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Supported By An Investment Opportunity

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Pulmorphix Limited is a start-up company from Liverpool John Moores University (LJMU). We’ve developed what we believe is the world’s first ‘lung biosimulator’ – a device that replicates the conditions deep in the human lung. We’ve already secured a £82,000 grant from the Technology Strategy Board, the UK Government’s innovation agency. As well as de-risking the project for investors, we think this is a big vote of confidence both for our technology and our ability to bring it successfully to market. The Board described the lung biosimulator as “highly innovative and potentially disruptive”, and agreed with us that there is a significant “unmet need” within the pharmaceutical industry. Using this technology, Pulmorphix intends to offer a commercial testing service to give drug developers a reliable way of understanding how their drugs will behave when inhaled.

TRANSCRIPT

Page 1: Pulmorphix Slidedeck

Supported By

An Investment Opportunity

Page 2: Pulmorphix Slidedeck

PHARMACEUTICAL DRUGSSAVELIVES

Invest in Pulmorphixand make a difference

2 PULMORPHIX

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Join the Q&AWhat’s the problem?

Dr. Mike Davies - The pharmaceutical industry needs an accuratereplication of the in-vivo pulmonary environment (i.e. the deep lung) inorder to develop new and betterinhaled drugs. To date, there is no specific, industry-wide acceptedtechnology for testing inhaledformulations. Such preparations are referred to as orally inhaled products (OIPs) and scientists have a drive to understand how these formulations behave in the body. To this end, crude methodologies are frequently employed that do not reflect the lung. The Pulmorphix lung biosimulator aims to address this issue.

What are the advantages ofdelivering drugs via the lungs?

Inhaled drugs have many advantages. They bypass the liver, leading to fewer side effects;

They require lower dosages, withimproved patient outcomes;No need for needles -avoiding e.g. daily injection of insulinfor diabetes sufferers.No requirement for cold chainmanagement (drugs in powder formdon’t need to be kept under a certaintemperature - ideal for vaccinationprogrammes in countries whererefrigeration can be a real problem).

What kinds of conditions can be treated by inhaled drugs?

Kish Mistry - The pharmaceuticalindustry is developing inhalationdevices and formulations to deliver drugs to the lungs for a wide range of conditions; including for examplediabetes and pain management.

Great emphasis is also placed onoptimising current products forimproved patient outcomes andrevenue generation.

What’s the solution?

Dr. Mike Davies - Pulmorphix has the solution - via the world’s first lungbiosimulator. Our device replicates the conditions in the deep lung andprovides a reliable method for drug developers to test how their drugs will behave when inhaled into the lungs.

How was the technology developed?

Dr. Mike Davies - The technology was developed over the course of 6 years at Liverpool John Moores University, which supported the initial idea,prototype device development andexperiments.

Early conception and research within a University is useful, as it brings anacademic rigour to the earlydevelopment phase, and we haveaccess to world-leading expertise inPharmacy, Chemistry and relatedsectors.

Dr. Mike Davies Kish Mistry

PULMORPHIX 3PULMORPHIX 3

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Although some progress has beenmade in terms of technologies toimprove the effect of inhaled drugs...

This market need is backed up by our discussions with large and speciality pharmaceutical companies.

“...this alone is nolonger sufficient for therapeutic success of inhalation drugs;a paradigm shift isneeded, with anincreased focus onpulmonary barriers to drug delivery.”Lancet

RespiRatoRy

Medicine

2013

4 PULMORPHIX

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We have built the world’s first prototype lung biosimulator which can accurately replicate the deep lung environment.Our technology has been specificallydesigned to test orally inhaled products.

• temperature• humidity• breathing• fluid hydrodynamics• lung fluid composition• light

We can controlspecific parameters such as:

.. so we can mimic the conditions in the deep lung where inhaled drugs startworking

PULMORPHIX 5

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People who suffer from diabetes have several problems to deal with on a daily basis, the most important of which is maintaining a healthy level of blood sugar in their bodies.

In order to achieve this, the patient must inject insulin throughout the day and thus experience theassociated discomfort with needle use. The repeated discomfort is not ideal and may be coupled with a fear of needles, which is particularly true in the case of young children.

As such, alternative methods ofinsulin delivery are currently being researched and inhaled insulin has been the topic of speculation within industry for a number of years. Pharmaceutical companies arecontinuing with their research in this field in order to produce an insulin inhaler similar to an asthma inhaler. The availability of a unit to sprayinsulin into the body would satisfy a market need and help numerouspeople manage their condition throughout the world.

iMAGine if it were possible to treAt diAbetes with An inhAler

insteAd of Aneedle.

Transport of insulin through the lungs allows delivery across a surface area the size of a singles tennis court.

6 PULMORPHIX

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“I got involved in this project over a year ago, and immediatelyrecognised that there was an unmet market need.

have a background in the pharma-ceutical industry and a good track record with start-upcompanies.

So far I’ve given my time to this pro-ject at a significantlyreduced rate, since I genuinelybelieve we have a unique marketopportunity, with really disruptive technology.”

dr. Mike dAvies

kish

Mistry

“I first had a light bulb moment about 6 years ago, when I wasattending a conference. One of the speakers mentioned that there was no established test for inhaled drugs.

Given the interest in developing drugs in this area I decided to see if I could develop a device which wouldreplicate the conditions in the lung where inhaled drugs get to work.

Six years later, with help from theUniversity, I have developed asecond generation prototype which works really well.

With further investment and grant funding we believe we can take thisto market and help pharmaceuticalcompanies develop betterinhaled drugs.”

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wwwwww

Emma Nolan is an experienced IP Manager, with over 20 yearsexperience in technologytransfer - primarily managinginventions and patents in the Univer-sity sector - working for Russell Group universities such as The University of Manchester and The University of Leeds. Emma is IP &Commercialisation Manager at LJMU and has supported this project since her move to LJMU in 2011.

Kish Mistry is an experiencedbusiness executive with extensive hands-on commercial responsibilities whilst at GSK and Serono. As CEO, he will be responsible for commercialis-ing the technology platform. He will lead the development and growth strategy whilst directing resources within Pulmorphix to meet priorities and timelines

Kish has worked at Director and Board Levels in the UK and Europe, with implementation responsibilities in the USA and Asia. He has been involved with the pharmaceutical and biotechnology sectors for more than 25 years. Key experiences andabilities relevant to this role withinPulmorphix include:. Significant Business Developmentexperience in biopharmaceutical sector· Non-executive Directorships of several start-up organisations during Business Development role atGlaxoWellcome managing asoft-venture fund.· Good track record of attractinginvestment funding from VC· Experienced Managing Director / CEO

Kish has excellent interpersonal skills and analytical ability. He is aninnovative thinker, articulate, creative with a consultative approach.

Dr. Michael Davies is a UK registered Pharmacist and holds a PhD inPharmaceutical Nanotechnology. He has experience of both academic (i.e. The University of Nottingham) and industrial (i.e. Bristol-Myers Squibb & AstraZeneca) sectors and has an in-depth understanding of prevalent human disease states, principles of disease management, routes of drug delivery to the body and methodsroutinely employed to assessformulation characteristics. This background has led to the vision and

development of the Pulmorphixtechnology platform. Michael iscurrently employed at Liverpool John Moores University as a SeniorLecturer in Pharmacy Practice and Pharmaceutics, being in post for 7 years. Notable attributes of relevance to this business are:* Knowledge of pharmaceutics /industrial approaches to assessformulation suitability * Doctoral study focussed on drug delivery to the lung* Author of peer-reviewed articlesrelevant to pulmonary drug delivery* Project management within the laboratory setting* Translating research findings topotential applications to real-lifescenariosMichael is a commercially orientated academic. He is proactive, a problem-solver and has the capability to drive ideas forward to completion.

The Tea

8 PULMORPHIXPULMORPHIX 7

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Within 5 years of trading PulmorPhix aims to become the market leader in testing inhaled drugs

OUR VIsION

Within 5 years of trading Pulmorphix aims to become the market leader in the testing of inhaled drugs

§

PULMORPHIX 9

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breAkinG down MArket need

who Areour clients?We are already talking to several of the major pharmaceutical companies who are interested in our services and technology.

System/Attribute

Body temperature

Pulmanory relativehumidity

Pulmonary surfactant

hydrodynamics

Particle dispersion

Control over light conditions

Reflective of the Invivostate

Acceptable to industry

1* ✓ X X ✓ X X X

2** ✓ X X ✓ X X X

3*** ✓ ✓ X ✓ Potentially X X

The ParaytecSD1300

Optional X X X ✓ X X

The PulmorphixLungBiosimulator

✓ ✓ ✓ ✓ ✓ ✓ ✓

* 1. Impaction insert in NGI cup usingstandard USP Apparatus II

** 2. Total trap fibre filter in ACI throat using modified USP Apparatus IV (Flow Cell)

*** 3. Impaction collection on PDF mem-brane filter in CI stage using a Transwell system

10 PULMORPHIX

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Pharmaceutical companies will need our services at most stages of theinhaled drugdevelopment &manufacturingprocess:When testing inhaleddrug formulations.

Developing more sophisticateddosage forms.

On the production line testingbatch to batch variations.

Quality control checkswhen manufacturing.

Stability monitoring.

Testing generics versusbranded drugs.

Formulation and Material scientists in the Pharmaceutical and Biotechnology sectors.

Clinical Research Organisations (CROs).

University Research Departments.

Environmental Agencies.

We will initially develop and offer a range ofservices for our endusers using our patent pending technology.

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WHAT Is THE BUsINEssMODEL?

We will use your investment to translate our technology platform into a commercial business to business service. With established standardised testing protocols, we aim to start offering a commercial service within Year 1.

Your investment will be used to market our services and generaterevenues via research fees for the dissolution testing and other services.

B2B sERVICEs

12 PULMORPHIX PULMORPHIX 11

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PULMORPHIX 13

Revenue £310,000£40,000 £1,000,000

£0£17,027Grants £58,833

£754,401

£251,950

£489,543

£218,046

£135,690

£74,465

£39,368GrossProfitsOperationalCosts

EBITDA

£76,650

-£42,507Y1 Y2 Y3

A FINANCIALsNAPsHOT

the next 24 Months

Over the first two years, we will targetadditional grant funding opportunities.

We will also explore end user requirements regarding a product sales model forcompanies that prefer to undertake their own testing in-house.

We aim to have at least one service contract in place with a customer before the end of year one.

YEAR 3YEAR 2YEAR 1

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WE NEED £100,000INVEsTMENT

14 PULMORPHIX

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REASOnSTO INVEsT WE’VE DE-RIsKED THIs OPPORTUNITY BY...

INVEsTORs BY:

1securinggrantfunding of £82,000 from TsB

Lining up a number of privateinvestors

Filing forpatentprotection(GB1310502.8)

Engaging anexperienced commercial lead

2Engaging with endusers and potential blue chip clients.

3 4 5seeking/obtainingadvanced assurances on sEIsstatus

6

PULMORPHIX 15

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Our mission is to enable developers of orally inhaled products to optimise their formulations which will ultimately improve patient outcomes to treatment.

We will achieve this by providing access to our unique technology to the leadingbiopharmaceutical companies involved in drug delivery treatment via the lungs.

16 PULMORPHIX

We want to build a company which is at theforefront of good science and leads the way inproviding cutting edge services to industry. We want to build strong relationships with our end users and clients, and to listen to the needs ofindustry. We want to engage a technical board which will include key opinion leaders in the field of inhaled drug testing. We want to use your investment wisely and keep you regularly updated via communications, tweets and mailers. We want to generate a healthy return on investment for our shareholders and stakeholders. We don’t expect anything in return... however if you are active in the pharmaceutical field and you think you can help to open doors and assist in growing the business, we’d like to hear from you.

InvestorCharterOur

Mission

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Sign up to Crowdcubewww.c rowd c u b e .co m

Pre-registeryour deposit

Transfer funds toCrowdcube

Invest in Pulmorphix

Receiveconfirmation

Our Mission

PULMORPHIX 17

1 2 3 4 5

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Click Invest now

Join us on our Journey

www.pulmorphix.com

[email protected]

Tel: +44 770 686 1874

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IMPORTANT INFORMATION

The content of this pitch by [PULMORPHIX] (the “Company”) and the documents, comments and information contained within it (together the “Pitch”) have not been approved by an authorised person within the meaning of the Financial Services and Markets Acts 2000 (the “Act”). Reliance on the Pitch for the purpose of engaging in any investment activity may expose the individual concerned to a significant risk of losing all of the money or other assets invested.

IMPORTANT - PLEAsE READ CAREFULLY

The Pitch is exempt from the general restriction (in section 21 of the Act) on the communication of invitations or inducements to engage ininvestment activity on the grounds that it is made to persons who are exempt from the general restriction, by virtue of Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005, as a member of a body corporate in the same group as the Company making the communication.

Any recipient of the Pitch who does not qualify under the terms of the above exemption must not view the Pitch, return the Pitch documents to the Company immediately and should not read or act upon any of the information contained within it.

The Pitch does not constitute an offer or an invitation for securities to the public that would otherwise be required to comply with the Prospectus Regulations 2005.

No public offer in any jurisdiction is being made by the Pitch. The Pitch is primarily intended for release in the United Kingdom and does notconstitute an offer, or the solicitation of an offer, in relation to shares in any jurisdiction in which such offer or solicitation is unlawful.

CONFIDENTIALITY

The Pitch has been prepared by the Company. It is being provided to a limited number of persons, each of whom is considered to be a legitimate recipient, solely as a guide for the purpose of giving background information to enable recipients to assess whether they wish to express an inter-est in subscribing for shares in the Company.

The information and opinions contained within the Pitch are strictly confidential and are being made available only to parties who agree to keep them confidential. Neither the Pitch nor any part of it may be copied, published, disclosed, reproduced or distributed to any person at any time without the prior written consent of the Company, and shall not be used for any purpose other than in connection with the proposed investment in the Company. By accepting the Pitch you are deemed to undertake and warrant to the Company that you will keep it confidential. You agree toindemnify the Company against any losses incurred by the Company as a result of any unauthorised disclosure, and to return on demand, the Pitch and any related documents or information to the Company.

GENERAL

Although the Company has used publicly available information in compiling the Pitch and has used reasonable efforts to check the accuracy of the information in the Pitch, its accuracy cannot be guaranteed. The Company has not independently verified any of the information in the Pitch and the Pitch does not purport to be all-inclusive or necessarily to contain all the information that a prospective investor may desire in investigating the Company, and may be subject to updating, revision or amendment. No representation or warranty, express or implied, is or will be given by the Company, its advisers or any of their respective directors, shareholders, partners or employees as to the accuracy or completeness of the Pitch or the information or opinions contained therein.

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Any financial projections given are illustrative only and none of the projections or assumptions should be taken as forecasts or promises on the part of the Company nor should they be taken as implying any indication, assurance or guarantee that those assumptions are correct orexhaustive. The Pitch is not intended to form the basis of any investment decision and all liability for reliance on the contents hereof is excluded.

Each recipient of the Pitch must make its own independent assessment of the information provided by the Company and is advised to seekindependent advice on the contents hereof from an authorised person specialising in advising on investments of the kind in question. Neither the Company nor any of its advisers, nor their respective directors, partners or employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person relying on statements or omissions from the Pitch and any such liability is expressly excluded. The Pitch should not be construed as a recommendation by the Company or any of its officers to invest in the Company, and does not form any commitment by the Company to proceed with an investment. The Company reserves the right to terminate the procedure at any time and to terminate any discussions and negotiations with any prospective investors at any time and without giving any reason.

Any and all discussions, negotiations and communications, including through any online forums, between any recipient of the Pitch and theCompany and their respective directors, shareholders, employees, advisers and/or representatives will remain subject to contract and withoutcommitment or obligation unless and until definitive contracts are agreed, executed and unconditionally delivered. Any person who invests in the Company at any time must comply with all applicable laws and regulations in force in any jurisdiction in which they acquire, offer or sell shares and must obtain any consent, approval or permission required in respect of any such transaction under the laws and regulations in force in anyjurisdiction to which they are subject or in which any such transaction takes place or in which they possess the Pitch. Neither the Company nor any of his or its agents shall have any responsibility for any such matters.

The distribution of the Pitch in certain jurisdictions other than the United Kingdom may be restricted by law and therefore persons accessing the Pitch into whose possession the Pitch documents come should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdiction. Recipients represent and warrant to the Company that they are able to receive the Pitch without contravention of applicable legal or regulatory restrictions in the jurisdiction in which they reside,conduct business or receive the Pitch, including in particular the requirements of the Act.

RIsK WARNING

Potential investors should be aware of the risks associated with an investment in the Company, and should ensure that they have read andunderstood the Risk Warning on the Crowdcube website before continuing.

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A Kiss The Light Slidedeck

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