Edison initiates coverage of Abzena Plc

London, UK, 2 March 2015

Edison initiates coverage on Abzena

Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of Abzena

http://www.rns-pdf.londonstockexchange.com/rns/2567G_-2015-3-2.pdf

Highlights of the analysis on Abzena by Edison's pharma & biotech analysts Christian Glennie and Dr Mick Cooper include:

Abzena offers a range of key services and technologies for the development of safer and more effective biological products. Antitope (immunogenicity testing, protein engineering, cell line development) and PolyTherics (bioconjugation, polymer/synthetic chemistry) are the operating business units.

Our fair value for Abzena is £95m (97.5p/share), based on a three-phase DCF of the services business (£35.5m) and risk-adjusted royalties from existing and future licensed antibody/ADC products (£43m). Cash of £18.7m (at 30 September 2014), after a £20m IPO on AIM, provides financial stability and flexibility to seek new assets.

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For more information please contact:

Christian Glennie Edison Investment Research +44 (0)20 3077 5727

Dr Mick Cooper Edison Investment Research +44 (0)20 3077 5734 [email protected]

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