Pulmorphix Limited is a start-up company from Liverpool John Moores University (LJMU). We’ve developed what we believe is the world’s first ‘lung biosimulator’ – a device that replicates the conditions deep in the human lung. We’ve already secured a £82,000 grant from the Technology Strategy Board, the UK Government’s innovation agency. As well as de-risking the project for investors, we think this is a big vote of confidence both for our technology and our ability to bring it successfully to market. The Board described the lung biosimulator as “highly innovative and potentially disruptive”, and agreed with us that there is a significant “unmet need” within the pharmaceutical industry. Using this technology, Pulmorphix intends to offer a commercial testing service to give drug developers a reliable way of understanding how their drugs will behave when inhaled.

1. Supported By
An Investment Opportunity

2. PHARMACEUTICAL
DRUGS
SAVE
LIVES
Invest in Pulmorphix
and make a difference
2 PULMORPHIX

3. Join the
Q&A
Dr. Mike Davies
What’s the problem?
Dr. Mike Davies - The pharmaceutical
industry needs an accurate
replication of the in-vivo pulmonary
environment (i.e. the deep lung) in
order to develop new and better
inhaled drugs. To date, there is no
specific, industry-wide accepted
technology for testing inhaled
formulations. Such preparations are
referred to as orally inhaled products
(OIPs) and scientists have a drive to
understand how these formulations
behave in the body. To this end, crude
methodologies are frequently
employed that do not reflect the lung.
The Pulmorphix lung biosimulator aims
to address this issue.
What are the advantages of
delivering drugs via the lungs?
Kish Mistry
They require lower dosages, with
improved patient outcomes;
No need for needles avoiding e.g. daily injection of insulin
for diabetes sufferers.
No requirement for cold chain
management (drugs in powder form
don’t need to be kept under a certain
temperature - ideal for vaccination
programmes in countries where
refrigeration can be a real problem).
What’s the solution?
What kinds of conditions can be
treated by inhaled drugs?
Dr. Mike Davies - The technology was
developed over the course of 6 years
at Liverpool John Moores University,
which supported the initial idea,
prototype device development and
experiments.
Kish Mistry - The pharmaceutical
industry is developing inhalation
devices and formulations to deliver
drugs to the lungs for a wide range of
conditions; including for example
diabetes and pain management.
Great emphasis is also placed on
Inhaled drugs have many advantages. optimising current products for
They bypass the liver, leading to fewer improved patient outcomes and
side effects;
revenue generation.
Dr. Mike Davies - Pulmorphix has the
solution - via the world’s first lung
biosimulator. Our device replicates the
conditions in the deep lung and
provides a reliable method for drug
developers to test how their drugs will
behave when inhaled into the lungs.
How was the technology developed?
Early conception and research within
a University is useful, as it brings an
academic rigour to the early
development phase, and we have
access to world-leading expertise in
Pharmacy, Chemistry and related
sectors.
PULMORPHIX 3
PULMORPHIX 3

4. Although some progress has been
made in terms of technologies to
improve the effect of inhaled drugs...
This market need is backed up by our
discussions with large and speciality
pharmaceutical companies.
4 PULMORPHIX
“...this alone is no
longer sufficient for
therapeutic success
of inhalation drugs;
a paradigm shift is
needed, with an
increased focus on
pulmonary barriers to
drug delivery.”
Lancet
Respiratory
Medicine
2013

5. We have built the world’s first prototype
lung biosimulator which can accurately
replicate the deep lung environment.
Our technology has been specifically
designed to test orally inhaled products.
We can control
specific parameters
such as:
•
•
•
•
temperature
humidity
breathing
fluid
hydrodynamics
• lung fluid
composition
• light
.. so we can mimic
the conditions
in the deep lung
where inhaled
drugs start
working
PULMORPHIX 5

6. People who suffer from diabetes have
several problems to deal with on a
daily basis, the most important of
which is maintaining a healthy level
of blood sugar in their bodies.
IMAGINE if it
were possible to
treat diabetes
In order to achieve this, the patient
must inject insulin throughout the day
and thus experience the
associated discomfort with needle
use. The repeated discomfort is not
ideal and may be coupled with a fear
of needles, which is particularly true
in the case of young children.
needle.
As such, alternative methods of
insulin delivery are currently being
researched and inhaled insulin has
been the topic of speculation within
industry for a number of years.
Pharmaceutical companies are
continuing with their research in this
field in order to produce an insulin
inhaler similar to an asthma inhaler.
The availability of a unit to spray
insulin into the body would satisfy a
market need and help numerous
people manage their condition
throughout the world.
Transport of insulin
through the lungs allows
delivery across a surface
area the size of a singles
tennis court.
6 PULMORPHIX
with an inhaler
instead of a

7. Dr.
Mike
Davies
“I first had a light bulb moment about
6 years ago, when I was
attending a conference. One of the
speakers mentioned that there was
no established test for inhaled drugs.
Given the interest in developing drugs
in this area I decided to see if I could
develop a device which would
replicate the conditions in the lung
where inhaled drugs get to work.
Six years later, with help from the
University, I have developed a
second generation prototype which
works really well.
With further investment and grant
funding we believe we can take this
to market and help pharmaceutical
companies develop better
inhaled drugs.”
Kish
Mistry
“I got involved in this project over a
year ago, and immediately
recognised that there was an unmet
market need.
have a background in the pharmaceutical industry and a good track
record with start-up
companies.
So far I’ve given my time to this project at a significantly
reduced rate, since I genuinely
believe we have a unique market
opportunity, with really disruptive
technology.”

8. The Tea
Kish Mistry is an experienced
business executive with extensive
hands-on commercial responsibilities
whilst at GSK and Serono. As CEO, he
will be responsible for commercialising the technology platform. He will
lead the development and growth
strategy whilst directing resources
within Pulmorphix to meet priorities
and timelines
Emma Nolan is an experienced IP
Manager, with over 20 years
experience in technology
transfer - primarily managing
inventions and patents in the University sector - working for Russell Group
universities such as The University
of Manchester and The University of
Leeds. Emma is IP &
Commercialisation Manager at LJMU
and has supported this project since
her move to LJMU in 2011.
8 PULMORPHIX
Dr. Michael Davies is a UK registered
Pharmacist and holds a PhD in
Pharmaceutical Nanotechnology. He
has experience of both academic (i.e.
The University of Nottingham) and
industrial (i.e. Bristol-Myers Squibb
& AstraZeneca) sectors and has an
in-depth understanding of prevalent
human disease states, principles of
disease management, routes of drug
delivery to the body and methods
routinely employed to assess
formulation characteristics. This
background has led to the vision and
development of the Pulmorphix
technology platform. Michael is
currently employed at Liverpool John
Moores University as a Senior
Lecturer in Pharmacy Practice and
Pharmaceutics, being in post for 7
years. Notable attributes of relevance
to this business are:
* Knowledge of pharmaceutics /
industrial approaches to assess
formulation suitability
* Doctoral study focussed on drug
delivery to the lung
* Author of peer-reviewed articles
relevant to pulmonary drug delivery
* Project management within the
laboratory setting
* Translating research findings to
potential applications to real-life
scenarios
Michael is a commercially orientated
academic. He is proactive, a problemsolver and has the capability to drive
ideas forward to completion.
Kish has worked at Director and
Board Levels in the UK and Europe,
with implementation responsibilities
in the USA and Asia. He has been
involved with the pharmaceutical and
biotechnology sectors for more than
25 years. Key experiences and
abilities relevant to this role within
Pulmorphix include:
. Significant Business Development
experience in biopharmaceutical
sector
· Non-executive Directorships of
several start-up organisations during
Business Development role at
GlaxoWellcome managing a
soft-venture fund.
· Good track record of attracting
investment funding from VC
· Experienced Managing Director /
CEO
Kish has excellent interpersonal skills
and analytical ability. He is an
innovative thinker, articulate, creative
with a consultative approach.

9. Our Vision
Within 5 years of trading
Pulmorphix aims to become
§
the market leader in testing
inhaled drugs
Within 5 years of trading Pulmorphix
aims to become the market leader in
the testing of inhaled drugs
PULMORPHIX 9

10. Breaking Down Market Need
System/
Attribute
Body
temperature
Pulmanory
relative
humidity
Pulmonary
surfactant
hydrodynamics
Particle
dispersion
Control over
light conditions
1*
✓
X
X
✓
X
X
X
2**
✓
X
X
✓
X
X
X
3***
✓
✓
X
✓
Potentially
X
X
Optional
X
X
X
✓
X
X
✓
✓
✓
✓
✓
✓
✓
The
Paraytec
SD1300
The
Pulmorphix
Lung
Biosimulator
* 1. Impaction insert in NGI cup using
standard USP Apparatus II
** 2. Total trap fibre filter in ACI throat using
modified USP Apparatus IV (Flow Cell)
*** 3. Impaction collection on PDF membrane filter in CI stage using a Transwell
system
10 PULMORPHIX
Reflective of the Acceptable
Invivostate
to industry
Who are
our clients?
We are already talking to several of the
ma jor pharmaceutical companies
who are interested in our services
and technology.

11. Pharmaceutical
companies will need
our services at most
stages of the
inhaled drug
development &
manufacturing
process:
When testing inhaled
drug formulations.
Developing more sophisticated
dosage forms.
We will initially develop
and offer a range of
services for our end
users using our patent
pending technology.
Formulation and Material Scientists in the
Pharmaceutical and Biotechnology sectors.
On the production line testing
batch to batch variations.
Clinical Research Organisations (CROs).
Quality control checks
when manufacturing.
University Research Departments.
Stability monitoring.
Environmental Agencies.
Testing generics versus
branded drugs.

12. What is the
business
model?
B2B SERVICES
We will use your investment to translate our technology platform into a
commercial business to business service. With established standardised
testing protocols, we aim to start offering a commercial service within
Year 1.
Your investment will be used to market our services and generate
revenues via research fees for the dissolution testing and other services.
12 PULMORPHIX

13. A Financial
Snapshot
The next 24 months
Over the first two years, we will target
additional grant funding opportunities.
We will also explore end user requirements
regarding a product sales model for
companies that prefer to undertake their
own testing in-house.
We aim to have at least one service contract
in place with a customer before the end of
year one.
YEAR 1
Y2
Y3
YEAR 3
Revenue
Y1
YEAR 2
£40,000
£310,000
£1,000,000
Grants
Gross
Profits
Operational
Costs
EBITDA
£58,833
£17,027
£0
£39,368
£218,046
£754,401
£76,650
£135,690
£251,950
£74,465
£489,543
-£42,507
PULMORPHIX 13

14. We need
£100,000
Investment
14 PULMORPHIX

15. Reasons
to invest
We’ve de-risked this opportunity by...
investors by:
1 2 3 4 5 6
Engaging an Filing for
experienced patent
commercial protection
(GB1310502.8)
lead
Securing
grant
funding of
£82,000
from TSB
Engaging
with end
users and
potential
blue chip
clients.
Lining up a
number of
private
investors
Seeking/
obtaining
advanced
assurances
on SEIS
status
PULMORPHIX 15

16. Our
Mission
Our mission is to enable developers of
orally inhaled products to optimise their
formulations which will ultimately improve
patient outcomes to treatment.
Investor
Charter
We want to build a company which is at the
forefront of good science and leads the way in
providing cutting edge services to industry.
We want to build strong relationships with our end
users and clients, and to listen to the needs of
industry.
We want to engage a technical board which will
include key opinion leaders in the field of inhaled
drug testing.
We will achieve this by providing access to
our unique technology to the leading
We want to use your investment wisely and keep
biopharmaceutical companies involved in you regularly updated via communications, tweets
drug delivery treatment via the lungs.
and mailers.
We want to generate a healthy return on investment
for our shareholders and stakeholders.
We don’t expect anything in return... however if you
are active in the pharmaceutical field and you think
you can help to open doors and assist in growing
the business, we’d like to hear from you.
16 PULMORPHIX

17. Sign up to
Crowdcube
Pre-register
your deposit
Transfer
funds to
Crowdcube
2
3
w w w. c r o w d c u b e . c o m
1
Invest in
Pulmorphix
4
Receive
confirmation
5
PULMORPHIX 17

18. Click Invest Now
Join us on our journey
www.pulmorphix.com
kish.mistry@pulmorphix.com
Tel: +44 770 686 1874

19. IMPORTANT INFORMATION
The content of this pitch by [PULMORPHIX] (the “Company”) and the documents, comments and information contained within it (together the
“Pitch”) have not been approved by an authorised person within the meaning of the Financial Services and Markets Acts 2000 (the “Act”). Reliance
on the Pitch for the purpose of engaging in any investment activity may expose the individual concerned to a significant risk of losing all of the
money or other assets invested.
IMPORTANT - PLEASE READ CAREFULLY
The Pitch is exempt from the general restriction (in section 21 of the Act) on the communication of invitations or inducements to engage in
investment activity on the grounds that it is made to persons who are exempt from the general restriction, by virtue of Article 43 of the Financial
Services and Markets Act 2000 (Financial Promotion Order) 2005, as a member of a body corporate in the same group as the Company making
the communication.
Any recipient of the Pitch who does not qualify under the terms of the above exemption must not view the Pitch, return the Pitch documents to the
Company immediately and should not read or act upon any of the information contained within it.
The Pitch does not constitute an offer or an invitation for securities to the public that would otherwise be required to comply with the Prospectus
Regulations 2005.
No public offer in any jurisdiction is being made by the Pitch. The Pitch is primarily intended for release in the United Kingdom and does not
constitute an offer, or the solicitation of an offer, in relation to shares in any jurisdiction in which such offer or solicitation is unlawful.
CONFIDENTIALITY
The Pitch has been prepared by the Company. It is being provided to a limited number of persons, each of whom is considered to be a legitimate
recipient, solely as a guide for the purpose of giving background information to enable recipients to assess whether they wish to express an interest in subscribing for shares in the Company.
The information and opinions contained within the Pitch are strictly confidential and are being made available only to parties who agree to keep
them confidential. Neither the Pitch nor any part of it may be copied, published, disclosed, reproduced or distributed to any person at any time
without the prior written consent of the Company, and shall not be used for any purpose other than in connection with the proposed investment in
the Company. By accepting the Pitch you are deemed to undertake and warrant to the Company that you will keep it confidential. You agree to
indemnify the Company against any losses incurred by the Company as a result of any unauthorised disclosure, and to return on demand, the Pitch
and any related documents or information to the Company.
GENERAL
Although the Company has used publicly available information in compiling the Pitch and has used reasonable efforts to check the accuracy of the
information in the Pitch, its accuracy cannot be guaranteed. The Company has not independently verified any of the information in the Pitch and
the Pitch does not purport to be all-inclusive or necessarily to contain all the information that a prospective investor may desire in investigating
the Company, and may be subject to updating, revision or amendment. No representation or warranty, express or implied, is or will be given by the
Company, its advisers or any of their respective directors, shareholders, partners or employees as to the accuracy or completeness of the Pitch or
the information or opinions contained therein.

20. Any financial projections given are illustrative only and none of the projections or assumptions should be taken as forecasts or promises on the
part of the Company nor should they be taken as implying any indication, assurance or guarantee that those assumptions are correct or
exhaustive. The Pitch is not intended to form the basis of any investment decision and all liability for reliance on the contents hereof is excluded.
Each recipient of the Pitch must make its own independent assessment of the information provided by the Company and is advised to seek
independent advice on the contents hereof from an authorised person specialising in advising on investments of the kind in question. Neither the
Company nor any of its advisers, nor their respective directors, partners or employees shall be liable for any direct, indirect or consequential loss
or damage suffered by any person relying on statements or omissions from the Pitch and any such liability is expressly excluded. The Pitch should
not be construed as a recommendation by the Company or any of its officers to invest in the Company, and does not form any commitment by the
Company to proceed with an investment. The Company reserves the right to terminate the procedure at any time and to terminate any discussions
and negotiations with any prospective investors at any time and without giving any reason.
Any and all discussions, negotiations and communications, including through any online forums, between any recipient of the Pitch and the
Company and their respective directors, shareholders, employees, advisers and/or representatives will remain subject to contract and without
commitment or obligation unless and until definitive contracts are agreed, executed and unconditionally delivered. Any person who invests in the
Company at any time must comply with all applicable laws and regulations in force in any jurisdiction in which they acquire, offer or sell shares
and must obtain any consent, approval or permission required in respect of any such transaction under the laws and regulations in force in any
jurisdiction to which they are subject or in which any such transaction takes place or in which they possess the Pitch. Neither the Company nor any
of his or its agents shall have any responsibility for any such matters.
The distribution of the Pitch in certain jurisdictions other than the United Kingdom may be restricted by law and therefore persons accessing the
Pitch into whose possession the Pitch documents come should inform themselves about and observe any such restrictions. Any failure to comply
with these restrictions may constitute a violation of securities laws of any such jurisdiction. Recipients represent and warrant to the Company that
they are able to receive the Pitch without contravention of applicable legal or regulatory restrictions in the jurisdiction in which they reside,
conduct business or receive the Pitch, including in particular the requirements of the Act.
RISK WARNING
Potential investors should be aware of the risks associated with an investment in the Company, and should ensure that they have read and
understood the Risk Warning on the Crowdcube website before continuing.

21. l
A Kiss The Light Slidedeck
info@kissthelight.co.uk
t
n