Outcome of Strategic Implementation Review and ...

Arix Bioscience PLC (ARIX) Outcome of Strategic Implementation Review and Directorate Change 30-Apr-2021 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Arix Bioscience plc Outcome of Strategic Implementation Review and Directorate Changes LONDON, 30 April 2021: Arix Bioscience plc, ("Arix" or "the Company") (LSE: ARIX), a global venture capital company focused on investing in and building breakthrough biotech companies, today announces the outcome of its Strategic Implementation Review (the "Review") together with a number of immediate Board changes. Strategic Implementation Review Further to the Company's announcement on 24 March 2021, the Board has completed its stakeholder engagement and is grateful for all contributions received during the Review. Importantly, the Board now has a clear understanding of shareholder views, enabling it to implement its strategy more effectively. The Board recognises the crucial role that Robert Lyne, currently Chief Operating Officer and General Counsel, has played since he joined the Company in 2017 and has appointed him to the Board with immediate effect. Robert will also act as Interim Chief Executive Officer whilst the Company recruits a permanent Chief Executive. In addition, the Board will grow the Company's investment team, adding new talent to deploy investment capital, ensuring their remuneration is competitive and driven by success. Board changes The Company's Executive Chairman, Naseem Amin, has left the Company with immediate effect. Furthermore, the Company has today confirmed the Board appointments of: Peregrine Moncreiffe, who joins as non-executive Chairman and is considered by the Board to be independent on appointment for the purposes of the UK Corporate Governance Code; and Maureen O'Connell and Isaac Kohlberg as non-executive directors nominated by the Company's largest shareholder, Acacia Research Corporation, and therefore not deemed to be independent directors on appointment for the purposes of the UK Corporate Governance Code. In light of these changes, Professor Trevor Jones CBE, FMedSci, has decided not to seek re-election at the coming Annual General Meeting ("AGM"), having joined the Board prior to the Company's IPO in 2017. Axel Wieandt and James Noble will no longer be joining the Board. Peregrine Moncreiffe, non-executive Chairman of Arix, commented: "Arix has had a busy year and made significant progress. We thank Naseem for his contribution having stepped in part-time to lead the business in the absence of both Chairman and Chief Executive last year. In 2020, Naseem has overseen an increase in NAV of 62%, an increase in total shareholder return of 106% and a restructuring of operating expenses to 2.1% of NAV. He has also brought a sharper focus to portfolio management, concluded two highly promising new investments and established clear targets for the financial returns to our shareholders. We wish him every success with his many future endeavours. "I would also like to wish Trevor well after a long period of loyal service to the Company. He will leave Arix in a strong position, looking to the future with optimism and with greater governance stability. "We are also grateful to Axel and James for their engagement and enthusiasm for the business and thank them for the support they have shown the Company. "Arix has a strong pipeline of new opportunities and we look forward to the opportunities that will arise from the investment team's expansion and the appointment of a new Chief Executive." Clifford Press, CEO of Acacia Research Corporation, commented: "Since becoming a shareholder in Arix at the end of last year, we have sought to bring about a series of corporate governance improvements and ensure that the company is served by a board that is responsive to its shareholders. We believe it was incumbent upon us to lead on these issues at a critical time when the company was exposed to significant risk. We are grateful to our fellow shareholders for their continued support during this period, and I am delighted that this matter has now been brought to a satisfactory conclusion." The AGM has been unavoidably delayed. It will be held as soon as possible and, in any case, no later than 30 June 2021. A further announcement will be made in due course. [ENDS] This announcement contains inside information within the meaning of Regulation (EU) No 596/2014, as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018. The person responsible for arranging for the release of this announcement on behalf of Arix is Robert Lyne, General Counsel Arix. For more information, please contact: Arix Bioscience plc Charlotte Parry, Head of Investor Relations [phone] [e-mail] Montfort Communications Olly Scott [phone] Optimum Strategic Communications Mary Clark, Supriya Mathur, Shabnam Bashir [phone] [e-mail] About Arix Bioscience plc Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting-edge advances in life sciences. We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com Peregrine Moncreiffe Peregrine Moncreiffe is currently non-executive Chairman of North Atlantic Smaller Companies Investment Trust plc (LSE: NAS) and a director of Metage Funds Limited. Peregrine has extensive experience in investment management and banking. Over the years he has worked in London, New York and the Far East, with Credit Suisse First Boston, Lehman Brothers and Buchanan Partners. Maureen O'Connell Maureen O'Connell has served as a director of Acacia Research Corporation since January 2019. Ms. O'Connell is also currently on the board of ISACA, a non-profit global technology association. Ms. O'Connell has previously served on the boards of Harte Hanks, Sucampo Pharmaceuticals Inc. and Beazer Homes, and was previously Executive Vice President, Chief Administrative Officer and Chief Financial Officer of Scholastic, Inc. Ms. O'Connell is a certified public accountant. Isaac Kohlberg Isaac Kohlberg has served as a director of Acacia Research Corporation since May 2019. Mr. Kohlberg is also currently a Senior Associate Provost and Chief Technology Development Officer at Harvard University. Mr. Kohlberg was previously CEO of Tel Aviv University's Economic Corporation and CEO of YEDA and has held various roles at New York University. Mr. Kohlberg also served as a director of Anchiano Therapeutics Ltd and Clal Biotechnology Industries Ltd.

ISIN:	GB00BD045071
Category Code:	MSCH
TIDM:	ARIX
LEI Code:	213800OVT3AHQCXNIX43
OAM Categories:	2.2. Inside information
Sequence No.:	102177
EQS News ID:	1190903

End of Announcement	EQS News Service