Bioventix Presentation: October 2017

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Bioventix & antibodies for blood testing

Bioventix portfolio of antibodies and their advantages

2016/17 results and analysis

Business continuity

Shareholders & the Board

Conclusions & outlook

Farnham location

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12 staff in a Bioventix-

owned property

Automated Blood Testing

antibody

antigen

Bioventix creates and manufactures

sheep monoclonal antibodies (SMAs).

Customers incorporate these

antibodies in reagent packs for use on

automated blood-testing machines

Bioventix sells liquid “physical” SMAs and

derives royalties from their downstream use

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Creating Antibodies

White blood cell (B cell)

mortal

Secretes a single antibody

Polyethylene

glycol (PEG)

Bioventix’s business is based on the ability

of sheep to make better antibodies than mice

Better antibodies can facilitate better tests

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Myeloma fusion partner

Immortal

Secretes nothing of use

Why SMAs? (testosterone)

Roche published their prototype assay in

2008 and launched this assay in 2009

It is the Bioventix antibody that made this

possible

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In 2003, it became clear that testosterone

testing for women was inadequate

Magnetic

particle

Fluorescent

label

Why SMAs? (troponin)

Troponin is a component of heart muscle

that leaks out after a heart attack

A new improved Siemens assay for troponin

was released in ex-US markets in May 2017

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Fertility

Clinician education and

familiarisation and the

need to change hospital

protocols is likely to mean

sales from the new

Siemens assay gear up

during 2018

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Thyroid

Heart failure

2016/17: Headlines

Turnover: £7.2M (2015/16: £5.5M) +31%

Profit before tax: £5.8M (2015/16: £4.2M) +37%

Profit after tax £4.9M (2015/16: £3.5M) +41%

Cash at 30 June: £6.2M (2015/16: £5.4M) +£0.8M

Second interim dividend: 31p/share (Oct 2016: 26p) +20%

Special dividend: 40p/share

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Dividend policy continues to

embrace continuity

Royalties have increased across many antibodies

Physical antibody sales boosted by drug-testing SMAs

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Key Financials (Oct 2017)

£ (‘000) Year to

30.6.14

Year to

30.6.15

Year to

30.6.16

Year to

30.6.17

Sales 3,535 4,333 5,517 7,245

P/(L) before tax 2,231 3,106 4,219 5,771

P/(L) after tax 1,815 2,557 3,494 4,922

Year-end cash 3,351 4,130 5,380 6,166

Dividend distribution 1,200 1,630 3,200 4,600

Total dividend per share (p)

Split between Spring/Autumn

Special dividend

24

9.6/14.4

32.6

11/21.6

42.5

16.5/26

20

51

20/31

40

Q3 share price (p) 600 11.00 11.00 22.00

Dividend yield (total/Q3; %)

[including special]

4.0 3.0 4.0

5.7

2.3

4.1

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Pipeline Development

high Secretoneurin (CardiNor)

Amyloid (Pre-Diagnostics)

Troponin (Siemens) [2017/18]

medium virus (contract)

Thyroid (contract)

Low Thyroxine/T4

Vitamin (contract)

Andro [2018/19]

Cancer (contract) [2019/20]

Low Medium high

Increasing probability of success →

← In

cre

asin

g p

ote

ntia

l valu

e

New research projects actively being sought

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Business Dynamics

Bioventix takes about 1 year to make antibodies

Customers take 2-4 years to: formulate a prototype

test; conduct field trials; submit data to regulatory

authorities; obtain marketing approval

This is an impediment to revenue growth – but

delivers longer term revenue continuity

Old test

Pro

toty

pe test

+1 year

2-4 years

= 3-5 years total

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Selected Shareholder Base (Sept 2017)

Institution Shares

(1000s)

%

Miton Group 614 11.9

Peter Harrison 508 9.9

Livingbridge 384 7.5

Sanford DeLand 375 7.3

Canaccord (Hargreave Hale) 329 6.4

Wasatch Advisors, Inc 151 3.0

Total shares = 5,138,674

Shares admitted to AIM 29 April 2014

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Bioventix Directors

Peter Harrison, CEO

>30 years experience of

antibody technology at

Celltech, KS Biomedix &

Bioventix

Ian Nicholson, Chairman

>30 years experience of

commercial development

within biotechnology

including Amersham,

Celltech, Chroma, Clinigen

& Consort Medical

Nick McCooke, Non-

executive Director

>30 years experience of

biotech industry (including

diagnostics R&D) at

Celltech, Solexa & Pronota

Treena Turner, Finance

Director

Partner at Wise & Co

accountants in Farnham.

>10 years experience of

Bioventix and accounts

preparation

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Conclusions and Outlook

2016/17: excellent results for the year as additional growth

comes from our vitamin D antibody and other antibodies

2017/18: high sensitivity troponin project expected to gear up

during 2018 and help balance revenues lost through termination

of NT-proBNP revenues of ~£1,000k

2018-2020: growth linked to success of Siemens & their high

sensitivity troponin project

2020-2030: growth linked to new products emerging from the

company’s R&D pipeline and collaborative work with new

biomarkers

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