2016 of £8.9m on an IFRS basis; Adjusted net loss H1 2016 of £5.1m(1)
• 30 June 2016 cash balance of £28.4m
Note: (1) The Company’s 2016 interim results include certain items relating to the structure of the group pre‐IPO and pre‐acquisition of Phosphate Therapeutics Limited which completed in February 2016.
Financial Information(1)
H1’16£’000
H1’15£’000
2015£’000
Revenue 240 ‐ ‐
Gross Profit 186 ‐ ‐
Operating costs (S,G &A) (5,004) (574) (1,371)
Other operating income 40 120 221
Reseach and development (787) (1,215) (5,284)
Operating loss (5,565) (1,669) (6,434)
Financing costs1 (18,054)
Net Loss (8,851) (30,027) (24,488)
Adjusted net loss (5,081) N/A (5,279)
H1’16£’000
H1’15£’000
2015£’000
Intangible assets 27,550 514 530
Current assets 29,883 3,803 2,330
Total assets 57,433 4,317 2,860
Current liabilities (3,159) (13,171) 3,575
Non‐current liabilities (3,159) (52,790) (17,928)
Total Liabilities (3,159) (52,790) (21,503)
Net Assets/(Liabilities) 54,274 (48,473) (18,643)
H1 ‘16 Results ‐ P&L H1’16 Results ‐ Balance sheet
22
Summary
23
Feraccru: Approved, Launched and Highly Differentiated1
Iron Deficiency Anaemia: A Large Established Market Opportunity that Remains Underserved
2
Phase 3 Ready Asset: PT20 for Hyperphosphatemia 3
Multiple Value Driving Catalysts on the Horizon4
Experienced Team with Proven Execution Track Record5
Supplementary Information
24
Source: Stratagem’s patent report
25
2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035
P004 (Ferrous Iron + Maltol)
P005 (Method of manufacture)
P007 (Method of use – high gastric pH)
P009 (Alternate process)
P010 (Dosing regimen – 30mg)
P011 (Liquid composition)
P012 (Crystalline form)
P014 (Dosing regimen)
Data and Marketing Exclusivity in Europe
Fully
Granted
Partially
Granted
Pend
ing
SPC & Paeds Term Extension
Feraccru IPRobust Patent Portfolio and Legislation Enable Lengthy Market Exclusivity Periods
Product Indication Pre‐clinical
Phase 1 Phase 2 Phase 3 Filed Marketed Launch Target peak annual sales
IDA in IBD (Inflammatory bowel disease)
2016
IDA in CKD (chronic kidney disease)
2018
IDA in IBD + CKD 2019
IDA in Paediatrics2019+
PT20Hyperphosphataemia
2020
PT30 Advanced IV iron formulation
PT40 Generic IV iron formulation
Note:(1) Average of peak sales estimates from independent research estimates of GFK market research, RBC Equity Research, Canaccord Equity Research and Liberum Equity Research(2) GFK market research 2015
c.£500m(1)opportunity
£200m+(2)opportunity
£100m+(2)opportunityUSA ANDA regulations
26
Product PortfolioCommercial Stage With Several Complementary Assets on the Horizon
Significant Shareholders
No. of Shares (000s) %OSW. Health LP (Inventages) 54,063 49.99%Irorph Gmbh (AOP) 12,544 11.60%Carl Sterritt 10,053 9.30%Christian Schweiger 5,623 5.20%JPMorgan Asset Management UK 4,109 3.80%Aviva Investors Global Services 4,001 3.70%
Total Shares in Issue 108,135
Shield Therapeutics Plc Capital Structure
27
AIM TICKER STX
Market Cap £186m (168.5p)
Ordinary Shares 108M
Since IPO price range 149.5p‐188p
Avg daily volume (since IPO) 7,092
Free Float 20%
Directors’ Beneficial Interests
No. ofShares (000s) %Capital
Carl Sterritt 10,053 9.30%
Andrew Heath 86 0.08%
Options on issue
No. ofOptions(000s) Strike Expiry
Employees 1,523 1.5p 2026
Warrants on issue
No. ofWarrants(000s) Strike Expiry
Total number of warrants 11,667 150p H1 2017
0
100
200
300
400
500
1.00
1.20
1.40
1.60
1.80
2.00
Feb‐16 Apr‐16 Jun‐16 Aug‐16 Oct‐16 Dec‐16 Feb‐17
Volume Price (£)
Price (£) Volume (000s)
90 Day VWAP £1.7190 Day ADTV 6,049
IPO Price of £1.50