Corporate Governance

The Directors are responsible for the corporate governance of the Company, and guide and monitor the Company's business on behalf of its Shareholders. The Directors of the Company (the "Directors" or the "Board") recognise the importance of sound corporate governance. As a company whose shares are traded on AIM, the Board has concluded that it will adopt the QCA Code. In addition, the Company has adopted a code of conduct for dealings by Directors and employees in the shares of the Company and is committed to maintaining the highest standards of corporate governance.

The Board as a whole, led by the Executive Chair, Dr Sotirios Stergiopoulos, is responsible for ensuring that the Company has appropriate corporate governance standards in place and that these requirements are followed and applied. The corporate governance arrangements that the Board has adopted are designed to ensure that the Company delivers long term value to its shareholders and that shareholders have the opportunity to express their views and expectations for the Company in a manner that encourages open dialogue with the Board.

The Board recognises that its decisions regarding strategy and risk will impact the corporate culture and performance of the Company. The Board is very aware that the tone and culture set by the Board will influence all aspects of the Company and the way that employees behave. A large part of the Company's activities are centred upon open dialogue with its stakeholders including UK, EU and US healthcare partners and regulators, and key suppliers. Therefore, the importance of sound ethical values and behaviours is crucial to the ability of the Company to successfully achieve its corporate objectives. The Board places great importance on this aspect of corporate life and seeks to ensure that this flows through all that the Company does.

The Board members recognise their collective responsibility and legal obligation to promote the interests of the Company and are collectively responsible for defining the Company's corporate governance arrangements. The Board currently consists of five Directors, of whom two are executive and three are non-executives.

The Board intends to meet regularly to review, formulate and approve the Enlarged Group's strategy, budgets and corporate actions, and oversee progress towards its goals. The Enlarged Group will establish an Audit Committee and a Remuneration Committee, each with formally delegated duties and responsibilities and with written terms of reference. From time to time, separate committees may be set up by the Board to consider specific issues when the need arises.