Abzena Regulatory News (ABZA)

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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About Edison: Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support its capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

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 healthcare@edisongroup.com

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