TIDMAREC

RNS Number : 3952U

Arecor Therapeutics PLC

01 August 2022

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THIS ANNOUNCEMENT, INCLUDING THE APPICES TO THIS ANNOUNCEMENT, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT AND THE APPICES DO NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF ARECOR THERAPEUTICS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPICES INCLUDING APPIX II WHICH CONTAINS THE TERMS AND CONDITIONS OF THE PLACING. THE DEFINITIONS USED IN THIS ANNOUNCEMENT ARE SET OUT IN APPIX III OF THIS ANNOUNCEMENT.

1 August 2022

Arecor Therapeutics plc

("Arecor", the "Company" or the "Group")

Proposed Acquisition of Tetris Pharma Ltd to add key commercial diabetes product and build out Arecor's specialty hospital products franchise with scalable sales, marketing and distribution platform

Proposed Placing to Raise Approximately GBP6 million

Arecor Therapeutics plc (AIM: AREC), a globally focused biopharmaceutical company advancing today's therapies to enable healthier lives, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Tetris Pharma Ltd ("Tetris Pharma"). Tetris Pharma is a commercial stage speciality pharmaceutical company with a sales and distribution team and a platform focused on injectable speciality products across the UK and Europe. The Directors believe that the acquisition adds a key commercial diabetes product to Arecor's portfolio, as well as complementing Arecor's existing specialty hospital products franchise, offering the potential to accelerate significant revenue growth for Arecor.

Sarah Howell, CEO of Arecor Therapeutics commented:

"The Board of Arecor believe that the acquisition of Tetris Pharma is a compelling opportunity to accelerate Arecor's commercially-driven strategy alongside our core diabetes and partnered products businesses. We will gain an existing, revenue-generating, sales, marketing and distribution platform which we believe is highly complementary to our existing specialty hospitals products business and has significant growth potential. The lead product, Ogluo(R), meets a key patient need for people living with diabetes at risk of severe hypoglycaemia, which is a therapeutic area that we understand well, giving us confidence in its prospects and our ability to deliver. In addition, the platform would add future optionality to our specialty products franchise by providing the capability to take selected products to market in the UK and Europe where appropriate in addition to our already proven partnering strategy."

Acquisition benefits

The Directors believe that the Acquisition offers the potential to significantly accelerate Arecor's revenue growth. Tetris Pharma has an exclusive supply agreement and licence to sell the first stable liquid ready-to-use glucagon auto-injector pen, Ogluo(R), within the EEA, UK and Switzerland. Ogluo(R) is a proprietary ready-to-use glucagon indicated to treat severe hypoglycaemia, a potentially life-threatening condition, in people with diabetes. Tetris Pharma is targeting a significant market share within an existing c.GBP100 million+ market across the licensed territory. Ogluo(R) was launched by Tetris Pharma in the UK earlier this year and launches across key European territories are planned over the next 12 to 24 months.

The Directors believe the Acquisition will help realise Arecor's vision of becoming a significant self-sustaining biopharmaceutical business by providing:

   1)   Addition of a key proprietary diabetes specialty product aligned to Arecor's vision 

-- Transforming patient care by enhancing existing therapeutic medicines so that they are safer, more effective and easier-to-use

-- Ogluo(R) is an important and proprietary product, patent protected until at least 2035, with real medical need

-- Ogluo(R) is the first ready-to-use liquid stable glucagon for the treatment of severe hypoglycaemia, a potentially life-threatening condition that requires safe, fast and effective treatment

2) Strategic fit and the provision of partnership optionality across Arecor's proprietary specialty hospital franchise

-- The Tetris Pharma sales and distribution platform provides Arecor with optionality on partnering structures to realise full value of Arecor's proprietary specialty hospital products

-- Future potential to take selected niche specialty hospital products to market in the UK and Europe

   4)   Complementary team skills and expertise 

-- Opportunity to enhance specialty therapeutic knowledge across product development and commercialisation life-cycle

-- Enhance interactions with diabetes key opinion leaders, patient groups and payers for the benefit of both Ogluo(R) and Arecor's lead proprietary diabetes development products, AT247 and AT278

5) Anticipated positive cashflow contribution from Tetris Pharma with Tetris Pharma expected to break even within c. 3 years from completion of the Acquisition

-- Tetris Pharma generated initial revenues of c. GBP600,000 (unaudited) in the six months to 30 June 2022. The Directors believe that there is potential for significant revenue growth as Ogluo(R) roll-out progresses

-- Expected future cash contribution to Arecor Therapeutics which can be utilised to increase/accelerate value enhancing proprietary product development

There is no change of strategy in relation to Arecor's lead diabetes products AT247 and AT278, where Arecor intends to generate additional clinical data to further demonstrate the superiority of these products compared with gold standard insulins available to patients today, and to position these products for partnering under Arecor's existing licensing model.

Transaction terms

Pursuant to the terms of the Acquisition, the Company has agreed to acquire the entire issued share capital of Tetris Pharma for initial consideration consisting of the issue of 651,726 new Ordinary Shares to the Tetris Pharma Sellers. The Company has also agreed to discharge certain existing liabilities of Tetris Pharma with an aggregate value of approximately GBP2.0 million, such liabilities including, inter alia, the Inventory Payment and certain other one-off liabilities (together the " Tetris Pharma Payments "). Deferred consideration of up to GBP4.0 million in aggregate is payable to the Tetris Pharma Sellers through three Earn Out Payments on the first, second and third anniversaries of completion of the Acquisition subject to revenue and EBITDA performance targets to be satisfied through the issue of either (i) new Ordinary Shares or (ii) unsecured loan notes having an aggregate principal value equal to the amount of the relevant Earn Out Payment, at Arecor's election. The Initial Consideration Shares represent 2.3 per cent. of the existing issued share capital of the Company and are subject to lock-in arrangements. Further details on the rationale for, and the terms of, the Acquisition are set out in the Additional Information section of this Announcement.

To finance the Tetris Pharma Payments and to provide growth capital to accelerate the roll-out of Ogluo(R) across the UK and Europe and to provide a line of sight to break even for Tetris Pharma, the Company announces a proposed Placing of approximately GBP6 million, before expenses, of new Ordinary Shares at a Placing Price of 300 pence per new Ordinary Share.

The Acquisition is conditional, inter alia, on completion of the Placing. The Placing Shares will be issued pursuant to the share authorities approved at the Company's annual general meeting held on 23 May 2022.

The Placing Price represents a discount of approximately 3.2 per cent. to the closing mid-market price of 310 pence per Existing Ordinary Share on 29 July 2022, being the latest practicable date prior to the publication of this Announcement.

The Placing will be conducted by way of an accelerated book building process (the "Bookbuild"), which will be launched immediately following this Announcement in accordance with the terms and conditions set out in Appendix II. The Placing Shares are not being made available to the public. It is envisaged that the Bookbuild will be closed no later than 4.30 p.m. BST today, 1 August 2022. Details of the number of Placing Shares and the gross proceeds of the Placing will be announced as soon as practicable after the closing of the Bookbuild. The Placing is not underwritten.

Tetris Pharma highlights

-- Tetris Pharma is a revenue-generating, commercial stage pharmaceutical company established in April 2020 to develop a platform focused on niche speciality pharma injectable products across the UK and Europe targeting currently underserved patient needs. The business model is to license rights to sell and distribute specialty products from pharmaceutical companies by providing a platform to access the UK and European markets.

-- Tetris Pharma's lead product - Ogluo(R) - is approved in the UK and EEA for the treatment of severe hypoglycaemia in patients with Type 1 and Type 2 diabetes, a serious emergency condition which left untreated may cause seizure, coma and even death.

-- Ogluo(R) is an important and proprietary product with real medical need providing the first stable liquid ready-to-use glucagon in an easy-to-use auto-injector pen as an emergency treatment for severe hypoglycaemia. With Arecor's deep understanding of the diabetes market, the Directors believe the simple two step administration of Ogluo(R) offers a strong patient benefit and competitive advantage over the standard of care and, as such, has the potential to capture significant share within a c.GBP100 million+ market across Europe and the UK.

-- Tetris Pharma has, conditional on, inter alia, completion of the Acquisition, entered into an amended exclusive 16-year minimum term licence and supply agreement with Xeris Pharmaceuticals, Inc. (" Xeris ") for the sale and distribution of Ogluo(R) in the EEA, UK and Switzerland. Ogluo(R) is sold by Xeris under the registered name Gvoke(R) in the US.

-- Since launch in Q4 2019, Gvoke(R) has demonstrated a quarter-on--quarter growth in the number of prescriptions in the US, with c. 88 per cent. growth from Q1 2021 to Q1 2022, demonstrating patient and prescriber demand for this product which is also expected to translate to the UK and European markets.

   --      Ogluo(R) was made available in the UK in December 2021. 

-- Total sales by Tetris Pharma (unaudited) in the six months to 30 June 2022 were c.GBP600,000.

The Acquisition is conditional upon Admission of the Initial Consideration Shares and the Placing Shares.

Fundraising highlights

-- Placing to raise approximately GBP6 million, before expenses, through the issue of new Ordinary Shares at the Placing Price.

-- It is expected that certain Directors of the Company will subscribe for new Ordinary Shares as part of the Placing on the same terms as other Placees for an aggregate amount of at least GBP100,000.

   --      c.GBP2.6 million of the Placing is EIS and VCT eligible. 

-- The Placing Price represents a discount of approximately 3.2 per cent. to the closing mid-market price of 310 pence per Existing Ordinary Share on 29 July 2022, being the latest practicable date prior to the publication of this Announcement.

-- The net proceeds of the Placing will be used to fund, inter alia, the Tetris Pharma Payments and provide working capital to Tetris Pharma following completion.

The Placing is conditional on, inter alia, EIS/VCT Admission, General Admission and the Placing Agreement having become unconditional in all respects save for Admission and the Xeris Licence Amendment and the SPA having been duly executed by all parties thereto. The EIS/VCT Placing Shares will be issued unconditionally on the EIS/VCT Admission prior to completion of the Acquisition and prior to General Admission. The placing of the General Placing Shares is conditional upon completion of the Acquisition. The General Placing Shares will be issued unconditionally on the General Admission along with the issue of the Initial Consideration Shares such that the Acquisition and the Placing complete simultaneously.

The EIS/VCT Placing is not conditional on completion of the Acquisition, the issue of the General Placing Shares or General Admission. Investors should note that it is possible that EIS/VCT Admission will occur, but the Acquisition and General Admission will not occur.

The expected timetable of principal events is set out in Appendix I to this Announcement. The Placing is subject to the terms and conditions set out in Appendix II to this Announcement. Capitalised terms have the meaning set out in Appendix III to this Announcement.

For more information, please contact:

 
 Arecor Therapeutics plc                    www.arecor.com 
 Dr Sarah Howell, Chief Executive Officer   Tel: +44 (0) 1223 426060 
                                             Email: info@arecor.com 
 
 Susan Lowther, Chief Financial Officer     Tel: +44 (0) 1223 426060 
                                             Email: info@arecor.com 
 
 Mo Noonan, Communications                  Tel: +44 (0) 7876 444977 
                                             Email: mo.noonan@arecor.com 
 
 Panmure Gordon (UK) Limited (NOMAD 
  and Broker) 
 Freddy Crossley, Emma Earl (Corporate      Tel: +44 (0) 20 7886 2500 
  Finance) 
  Rupert Dearden (Corporate Broking) 
 
 Consilium Strategic Communications 
 Chris Gardner, David Daley, Angela         Tel: +44 (0) 20 3709 5700 
  Gray                                       Email: arecor@consilium-comms.com 
 

Notes to Editors

About Arecor

Arecor Therapeutics plc is a globally focused biopharmaceutical group transforming patient care by bringing innovative medicines to market through the enhancement of existing therapeutic products. By applying our innovative proprietary formulation technology platform, Arestat(TM), we are developing an internal portfolio of proprietary products in diabetes and other indications, as well as working with leading pharmaceutical and biotechnology companies to deliver enhanced formulations of their therapeutic products. The Arestat(TM) platform is supported by an extensive patent portfolio.

For further details please see our website, www.arecor.com

IMPORTANT NOTICES

No action has been taken by the Company, Panmure Gordon or any of their respective affiliates, that would, or which is intended to, permit a public offer of the Placing Shares in any jurisdiction or the possession or distribution of this Announcement or any other offering or publicity material relating to the Placing Shares in any jurisdiction where action for that purpose is required. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. Persons into whose possession this Announcement comes shall inform themselves about, and observe, such restrictions.

No prospectus will be made available in connection with the matters contained in this Announcement and no such prospectus is required (in accordance with the Prospectus Directive) to be published.

THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN, IS FOR INFORMATION PURPOSES ONLY, IS NOT INTED TO AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR, UNDERWRITE, SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE, SELL, ACQUIRE, DISPOSE OF THE PLACING SHARES OR ANY OTHER SECURITY IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY JURISDICTION IN WHICH, OR TO ANY PERSONS TO WHOM, SUCH OFFERING, SOLICITATION OR SALE WOULD BE UNLAWFUL.

Panmure Gordon, which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser and joint broker to the Company in relation to the Placing, EIS/VCT Admission and General Admission and is not acting for any other persons in relation to the Placing, EIS/VCT Admission and General Admission. Panmure Gordon is acting exclusively for the Company and for no one else in relation to the matters described in this Announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Gordon, or for providing advice in relation to the contents of this Announcement or any matter referred to in it. The responsibilities of Panmure Gordon as the Company's nominated adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and are not owed to the Company or to any director or shareholder of the Company or any other person, in respect of his decision to acquire shares in the capital of the Company in reliance on any part of this Announcement, or otherwise.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Panmure Gordon or the Company or any of their respective affiliates or any of their respective directors, officers, employees, advisers or representatives as to or in relation to the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed.

This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Placing Shares. Any investment decision to buy Placing Shares in the Placing must be made solely on the basis of publicly available information, which has not been independently verified by Panmure Gordon.

The price of Ordinary Shares and any income from them may go down as well as up and investors may not get back the full amount invested on disposal of the Ordinary Shares.

The Placing Shares will not be admitted to trading on any stock exchange other than AIM, a market operated by the London Stock Exchange.

This Announcement may contain "forward-looking statements" which includes all statements other than statements of historical fact, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would, "could" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Announcement. None of the Company, Panmure Gordon or their respective directors, officers, employees, agents, affiliates and advisers, or any other party undertakes or is under any duty to update this Announcement or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information, other than any requirements that the Company may have under applicable law. To the fullest extent permissible by law, such persons disclaim all and any responsibility or liability, whether arising in tort, contract or otherwise, which they might otherwise have in respect of this Announcement. The information in this Announcement is subject to change without notice.

Additional Information

Introduction

Arecor Therapeutics plc is a globally focused biopharmaceutical company transforming patient care by enhancing existing therapeutic medicines so that they are safer, more effective and easier to use. By applying the Group's innovative proprietary formulation technology platform, Arestat(TM), the Group is developing a portfolio of proprietary products, as well as working with pharmaceutical and biotechnology companies to deliver enhanced reformulations of their partners' therapeutic products, supported by an extensive patent portfolio.

Arecor's proprietary product portfolio covers two areas of products focused on diabetes and specialty hospital care. This is alongside the development of novel enhanced formulations of partner products that include biosimilars, biological products and vaccines which are derived from the Group's formulation development and technology licensing programmes.

Arecor's shares were admitted to trading on AIM in June 2021 and, since then, Arecor has generated best-in-class clinical data for AT278, initiated an insulin pump clinical study to further demonstrate superiority of AT247 and expanded its revenue-generating technology partnerships.

Upon completion of the Acquisition, Arecor will operate in three complementary areas underpinned by its expertise in enhancing existing therapeutic medicines so they are safer, more effective and easy-to-use:

-- Arecor's proprietary diabetes franchise including AT278, an ultra-rapid acting, ultra-concentrated (500U/mL) insulin product candidate, and AT247, an ultra-rapid acting insulin (100U/mL) product candidate. Excellent clinical progress has continued to-date, and the Group is on track to report headline data from its ongoing US 3-day insulin pump clinical study of AT247 later this year and also within the year to start dosing patients in a further clinical trial of AT278 in people with living with type 2 diabetes.

-- Technology partnerships and licensing, which include its recently announced exclusive formulation study collaboration with a top five global pharma company, following five collaboration agreements entered into during 2021, all of which are revenue-generating and the potential for significant upside potential from licensing. The pipeline for further revenue-generating partnered collaborations is strong with further deals anticipated. In addition, Arecor has entered into two licensing agreements where the Arestat(TM) technology has been incorporated into our partners products, AT220 (undisclosed biosimilar) and AT292 (INHBRX-101, Inhibrx), with both products continuing progress through development, offering upside revenue potential from development milestones and commercial payment terms under the licences.

-- Arecor's specialty hospital products franchise which will include the Tetris Pharma portfolio and Arecor's in-house development pipeline of specialty hospital products. Where the focus is to develop ready-to-use and ready-to-administer versions of existing therapeutic products that have the potential to enable fast, safer and effective treatment options for patients. Arecor has licensed two of its specialty hospital products to Hikma Pharmaceuticals under co-development and licensing agreements.

The Directors believe that the pipeline for future revenue-generating partnered collaborations is strong with further deals anticipated in H2 and beyond.

Information on Tetris Pharma

Tetris Pharma is a UK and Netherlands based specialty pharmaceutical company with a marketing and distribution platform across the UK and European markets with a core focus on niche injectable and hospital-based prescription products in areas of unmet medical need. Tetris Pharma has an initial portfolio comprising nine license and distribution agreements, in addition to Ogluo(R), which have been put in place to establish the platform and make a positive contribution to cashflow. Its lead product, Ogluo(R), is a novel stable liquid formulation of glucagon delivered through an easy-to-use auto-injector pen for the management of severe hypoglycaemia in patients with diabetes. Whilst the existing market opportunity is estimated to be GBP100 million across the UK and Europe based on actual 2021 unit sales of glucagon across the territory (1.65m units) multiplied by the premium pricing achieved for ready-to-use glucagon, the total potential addressable market opportunity for Ogluo(R) is estimated to be worth in the region of $1 billion across the UK and Europe if all patients with diabetes who take insulin were prescribed premium priced ready-to-use glucagon (2 units of glucagon per prescription).

Tetris Pharma's strategy is to license rights to branded medicines and niche injectables products to market with a focus on superior versions of products which have been available for some time but have been repurposed with a new indication, presentation, or formulation. Tetris Pharma requires minimal expenditure on research and development and the Directors believe has a de-risked commercialisation strategy. Tetris Pharma has an experienced team and leadership with a track record of sales, marketing and distribution of specialty products across the UK and Europe and also leverages Contract sales organisations, which can be flexed up and down and hence represents a capital efficient model.

Lead product - Ogluo(R)

Ogluo (R) is the only ready-to-use liquid glucagon available in the UK for the treatment of severe hypoglycaemia and is indicated for the treatment of severe hypoglycaemia in adults, adolescents, and children aged 2 years and over with diabetes mellitus. Ogluo(R) is administered via a simple two-step process offering a safe, fast and effective treatment of severe hypoglycaemia in this emergency situation. The pre-mixed, pre-filled auto-injector pen provides an easy, two step administration of a 1.0 mg (adult and paediatric) or 0.5 mg (paediatric) dose of glucagon. The current standard of care in the UK is a lyophilised glucagon emergency kit which in comparison requires a complex eight-step administration. Ogluo(R) also has a shelf life of at least two years and no requirement for cold storage. Tetris Pharma has achieved a reimbursement premium price for the auto-injector pen in the UK of GBP73 per single-dose

Severe hypoglycaemia is a serious condition with people with Type 1 diabetes, who have on average 1.15 severe hypoglycaemic events per year and people with Type 2 diabetes on insulin, who have on average 0.35 events per year. In people with Type 1 diabetes, 4-10% of deaths are attributed to hypoglycaemia. Any person with diabetes who is using insulin would be clinically appropriate for a prescription of glucagon. In the Ogluo(R) Tetris Pharma licensed territory of the EEA, UK and Switzerland there are approximately 5 million Type 1 and Type 2 insulin treated diabetics. This leads to a total potential market opportunity in the licensed territory of approximately $1 billion if all of this 5 million clinically relevant patient population were prescribed two units of ready-to-use glucagon at an average price of $100/unit (EUR85/unit at 1:1.20 forex). However, not all clinically relevant patients take a prescription for glucagon, and hence, the current market opportunity in the licensed territory is c.GBP100 million as outlined above, with market growth opportunity with increased number of prescriptions.

The Directors believe that Ogluo(R) is well placed to take significant market share on the basis of its benefits for fast, safe and effective administration of glucagon via a simple to use auto-injector pen and the commercial launch of the equivalent product, Gvoke(R) in the US by Xeris alongside being the first ready-to-use liquid glucagon product approved for use in the EEA and the UK.

Ogluo(R) has been exclusively licensed by Tetris Pharma from Nasdaq-listed Xeris within the licensed territory of the EEA, UK and Switzerland . Ogluo(R) is marketed by Xeris under the brand Gvoke (R) in the US. Ogluo(R) was made available by Tetris Pharma in the UK in December 2021 and active sales began in the UK in March 2022, albeit with a limited sales and marketing budget. The Directors believe there will be strong demand for Ogluo(R) and a significant opportunity to grow revenues as the roll-out across the UK and Europe progresses.

Xeris was granted FDA approval for Gvoke (R) in the US in September 2019. Gvoke(R) has grown its market share of the US glucagon rescue market from 6.4 per cent. in June 2020 to 22.8 per cent. in May 2022 having seen steady growth despite the impact of COVID-19.

During the year ended 31 December 2021, Tetris Pharma generated unaudited revenue of GBP0.3 million and a loss after tax of GBP0.8 million. Its unaudited financials for the 6 months to 30 June 2022 showed sales of GBP0.6 million with a loss after tax of GBP1.7 million (including one-off non-recurring costs of c.GBP0.5 million). Tetris Pharma comprises a team of ten people with eight in the UK and two in the Netherlands, who are expected to remain an important part of Tetris Pharma following the Acquisition. To the end of June 2022, Tetris Pharma has sold 1,729 units of Ogluo(R) in the UK.

In the UK, acceleration is expected to be achieved through a combination of increased contract sales organisation activity to drive the switch to Ogluo(R) as well as gaining formulary approval for Ogluo(R), with a focus on the large patient centres within the UK. There will be a phased launch across Europe, prioritizing key high value/high price countries initial, such as Germany, the Netherland and key Nordic territories. Contract sales organization activity will also be increased on a country-by-country basis to drive sales.

Following completion of the Acquisition, the Group will accelerate the rollout of Ogluo(R) across the UK and into Europe with target launches across key European territories over the next 12 to 24 months targeting centres around diabetologists, endocrinologists with interest in diabetes, diabetes nurse specialists and formulary/specialist pharmacists.

Background and reasons for, the Acquisition and the Placing

Arecor's strategy is to build a leading portfolio of proprietary therapeutic medicines by applying the Company's innovative formulation technology platform Arestat(TM) alongside technology partnership focused on two primary target areas: diabetes and specialty hospital care. The Board considers Tetris Pharma to be a clear strategic fit with Arecor and believes the Acquisition will provide a number of commercial, operational and financial benefits, which are expected to create future value for Shareholders. In particular, the Directors believe that the Acquisition offers the potential to accelerate significant revenue growth for Arecor.

The Acquisition builds on Arecor's existing specialty hospital products franchise, bringing a scalable sales, marketing and distribution platform for ready-to-use specialty products in Europe. Tetris Pharma's experienced leadership team has a track record in product launches and commercialisation across the UK and EU. In addition to the potential revenue growth from Ogluo(R), Tetris Pharma's commercial platform brings Arecor access to a commercial infrastructure for niche products. This will allow Arecor greater future optionality of deal structure to fully realise the value of its own proprietary products and the potential to take selected proprietary and partnered products to the market in the UK and Europe. The Directors also believe that the Acquisition will:

-- Build out Arecor's specialty product franchise and add a key proprietary diabetes specialty product with Ogluo(R).

-- Create future potential to take select niche specialty hospital products to market in the UK and Europe.

-- Provide an anticipated positive cashflow contribution to Arecor which can be utilised to accelerate value enhancing proprietary product development.

-- Provide complementary skills and expertise from the Tetris Pharma team, broadening the Group's specialty therapeutic knowledge.

   --      Enhance interactions with diabetes key opinion leaders, patient groups and payers. 

The proceeds of the Placing are expected to facilitate the future growth of Tetris Pharma. The Board believes that having the right to sell Ogluo(R) has the potential to add a significant revenue stream to the business and expects significant year-on-year growth and gross margins for Tetris Pharma to be in the region of between 24 per cent. and 37 per cent. per year. The Directors estimate that based on current cost run-rates, Tetris Pharma has the potential to reach break-even during or before 2024 in the event that Tetris Pharma annual sales reach between GBP7 million to GBP8 million, with the potential to reach peak sales (assuming c.30 per cent. market penetration) within three to four years of Completion. These numbers are illustrative only and do not represent a forecast for the Tetris Pharma business or the Group.

Details of the Acquisition and SPA

On 1 August 2022, the Company entered into a conditional share purchase agreement (the " SPA ") pursuant to which the Company agreed to purchase the entire issued share capital of Tetris Pharma for consideration payable upon Completion comprising the issue of 651,726 Initial Consideration Shares (credited as fully paid) , representing approximately 2.3 per cent. of the existing issued share capital of Arecor.

The Company has also agreed to discharge certain existing liabilities of Tetris Pharma with an aggregate value of approximately GBP2.0 million, such liabilities including, inter alia, the Inventory Payment and certain other one-off liabilities.

Up to a further GBP4.0 million deferred consideration may become payable, consisting of three Earn Out Payments of:

a. GBP1.0 million on the first anniversary following Completion, subject to Tetris Pharma achieving mid-single-digit million-pound net sales and a low single-digit million-pound EBITDA loss in the 12-month period following Completion;

b. GBP1.5 million on the second anniversary following Completion, subject to Tetris Pharma achieving high-teens million-pound net sales and a small positive EBITDA profit in the 12-month period following the first anniversary of Completion; and

c. GBP1.5 million on the third anniversary following Completion, subject to Tetris Pharma achieving double-digit million-pound net sales and single-digit million-pound EBITDA profit in the 12-month period following the second anniversary of Completion.

The Earn Out Payments are payable through the issue of either (i) new Ordinary Shares or (ii) unsecured loan notes having an aggregate principal value equal to the amount of the relevant Earn Out Payment, at the Company's election. Any Earn Out Payments satisfied through the issue of new Ordinary Shares will be issued at a price equal to the greater of GBP4.05 per share and the 30-day volume weighted average price of the Ordinary Shares immediately preceding the date such Earn Out Payment is determined.

The Initial Consideration Shares will, following Admission, rank in all respects pari passu with the Existing Ordinary Shares. The Initial Consideration Shares will be issued fully paid and free from all encumbrances and with the rights set out in its articles of association.

Completion of the Acquisition is conditional upon the Admission of the Initial Consideration Shares and the Placing Shares.

If this condition is not satisfied by 6 August 2022, the SPA shall be terminated unless the parties otherwise agree. The SPA contains certain customary warranties given by certain of the Tetris Pharma Sellers in relation to Tetris Pharma and its business, subject to agreed limitations.

Xeris Licence Agreement

Ogluo(R) is the UK/EU tradename for the US product Gvoke (R) which was licenced by Tetris Pharma from Xeris.

The exclusive licence and supply agreement with Xeris allows for sales of Gvoke (R) under the trade name Ogluo(R) in the EEA, UK and Switzerland. On 15 July 2022, Tetris Pharma amended a 16-year licence agreement with Xeric and Strongbridge Dublin Limited (the "Xeris Licence Amendment"). Pursuant to the licence, a mid-single-digit royalty on net sales is payable to Xeris over the licence period. In addition, further one-off commercial milestone payments are payable to Xeris in the event that net revenues exceed pre-defined targets in any single calendar year. The first of these triggers is if net revenues from Ogluo(R) exceed mid double-digit millions in a calendar year. The Xeris Licence Amendment also contains customary terms and conditions, including certain performance conditions by Tetris Pharma which, if not met, provide Xeris with a right of termination.

The Xeris Licence Amendment shall only become effective if completion of the Acquisition has occurred and the Inventory Payment has been made, in each case on or prior to 12 August 2022. If by 12 August 2022 both of these conditions have not been met then the Xeris Licence Amendment shall terminate and cease to have any effect.

Lock-in Agreements

Each of the Tetris Pharma Sellers has, pursuant to lock-in obligations in the SPA, undertaken to the Company and Panmure Gordon not to dispose of any interests in their respective Initial Consideration Shares (or Deferred Consideration Shares, if applicable, in respect of the Earn Out) for 24 months following Admission and thereafter, for the subsequent 12-month period, any disposals of interests in their respective Initial Consideration Shares (or Deferred Consideration Shares) are subject to an orderly dealing requirement.

The lock-in obligations contain customary exceptions on disposal of the Initial Consideration Shares including, inter alia, a transfer pursuant to acceptance of a takeover offer and a transfer to a family member.

Details of the Placing

Panmure Gordon is acting as nominated adviser, broker and placing agent in connection with the Placing. Under the terms of the Placing, Panmure Gordon has agreed to use reasonable endeavours to place the Placing Shares at the Placing Price to raise approximately GBP6 million.

The Placing is expected to comprise the placing of EIS/VCT Placing Shares and the placing of General Placing Shares.

The EIS/VCT Placing is conditional, inter alia, upon:

-- the Company allotting, subject only to EIS/VCT Admission, the EIS/VCT Placing Shares in accordance with the Placing Agreement;

-- EIS/VCT Admission taking place not later than 8.00 a.m. on 3 August 2022 (or such later date as may be agreed in writing between the Company and Panmure Gordon);

   --      the SPA: 

o having been duly executed by all parties thereto; and

o not having lapsed or been terminated prior to EIS/VCT Admission pursuant to the terms thereof;

   --      the Xeris Licence Amendment: 

o having been duly executed by all parties thereto; and

o not having lapsed or been terminated prior to EIS/VCT Admission pursuant to the terms thereof; and

   --      the Company having complied with its obligations under the Placing Agreement. 

If any of the conditions above are not satisfied or waived, the EIS/VCT Placing Shares will not be issued. The EIS/VCT Placing is not conditional upon completion of the Acquisition. The Acquisition is expected to complete following the General Admission.

The General Placing is conditional, inter alia, upon:

-- EIS/VCT Admission having occurred and the Company allotting, subject only to General Admission, the General Placing Shares in accordance with the Placing Agreement and the Initial Consideration Shares in accordance with the SPA;

-- General Admission taking place not later than 8.00 a.m. on 4 August 2022 (or such later date as may be agreed in writing between the Company and Panmure Gordon);

   --      the SPA: 

o having been duly executed by all parties thereto;

o not having lapsed or been terminated prior to General Admission pursuant to the terms thereof; and

o having become unconditional in all respects in accordance with its terms, subject only to General Admission and the issue by the Company of the Initial Consideration Shares to the Tetris Pharma Sellers.

   --      the Xeris Licence Amendment: 

o having been duly executed by all parties thereto;

o not having lapsed or been terminated prior to General Admission pursuant to the terms thereof;

o having become unconditional in all respects in accordance with its terms, subject only to the Inventory Payment payable thereunder and completion of the Acquisition; and

o the Company having complied with its obligations under the Placing Agreement.

If any of the conditions above are not satisfied, the General Placing Shares will not be issued. The EIS/VCT Placing is not conditional on the issue of the General Placing Shares and the General Admission.

It is expected that certain Directors of the Company will subscribe for new Ordinary Shares as part of the Placing on the same terms as other Placees for an aggregate amount of at least GBP100,000. Further details will be announced as appropriate in due course.

The proceeds from the Placing, will be used to fund, inter alia:

-- the payment to Tetris Pharma of c.GBP2.0 million for initial Ogluo(R) inventory from Xeris and historic one-off liabilities of Tetris Pharma;

-- provide c.GBP4 million of working capital to Tetris Pharma to accelerate the roll-out of Ogluo(R) across the UK and Europe and to provide a line of sight to Tetris Pharma break-even.

The Placing is not underwritten.

The Placing Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of their issue.

Application will be made to the London Stock Exchange for the admission of the Placing Shares and the Initial Consideration Shares to trading on AIM. The Placing Shares and the Initial Consideration Shares will be issued pursuant to the existing authorities approved at the Company's annual general meeting held on 23 May 2022. It is expected that: (i) EIS/VCT Admission will occur, and that dealings in the EIS/VCT Placing Shares subscribed for pursuant to the EIS/VCT Placing will commence, at 8.00 a.m. on 3 August 2022, at which time it is also expected that the EIS/VCT Placing Shares subscribed for pursuant to the EIS/VCT Placing will be enabled for settlement in CREST; and (ii) General Admission will occur, and that dealings in the Non-EIS/VCT Placing Shares and the Initial Consideration Shares will commence, at 8.00 a.m. on 4 August 2022, at which time it is also expected that the General Placing Shares and the Initial Consideration Shares will be enabled for settlement in CREST.

Panmure Gordon (whether itself or through its affiliates) is arranging the Placing as placing agent of the Company for the purpose of using reasonable endeavours to procure Placees at the Placing Price for the Placing Shares.

Panmure Gordon intends to conditionally place the Placing Shares with certain institutional and other investors.

The Placing Agreement contains customary warranties given by the Company to Panmure Gordon as to matters relating to the Company and its business and a customary indemnity given by the Company to Panmure Gordon in respect of liabilities arising out of, or in connection with, the Placing.

Panmure Gordon (after consultation with the Company) reserves the right to scale back the number of Placing Shares to be subscribed by any Placee in the event of applications in excess of the target amount under the Placing. The Company and Panmure Gordon also reserve the right not to accept offers to subscribe for Placing Shares or to accept such offer in part rather than in whole. Panmure Gordon shall be entitled to effect the Placing by such method as they shall in their sole discretion determine. To the fullest extent permissible by law, neither Panmure Gordon nor any holding company of Panmure Gordon nor any subsidiary branch or affiliate of Panmure Gordon (each an affiliate) nor any person acting on behalf of any of the foregoing shall have any liability to the Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Panmure Gordon, nor any affiliate thereof nor any person acting on their behalf shall have any liability to Placees in respect of their conduct of the Placing.

APPIX I

Expected Timetable for the Fundraising

 
                                                              2022 
 Announcement of the results of the Placing               1 August 
 EIS/VCT Placing Shares credited to CREST                 3 August 
  stock accounts 
 EIS/VCT Admission effective and commencement       8:00 a.m. on 3 
  of dealings in the EIS/VCT Placing Shares                 August 
  on AIM commence 
 General Admission effective and commencement       8:00 a.m. on 4 
  of dealings in the General Placing Shares                 August 
  and the I nitial Consideration Shares on 
  AIM 
 General Placing Shares credited to CREST                 4 August 
  stock accounts 
 Despatch of definitive share certificates       within 14 working 
  in respect of New Ordinary Shares to be                     days 
  issued in certificated form 
 Long Stop Date                                    5:00 p.m. on 15 
                                                            August 
 

Notes:

   (i)    References to times in this Announcement are to London time (unless otherwise stated). 

(ii) If any of the above times or dates should change, the revised times and/or dates will be notified by an announcement to an RIS.

   (iii)    The timing of the events in the above timetable is indicative only. 

APPIX II

TERMS AND CONDITIONS OF THE PLACING

INTRODUCTION

IMPORTANT INFORMATION FOR INVITED PLACEES ONLY REGARDING THE PLACING.

THIS ANNOUNCEMENT, INCLUDING THIS APPIX, AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART TO U.S. PERSONS OR, IN OR INTO THE UNITED STATES, ANY OF THE OTHER RESTRICTED JURISDICTIONS OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THE PLACING SHARES THAT ARE THE SUBJECT OF THE PLACING ARE NOT BEING OFFERED OR SOLD TO ANY PERSON IN THE EUROPEAN UNION OR THE UK, OTHER THAN TO QUALIFIED INVESTORS, WHICH INCLUDES LEGAL ENTITIES WHICH ARE REGULATED BY THE FCA OR ENTITIES WHICH ARE NOT SO REGULATED WHOSE CORPORATE PURPOSE IS SOLELY TO INVEST IN SECURITIES.

MEMBERS OF THE PUBLIC IN THE UK OR ELSEWHERE ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT (INCLUDING THIS APPIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT: (A) QUALIFIED INVESTORS; (B) IN THE UNITED KINGDOM, QUALIFIED INVESTORS WHO ARE PERSONS WHO (I) FALL WITHIN ARTICLE 19(5) OF THE ORDER, FALL WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER OR ARE PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED AND (II) ARE A "PROFESSIONAL CLIENT" OR AN "ELIGIBLE COUNTERPARTY" WITHIN THE MEANING OF CHAPTER 3 OF THE FCA'S CONDUCT OF BUSINESS SOURCEBOOK; OR (C) OTHER PERSONS TO WHOM IT MAY LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS ANNOUNCEMENT (INCLUDING THIS APPIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT (INCLUDING THIS APPIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

THIS APPIX, AND THE ANNOUNCEMENT OF WHICH IT FORMS PART, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. IF YOU ARE IN ANY DOUBT AS TO WHETHER YOU ARE A RELEVANT PERSON YOU SHOULD CONSULT A PROFESSIONAL ADVISER FOR ADVICE.

THIS ANNOUNCEMENT, INCLUDING THIS APPIX, IS NOT AN OFFER FOR SALE OR SUBSCRIPTION IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT, INCLUDING THIS APPIX, IS NOT AN OFFER OF OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES.

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF AN INVESTMENT IN PLACING SHARES. THE PRICE OF THE PLACING SHARES IN THE COMPANY AND THE INCOME FROM THEM (IF ANY) MAY GO DOWN AS WELL AS UP AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED ON DISPOSAL OF THE PLACING SHARES.

Placees will be deemed to have read and understood this A nnouncement and these terms and conditions in their entirety and to be making such offer on the terms and conditions and to be providing the representations, warranties, acknowledgements, and undertakings contained in this Appendix. In particular, each such Placee represents, warrants and acknowledges that:

1. it is a Relevant Person and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;

2. in the case of any Placing Shares acquired by it as a financial intermediary, as that term is used in Article 5(1) of the Prospectus Regulation, (i) the Placing Shares acquired by it have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Member State of the EEA or the UK other than Qualified Investors or in circumstances in which the prior consent of Panmure Gordon has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in any Member State of the EEA or the UK other than Qualified Investors, the offer of those Placing Shares to it is not treated under the Prospectus Regulation as having been made to such persons; and/or

3. (i) (1) it is not a U.S. Person, (2) it is not located in the United States, and (3) it is not acquiring the Placing Shares for the account or benefit of a U.S. Person; or (ii) it is a dealer or other professional fiduciary in the United States acting for a discretionary account (other than an estate or trust) held for the benefit or account of a non U.S. Person in reliance on Regulation S.

The Company and Panmure Gordon will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements. Panmure Gordon does not make any representation to any Placee regarding an investment in the Placing Shares referred to in this A nnouncement (including this Appendix).

This A nnouncement (including this Appendix) does not constitute an offer, and may not be used in connection with an offer, to sell or issue or the solicitation of an offer to buy or subscribe for Placing Shares in any jurisdiction in which such offer or solicitation is or may be unlawful. This Announcement (including this Appendix) and the information contained herein is not for publication or distribution, directly or indirectly, to persons in the United States, any of the other Restricted Jurisdictions or in any jurisdiction in which such publication or distribution is unlawful. Persons who come into possession of this Announcement are required by the Company to inform themselves about and to observe any restrictions of transfer of this Announcement . No public offer of securities of the Company under the Placing is being made in the United Kingdom, the United States or any Restricted Jurisdiction.

In particular, the Placing Shares referred to in this Announcement have not been and will not be registered under the Securities Act or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States, and under circumstances that would not result in the Company being required to register under the U.S. Investment Company Act of 1940. The Placing Shares are only being offered and sold outside the United States in offshore transactions to persons who are not U.S. Persons in accordance with Regulation S under the Securities Act.

The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada; no prospectus has been lodged with or registered by the Australian Securities and Investments Commission or the Japanese Ministry of Finance; and the Placing Shares have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of any of the Restricted Jurisdictions. Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into the Restricted Jurisdictions or any other jurisdiction outside the United Kingdom.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Appendix or the Announcement of which it forms part should seek appropriate advice before taking any action.

DETAILS OF THE PLACING

Panmure Gordon having entered into the Placing Agreement with the Company under which Panmure Gordon has, on the terms and subject to the conditions set out therein, undertaken to use its reasonable endeavours to procure, as agents for the Company, subscribers for the Placing Shares at the Placing Price.

The Placing Agreement contains customary warranties given by the Company to Panmure Gordon as to matters relating to the Company and its business and a customary indemnity given by the Company to Panmure Gordon in respect of liabilities arising out of, or in connection with, the Placing.

Panmure Gordon (after consultation with the Company) reserves the right to scale back the number of Placing Shares to be subscribed by any Placee in the event of applications in excess of the target amount under the Placing. The Company and Panmure Gordon also reserves the right not to accept offers to subscribe for Placing Shares or to accept such offer in part rather than in whole. Panmure Gordon shall be entitled to effect the Placing by such method as it shall in its sole discretion determine. To the fullest extent permissible by law, neither Panmure Gordon nor any holding company of Panmure Gordon nor any subsidiary branch or affiliate of Panmure Gordon (each an affiliate) nor any person acting on behalf of any of the foregoing shall have any liability to the Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Panmure Gordon, nor any affiliate thereof nor any person acting on their behalf shall have any liability to Placees in respect of their conduct of the Placing.

Each Placee's obligations will be owed to the Company and to Panmure Gordon. Following the confirmation referred to below in the paragraph entitled "Participation in, and principal terms of, the Placing", each Placee will also have an immediate, separate, irrevocable and binding obligation, owed to Panmure Gordon, to pay to Panmure Gordon (or as Panmure Gordon may direct) in cleared funds an amount equal to the product of the Placing Price and the number of Placing Shares which such Placees has agreed to acquire.

Each Placee agrees to indemnify on demand and hold each of Panmure Gordon and the Company, and their respective affiliates harmless from any all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the acknowledgments, undertakings, representations, warranties and agreements set forth in these terms and conditions.

The Placing is also conditional upon the Placing Agreement becoming unconditional and the Placing Agreement not being terminated in accordance with its terms. Further details of conditions in relation to the Placing are set out below in the paragraph entitled "Conditions of the Placing".

A Placee agrees to become a member of the Company and agrees to subscribe for those Placing Shares allocated to it by Panmure Gordon at the Placing Price, conditional on: (i) in respect of the EIS/VCT Placing Shares, EIS/VCT Admission occurring and becoming effective by 8.00 a.m. on 3 August 2022 and, in the case of the in respect of the General Placing Shares, General Admission occurring and becoming effective by 8.00 a.m. on 4 August 2022 (or, in either such case, such later time and/or date, not being later than 8.00 a.m. on 4 August 2022, as the Company and Panmure Gordon may agree); (ii) the Placing Agreement becoming otherwise unconditional in all relevant respects and not having been terminated in accordance with its terms on or before the date of the relevant Admission; and (iii) Panmure Gordon confirming to the Placees their allocation of Placing Shares.

To the fullest extent permitted by law, each Placee acknowledges and agrees that it will not be entitled to exercise any remedy of rescission at any time. This does not affect any other rights the Placee may have.

The EIS/VCT Placing is not conditional on the issue of the General Placing Shares and General Admission. Investors should note that it is possible that EIS/VCT Admission will occur but General Admission will not occur.

The Placing Shares will, when issued, be subject to the articles of association of the Company, be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of Ordinary Shares after the date of issue of the Placing Shares.

APPLICATION FOR ADMISSION TO TRADING

Application will be made to the London Stock Exchange for Admission. It is expected that settlement of the EIS/VCT Placing Shares and EIS/VCT Admission will become effective on or around 8.00 a.m. on 3 August 2022 and that dealings in the EIS/VCT Placing Shares will commence at that time. It is expected that settlement of the General Placing Shares and the Initial Consideration Shares and General Admission will become effective on or around 8.00 a.m. on 4 August 2022 and that dealings in the General Placing Shares and the Initial Consideration Shares will commence at that time.

PAYMENT FOR SHARES

Each Placee has a separate, irrevocable and binding obligation to pay the Placing Price in cleared funds for the number of Placing Shares duly allocated to the Placee under the Placing in the manner and by the time directed by Panmure Gordon. If any Placee fails to pay as so directed and/or by the time directed, the relevant Placee's application for Placing Shares shall at Panmure Gordon's discretion either be rejected or accepted in which case the paragraph below entitled "Registration and Settlement" shall apply to such application.

PARTICIPATION IN, AND PRINCIPAL TERMS OF, THE PLACING

Panmure Gordon (whether itself or through its affiliates) is arranging the Placing as placing agent of the Company for the purpose of using reasonable endeavours to procure Placees at the Placing Price for the Placing Shares.

Participation in the Placing will only be available to persons who may lawfully be, and are, invited to participate by Panmure Gordon. Panmure Gordon and its affiliates may participate in the Placing as principal.

By participating in the Placing, Placees will be deemed to have read and understood this Announcement , including this Appendix, in its entirety and to be participating and making an offer for Placing Shares on the terms and conditions, and to be providing the representations, warranties, acknowledgements, agreements and undertakings contained in this Appendix.

This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares.

The number of Placing Shares to be issued, and the extent of each Placee's participation in the Placing (which will not necessarily be the same for each Placee), will be agreed between Panmure Gordon (following consultation with the Company) following completion of the book building process in respect of the Placing (the "Bookbuild"). No element of the Placing will be underwritten. The aggregate number of Placing Shares will be announced on a Regulatory Information Service following completion of the Bookbuild.

A Placee's commitment to acquire a fixed number of Placing Shares under the Placing will be agreed orally with Panmure Gordon as agent of the Company. Each Placee's allocation will be confirmed to Placees orally or by email by Panmure Gordon, and a form of confirmation will be dispatched as soon as possible thereafter. The oral or email confirmation to such Placee will constitute an irrevocable legally binding commitment upon such person (who will at that point become a Placee) in favour of Panmure Gordon and the Company, under which it agrees to acquire the number of Placing Shares allocated to it at the Placing Price on the terms and conditions set out in this Appendix and in accordance with the articles of incorporation of the Company.

Except as required by law or regulation, no press release or other announcement will be made by Panmure Gordon or the Company using the name of any Placee (or its agent), in its capacity as Placee (or agent), other than with such Placee's prior written consent.

Irrespective of the time at which a Placee's allocation pursuant to the Placing is confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made on the basis explained below under the paragraph entitled "Registration and Settlement".

All obligations under the Placing will be subject to fulfilment or (where applicable) waiver of, amongst other things, the conditions referred to below and to the Placing not being terminated on the basis referred to below.

By participating in the Placing, each Placee will agree that its rights and obligations in respect of the Placing will terminate only in the circumstances described below and will not be capable of rescission or termination by the Placee.

To the fullest extent permissible by law, none of the Company, Panmure Gordon or any of their respective affiliates shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise under these terms and conditions). In particular, none of the Company, Panmure Gordon or any of their respective affiliates shall have any liability (including to the fullest extent permissible by law, any fiduciary duties) in respect of Panmure Gordon's conduct of the Placing. Each Placee acknowledges and agrees that the Company is responsible for the issue of the Placing Shares to the Placees and Panmure Gordon shall have no liability to the Placees for the failure of the Company to fulfil those obligations.

CONDITIONS OF THE PLACING

Panmure Gordon's obligations under the Placing Agreement in respect of the EIS/VCT Placing Shares are conditional on, inter alia:

1. the Company allotting, subject only to EIS/VCT Admission, the EIS/VCT Placing Shares in accordance with the Placing Agreement;

2. EIS/VCT Admission taking place not later than 8.00 a.m. on 3 August 2022 (or such later date as may be agreed in writing between the Company and Panmure Gordon);

   3.   the Tetris Pharma SPA: 
   a.   having been duly executed by all parties thereto; and 
   b.   not having lapsed or been terminated prior to EIS/VCT Admission pursuant to the terms thereof; 
   4.   the Xeris Licence Amendment: 
   a.   having been duly executed by all parties thereto; and 

b. not having lapsed or been terminated prior to EIS/VCT Admission pursuant to the terms thereof; and

   5.   the Company having complied with its obligations under the Placing Agreement. 

If (a) any of the conditions contained in the Placing Agreement in relation to the EIS/VCT Placing Shares are not fulfilled or waived by Panmure Gordon by the respective time or date where specified (or such later time or date as the Company and Panmure Gordon may agree not being later than 5.00 p.m. on 15 August 2022 (the "Final Date")); or (b) the Placing Agreement is terminated as described below, the Placing in relation to the EIS/VCT Placing Shares will lapse and the Placees' rights and obligations hereunder in relation to the EIS/VCT Placing Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by the Placee in respect thereof.

The EIS/VCT Placing is not conditional on completion of the Acquisition, the issue of the General Placing Shares or General Admission. Investors should note that it is possible that EIS/VCT Admission will occur but the Acquisition and General Admission will not occur.

Panmure Gordon's obligations under the Placing Agreement in respect of the General Placing Shares are conditional on, inter alia:

1. EIS/VCT Admission having occurred and the Company allotting, subject only to General Admission, the General Placing Shares in accordance with the Placing Agreement and the Initial Consideration Shares in accordance with the Tetris Pharma SPA;

2. General Admission taking place not later than 8.00 a.m. on 4 August 2022 (or such later date as may be agreed in writing between the Company and Panmure Gordon);

   3.   the Tetris Pharma SPA: 
   a.   having been duly executed by all parties thereto; 

b. not having lapsed or been terminated prior to General Admission pursuant to the terms thereof; and

c. having become unconditional in all respects in accordance with its terms, subject only to General Admission and the issue by the Company of the Initial Consideration Shares to the Tetris Pharma Sellers;

   4.   the Xeris Licence Amendment: 
   a.   having been duly executed by all parties thereto; 
   b.   not having lapsed or been terminated prior to General Admission pursuant to the terms thereof; 

c. having become unconditional in all respects in accordance with its terms, subject only to payment of the Inventory Payment and completion of the Acquisition; and

   5.   the Company having complied with its obligations under the Placing Agreement. 

If (a) any of the conditions contained in the Placing Agreement in relation to the General Placing Shares are not fulfilled or waived by Panmure Gordon by the respective time or date where specified (or such later time or date as the Company and Panmure Gordon may agree not being later than 5.00 p.m. on the Long Stop Date); or (b) the Placing Agreement is terminated as described below, the Placing in relation to the General Placing Shares will lapse and the Placees' rights and obligations hereunder in relation to the General Placing Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by the Placee in respect thereof.

Subject to certain exceptions, Panmure Gordon may, at its absolute discretion and upon such terms as it thinks fit, waive, or extend the period (up to the Long Stop Date) for, compliance by the Company with the whole or any part of any of the Company's obligations in relation to the conditions in the Placing Agreement. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement .

Neither Panmure Gordon nor the Company shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision they may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Panmure Gordon.

RIGHT TO TERMINATE UNDER THE PLACING AGREEMENT

Panmure Gordon is entitled, at any time before either Admission, to terminate the Placing Agreement in respect of the EIS/VCT Placing Shares at any time before EIS/VCT Admission and in respect of the General Placing Shares at any time before General Admission by giving notice to the Company in certain circumstances, including, inter alia:

1. where the Company has failed to comply with any of its obligations under the Placing Agreement which is material in the context of the Group, the Placing, EIS/VCT Admission and/or General Admission; or

2. where there has been a breach of the SPA or the Xeris Licence Amendment by any party which is, in Panmure Gordon's opinion, material in the context of the Group, the Placing, EIS/VCT Admission and/or General Admission or any party to the SPA or the Xeris Licence Amendment has terminated or rescinded (or purported to terminate or rescind) such agreement;

3. where any of the warranties given by the Company to Panmure Gordon under the Placing Agreement not being true or accurate or being misleading when given or would not be true and accurate or would be misleading if repeated (by reference to the facts and circumstances in each case then existing) in a respect which is material in the context of the Group, the Placing, EIS/VCT Admission and/or General Admission; or

4. where, amongst other things, there is a material adverse change in the condition, earnings, business, operations or prospects of the Group or if there is a material adverse change in the financial, political, economic or stock market conditions, which in Panmure Gordon's reasonable opinion (acting in good faith) makes it impractical or inadvisable to proceed with the Placing.

Following General Admission, the Placing Agreement is not capable of termination to the extent that it relates to the Placing of the Placing Shares.

The rights and obligations of the Placees shall terminate only in the circumstances described in these terms and conditions and in the Placing Agreement and will not be subject to termination by the Placee or any prospective Placee at any time or in any circumstances. By participating in the Placing, Placees agree that the exercise by Panmure Gordon of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Panmure Gordon, and that it need not make any reference to Placees and that it shall have no liability to Placees whatsoever in connection with any such exercise or decision not to exercise. Placees will have no rights against Panmure Gordon, the Company or any of their respective directors or employees under the Placing Agreement pursuant to the Contracts (Rights of Third Parties) Act 1999 (as amended).

NO PROSPECTUS

The Placing Shares are being offered to Relevant Persons only and will not be offered in such a way as to require a prospectus in the United Kingdom or elsewhere. No offering document or prospectus has been or will be submitted to be approved by the FCA in relation to the Placing and Placees' commitments will be made solely on the basis of the information contained in this Announcement (including this Appendix) and certain business and financial information the Company is required to publish in accordance with the AIM Rules and the rules and practices of the FCA (collectively "Exchange Information").

Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement , including this Appendix, is exclusively the responsibility of the Company and confirms that it has not relied on any other information (other than the Exchange Information), representation, warranty, or statement made by or on behalf of the Company or Panmure Gordon or any other person and neither of Panmure Gordon nor the Company nor any other person will be liable for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement which the Placees may have obtained or received. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

REGISTRATION AND SETTLEMENT

Settlement of transactions in the Placing Shares (ISIN: GB00BMWLM973) following Admission will take place within CREST provided that, subject to certain exceptions, Panmure Gordon reserves the right to require settlement for, and delivery of, the Placing Shares (or a portion thereof) to Placees by such other means that it may deem necessary if delivery or settlement is not possible or practicable within CREST within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in any Placee's jurisdiction.

Each Placee allocated Placing Shares in the Placing will be sent a trade confirmation stating the number of Placing Shares allocated to it at the Placing Price, the aggregate amount owed by such Placee to Panmure Gordon (as agent for the Company) and settlement instructions. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with either the CREST or certificated settlement instructions that it has in place with Panmure Gordon.

Settlement of transactions in the Placing Shares (ISIN: GB00BMWLM973) following the relevant Admission will take place within the CREST system, subject to certain exceptions. Settlement through CREST of the EIS/VCT Placing Shares is expected to take place on 3 August 2022 unless otherwise notified by Panmure Gordon and EIS/VCT Admission is expected to occur no later than 8.00 a.m. on 3 August 2022 unless otherwise notified by Panmure Gordon. Settlement through CREST of the General Placing Shares is expected to take place on 4 August 2022 unless otherwise notified by Panmure Gordon and General Admission is expected to occur no later than 8.00 a.m. on 4 August 2022 unless otherwise notified by Panmure Gordon.

The relevant Admission and settlement may occur at an earlier date. Settlement will be on a delivery versus payment basis. However, in the event of any difficulties or delays in the admission of the Placing Shares to CREST or the use of CREST in relation to the Placing, the Company and Panmure Gordon may agree that the Placing Shares should be issued in certificated form. Panmure Gordon reserves the right to require settlement for the Placing Shares, and to deliver the Placing Shares to Placees, by such other means as it may deem necessary if delivery or settlement to Placees is not practicable within the CREST system or would not be consistent with regulatory requirements in a Placee's jurisdiction.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of two percentage points above Libor as determined by Panmure Gordon.

Each Placee is deemed to agree that, if it does not comply with these obligations, Panmure Gordon may sell any or all of the Placing Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, for Panmure Gordon's account and benefit (as agent for the Company), an amount equal to the aggregate amount owed by the Placee plus any interest due. Any excess proceeds will pass to the relevant Placee at its risk. The relevant Placee will, however, remain liable and shall indemnify Panmure Gordon on demand for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax or securities transfer tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf. By communicating a bid for Placing Shares, each Placee confers on Panmure Gordon all such authorities and powers necessary to carry out any such sale and agrees to ratify and confirm all actions which Panmure Gordon lawfully take in pursuance of such sale.

If Placing Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation.

Insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax or securities transfer tax. Placees will not be entitled to receive any fee or commission in connection with the Placing.

REPRESENTATIONS, WARRANTIES AND FURTHER TERMS

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) makes the following representations, warranties, acknowledgements, agreements and undertakings (as the case may be) to the Company and Panmure Gordon, namely that, each Placee (and any person acting on such Placee's behalf):

1. represents and warrants that it has read and understood this Announcement , including this Appendix, in its entirety and that its subscription of Placing Shares is subject to, and based upon, all the terms, conditions, representations, warranties, acknowledgements, agreements and undertakings and other information contained herein and undertakes not to redistribute or duplicate this Announcement (including this Appendix);

2. acknowledges that no offering document or prospectus has been prepared in connection with the placing of the Placing Shares and represents and warrants that it has not received a prospectus or other offering document in connection therewith;

5. acknowledges that the Placing Shares are admitted to trading on AIM, and the Company is therefore required to publish certain business and financial information in accordance with the AIM Rules (collectively the "Exchange Information"), which includes a description of the nature of the Company's business and the Company's most recent balance sheet and profit and loss account and that the Placee is able to obtain or access such information without undue difficulty, and is able to obtain access to such information or comparable information concerning any other publicly traded company, without undue difficulty;

6. acknowledges that the content of this Announcement (including this Appendix) is exclusively the responsibility of the Company, and that none of Panmure Gordon, its affiliates or any person acting on their behalf has or shall have any liability for any information, representation or statement contained in this Announcement (including this Appendix) or any information previously or concurrently published by or on behalf of the Company (including any Exchange Information), and will not be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement (including this Appendix) or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing itself to acquire the Placing Shares is contained in this Announcement (including this Appendix) and any Exchange Information, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares and that it has neither received nor relied on any other information given or representations, warranties or statements made by Panmure Gordon or the Company or any of their respective directors, officers or employees or any person acting on behalf of any of them (including with respect to the Company, the Placing, the Placing Shares or the accuracy, completeness or adequacy of any publicly available information), or, if received, it has not relied upon any such information, representations, warranties or statements, and neither of Panmure Gordon nor the Company will be liable for any Placee's decision to accept an invitation to participate in the Placing based on any other information, representation, warranty or statement. Each Placee further acknowledges and agrees that it may not place the same degree of reliance on this Announcement as it may otherwise place on a prospectus or admission document. Each Placee further acknowledges and agrees that it has relied solely on its own investigation of the business, financial or other position of the Company and the terms of the Placing in deciding to participate in the Placing and it will not rely on any investigation that Panmure Gordon, their affiliates or any other person acting on their behalf has or may have conducted;

7. represents and warrants that it has neither received nor relied on any confidential price sensitive information concerning the Company in accepting this invitation to participate in the Placing;

8. acknowledges that Panmure Gordon does not have any duties or responsibilities to it, or its clients, similar or comparable to the duties of "best execution" and "suitability" imposed by the Conduct of Business Sourcebook in the FCA's Handbook of Rules and Guidance and that Panmure Gordon is not acting for it or its clients and that Panmure Gordon will not be responsible for providing protections to it or its clients;

9. acknowledges that none of Panmure Gordon, any of its affiliates or any person acting on behalf of them has or shall have any liability for any publicly available or filed information (including any Exchange Information) or any representation relating to the Company, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

10. acknowledges that, save in the event of fraud on the part of Panmure Gordon (and to the extent permitted by the FCA), none of Panmure Gordon, its ultimate holding company nor any direct or indirect subsidiary undertakings of such holding company, nor any of their respective directors and employees shall be liable to Placees for any matter arising out of Panmure Gordon's role as placing agent or otherwise in connection with the Placing and that where any such liability nevertheless arises as a matter of law, Placees will immediately waive any claim against any of such persons which it may have in respect thereof;

11. represents and warrants that (a) (i) it is not in the United States; (ii) it is not a U.S. Person; and (iii) it is not acting for the account or benefit of a U.S. Person or (b) it is a dealer or other professional fiduciary in the United States acting for a discretionary account (other than an estate or trust) held for the benefit or account of a non U.S. Person in reliance on Regulation S;

12. acknowledges that the Placing Shares are only being offered and sold outside the United States in offshore transactions to persons who are not U.S. Persons pursuant to Regulation S under the Securities Act, and the Placing Shares have not been and will not be registered under the Securities Act or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and agrees not to reoffer, resell, pledge, transfer or deliver any Placing Shares, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States;

13. unless otherwise specifically agreed in writing with Panmure Gordon, represents and warrants that neither it nor the beneficial owner of such Placing Shares will be a resident of the Restricted Jurisdictions;

14. acknowledges that the Placing Shares have not been and will not be registered under the securities legislation of the Restricted Jurisdictions and, subject to certain exceptions, may not be offered, sold, taken up, renounced or delivered or transferred, directly or indirectly, within those jurisdictions;

15. represents and warrants that the issue to it, or the person specified by it for registration as holder, of Placing Shares will not give rise to a liability under any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depositary receipts and clearance services) and that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to transfer Placing Shares into a clearance system;

16. represents and warrants that: (i) it has complied with and will continue to comply with its obligations under the Market Abuse Regulation (EU) No. 596/2014, Criminal Justice Act 1993 and Part VIII of the Financial Services and Markets Act 2000, as amended ("FSMA") and other applicable law; (ii) in connection with money laundering and terrorist financing, it has complied with its obligations under the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000 (as amended), the Terrorism Act 2006, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) 2017 Regulations, and any other applicable law (where all such legislation listed under this (ii) shall together be referred to as the "AML Legislation"); and (iii) it is not a person: (1) with whom transactions are prohibited under the Foreign Corrupt Practices Act of 1977 or any economic sanction programmes administered by, or regulations promulgated by, the Office of Foreign Assets Control of the U.S. Department of the Treasury; (2) named on the Consolidated List of Financial Sanctions Targets maintained by HM Treasury of the United Kingdom; or (3) subject to financial sanctions imposed pursuant to a regulation of the EU or a regulation adopted by the United Nations (together, the "Regulations"); and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations and pursuant to AML Legislation and has obtained all governmental and other consents (if any) which may be required for the purpose of, or as a consequence of, such purchase, and it will provide promptly to Panmure Gordon or the Company such evidence, if any, as to the identity or location or legal status of any person (including in relation to the beneficial ownership of any underlying investor) which Panmure Gordon or the Company may request from it in connection with the Placing (for the purpose of complying with such Regulations or ascertaining the nationality of any person or the jurisdiction(s) to which any person is subject or otherwise or any other information as may be required to comply with legal or regulatory requirements (including in particular under the AML Legislation)) in the form and manner requested by Panmure Gordon or the Company on the basis that any failure by it to do so may result in the number of Placing Shares that are to be purchased by it or at its direction pursuant to the Placing being reduced to such number, or to nil, as Panmure Gordon may decide at its sole discretion;

17. if a financial intermediary, as that term is used in Article 5(1) of the Prospectus Regulation, represents and warrants that the Placing Shares purchased by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in a Member State of the EEA or the UK other than Qualified Investors, or in circumstances in which the prior consent of Panmure Gordon has been given to the offer or resale;

18. represents and warrants that it has not offered or sold and will not offer or sell any Placing Shares to persons in the EEA or the UK prior to Admission except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted in and which will not result in an offer to the public in any Member State of the EEA or the UK within the meaning of the Prospectus Regulation;

19. represents and warrants that it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) relating to the Placing Shares in circumstances in which section 21(1) of the FSMA does not require approval of the communication by an authorised person;

20. represents and warrants that it has complied and will comply with all applicable provisions of the FSMA and the Financial Services Act 2012 with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving, the United Kingdom;

21. if in the United Kingdom, represents and warrants that it is a person who: (i) falls with Articles 49(2)(A) to (D) or 19(5) of the Order or it is a person to whom the Placing Shares may otherwise be lawfully offered under such Order or, if it is receiving the offer in circumstances under which the laws or regulations of a jurisdiction other than the United Kingdom would apply, it is a person to whom the Placing Shares may be lawfully offered under that other jurisdiction's laws and regulations; and (ii) is a "professional client" or an "eligible counterparty" within the meaning of Chapter 3 of the FCA's Conduct of Business Sourcebook;

22. represents and warrants that it and any person acting on its behalf is entitled to acquire the Placing Shares under the laws of all relevant jurisdictions and that it has all necessary capacity and has obtained all necessary consents and authorities and taken any other necessary actions to enable it to commit to this participation in the Placing and to perform its obligations in relation thereto (including, without limitation, in the case of any person on whose behalf it is acting, all necessary consents and authorities to agree to the terms set out or referred to in this Announcement (including this Appendix)) and will honour such obligations;

23. where it is acquiring Placing Shares for one or more managed accounts, represents and warrants that it is authorised in writing by each managed account: (i) to acquire the Placing Shares for each managed account; (ii) to make on its behalf the representations, warranties, acknowledgements, undertakings and agreements in this Appendix and the Announcement of which it forms part; and (iii) to receive on its behalf any investment letter relating to the Placing in the form provided to it by Panmure Gordon;

24. undertakes that it (and any person acting on its behalf) will make payment for the Placing Shares allocated to it in accordance with this Announcement (including this Appendix) on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other subscribers or sold as Panmure Gordon may in its sole discretion determine and without liability to such Placee and it will remain liable and will indemnify Panmure Gordon on demand for any shortfall below the net proceeds of such sale and the placing proceeds of such Placing Shares and may be required to bear the liability for any stamp duty or stamp duty reserve tax or security transfer tax (together with any interest or penalties due pursuant to or referred to in these terms and conditions) which may arise upon the placing or sale of such Placee's Placing Shares on its behalf;

25. acknowledges that none of Panmure Gordon, any of its affiliates, or any person acting on behalf of any of them, is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is not and will not be treated for these purposes as a client of Panmure Gordon and that Panmure Gordon does not have any duties or responsibilities to it for providing the protections afforded to its clients or customers or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of their rights and obligations thereunder, including any rights to waive or vary any conditions or exercise any termination right;

26. undertakes that the person whom it specifies for registration as holder of the Placing Shares will be (i) itself; or (ii) its nominee, as the case may be. Neither Panmure Gordon nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement. Each Placee and any person acting on behalf of such Placee agrees to participate in the Placing and it agrees to indemnify the Company and Panmure Gordon in respect of the same on the basis that the Placing Shares will be issued to the CREST stock account of Panmure Gordon who will hold them as nominee on behalf of such Placee until settlement in accordance with its standing settlement instructions;

27. acknowledges that these terms and conditions and any agreements entered into by it pursuant to these terms and conditions and any non-contractual obligations arising out of or in connection with such agreement shall be governed by and construed in accordance with the laws of England and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter (including non-contractual matters) arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or Panmure Gordon in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

28. acknowledges that time shall be of the essence as regards to obligations pursuant to this Appendix;

29. agrees that the Company, Panmure Gordon and their respective affiliates and others will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and undertakings which are given to Panmure Gordon on its own behalf and on behalf of the Company and are irrevocable and are irrevocably authorised to produce this Announcement or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby;

30. agrees to indemnify on an after-tax basis and hold the Company, Panmure Gordon and their respective affiliates harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Appendix and further agrees that the provisions of this Appendix shall survive after completion of the Placing;

31. acknowledges that no action has been or will be taken by any of the Company, Panmure Gordon or any person acting on behalf of the Company or Panmure Gordon that would, or is intended to, permit a public offer of the Placing Shares in any country or jurisdiction where any such action for that purpose is required;

32. acknowledges that it is an institution that has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of subscribing for the Placing Shares. It further acknowledges that it is experienced in investing in securities of this nature and in this sector and is aware that it may be required to bear, and it, and any accounts for which it may be acting, are able to bear, the economic risk of, and is able to sustain, a complete loss in connection with the Placing. It has relied upon its own examination and due diligence of the Company and its associates taken as a whole, and the terms of the Placing, including the merits and risks involved;

33. acknowledges that its commitment to subscribe for Placing Shares on the terms set out herein and in the trade confirmation will continue, notwithstanding any amendment that may in the future be made to the terms of the Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's conduct of the Placing;

34. acknowledges that Panmure Gordon or any of its affiliates acting as an investor for its own account may take up shares in the Company and in that capacity may retain, purchase or sell for its own account such shares and may offer or sell such shares other than in connection with the Placing;

35. represents and warrants that, if it is a pension fund or investment company, its purchase of Placing Shares is in full compliance with all applicable laws and regulation; and

36. to the fullest extent permitted by law, it acknowledges and agrees to the disclaimers contained in the Announcement , including this Appendix.

The representations, warranties, acknowledgments and undertakings contained in this Appendix are given to Panmure Gordon and the Company and are irrevocable and shall not be capable of termination in any circumstances.

The agreement to settle a Placee's subscription (and/or the subscription of a person for whom such Placee is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to a subscription by it and/or such person direct from the Company for the Placing Shares in question. Such agreement assumes that the Placing Shares are not being subscribed for in connection with arrangements to issue depositary receipts or to transfer the Placing Shares into a clearance service. If there are any such arrangements, or the settlement relates to any other subsequent dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company nor Panmure Gordon will be responsible, and the Placee to whom (or on behalf of whom, or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, issue or delivery of Placing Shares has given rise to such UK stamp duty or stamp duty reserve tax undertakes to pay such UK stamp duty or stamp duty reserve tax forthwith and to indemnify on an after-tax basis and to hold harmless the Company and Panmure Gordon in the event that any of the Company and/or Panmure Gordon has incurred any such liability to UK stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and notify Panmure Gordon accordingly.

In addition, Placees should note that they will be liable for any stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the UK by them or any other person on the subscription by them of any Placing Shares or the agreement by them to subscribe for any Placing Shares.

Each Placee, and any person acting on behalf of the Placee, acknowledges that Panmure Gordon does not owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings or indemnities in the Placing Agreement.

Each Placee and any person acting on behalf of such Placee acknowledges and agrees that Panmure Gordon or any of its affiliates may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares.

When a Placee or person acting on behalf of such Placee is dealing with Panmure Gordon, any money held in an account with Panmure Gordon on behalf of such Placee and/or any person acting on behalf of such Placee will not be treated as client money within the meaning of the rules and regulations of the FCA made under the FSMA. Each Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated from Panmure Gordon's money in accordance with the client money rules and will be used by Panmure Gordon in the course of its own business and such Placee will rank only as a general creditor of Panmure Gordon.

All times and dates in this Announcement (including this Appendix) may be subject to amendment, and Placees' commitments, representations and warranties are not conditional on any of the expected times and dates in this Announcement (including this Appendix) being achieved. Panmure Gordon shall notify the Placees and any person acting on behalf of the Placees of any changes.

Past performance is no guide to future performance and persons needing advice should consult an appropriately qualified independent financial adviser.

Panmure Gordon is entitled, at its discretion and out of its own resources, at any time to rebate to some or all of its investors, or to other parties, part or all of its fees relating to the Placing.

MISCELLANEOUS

Solely for the purposes of the product governance requirements contained within the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Rules"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK Product Governance Rules) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that the Ordinary Shares are: (i) compatible with an end target market of investors who meet the criteria of professional clients and eligible counterparties each as defined in the FCA Handbook Conduct of Business Sourcebook ("COBS"); and (ii) eligible for distribution through all distribution channels as are permitted by the UK Product Governance Rules (the "UK Target Market Assessment").

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "EU Target Market Assessment").

Notwithstanding the UK Target Market Assessment and the EU Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. Each of the UK Target Market Assessment and the EU Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the UK Target Market Assessment and the EU Target Market Assessment, Panmure Gordon will only procure investors who meet the criteria of professional clients and eligible counterparties, as defined under COBS or MiFID II, as applicable. For the avoidance of doubt, neither the UK Target Market Assessment nor the EU Target Market Assessment constitutes: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

The content of this Announcement has been prepared by, and is the sole responsibility of, Arecor Therapeutics plc.

The information contained in this Announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time. Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this Announcement .

Certain statements in this Announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "could", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the FCA, the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Panmure Gordon (UK) Limited ("Panmure Gordon"), which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser and sole bookrunner to the Company in connection with the Placing and Admission and to no-one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the Placing or Admission or any other matter referred to in this Announcement. Panmure Gordon's responsibilities as the Company's nominated adviser under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and are not owed to the Company or to any director of the Company or to any other person in respect of any decision to acquire shares in the Company in reliance on any part of this Announcement .

None of Panmure Gordon, or any of its directors, officers, employees, advisers, affiliates or agents, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to this Announcement , including the truth, accuracy or completeness of the information in this Announcement (or whether any information has been omitted from the Announcement ) or for any loss howsoever arising from any use of the Announcement or its contents. Panmure Gordon and its directors, officers, employees, advisers, affiliates or agents, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this Announcement or its contents or otherwise arising in connection therewith.

Data Protection

The processing of a Placee's personal data by the Company will be carried out in compliance with the applicable data protection legislation and with its Privacy Notice, a copy of which can be found on the Company's website https://arecor.com/

Each Placee acknowledges that it has read and understood the processing activities carried out by the Company as informed in the referred Privacy Notice.

APPIX III

DEFINITIONS

 
 The following definitions apply throughout the Announcement, 
  unless the context requires otherwise: 
  "Acquisition"                the acquisition by the Company of the 
                                 entire issued share capital of Tetris 
                                 Pharma in accordance with the terms 
                                 of the SPA 
   "Admission"                  EIS/VCT Admission in the case of the 
                                 EIS/VCT Placing Shares and General 
                                 Admission in the case of the General 
                                 Placing Shares and the Initial Consideration 
                                 Shares 
   "AIM"                        AIM, the market of that name operated 
                                 by London Stock Exchange 
   "AIM Rules"                  the AIM Rules for Companies as published 
                                 by the London Stock Exchange from time 
                                 to time 
   "Announcement"               this announcement, together with the 
                                 Appendices contained herein 
   "Board"                      the board of directors of the Company 
   "Bookbuild"                  the process by which the Placing will 
                                 effectuated, which will be launched 
                                 immediately following this Announcement 
                                 in accordance with the terms and conditions 
                                 set out in Appendix II 
   "certificated" or "in        in relation to a share or other security, 
    certificated form"           not in uncertificated form (that is, 
                                 not in CREST) 
   "Company" or "Arecor"        Arecor Therapeutics plc, a public limited 
                                 company incorporated in England and 
                                 Wales with registered number 13331147 
   "Completion"                 completion of the Acquisition 
   "CREST"                      the relevant system (as defined in 
                                 the CREST Regulations) in respect of 
                                 which Euroclear is the operator (as 
                                 defined in the CREST Regulations), 
                                 which facilitates the transfer of title 
                                 to shares in uncertificated form 
   "CREST Regulations"          the Uncertificated Securities Regulations 
                                 2001 (SI 2001/3755) (as amended) 
   "Directors"                  the directors of the Company 
   "Deferred Consideration      the potential new Ordinary Shares to 
    Shares"                      be issued pursuant to the Earn Out, 
                                 such shares to be issued at no less 
                                 than the higher of GBP4.05 per Ordinary 
                                 Shares and 30-day volume weighted average 
                                 share price of Arecor on the 30 business 
                                 days prior to the Earn Out determination 
                                 date 
   "Earn Out" or "Earn Out      the deferred consideration of up to 
    Payment"                     GBP4.0 million to be paid to the Tetris 
                                 Pharma Sellers subject to the achievement 
                                 of performance conditions on each of 
                                 the first, second and third anniversary 
                                 of Completion and to be satisfied through 
                                 the issue of either (i) Deferred Consideration 
                                 Shares or (ii) unsecured loan notes 
                                 having an aggregate principal value 
                                 equal to the amount of the relevant 
                                 payment, at the Company's election 
   "EEA"                        European Economic Area 
   "EIS"                        Enterprise Investment Scheme 
   "EIS/VCT Admission"          admission of the EIS/VCT Placing Shares 
                                 to trading on AIM becoming effective 
                                 in accordance with the AIM Rules 
   "EIS/VCT Placing"            the conditional placing of EIS/VCT 
                                 Placing Shares with Placees at the 
                                 Placing Price pursuant to the Placing 
                                 Agreement 
   "EIS/VCT Placing Shares"     the EIS Shares and the VCT Shares together 
   "EIS Relief"                 the relief claimed by any holder of 
                                 the EIS Shares under Part 5 of the 
                                 ITA 2007 or exemption or relief available 
                                 under sections 150A, 150C and Schedule 
    "EIS Shares"                 5B Taxation of Chargeable Gains Act 
                                 1992 
                                 the Placing Shares to be allotted and 
                                 issued by the Company at the Placing 
                                 Price, conditional on EIS/VCT Admission, 
                                 in connection with the EIS/VCT Placing, 
                                 which are intended to qualify for EIS 
                                 Relief 
   "Enlarged Share Capital"     the entire issued share capital of 
                                 the Company as enlarged by the issue 
                                 of the Placing Shares and Initial Consideration 
                                 Shares following Admission 
   "EU"                         European Union 
   "Euroclear"                  Euroclear UK & Ireland Limited 
   "Existing Ordinary Shares"   the 27,835,024 Ordinary Shares in issue 
                                 on the date of this Announcement 
   "FCA"                        the Financial Conduct Authority 
   "FSMA"                       Financial Services and Market Act 2000 
    "General Admission"          (as amended) 
                                 admission of the General Placing Shares 
                                 and the Initial Consideration Shares 
                                 to trading on AIM becoming effective 
                                 in accordance with the AIM Rules 
   "General Placing"            the conditional placing of the General 
                                 Placing Shares with Placees at the 
                                 Placing Price pursuant to the Placing 
                                 Agreement 
   "General Placing Shares"     the Placing Shares to be allotted and 
                                 issued by the Company at the Placing 
                                 Price, conditional on General Admission, 
                                 in connection with the General Placing 
                                 (excluding the EIS/VCT Placing Shares) 
   "Group"                      the Company and its subsidiaries 
   "Initial Consideration       the 651,726 new Ordinary Shares to 
    Shares"                      be issued by the Company to the Tetris 
                                 Pharma Sellers pursuant to the SPA 
   "Inventory Payment"          the payment of $1,217,388 to be made 
                                 by Tetris Pharma to Xeris in relation 
                                 to the initial Ogluo (R) inventory 
                                 held by Tetris Pharma, payable in accordance 
                                 with the Xeris Licence Amendment 
   "ISIN"                       International Securities Identification 
                                 Number 
   "ITA 2007"                   Income Tax Act 2007 
   "London Stock Exchange"      London Stock Exchange plc 
   "Long Stop Date"             15 August 2022 
   "Ordinary Shares"            ordinary shares of GBP0.01 each in 
                                 the capital of the Company 
   "Panmure Gordon"             Panmure Gordon (UK) Limited 
   "Placing Agreement"          the agreement dated 1 August 2022 between 
                                 the Company and Panmure Gordon in respect 
    "Placees"                    of the Placing 
                                 the persons who have agreed to subscribe 
                                 for Placing Shares under the Placing 
   "Placing"                    the conditional placing by the Company 
                                 of the Placing Shares with the Placees, 
                                 otherwise than on a pre-emptive basis, 
                                 at the Placing Price pursuant to the 
                                 Placing Agreement and comprising the 
                                 EIS/VCT Placing and the General Placing 
   "Placing Price"              300 pence per Placing Share 
   "Placing Shares"             the new Ordinary Shares which are the 
                                 subject of the Placing and comprising 
                                 of the EIS/VCT Placing Shares and the 
                                 General Placing Shares 
   "Registrar"                  Computershare Investor Services plc 
                                 of The Pavilions, Bridgwater Road, 
                                 Bristol BS13 8AE 
   "Regulatory Information      has the meaning given in the AIM Rules 
    Service" 
   "Restricted Jurisdiction"    the US, Australia, Canada, Japan, New 
                                 Zealand and the Republic of South Africa 
   "Securities Act"             US Securities Act of 1933 (as amended) 
   "Shareholders"               the holders of Existing Ordinary Shares 
   "SPA"                        The share sale and purchase agreement 
                                 dated 1 August 2022 and entered into 
                                 between (1) the Company and (2) the 
                                 Tetris Pharma Sellers in connection 
                                 with the Acquisition 
   "stock account"              an account within a member account 
                                 in CREST to which a holding of a particular 
                                 share or other security in CREST is 
                                 credited 
   "Tetris Pharma"              Tetris Pharma Ltd, a private limited 
                                 company incorporated in England and 
                                 Wales with registered number 12548259 
   "Tetris Pharma Payments"     the payments to be made by Tetris Pharma 
                                 in respect of amounts owed by Tetris 
                                 Pharma to third parties at completion 
                                 of the Acquisition 
   "Tetris Pharma Sellers"      the holders of the entire issued share 
                                 capital of Tetris Pharma 
   "uncertificated" or "in      in relation to a share or other security, 
    uncertificated form"         recorded on the relevant register as 
                                 being held in uncertificated form in 
                                 CREST and title to which, by virtue 
                                 of the CREST Regulations, may be transferred 
                                 through CREST 
   "United Kingdom" or "UK"     the United Kingdom of Great Britain 
                                 and Northern Ireland 
   "United States", "United     the United States of America, its territories 
    States of America" or        and possessions, any state of the United 
    "US"                         States of America and the District 
                                 of Columbia and all areas subject to 
                                 its jurisdiction 
   "VCT"                        Venture Capital Trust as defined by 
                                 section 259 ITA 2007 
   "VCT Relief"                 the relief claimed by any holder of 
                                 the VCT Shares under Part 6 of the 
                                 ITA 2007 or exemption or relief available 
                                 under sections 151A, 151B and Schedule 
                                 5C Taxation of Chargeable Gains Act 
                                 1992 or Chapter 5 of Part 6 of the 
                                 Income Tax (Trading and Other Income) 
                                 Act 2005 
   "VCT Shares"                 the Placing Shares to be allotted and 
                                 issued by the Company at the Placing 
                                 Price, conditional on EIS/VCT Admission, 
                                 in connection with the EIS/VCT Placing 
                                 which are intended to qualify for VCT 
                                 Relief 
   "Xeris"                      Xeris Pharmaceuticals, Inc. 
   "Xeris Licence Amendment"    the amendment number 2 agreement dated 
                                 15 July 2022 and entered into between 
                                 (1) Xeris, (2) Strongbridge Dublin 
                                 Limited and (3) Tetris Pharma amending 
                                 the licence agreement entered into 
                                 between them dated 14 July 2021 (as 
                                 amended by amendment number 1 on 18 
                                 January 2022) 
 
 

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