A world-class specialty biopharma business

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A world-class specialty biopharma business Corporate Presentation January 2016

Transcript of A world-class specialty biopharma business

Page 1: A world-class specialty biopharma business

A world-class specialty biopharma business

Corporate PresentationJanuary 2016

Page 2: A world-class specialty biopharma business

2Disclaimer

Neither this presentation nor any verbal communication shall constitute, or form part of, any offer, invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, any shares or other securities in Circassia Pharmaceuticals plc (“Circassia”).

Forward-looking statements

This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Circassia. The use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this presentation or communicated verbally should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Circassia undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.

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Business built on three franchises leveraging common infrastructure

− SPIRE immunotherapies targeting leading allergies

− NIOX® market-leading asthma management products

− Respiratory portfolio of particle-engineered asthma & COPD products

− Franchises leverage novel technologies and out-sourced business model

− Commercialization exploits common infrastructure focused on asthma / allergy specialists

Strong and balanced growth platform

− Lead allergy product phase III data Q2 2016

− NIOX® products positioned for growth: 30% revenue increase Q1-3 2015

− Respiratory technology validated: successful EU decentralized filing

− Potential for 8 product launches by end 2021

− Funded to deliver (£209.3m cash1 at 30 September 2015)

Circassia overviewBuilding a self-sustaining specialty biopharma company

1 Cash, cash equivalents and short-term bank deposits (unaudited)

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Delivering the strategyIn-house development complemented by strategic acquisitions

Deliver the pipeline

Build broad and

balanced portfolio

Market specialty products

Independently in N America

and major EU markets

Partnerships elsewhere

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Specialty model drives valueLeveraging common commercial ‘backbone’

KOLs

Allergists Respiratory

specialists

Primary care

Top prescribers primary care

NIOX® asthma management

SPIRE allergy immunotherapies

COPD therapies

Asthma

substitutes

ASTHMA

- Direct sales in US

& Germany

- Sales force

expansion

underway

- US specialist

opportunity

~$190m alone

ALLERGY

- Preparing sales

force ahead of

launches

- Map customers &

key accounts

- Lead product

illustrative peak

sales >$500m

COPD

- Longer-term novel

formulations

- Direct promotion

to specialists

- Partner for

primary care

- Target ~$11bn

opportunity

ASTHMA

- Near-term

- Limited promotion

required

- Leverage

commercial ‘back

office’

- Target ~$2.8bn

originator sales

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Product Research Preclinical Phase I Phase IIPhase III /

SubstituteFiled Marketed

NIOX MINO®

NIOX VERO®

Flixotide® substitute*

Cat SPIRE

Seretide® substitute

Flovent® substitute*

Serevent® substitute*

Grass SPIRE

House Dust Mite SPIRE

Ragweed SPIRE

LAMA novel formulation

Birch SPIRE

Triple combination

Strong, deep and balanced portfolioMarketed, late-stage and longer-term products

*Partnered

Pipeline does not include earlier stage programs: Japanese

cedar SPIRE, Alternaria SPIRE, NIOX® home device

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SPIRE allergy therapies

NIOX® asthma management

Respiratory pipeline

1

2

3

Summary

4

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Allergic rhinitis is a global healthcare problemAffects 10-20% of global population

Allergic diseases affect over 1 billion people worldwide3

Allergic rhinitis is the world’s most prevalent chronic non-communicable disease3

Allergy is medical condition with greatest impact on work productivity in US4

Allergy is a precursor of asthma; treatment with immunotherapy halts “allergic march”

3 EAACI Global Atlas of Allergy 2014

4 Gemson & Eng, August 2004

1 US Census Bureau, 2012

2 World Bank, 2012

Immunotherapy is the only way to treat the underlying disease

Europe

Rank AllergenSkin prick test positive

(% Popln) (million)2

1 House dust mite 22 82

2 Grass pollen 17 63

3 Cat 8-10 30-37

4 Birch pollen 6 22

5 Mould 4 15

6 Olive pollen 3 11

Source: Bousquet et al. Allergy. 2007:62:301-9.

USA

Rank AllergenSkin prick test positive

(% Popln) (million)1

1 House dust mite 28 86

2 Perennial rye 27 84

3 Short ragweed 26 82

4 Cockroach 26 82

5 Bermuda grass 18 57

6 Cat 17 53

Source: Arbes et al. J Allergy Clin Immunol. 2005 Aug;116(2):377-83.

Future potential targetsTargeted by Circassia

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Moderate to severe allergy is inadequately addressed by current therapies

Allergen avoidance: not feasible in majority of cases

Symptomatic drugs: (anti-histamines, nasal corticosteroids etc) limited efficacy

– Prescription market estimated at approximately $7bn1

Whole allergen

immunotherapy

Targets cause of allergy

leading to tolerance of

allergens

Reduces “allergic march” to

asthma

Provided by allergy / asthma

specialists

Allergen under the tongue

Lengthy treatment 1 - 3yrs

Low adherence (7% complete 3yrs2)

US requires EpiPen prescription

High frequency of side effects

including potential for anaphylaxis

Subcutaneous

immunotherapy (SCIT)

Total 5 year cost: ~$3,600 – $6,000*

Sublingual

immunotherapy (SLIT)

Allergen injected

Lengthy treatment 3 - 5yrs

Poor patient adherence

Non-standardized dosing

High frequency of side effects

including potential for anaphylaxis

Total 1 year cost: $1,400 - $2,700**

Total 3 year cost: ~$9,000**

* Based on Circassia’s estimates

** Based on Merck/ALK and Stallergenes published US prices for SLIT treatments

1 Bloomberg

2 J Allergy Clin Immunol. 2013 Aug;132(2):353-60.e2. doi: 10.1016/j.jaci.2013.03.013. Epub 2013 May

3 Bousquet et al. J Allergy Clin Immunol. 2006 Jan;117(1):158–62

Majority of allergic rhinitis patients consulting a GP have moderate to severe symptoms3

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Proprietary ToleroMune® technologyDesigned to treat underlying disease with minimal side-effects

T cell

epitopes

selected

Whole

allergen

Final product is

room temperature

stable, lyophilized

vial of 7 peptides

for injection

Modern, synthetic, rationally-designed pharmaceuticals

ToleroMune® identifies T-cell epitopes

– Short linear stretches of amino acids in allergen sequence

– Binds to antigen presenting cells to induce regulatory T cells

– Identified from blood of allergic individuals

SPIREs – Synthetic Peptide Immuno-Regulatory Epitopes

Short treatment designed to provide efficacy without the safety issues

– Regulatory T cells down-regulate allergic response

– Lack of B-cell epitopes avoids cross-linking of mast cells eliminating

early response / no need to dose escalate

– Synthetic manufacture – no extraction from whole allergens

Broadly applicable across range of allergies

– Allergens already identified; no research required

Silicon crystals

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Overall TRSS improvement 2.1

vs. placebo (p = 0.05)

Chamber study: 202 subjects randomized

Subjects challenged in chamber 3 hours per day for 4

days at baseline and post-treatment

Controlled levels of dander (similar to house with cat)

Primary efficacy measure based on patient self-rated

Total Rhinoconjunctivitis Symptoms Score (TRSS)

Comparison of TRSS improvement from baseline

post treatment vs placebo

Scoring system required by regulators

Measured on 4-point scale:

0 (absent); 1 (mild, barely noticeable); 2 (moderate,

annoying / troublesome); 3 (severe, incapacitating)

SPIRE studies use 8 symptoms = 24-point scale:

cat SPIRE used sneezing & runny / blocked / itchy

nose & itchy / watery / red / sore eyes

Note: Based on non-asthmatic subjects

Cat SPIRE phase IIbProof-of-concept

Skin prick +ve cat:

US: 17%1 (53m)

EU: 8-10%2 (30-37m)

1 Arbes et al. J Allergy Clin Immunol. 2005 Aug;116(2):377-83

2 Bousquet et al. Allergy. 2007: 62: 301-9

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Tolerance persists at least 2 years without further dosing

1 year follow-up study:

efficacy enhanced over time

Overall TRSS

improvement 3.9 vs.

placebo (p = 0.01)

Overall TRSS

improvement 3.9 vs.

placebo (p = 0.13)

Secondary endpoint:

TRSS improvement at

end of day 4:

5.1 vs. placebo (p=0.02)

Cat SPIRE phase IIbSustained benefit at 1 and 2 years with no additional dosing

2 years follow-up study:

efficacy persists at 2 years

Published: J Allergy Clin Immunol. 2013 Jan;131(1):103-9.e1-7 / Clin Exp Allergy. 2015 May;45(5):974-81. doi: 10.1111/cea.12488

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Represents therapeutic step changeMore effective and more convenient

Product / Study3 Treatment Difference Active vs.

Placebo TRSS

Cat SPIRE chamber study1 4 doses 4 weeks apart 3.9

ALK-Abelló Grazax® pivotal field study2

(licensed in Europe) SLIT tablets

Daily 16 weeks before and during

season1.0

Stallergenes Oralair® grass field study2 (licensed

in Europe) SLIT tablets

Daily 16 weeks before and during

season1.4

Allergy Therapeutics Pollinex® Quattro grass

field study2 (filed Germany in 2009, not yet

approved) adjuvanted whole allergen IT

4 administrations 1 week apart 1.1

GSK fluticasone furoate perennial rhinitis field

study2 intranasal steroidOnce daily for 4 weeks 0.86

Sanofi fexofenadine cat chamber study2

antihistamine

180 mg 2 hours before chamber

(ie pre-symptoms)1.3

1 Based on the 4 x 6 nmol dose of cat SPIRE in CP005A

2 Source: Summary of product characteristics for each product, except i) Fexofenadine: Ann Allergy Asthma Immunol. 2006 Feb;96(2):327-33 and ii) Pollinex Quattro: EAACI XXVIII Congress 2009 Poster presentation

3 TRSS scoring ranges from 16 – 24 points for these studies

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Cat SPIRE phase III on track to report Q2 2016Multi-year follow up initiated

Screening Study Medication Administration (every 4 weeks ± 2days)

Visit 1A 1B/C 2A 2B 3A………………………………………….3H 3I

4A 4B 4C 4D 4E 4F 5

Period 3 (Post Administration Collection)

PAC1

x3 wks

PAC2

x3 wks

PAC3

x3 wks

Follow-Up

(3-10 days after PAC3)

Week -8 -3 0 20-22 28 30 37-39 52-54 Year 2 Year 3 Year 4 Year 5

Annual

Allergy

Evaluation*

Annual

Allergy

Evaluation*

Annual

Allergy

Evaluation*

Annual

Allergy

Evaluation*

* Timed to occur annually after Baseline Allergy Evaluation Period in CP007

Reporting of Health Economics (Subjects)

Quarterly Visits to confirm and evaluate Safety Information (Sites)

Period 1 Period 2

Baseline Allergy

Evaluation

x3 wks

End of Dosing

Assessment

(2 wks ± days since

last dose)

Randomisation

Cat SPIRE phase III: recruitment complete

2–5 year follow-up on track:

329 subjects enrolled*

1,409 cat-allergic subjects in North

America, EU and Russia

Baseline TRSS ≥10

Primary endpoint 1 year after start dosing

Single phase III & supporting studies

sufficient for registration

Pediatric safety study on track to

complete H2 2015

*At 28 July 2015

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Development stage Key findings

Birch SPIRE, Japanese cedar SPIRE and Alternaria SPIRE in earlier stage development

Cat SPIRE Phase III field study (n = 1,409)

House dust mite SPIRE Phase IIb study (n = 172)

Ragweed SPIRE Phase IIb study (n = 280)

Grass SPIRE Phase IIb study (n = 282)

Technology validated with clinical proof-of-concept in four programs

Proof-of-concept in multiple

products

Short-course treatment

Efficacy persists over time

Enhanced efficacy in more

symptomatic subjects

Safety profile similar to

placebo

Current status

Phase III to report Q2 2016

Phase IIb large-scale field study

underway

Phase IIb second season

follow-up to report H1 2016

Registration study to initiate

H1 2016

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Full global rights retainedIdeal fit with focused commercialization strategy

Commercialization strategy US cat SPIRE target population

Cat-allergic individuals

Offered IT

Accept IT

(~378k)

Consulting a specialist

Primary focus

Patients

declining IT

Secondary

focus

Patients not

offered IT

Complete

IT (~60k)

~24 million1

~1.3 million

~1.0 million

1 Kantar Health Quantitative Cat Allergy Report 2010

Independent in key markets

− Scalable infrastructure in place

− Train on cat SPIRE in preparation for launch

− Build relationships with allergists early

− Map out customers & key accounts in advance

− Current sales support field force build well ahead of launch

− Target steeper sales curve with higher peak

Sales force plan

– 100 in N America initially targeting 3,500 specialists

– 90 in EU targeting high prescribers among 6,600 specialists

Subsequently target other high prescribers

− Selected ENT physicians

− Special interest primary care physicians

Partner in other markets

Secondary

focus

Patients failing to

complete IT

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US market research for cat SPIRE (Kantar / 2010)

− 93 allergists, 82 PCPs, 8 payers

− US opportunity: $0.5-1.0 billion peak annual sales

US pricing research for cat SPIRE (Bridgehead / 2011)

– 101 allergists, 105 patients, 35 payers

– Supports pricing of $2,000-3,000

EU market & pricing research for cat SPIRE (PRMA / 2011)

− 27 specialists, 28 PCPs, 27 payers

− Supports Grazax as the likely benchmark

US market overview for 4 lead SPIRE products (LEK / 2009)

– $2.6bn opportunity in US

US and European research for 4 lead SPIREs (GfK / 2014)

− $2,600 pricing in US

Consistent assessment of commercial opportunity

Selected sizing and pricing studies Opportunity for cat SPIRE

Illustrative peak sales of

c.$500-700mm for US and EU

US: 200,000 x $2,600 = $520mm

EU: 50,000 x $1,500 (€1,100) = $75mm

Equals 5 of 34 new cat

allergy patients / month

already coming to allergist

US pricing: Supported

by third-party research

1.5 million patients in

EU already on allergy

immunotherapy

EU pricing: Discount to

Grazax cost of €2.5-5.3k

over 3+ years

Multiple studies demonstrate significant

market opportunity

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SPIRE allergy therapies

NIOX® asthma management

Respiratory pipeline

1

2

3

Summary

4

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Only point-of-care device available across major markets to measure FeNO to assist

diagnosis and management of asthma

– Strong IP with 72 granted patents in US, EU & Japan with protection currently to 2026

Selling direct in US & Germany to allergy/asthma specialists; distributors in other markets

– Sales force, market access & medical affairs teams in place

– Expanding direct markets over coming year

Asthma is one of largest healthcare burdens

− 25 million asthmatics in US, 14 million physician office / 1.8 million ER visits in US

− >$50bn medical cost of asthma in US in 2007

Clinical evidence shows FeNO measurement improves asthma management

– Improves diagnosis

– Improves determination of inhaled steroid responsiveness and control through tailoring use

– Improves monitoring of treatment compliance

– Potential to reduce exacerbations

Extensive big pharma use in asthma clinical studies

− Validates importance of FeNO in asthma; helps establish FeNO in market

Leadership in FeNO asthma managementMeeting key clinical need in major therapeutic market

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Next generation roll-out underwayProduct improvements offer major opportunity

NIOX MINO®

EU 2004, US 2008,

China 2010, Japan 2013

Ages 4+ in EU; 7+ in US

10 second test; 90 second result

Monitor lasts 3 years or 3,000 tests

Limited portability

Ages 4+ EU; 7+ in US

6 and 10 second test; ~60 second result

Monitor lasts 5 years or 15,000 tests

Fully portable; enhanced interface

NIOX VERO®

EU 2013, US 2014,

Japan 2015, China 2015

Transitioning to

next generation

Long-term upside potential from home use device currently in planning

Direct sales

Distributors

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Endorsement from key organizationsIncluded in ATS treatment guidelines and NICE recommendation

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Potential to accelerate growthFoundations in place to boost NIOX® sales

2016 positioned for growth

Significant progress in establishing new market category and changing existing paradigm

FeNO accepted by KOLs and specialists

Number of major guidelines include FeNO

Scientific evidence / publications support use of FeNO

Reimbursement established (64% US coverage; targeting 75% by 2016)

Next generation NIOX VERO® device offers significant improvements over predecessor

NIOX VERO® US and Japanese launches H1 2015

Chinese NIOX VERO® launch H2 2015

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Significant market opportunityIdeal fit with Circassia’s commercialization strategy

US specialist opportunity

~$190m

US primary care opportunity

~$610m

Direct

sales

force

Partner

sales

force

KOLs

Allergists Respiratory

specialists

Primary care

Top prescribers primary care

18% CAGR over

last 5 years

Q1-3 2015

revenues £13.6m

30% growth vs

Q1-3 2014

Targeting strong

full year growth

Robust global

revenue growth

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SPIRE allergy therapies

NIOX® asthma management

Respiratory pipeline

1

2

3

Summary

4

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Near-term pipeline & longer-term novel formulations

‒ 73.5% of pre-entry brand

price for first to market

generic in US during

exclusivity1

‒ 47.8% of pre-entry brand

price for only on market

generic in US1

Significant pricing potential

1 Bureau of Economics, Federal Trade Commission, Working Paper No 317. The effect of generic drug competition on generic drug prices during the Hatch-Waxman 180-day exclusivity period. April 2013.

Device types

DPIpMDI

Direct

sales

force

Partner

sales

force

KOLs

Allergists Respiratory

specialists

Primary care

Top prescribers primary care

Focus on pMDI market segment

Directly substitutable products

– Limited development

– Rapid route to market; near-term revenue

– No requirement for significant commercial

infrastructure

– Challenging to achieve for respiratory products

– Non-substitutable competitors require promotion

Novel combinations / formulations

− Longer more extensive development

− Majority of market in primary care

− Circassia to target specialists

− Partner for phase III and targeting primary care

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26Novel technology controls API properties

Directly substitutable products

‒ Potential first to market with

unique combination of therapeutic

equivalence, all strengths, similar

device and same formulation

Novel products

‒ Optimized combinations and

novel formulations

Significant potential benefits

Established at commercial scale in cGMP compliant FDA-approved facilities

Broad IP: granted and pending patents extend protection to 2030 in US and 2028 in EU

Engineered API

‒ Size

‒ Shape

‒ Aerodynamics

‒ Surface properties

‒ Manufacturability

‒ Product stability

‒ Product performance

Technology controls

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Lead productCollaboration with Mylan

Full rights retained in Japan, China, South

America, Middle East and Africa

Mylan has marketing rights in agreement territory1

FDA guidelines require PK and PD studies in US

Technology validation by leading company

Validation confirmed by successful EU

decentralized procedure outcome

1 USA, Canada, Australia and New Zealand, India, Europe (including the EU and EFTA states (Iceland, Liechtenstein, Norway and Switzerland)), Turkey, Russia and CIS

Originator sales estimate based on GSK Annual Reports 2011 and 2014 and selected IMS data 2011 and 2012

Flovent®

substitute (US)

Estimated $930m originator sales ($680m in US; $250m ex-US)

Flixotide®

substitute (EU)

Product candidate targeting substitution for

GSK’s Flixotide® pMDI (Flovent® pMDI in US)

Reviewed under EU orally inhaled products

guidelines that allow approval based on in vitro

equivalence data only

Decentralized procedure – UK acted as

Reference Member State

Product confirmed approvable Nov 2015 –

initial licenses to enter EU Mutual Recognition

Successful EU filing Mylan collaboration

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28Strong pipeline of follow-up products Seretide®

substitute

Serevent®

substitute

1 Originator sales estimates based on GSK Annual Reports 2011 and 2014 and selected IMS data 2011 and 2012

2 Pre-discount sales: National Health Service prescription cost analysis

Targeting UK filings 2016

Serevent® pMDI substitute

− Stability batches in place

− Estimated originator sales $60m1

− Partnered in UK / Ireland

Seretide® pMDI substitute

– Global rights retained

– Initial registration batches in place

– Global originator sales estimated $1.8bn1

– UK originator gross sales $460m2

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29Longer-term high value optimized products

Significant efficacy vs placebo

Novel LAMA

formulation

1 Respiratory Market 2025: Taking A Deep Breath And A Deep Dive – Jefferies 2013 Equity Research

Particle-engineered glycopyrronium bromide formulation

– Potential Spiriva® competitor targeting predicted >$3bn1 opportunity

– Compelling phase IIa results

12.5µg 25µg 50µg 100µg Placebo

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Significant potential benefits for combination products

Novel triple

presentation

1 Inhaled corticosteroid (ICS) / long-acting beta agonist (LABA) / long-acting muscarinic antagonist (LAMA)

2 Respiratory Market 2025: Taking A Deep Breath And A Deep Dive – Jefferies 2013 Equity Research

Triple combination ICS + LABA/LAMA1 targeting emerging ~$8bn2 market opportunity

Entered clinic H2 2015 - single-dose / repeat-dose 38-subject study

Results expected Q2 2016

2+1 formulation

LAMA LABA ICSLAMA ICSLABA

Engineered mono blend

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Approach exploits market dynamicsOpportunity to capture modest share of significant markets

LABA / ICS targeting Seretide® substitution

Monotherapy LAMA

Triple fixed dose combination

1 Respiratory Market 2025: Taking A Deep Breath And A Deep Dive – Jefferies 2013 Equity Research

Monotherapy LABA targeting Serevent®

substitution

Global key inhaled maintenance respiratory market1 (excludes ICS monotherapy market: >US$2bn in 2014)

Monotherapy ICS targeting Flixotide® / Flovent®

substitution

Potential near-term approvals with high value follow up products

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SPIRE allergy therapies

NIOX® asthma management

Respiratory pipeline

1

2

3

Summary

4

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News Date* Description

Grass SPIRE support study H1‘15 Observational study (TG003) reports (n=102)

Grass SPIRE phase II results H1‘15 Phase II controlled asthmatic study (TG004) reports (n=54)

NIOX MINO® / NIOX VERO® sales data H2’15 Interim results with H1’15 sales results

Flixotide® substitute approval outcome1 H2’15 MHRA response to filing1

Cat SPIRE safety study complete H2‘15 Pilot pediatric safety study (CP009) completes (n≥12)

Ragweed SPIRE phase IIb complete H2’15 Phase IIb follow-up field study (TR006A) completes (n=249)

HDM SPIRE study recruitment H2’15 Complete phase IIb field study (TH005) recruitment (n=660)

Serevent® substitute filing H1’16 EU decentralized procedure filing to MHRA

Flixotide® substitute launch1 (if approved) H1’16 UK launch1 (if approved)

Seretide® substitute filing H1’16 EU decentralized procedure filing in UK

NIOX MINO® / NIOX VERO® sales data H1’16 Year end results with FY’15 sales

Cat SPIRE phase III results H1‘16 Phase III study (CATALYST) reports (n=1,409)

Grass SPIRE recruitment campaign H1‘16 Campaign starts for registration study

Triple combination study results H1’16 Repeat dose study reports (n=38)

NIOX MINO® / NIOX VERO® sales data H2’16 Interim results with H1’16 sales results

Cat SPIRE filing H2‘16 File for marketing approval

Birch SPIRE study results H2’16 Study reports following birch pollen season (n=64)

Strong newsflow

*To be included in announcements as appropriate and in-line with financial calendar including half-year / full-year results1Approval / launch reflects estimate of MHRA review timelines only

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34Delivering on our strategy

Marketing specialty products

− Direct specialty sales established in US and Germany

− 30% NIOX® revenue growth Q1-3 2015

− Infrastructure expansion underway

− Scale-up ahead of first allergy product launch

Delivering the pipeline

– Cat SPIRE on track to report phase III data Q2 2016

– Flixotide® substitute successful EU decentralized filing

– Three regulatory filings anticipated 2016

– Strong clinical progress in multiple allergy & respiratory programs

Building broad and balanced portfolio

– Pipeline of 12 allergy, asthma and COPD products

– Potential for 8 product launches by end 2021

World-class specialty biopharma business funded to deliver

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Contact us

Office Investors Financial and Corporate

Communications

Circassia

Northbrook House

Robert Robinson Avenue

Oxford Science Park

Oxford OX4 4GA

United Kingdom

W: www.circassia.com

E: [email protected]

Steven Harris, CEO

Julien Cotta, CFO

T: +44 (0) 1865 405560

FTI Consulting

200 Aldersgate

Aldersgate Street

London EC1A 4HD

United Kingdom

T: +44 (0) 20 3727 1000

E: [email protected]