Category: Uncategorized

The JAAD publication titled "Impact of Electrical Impedance Spectroscopy on Dermatologists' Number-Needed-to-Biopsy Metric and Biopsy Decisions for Pigmented Skin Lesions"  sought to evaluate improvements in clinical accuracy in melanoma detection, while the SKIN publication titled "Integrating Electrical Impedance Spectroscopy into Clinical Decisions for Pigmented Skin Lesions Improves Diagnostic Accuracy: A Multitiered Study" sought to evaluate the differences between practicing dermatologists, physician's assistants, nurses and residents. All clinician types (dermatologists, physician's assistants, nurses and residents) improved by similar amounts, and the clinicians with the lowest number of correct evaluations improved the most. The publications are based on clinical evaluations of lesions in reader studies. The JAAD publication included 267 dermatologists while the SKIN publication included 591 clinicians (dermatologists, physician's assistants, nurses and residents). All clinicians evaluated lesions using visual evaluation only, and then they added the Nevisense information in over 25,000 evaluations.The key study takeaways were:

• The number of `missed melanomas' fell from ~7% to < 1%
• Overall sensitivity (ability to correctly identify melanoma) increased on average across the groups by 14% and specificity (ability to accurately identify benign moles) by 10.2%
• In total, clinicians identified 1,343 more melanomas with Nevisense compared to visual evaluation alone. 
• All clinician types (dermatologists, nurses and residents) improved a similar amount, and the clinicians with the lowest number of correct evaluations improved the most.
• In the JAAD study, dermatologists improved their sensitivity from 84 to 98%, their specificity from 34% to 44% and their NNB (Number Needed to Biopsy) from 6.3 to 5.3.

"Melanoma is the deadliest form of skin cancer, but when detected early, treatment has a nearly 100% cure rate making early detection critical to survival. These studies show a significant reduction of missed melanomas from ~7% to less than 1%, a further indication of the clinical value Nevisense can bring by helping clinicians identify melanomas and improve performance across the board. This is the first time this type of study has been performed and we are pleased with the results," stated Dr. Darrell S. Rigel, Clinical Professor, Ronald O. Perelman Department of Dermatology at NYU Grossman School of Medicine. "These results further demonstrate the benefits of early melanoma detection with Nevisense, and I am pleased that we are able to share our findings with the clinical community demonstrating the benefits of this technology for patients."

"Clinicians face difficult decisions every day when they evaluate moles, so it was very positive to see that Nevisense could so significantly improve their accuracy. Nevisense was able to help clinicians of all levels of experience, and especially those who were most in need of support," said Simon Grant, CEO of SciBase.  "Dr. Rigel's studies confirmed what we see from our users in the field - significant clinical benefit for both clinicians and patients. This is further proof of the potential for Nevisense to improve the standard of care of melanoma detection in the United States and will provide timely support to our ongoing reimbursement process."

For more information please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com 

Certified Advisor (CA):
Avanza
Tel: +46 8 409 421 20
Email: ca@avanza.se 

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

The goal of the ACTIVATE study is to explore how differences in the gut microbiome of an infant affect its susceptibility to allergies. The study will compare groups born vaginally with those born by Cesarean section with and without so-called "vaginal seeding" of the infant microbiome. The study will examine whether vaginal seeding lowers the risk that infants test positive for allergies at one year of age. ACTIVATE will enroll 120 pregnant women and their babies, and will focus on those babies that are at higher-risk for developing allergies.

The infants will be followed for the first year of life, and SciBase's product Nevisense will be used to measure skin properties including barrier function and evaluate whether these measurements can help predict the development of allergies or monitor their progress.

"We look forward to adding Nevisense to the study and together with SciBase identify opportunities where these measurements can help clinicians manage these patients" says Dr. Hugh Sampson, Professor of Pediatrics at the Icahn School of Medicine at Mount Sinai and Director Emeritus of the Jaffe Food Allergy Institute.

"We are excited to participate in this clinical study which may help provide important guidance on how to reduce the risk that an infant will develop allergies. We look forward to seeing how our unique measurement methodology can help clinicians gain new insight into the skin of these infants and in doing so hopefully help this patient group" says Simon Grant, CEO of SciBase.

For more information please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com 

Certified Advisor:
Avanza
Tel: +46 8 409 421 20
Email: ca@avanza.se 

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

Stockholm, Sweden and New York, USA - August 18, 2020 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders, announced today that Nevisense will be included in a large clinical study initiated by The Ronald O. Perelman Department of Dermatology clinic at NYU Langone Health.  

The SpotCheck study will investigate the use of Nevisense as a point-of-care diagnostic tool to assist with skin cancer detection in a remote setting such as a non-specialist practice or pharmacy. The study will evaluate how Nevisense can help providers assess patients' irregular moles in such locations, and if successful will help improve access for patients to technology for the early detection of melanoma.

David Polsky, MD, PhD., the Alfred W. Kopf, M.D. Professor of Dermatologic Oncology at NYU Langone Health and Perlmutter Cancer Center will serve as the Primary Investigator for the study. "We are very interested in developing new methods to extend expert skin cancer diagnostic services to communities lacking access to in-person specialist care. We believe that Nevisense can help improve the accuracy of visual diagnosis in a telemedicine-based system", says Dr. Polsky who is also Director of its Pigmented Lesion Section in the Ronald O. Perelman Department of Dermatology and a professor in the  Department of Pathology at NYU Langone.

Simon Grant, CEO of SciBase, stated, "We are delighted that NYU has selected Nevisense for this very important study. There is clearly a need for improved tools for non-specialists to assess atypical pigmented lesions. The objective data Nevisense provides may effectively help in remote settings such as pharmacies, and not only provide much needed support for clinicians and patients but open up a significant new opportunity for SciBase."

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com  

For more information, please contact:
Avanza
Tel: +46 8 409 421 20
Email: ca@avanza.se  

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

SciBase's head of product development, David Melin, has resigned from his position and has accepted a role at another company. The company is reviewing options for the role going forward.

 "I would like to take the opportunity to thank David for his exceptional work at SciBase, and especially his work with our Nevisense hardware platforms. David has managed a very well-functioning development team, and I wish him all the best in his future role", says Simon Grant CEO SciBase.

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com

Certified Advisor (CA):

Avanza

Tel: +46 8 409 421 20

Email: ca@avanza.se

The information was submitted, through the agency of the contact person set out above, for publication at the time stated by SciBase's news distributor Cision upon publication of this press release.

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

Stockholm, Sweden and Maitland, Florida, - June 23, 2020 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders, announced today that it has installed the first two Nevisense Systems at Advanced Dermatology and Cosmetics Surgery ("ADCS") - the nation's premier dermatology group. The Nevisense systems are now operational at ADCS' Windermere, Florida location led by Dr. Bill Steffes. This is the first of several sites planned to offer Nevisense as part of a joint-partnership rollout this year.

Based in Maitland, Florida, Advanced Dermatology and Cosmetic Surgery is the nation's leading providers of dermatological services with over 150 sites of care located across 14 states.  "We take pride in providing our patients with access to the most advanced technology for the earliest detection of melanoma, when the disease is at its most curable stage.  "Technological advances like Nevisense will not only improve outcomes for our patients, but also change the landscape for the future of skin cancer detection and we are thrilled to be a part of this advancement," said Dr. Matt Leavitt, founder and CEO of Advanced Dermatology and Cosmetic Surgery.

"This is a terrific first step in our collaboration with ADCS after their decision to adopt our advanced skin cancer detection solutions. Offering ADCS providers such as Dr. Bill Steffes state-of-the art technology means they will have more management options, helping them improve patient care and outcomes," said Simon Grant, Chief Executive Officer of SciBase. "Having the nation's leading dermatology group, such as ADCS, adopt Nevisense, is a reflection of the increasing level of interest we see for SciBase's skin disorders solutions" added Grant.

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com

Certified Advisor:
Avanza
Tel: +46 8 409 421 20
Email: corp@avanza.se

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

About Advanced Dermatology and Cosmetic Surgery

Advanced Dermatology and Cosmetic Surgery is the largest dermatology practice in the country. We are committed to providing comprehensive and unparalleled dermatologic and aesthetic care in a welcoming and engaging environment, seeking to make each patient experience unique. We strive to combine the best of the art of medicine with the latest advances in research and technology in formulating individualized treatment plans to achieve the desired result with superior patient safety and privacy standards.

To learn more about Advanced Dermatology, visit www.advancedderm.com or call 1-866-400-DERM.

The annual general meeting resolved:

• to adopt the profit and loss statement and the balance sheet and the group profit and loss statement and the group balance sheet for the financial year 2023;

• that SEK 202,523,429 shall be carried forward in new account and that no dividend shall be paid;

• to grant the board members and the CEOs discharge from liability for the financial year 2023;

• that the board of directors shall consist of four ordinary members without deputy members and that a registered accounting firm shall be elected as auditor;

• that the fees payable to the board of directors for the period until the end of the next annual general meeting shall be SEK 404,000 for the chairman of the board and SEK 135,000 to each of the other ordinary board members (who are not employed by a larger shareholder in the Company), as proposed by the Company's major shareholder,  and that fees payable to the auditor is to be paid in accordance with approved invoices;

• for the period until the end of the next annual general meeting, to re-elect Diana Ferro and Thomas Taapken as board members and to elect Jesper Høiland and Robert Molander as new board members, to elect Jesper Høiland as new chairman of the board of directors and to re-elect the auditing firm PricewaterhouseCoopers AB (PwC) as auditor for the Company, with Magnus Lagerberg as auditor-in-charge;

• to adopt principles for the appointment of a nomination committee (same principles as previous year); and

• to authorize the board of directors to increase the share capital through issuance of new shares, warrants and/or convertible debentures. Through issuances resolved upon with support from the authorisation - with deviation from the shareholders' preferential rights - the number of shares issued, or number of shares created in connection with exercise of warrants or conversion of convertibles, shall correspond to not more than a 20 per cent dilution of the share capital and the number of shares and votes in the Company after such issue(s).

Information regarding the newly elected board members' education, experience, assignments and independence can be found on the Company's website https://investors.scibase.se/en/governance/annual-general-meeting.

For more information, please contact:
Pia Renaudin, CEO SciBase
Tel: +46 73 206 98 02
Email: pia.renaudin@scibase.com

Certified Adviser:
Vator Securities
Tel: +46 8 580 065 99
Email: ca@vatorsec.se

The information was submitted, through the agency of the contact person set out above, for publication at the time stated by Scibase's news distributor Cision upon publication of this press release.

About SciBase

SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.

Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.

Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.

The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases .

CMS oversees the administration of medical procedures within Medicare and Medicaid, and their codes are also utilized by third-party payers. Medicare covers healthcare for the elderly and Medicaid covers uninsured patients.

 "The SciBase team has delivered another important milestone and made significant progress in the US, positioning us for long-term sustainable growth. We are pleased that we have been able to submit our reimbursement code application to CMS without any delays given the challenges with the Covid-19 situation. The Medicare population is of particular interest to SciBase, given the higher rates of melanoma in the elderly. We continue to target 2021 for the first regional reimbursement coverage in the US.", says Simon Grant CEO SciBase.

SciBase has recently accelerated its activities delivering on significant milestones for its shareholders marking a step change in the speed in which the Nevisense 3.0 is capturing market acceptance and share in our focus markets, Germany and the US.

• Nevisense 3.0 was launched in Germany in late 2018 and delivered greatly improved clinical workflow, test throughput and customer satisfaction.

• In November of the same year, new clinical guidelines were published supporting the use of Nevisense in the evaluation of atypical lesions by Onkoderm (a German dermatology organization for skin cancer prevention and therapy). The launch of Nevisense 3.0, together with inclusion in German guidelines, contributed to sales growth of more than 30% in 2019 in Germany, driven by a 50% increase in the number patients tested.

• Following the launch of Nevisense 3.0 in Germany, the Company's sales increased six quarters in a row (compared with corresponding period the previous year).

• SciBase received FDA approval for Nevisense 3.0 in April 2020, and the Company now offers the third generation of Nevisense on the US market.

• In May 2020, a collaboration agreement between SciBase and the US largest dermatology chain, Advanced Dermatology and Cosmetic Surgery group (ADCS), was also initiated.

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com
 

Certified Advisoer (CA):
Avanza
Tel: +46 8 409 421 20
Email: corp@avanza.se

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

The subscription period of the rights issue of units consisting of shares and warrants in SciBase Holding AB (publ) ("SciBase" or the "Company") ended on May 26, 2020 with the outcome that the rights issue was heavily oversubscribed. SciBase will receive proceeds from the issue amounting to SEK 24.9 million before transaction costs, excluding the additional capital contribution that may come from the exercise of the warrants in October 2020.

• 17,977,344 units were subscribed for by exercise of unit rights. In addition, applications for subscription without unit rights corresponding to 50,608,560 units have been received
• The rights issue was fully secured through subscription undertakings of approximately SEK 4.1 million and guarantee commitments of approximately SEK 20.8 million
• No guarantee commitments have been utilized

"We are very pleased to have finalised the rights issue so successfully, especially in the current financial environment. We thank the investors who have subscribed in the rights issue and we will continue to work hard to deliver further milestones in line with the strategy we have laid out over the past months." says Simon Grant, CEO SciBase.

The outcome shows that 17,977,344 units, have been subscribed for by exercise of unit rights. In addition, applications for subscription without unit rights have been received for 50,608,560 units. Accordingly, the rights issue is heavily oversubscribed and the guarantee commitments that have been provided in the rights issue have consequently not been utilized.

The rights issue will provide SciBase with SEK 24.9 million before transaction costs, which are estimated to amount to approximately SEK 5.2 million. The rights issue consists of 19,941,721 units, each consisting of one (1) share and one (1) warrant free of charge, which can be used for subscription of one (1) new share in the Company during the period October 5 - October 16, 2020 at an exercise price corresponding to the higher of (i) 70 per cent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during a period of ten (10) trading days immediately preceding September 30, 2020 (including September 30, 2020), but not less than SEK 1.00 and not more than SEK 1.75 per share, and (ii) the quotient value of the share at the time the warrants are exercised.

The number of shares in SciBase is increased by 19,941,721, from 16,618,101 to 36,559,822 through the rights issue. At full exercise of all warrants issued in the rights issue, the number of shares in the Company will increase further with a maximum of 19,941,721 additional shares.

The last day of trading in the paid-up subscribed units ("BTU") is expected on or around June 4, 2020. The new shares and warrants that are subscribed for in the rights issue are expected to be registered with the Swedish Companies Registration Office ("SCRO") on or around June 8, 2020.

Allocation of units subscribed for without unit rights will be made in accordance with the principles outlined in the prospectus. As confirmation of allocation of units subscribed for without unit rights, a contract note will be sent to those who have been allocated units on or around May 29, 2020. No communication will be sent out to those who have not been allocated units. Subscribed and allocated units must be paid for in cash in accordance with the instructions in the contract note sent to those who have been allocated units. Shareholders with nominee-registered holdings will receive confirmation of the allocation in accordance with the procedure of the respective nominee. Only those who are allocated units will be notified.

Advisors

Vator Securities is financial advisor and Setterwalls Advokatbyrå is legal adviser to SciBase in connection with the rights issue.

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: simon.grant@scibase.com

Certified Advisor:
Avanza
Tel: +46 8 409 421 20
Email: ca@avanza.se

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.Important information

Publication, distribution or release of this release can in some jurisdictions be subject to restrictions by law and persons in those jurisdictions where this release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this release is responsible to use this release and information herein in accordance with applicable rules in respective jurisdiction. This release does not contain or constitute an offer, nor an invitation, to acquire or subscribe for shares or other securities in the Company in any jurisdiction, either from the Company or from any others.

The information in this release may not be distributed or sent into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Acts in contrary to this instruction can constitute a crime according to applicable securities laws. This release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exemption from registration, according to the applicable U.S. Securities Act from 1933 ("Securities Act"), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States.

This release is not a prospectus in accordance with the definition in the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Complete information regarding the rights issue can only be obtained through the prospectus which has been published.

This information is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This information must not be acted on or relied upon by persons who are not Relevant Persons. An investment or an investment activity referred to in this release is only available in the United Kingdom for Relevant Persons and will only be conducted with Relevant Persons.

This release may include forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

Information to distributors

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) national implementing measures, (together the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the offered shares have been subject to a product approval process, who have established that these shares are: (i) suitable for a target marked consisting of non-professional investors and investors who fulfil the criteria for professional clients and eligible counterparties, each as defined in MiFID II, and (ii) suitable for distribution through all distribution channels that has been approved in MiFID II ("Target Market Assessment"). Irrespective of the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the Company's shares offer no guaranteed income and no capital protection; and an investment in the Company's 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. The target market assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the issues.

The target market assessment does not constitute: (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, purchase, or take any other action whatsoever with respect to the Company's shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Company's shares and determining appropriate distribution channels.