Proton Partners International Ltd

Repo and ‘inancjal statementsfor the 13 months ended 29 Pebrua 2016

number O942o7Q

Proto 1 Partners nternational Ltd

Repor’ and fi a cM tateiie t for Ie or Fe rded 29 Feb ry

Contents

Ste : r:r ac

:roependent audhors epor ‘o tnt- ambers - Pr o- Partrers 1 teuiabora Lt 4

Statement of Total Cor p her ye I icc ae

Balarce Sheet -

Statement of Changes -r Equhy - 8

Cast -i’ Staternen -

o

- the f rr’.-- trtprn

Proton Partners International Ltd

Directors and advisers

DirectorsProf Sir C T Esan (appotnted 8 oflr 2fli

C Mc tie apo, Ited 8 June 201 5H Morar (appointed 4 Feb 0 IProf K SKora (appo n ad 22 Ju,y 20 5PA E Tusor (appoirteo Jor4eOr, M Vor Bertele appo,nt60 16 Ma oh 2075

Company SecretaryPA 67 Tuson

Registered officeLife Sciences Hub Wales4 Assembly SquareCardiffP1Q 4PL

independent Aud,to

Pricewaterno SeCooprc Lha4eec /-co lrdrrt a w’ S a bf’y fLJ

Ore KirgswayC? d,ff

F10’-PW

BankersBarjy5C rp ata O8IK PV’11Th Floor20 CL and StreerJierpooLaO/tO

Proton Partners International Ltd

Directors’ Reportfor the 13 months ended 29 February 2016

The d’rectors present ther frt report and the audited Vnane& statements of Pnn+o Partneminternation& Ltd (the Ccrnpan/t fothe 13 months ended 29 February 2016

The Company was noorporated 4 Pnry 2016

Results and dividends

For the 13 months ended 29 F brury 20 6 the Company made a oss of £2 960 000 The d C t rsdo not recommend the payme t of a dividend

Directors

The directors of ti-c pa y v se v t b t[ perod unless 0th s r s t

out on page 1

S atement of directors spona bilities

deo £ spr p a Sdano Vt oc I egult

manyia , Sr entsforeaw the direct r ti i taterer’ts in a e fFnancal Repor in sr rds FR s ad pie £ European Unio de oa a e

airectors must no o ye he finar a tat° r rt ie s they are satisfie te a true

fair view of the state affa s tre 0 pa aro 0 he profit or i055 of the C pa tha flr prepanng these fina sta eec ‘ t d € t rs are required tm

select suitable at. it ig 0 t.i a icr apply thee consistentiy• make judgements and acoounting estimates that are reasonable and prudent• state whether applicable I iternational Financial Reporting Standards (IFRSs) as adopte y

the European Unon hate ocen fol’owed, subiect to an material departurs disclose andexpiained in tne fnancai statements.

• prepare the finanoiat statements on the going concern basis uness T s inaporopnaie topresume that the Company will contnue in business

The directors are responsbie for npig adequate accounting records that are sufficient to show ano

evplan the Company s transactions and disclose wtk reasonable accuracy at arc rime the financarosticoftn,e Company and enab:e tnem to ersjre triat toe fnancai staternens conpv w- theCompanes 4cr 2006. They are aisc respors’bie safeguardir g the assets o inc Cnrnoarv andhence for takina masoab1esteps ‘c the prevention end detection of fraud and ctber rreulart s

Proton F aners I its lahona td

Directors and advisers

h’dependet auditors

is o to € a

* t esnre and atir tt rn .ar

* no arer torn Ove taker a’! toe steps A nob oogn: none oe tare s a d’Jc -

J flnK ourrekes avare f any reievant f ratc. an’ to estactsh mat thCmpan s auctcr s awateof tat nformauon

Small company exemptionn orepan 1 t is report the dire tr s ‘ane take ad ar age c a o pa i opt o

) vided b ection 41 5P ot toe companies At 2006

arm ed bvttoard drertnc ,r 2 Novern er Lr 0 cr a er4 t- t enaif

a

Tompanj S etary

depe de udit rs coo t tie iembe s P oto ar nor ste atiorai te

Report r he fi ian lal statements

‘s ThksI

ea a F ta Fe ra rfa t FbIda fws o peiod e £

ebee po eryprepa £d an rdar e vif ii errati IF ar Fe orRS as a opted b Fe buropear U a

a beer reparedir corane hFt[ceqjir £ ‘ e o csc A 2 6

What we have audited

ft f,new ci btete! erts 4eu re F eoi a u F an adte C b The Ud F epriprise

eBab, Theata r 9 et a 6ctaere fT t0 orrpc £15 c C C

- i- ‘teer r e ie F t

as ir t.a

a ib

t a£ £ 91 5

Opinion on other matter prescribed by the Companies Act 2006

u opri he oratio gwer tF Deoctos Rep rto a apen o v €

a £ a -° r’tetvtt ieriar a at er

Other ratters on wnicsi we are equirea to report by exuepbon

Adequacy of accounting ecords and nformatior a ld explanahons eeived

nd the 011 ares 006 vearequwe torepolt o aoni r

£ f t 1 r v

C S

cc € a

0

te xc p

I idepende it audftors’ repo t he ie ibers rot Partners Inter iationalted

Responsibilities for the financial statcmer ts and the audit

ur espor sibilities and those of the dwectors

explained mow ‘ully 0 the Directors Resoonstbuties d £ € “ set out .n page 2 the drectors are°sconsbo +rr tne prscara’Th C th)t ‘varn ts-c - eu te’ trw’ te> C me wv

aea

ur responsibity s to audit ann exPress an owner Qr te narca: wutements n acccrcance .tnaupicabie law and internatonai Stanoaras on Audbng uK ano irerand iSAs uK & irelandi Thosestandaros require us to comply wth the Auditing Practices Board s Etboa Standards for Auditors

This report noiudino the opnions has been prepared for and oni ‘or the oompany s members as a codyn aooordaroe with Chapter 3 of Part 16 of the Companies ftot 2006 and ‘or no other purpose We do no?

in giving these opinions aocept or assume responsiblity fo any orhet ourpose ot to any other person tohhom this report is shown 0r into whos nands it nay corn n save where expressly aoreed by ut twoconsent n vrbg

What an audit of financial statements involves

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ft e reasnrah ernst r c or ftran a ad” mstveraii nresni +atv ft e n nr a

cus our wo-k ‘hese awas r 0 trlerrs agans a a hiq our rwn riugernert, a e finanna1 ate T Is

d e nfornatior 5 a u ‘ct eexertwcessar 00 deareasnnableba sfo ust d a C) u r V e bar uditen-denue tjt ftc t “ress rfortrols bs i r bra both

a Ft we a thetinanci a o p Ft r A5 £ t theft ar of £ £ o a it

ateraliy rcorr b sed r r atenall rco- sevwi r viedge qur b t

)rfrott rid twebeo avac p e £ oinco s aye r side the lplications for our repor

/(5 >r iS twt° rn-at” rw seCwc

tar ‘s o ‘ tut tr .5

z1

Proton Partners ntematonat Ltd

Statement of Tota’ Comprehensive noornefor the 13 months ended 29 February 2016

13 monthsnded

Feb uary2016

£‘OOO

Other ncome 6

Operating loss (3048)

Frnancencome

nss before rncome i2960)

rcome tax charge

Loss for the period (2960)

otal omprehensive sse or ie per d 2 960

cc ard tota omprehers ‘osses Mt butabie to

cers L29bO

Proton Partners international Ltd

Registered number 0942070’

B&ance Sheetas at 29 February 2016

O rebruara20Ie

Note £005

ASSETS

Noricurrent assets

Property p art and oouipr a 2 6

Deferred tax asset 10

Non-current assets 25 236

Current assets

‘race and “ther 04

Cash ar a cash 315

urrent assets

a As t

u ty aft— a

C a r”r -

en earn i C

Total equity

I IABILITIES

Current liabilities

mae ‘ otOr nyab a.

0Ur en, ‘UTIC taxi1bCp

Current liabilities

Net equity ace iiabiites 55 345

ne notes or pages 10 ta 21 Teoa; oar or trese franca statenants

3iC, n Ennrcrr

- A E Tonon

Cre tor

roton P r iers nato a td

Comprehensive income

Loss for thpenoo —

Total comprehensive income -

ransactions with owners

roceeds of iare ssuc

LeSS ujt5 C’ sr;are SSue,

Tot& transactions with owners

Baunce at 29 February 2016

Sharoremmac u

£ 00

Statement of Changes in Equityfor the 13 months ended 29 February 2016

dinaryshaapta£ 000

ea d95

000

j2

(2,9601

‘2 960

ot

£ 000

j960(2,960)

60011

(241L57380

5462G

59 40e

5799

71 S 509

C gro

tonP r’ters r iatioi I td

Cash Flow Statementfor the 13 months ended 29 February 2016

13 months to29 February

06te £000

sh flows f o operat o cth,ites

asn u,ec f5M46)

Nm s& cpersiro acTr te (5046)

Cash flows from investing activitiesmase rf p op3rt p J equr° 26317)

1 crest rca. ad 88

‘tel dsh JSC t v%hr u i I es (25 229)

Cash flows f em finanrino activhes

cceeds fror Se or snares 57580

Net !sh cacrorec rryr rica Cin 1cNit.ec 57 580

NM increase cash a i ash tqutr ntsI ci at ncorr

an s[ trafrt the d Fee

lest a 1

oto i Partrers nternationa td

Notes to the fmancial statementsfor the 13 nonths ended 29 Februa 0 6

Generai informatson

oto Partners lnternatton& Ltd (heremafter the Con s cortpeny voose pnocmal actmtes thatot de:eicpmg Prntor’ Bear Theracy treatmert cennes

Tha Company is a non pubüc hmtted company which is ncorpotared and oomciea n the UK The addressc it5 mg’sterec office Ute Sciences Hub Wales 3 Assen’bij Scuare, Card,ff CFI0 4PL

The Company was incorporated on 4 February 20t 5 and therefore these financai statements are for the 3months ended 29 February 2016 and no comparative informaton is available

2 Summary of significant accounting policies

The prinopal accounting policies appled in the preparation of these financ;ai statements are set out below,These oollc;es have been consistentiy apehed tu all the pedods cresented. uninss otherwse stated

2 Basis of preparation

T :e financia statements cf P;cton Partners internatcr.a. cO nave ceen nreoare. accordance wthnThrnahonai ninanc!a meporting otancards a aoop4e .v the buropean Union iiFRU ifrRiu

pretations ann the Contoanes oct 2Uu6 appizab C t co—panes ecctng wide IFRS hr financertenents have been prepared urdrr thp sc’ r on “en5on, exceot ‘he tases spec’f.ca1

oned r these notes t e f narcial stater ert oared on a go ng n ‘cern bas c

pa aVon of financia statements n confo F q es I onagement to a afre judgementtes ar assumptions that affect ffe ph ati f i e aported amourts n the fina a

ter r he areas mvoiving a highe g c a x ty on areas where assurra mates sgniVcant to the finanria tater a ts r ed te 4

Fe FRS prirrr f ancial statemer ar ra an ed r cc d a it Presentation ratat 5

nit a or tag stanuarus 10 US pretsuons

‘Je to ad amend ata itepatt y ad eê. umbe of nev standards and amendment to star dards aid interpretati w a e effecti e for periods

g tote Fbrary2ol5ar v cape £ ncialstatees No have a sign i Company

2 e g urrency translatio

1 Cv r r cy one oresenr itoa at d oteitation cur cccv ‘s w

Tra sac tier c ire caiacesr g cu ny ‘ra ‘so’ tons am ‘taslated rte t e Th ncr ster ‘g us rc rt & axcha’iga rate

ava w5Ct, edaeatthe rasacticos F reenexta aci clocsestesultrrifrcmrhenettiempo.r” sot rarraztinnn ?n” oem me trnniaton cm an’ yea’ cc nxchanoe ‘atas c’ rnonetarv assets andOtUtes dencr’inated fn.eign currerces are eccgraec ri rrnc’ae s’atrrne I

Proton Partners internatwoal Ltd

Notes to the financia statementsor the 13 ii nths ended 29 Febr 2016 ( Unued)

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tt

°ro Paners Inter atioral L

Notes to the financial statementsfor the 13 months erded 29 Feb uary 2016 ( onti ued)

2 7 cash and cash equivalents

Cash ann cash equ”aients induces ca’1 n hre 9d SN he.v ot ai vith ca Vs and other c’c’t term

r igr qvid ‘ml Is on C 1 nhe’ ti I 9C )1 ie Bank very tfts a noo wor (

orm igs ure ebii o eb e

2 10 Share capital

Ordinary shares are ,dassified a equt Mandator, rcdee’rao;e r eference shares are ciassfed as

I abilities Incremental costs d ret try attnbutahie the ‘ e f iew ares or option’ are sVow equty

as a deduction net of tax m the proceeds

2A I Trade and other payables

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2 13 current and deferred income tax

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Irar nate the asis aro exorrtert be p t ax a t:ontme

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Proton Partners International Lto

Notes to the financial statem ntsfor the 13 months ended 29 February 2016 (continued)

2 14 E’ripi-oyee benefits

Post empcyrne’tLt

r.e Cmnaa z’ates non c :fl, —M’-r a dekre onT’oo pa 9

ahich thn Company oaqs kxec nonhm ons oh a separate enrt The Company os OfiS or000stiuntoP ohlgatic Is ‘) a mm Potions 0 rho func does o hots ,uffm° °s ay Memrdcyees the bemekts rattrri ye se’sioe n he usrrsr and po A pehodfi

215 Dwdend distribuhor

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Proton Pwlners tnternatonai Ltd

Notes to the financial statementsfor the 13 months ended 29 February 2016 (continued)

3 1 Fmancia risk factors (continued)

Loi:f7v flak

9 cr,mckcn’e -a: Cr roe’c•’tr r

exzecr rash ‘emad’

he Company seeks to mcragc anna nsk Dy or sun ‘p tr-a ffi aent quidty e a ab £ ace’foreseeable needs and by ii’ esting cast a se’s safely as wel as profdab’y The Companys o kn apitarepnrt shows fore”ast mcnthly r ovements vorking captaI and cash for thetollowino yea It is plarnedto secure a short tern vendraft am ity to oe useo I x example, to bndge any time gap betwee ay t daycash reqoirement’ ar d he release f cast roa depost accounts \V th notice

The table below an I e’ Fe pan de at ye- f nancial iahiit’e cit. e a’ ton t opt iocased on the i i pc 0 f a t e date c tno rontrac

uNclcej V a flows

29 Feb tweer C

Cant

0 erTke S SIP0

,an’ orcnr £ tS -r oh’ t,r

st ‘r ntsan, ‘o a dr ‘wiO -‘st

t1r rpr’ r gsr f ptr o- tve su O

cC-aps 51anagmc -,r 901550

s la,hwd’-rs p 3 makc s a w[e s rr s flc”— e oec.

4 Crtt’ca acoonting estimate j dgemer ts

a-Jta C’- u-,-r ‘0 P -- C’, CflUCCd an- -er ,;-5a

COCIt ---uc- -5 cp3 ‘-3; Trtz’e ee-r that c 5°C” cc tt wasc. ahc ape’ ‘e -‘rarflCs

The Compan maven estmales o’c assrotturs noncernOc the a‘

mne ‘°cJn: a ‘ Cpr Crratfls

in aO lefç-nn r sednr ‘an:1a’ e ‘e-e’ec —‘ctua reaCts

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‘,- -,-1’°- -1’ ‘‘-‘‘ -

Proton Partners international Ltd

Notes to the financial statementsfor the 13 months ended 29 February 2016 (continued)

5 Property, plant and equipment

Assets1 xtures& Met under

S pmen tbngs hales truc.hen o al£000 £000 £000 £000 £000

ostOjrcorpor a -

Addioons 696 26 21 290 25317At29February2Ol6 696 26 1 21290 25.317

AccumulateddepreciationCa ncorporat!cnCharge fgr he pecod 81

At29February2Ol6 3 81

Net book va e

k29Febrar 1 6 212 36

Icorpo t

F trade and tier reaewables

2016£ 000

Current

Prepaa ants s ac c-cc coac 2176

VAT recuverane 628

Total current trade and other recewables 2804

debto re or o art sac to >rr t otfere £

at

aryl t thea ara ©tfdar ord

Cash and ash equivalents

2016£000

a ca-k a c 26305src P se55c)r r/-r r. 1000

Net asn and cash equivalents 27 3q5

a .-nr - are -5rO& -, a r tt½r heclair a rF

- A t ç

Prter terato

b.lote ottefi a tateritfo he 3m ithee dedl9Feb y 0 e

o OdFb apra

b daas aNo 00

[ 0 0At29 February 2016 t000 000

i pot a f ta a u a ridera saie a

Or 6kiarc 2 h dna sacy eei e £ ar £ ea[t saesOO1

M [

a

000e ‘te aya

8

T tal Trade a 1d ether p aMe 5

ar t r ybb’ae a ue tc k1ah cd r ‘°

Protor Partners Internahonal Ltd

Notes to the fsnancia statementsfo the 13 months ended 29 Februa 01 corti ued)

11. Onerating oss

Qperotrng ross s sta’td after Sdrg g

‘3 months to29 February

2016£‘OOO

Depreciatior charge 81

E mployee benefit costs (see note ) 661

12, Auditor remuneration

Dutrrg tee perod the foirowg eei joe ware rbtaired rori we c rpany b aoaaor

“3 ncnthc to

29 Februar2016£0

to oh

bewo

3

15

13. ETpoyee ber fit expense

I months to2 February

20160011

/r’oge a”c soarec 681

Soca securt> costs 81

Pens on costs aefnec contnbutro

796

nt ,,j c3’ i35)

hr lLe”af; c 661

fl o U Ur Ic 3

B onrhsSecruar

2’‘Jr

Proton Part iers te natioral Ltd

Notes to the financaI statementsfor the 13 months ended 29 February 2016 (conttnued)

4 Dwec&,r emokmts

onth tFebrua y

2016£ 000

ocnrecEtp ev:,rflct 294

PersIorcDsrs dernea fl,flDutkA 26320

Rctire en be efits so rued to 3 deectors

T £ aggregat emolun’ e is for t h gnest p d c rector v s £147 SC rd he pen r cont t tions for‘hat dvector eere £2 7&

15. Finance income

tror theFeb

nance i *nec e —. 88

Net finance income 88

Is Net ore1an exchange gains

cc 8cr otte r aten’ r

ort[s9 February

2016

:sr

Notes to the flnan ml statementsfor the 13 mor the e ded 29 february 2016 ontir ued

F L,UflK taxonti t

9 eb uary016000

urrent taxurrer axa 1 ‘S o

Total current tax

Deferred taxOnginatcr ana € £

JtherTotal deferred taxTotal tax charge

a tf c a oss € r ax d ifer

960596

se aass OS C

ax charg for the penod

Factors that iay affec f t re tax ha ges

Ju BuJe asa

f er ge v as a r [s Va 6 Busge e edr 2020 ut t a bstant vels e ted afte t e of t[ £ f iar a

Proton Partners nternationa1 Ltd

Notes to the financia statementsfor the 13 months ended 29 February 2016 (continued)

18. Cash used m operations

Ti nthstobruary

2016

£000

ccc cefore r cr ax 2 960)

Adjustments for

DeprecationEnance nnorre 88;

rnanoa cost

changes in workuig capfta

Tad i ctn eceabx, cO4i

1ra!e nd nb1e

sh use r pa s 046

Corn tt e t

ap imt a

an s30 E’ 01 arc3 ECfl:iJFC aa Of at a

0 ceraing eaoe ro, rn,ta t.

na tot r’ aggeaaf ni;nin’r as 031n;ents orfa i. caeun0o - -rt, P3x1 2” a

2016

£ 000

oatc a

c I at 3atertfar Ca C

Tot& 61

20 Re1ateoparty transactions

- rac

.crsar-j, a;atcr ri’cr —.:- -

21 Ultrnate 1 olhng party

a Or