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
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