Limitless Earth Regulatory News (LME)

LIMITLESS EARTH PLC - Investment in Medical Diagnostics

PR Newswire

London, October 7

8 October 2015

LIMITLESS EARTH PLC

("Limitless" or the "Company")

Investment in Medical Diagnostics

Limitless, an investing company that focuses on making investments in a portfolio of companies whose growth and success is linked to the world’s changing demographic situation, is pleased to announce that it has invested US$500,000, by way of convertible preference stock, in Chronix Biomedical Inc. ("Chronix").

Chronix Biomedical Inc.

Chronix, founded in 1997 and based in San Jose, California, is a private molecular diagnostics company which is developing blood tests that can be used for applications including cancer detection and organ transplantation. Chronix has discovered multi-cancer biomarkers that relate to the earliest events in genomic instability and appear to be present in most major cancers regardless of the cell of origin. It is the opinion of Chronix that these biomarkers have the potential to form the basis for accurate, comprehensive and cost-effective tests for early, cell-free and personalised cancer detection. Chronix has been granted two patents, on the detection of cell-free nucleic acids (DNA and RNA), and has applied for a further five patents, relating to next-generation sequencing technology and droplet digital polymerase chain reaction (PCR) for the detection of all cancers as well as organ transplant rejection, in multiple jurisdictions.

Chronix has recently launched its first two products, the Second Opinion™ prostate and breast cancer supplemental tests in the UK and EU which are provided through its certified laboratory in Göttingen, Germany. The intention of Second Opinion™ is to provide clinicians with a secondary decision support test to reduce the need for unnecessary biopsies as a result of the false-positive results produced by PSA testing. The US National Cancer Institute estimates the false-positive results for prostate cancer and mammograms for breast cancer to be 75% and 50% respectively.

To date, Chronix has raised US$33.7 million through a series of investment rounds to develop its portfolio of tests and patents. It has raised a further US$2.0 million in this round to, inter alia, conduct health economics trials for reimbursement appraisal and to market the Second Opinion™ tests in the UK, EU and US markets.

Investment Terms

Limitless has invested US$500,000 (approximately £329,000) in the series I round of convertible preference stock (“Series I Stock”) at a price of US$0.40 per share. On a fully diluted basis, considering all classes of common and preference stock in issue, Limitless’ investment represents 0.72% per cent. of Chronix’s issued share capital and values Chronix at approximately US$69 million.

The Series I Stock holders are granted equal voting rights with all other classes of stock, except as provided by law, and conversion into common stock is at the option of the holder. Series I Stock will automatically convert into common stock in the event of common stock being made available for trading on any stock exchange in the United States, Canada or United Kingdom.

In preference to all other classes of stock, the holders of Series I Stock are, subject to certain conditions, entitled to, inter alia, receive noncumulative dividends, liquidation preference, pre-emptive rights in the event of further stock issues and the rights of first refusal in the event of a sale by a holder of Series I Stock.

Guido Contesso, Director of Limitless, commented:

"Having looked at a number of opportunities in the life sciences sector, Chronix marks the first investment for Limitless. The importance of early stage cancer diagnosis and treatment cannot be stressed more highly. Chronix’s products not only have the potential to save thousands of lives by early cancer detection but also to save substantial sums for national healthcare providers who can, in turn, better allocate their resources and these funds to the areas that need them the most. We also believe in the ability of the Chronix management team, which has an impressive track record in the field, to deliver its products and business plan. As such, we are excited to be part of this potentially ground breaking business."

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About Limitless Earth plc

Limitless Earth plc is a proactive investing company that focuses on making investments in and assisting companies which exhibit the potential to generate returns through capital appreciation. As at 31 January 2015, Limitless had cash reserves of approximately £2.7 million. Limitless invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth linked to demographic change. Examples of such sectors include cleantech, life sciences, nanotech, medtech, recycling, and new internet opportunities.