REG - Crystal Amber Fund - Morphic Medical – FDA approval of study amendments

Crystal Amber FundAnnouncement

04/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240604:nRSD9386Qa&default-theme=true

RNS Number : 9386Q  Crystal Amber Fund Limited  04 June 2024

4 June 2024

 

Crystal Amber Fund Limited

("Crystal Amber Fund", the "Company" or the "Fund")

 

Investee company update:

 Morphic Medical Inc - FDA approval of study amendments brings forward US
revenue target

 

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."

 

For further enquiries please contact:

 

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: 01481 742 742

www.crystalamber.com (http://www.crystalamber.com)

 

Allenby Capital Limited - Nominated Adviser

Jeremy Porter/ Dan Dearden-Williams

Tel: 020 3328 5656

 

Winterflood Investment Trusts - Broker

Joe Winkley/Neil Langford

Tel: 020 3100 0160

 

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: 020 7478 9080

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  REAUPUQAQUPCGQW