Schedule 1 update - Phytopharm Plc

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Phytopharm plc ("Phytopharm" or the "Company") to be renamed IXICO plc ("IXICO") on admission

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Prior to admission:

Lakeview House2 Lakeview CourtErmine Business ParkHuntingdonCambridgeshirePE29 6UA

Following admission:

The London Bioscience Innovation Centre

2 Royal College Street

London

NW1 0NH

COUNTRY OF INCORPORATION:

England

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.phytopharm.com (before Admission)

www.ixico.com (after Admission)

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

The Company's Investing Policy is to invest in businesses that typically have attributed to them some or all of the following characteristics:

· Healthcare sector;

· Revenue generating or near revenue generating;

· Embedded or protected IP;

· UK based;

· Capable of significant growth potential; and

· A credible management team.

The Directors consider the IXICO opportunity to be in the best interests of the Company and Shareholders for a number of reasons. Since its foundation in 2004, IXICO has established itself as a leading provider of medical imaging analysis services in the clinical trials market and has what the Board believes to be the following key strengths:

· increasing recognition as a centre of excellence and specialised know-how in brain health and specifically dementia;

· valuable, innovative and commercialised technologies addressing the clinical trials and experimental medicines markets

· relationships with pharmaceutical customers and key opinion leaders in the dementia market;

· proven growth in revenue over the last three years; and

· diagnostic products under development with the potential to offer material health economic benefits in primary healthcare markets internationally.

IXICO brings innovative technologies to those researching, diagnosing and treating serious diseases, especially dementia. Its technologies enable timely decision-making aimed at improving patient outcomes. IXICO was founded with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercial products. These target the expanding area of imaging to inform decision-making during drug development. This has resulted in commercially successful products being launched in the clinical trials and experimental medicine markets and such products are now being readied for launch into the wider clinical diagnostic market.

IXICO's proprietary technology and know-how are used both to select patients for clinical trials and to assess the safety and efficacy of pharmaceuticals under development. These have been applied to patient data collected from more than 400 hospital sites globally in several of the largest clinical trials of AD treatments. While IXICO's clinical focus is predominantly dementia (especially AD and Huntington's disease), it also supports clinical studies for other CNS conditions (such as cerebral amyloid angiopathy), psychiatric conditions (such as schizophrenia), oncology and other diseases. IXICO's revenue has come largely from contracts with seven of the top 15 pharmaceutical Companies.

IXICO's main country of operation is the United Kingdom.

Admission is sought as a result of a reverse take-over under Rule 14 of the AIM Rules for Companies. On Admission the Company will be deemed to be an operating company.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

The enlarged issued share capital to be admitted to AIM is 14,952,437 ordinary shares of 50 pence each

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

No capital to be raised on Admission

Anticipated Market Capitalisation on Admission - £8.7 million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

41.9%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

No other exchanges or platforms

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Existing Directors of Phytopharm

Proposed Directors of Enlarged Group

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Invesco Asset Management

56.36%

26.15%

Miton Group Plc

6.47%

3.00%

Klaus Hebben

4.28%

2.02%

Imperial Innovations Group plc

-

11.47%

Capital Number 1 Fund

-

5.84%

Hardsteel Limited

-

5.49%

Marcus Sarner

-

4.19%

Professor Derek Lionel Glendon Hill

0.14%

3.16%

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

i) 30 September

ii) Phytopharm - 31 March 2013

 IXICO - 31 May 2013

iii) 31 March 2014, 30 June 2014 and 31 March 2015

EXPECTED ADMISSION DATE:

15 October 2013

NAME AND ADDRESS OF NOMINATED ADVISER:

Peel Hunt LLP

Moor House

120 London Wall

London

EC2Y 5ET

NAME AND ADDRESS OF BROKER:

Peel Hunt LLP

Moor House

120 London Wall

London

EC2Y 5ET

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

Copies of the Admission Document will be made available for inspection during normal business hours on weekday (Saturdays, Sundays and public holidays will be excepted) up to the date of Admission at the Company's registered office, Lakeview House, 2 Lakeview Court, Ermine Business Park Huntingdon PE29 6UA.

The Admission document will also be available at www.phytopharm.com.

Following admission the Admission document will be available at www.IXICO.com

DATE OF NOTIFICATION:

14 October 2013

NEW/ UPDATE:

Update