Morphic Medical – FDA approval of study amendments

Crystal Amber is pleased to announce that Morphic Medical Inc ("Morphic"), the creator of RESET, a medical device designed to target the underlying cause of diabetes, has received approval from the U.S. Food and Drug Administration ("FDA") for Morphic's application for amendments to certain requirements for its pivotal study, which is approved as a staged study. The FDA has also referenced that there are no subject protection concerns.

These changes are expected to accelerate access to the key US markets for the treatments of diabetes and obesity by 18 months. Morphic is now seeking to target sales in the US market in 2026, subject to, inter alia, successful completion of the study and trials.

The Fund owns 81.5% of Morphic's fully diluted share capital and also owns interest bearing loan notes in Morphic.

Christopher Waldron, Chairman of Crystal Amber commented:

"I am delighted to report on this important development at Morphic, which is expected to accelerate the pathway to revenues in the key US market. Following returns of capital by the Fund of more than £55 million since the start of 2022 as a result of several successful realisations, Morphic has become the Fund's largest holding by value. It is therefore encouraging to note that our substantial efforts and focus on Morphic's growth opportunities are now providing visibility of success."