ReNeuron Group — Strong data in retinal therapy shows long effects

ReNeuron Group (AIM: RENE)

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Research: Healthcare

ReNeuron Group — Strong data in retinal therapy shows long effects

ReNeuron has released further follow-up data from the ongoing human retinal progenitor cell (hRPC) trial, which shows a robust sustained averaged response. This data set completes the six-month data on eight patients and extends, for one individual, to 18 months, who showed a good net gain. The next dose level, two million cells in nine patients, remains delayed due to COVID-19. A filing to start a pivotal study is expected in the second half of CY21. Our indicative value remains at £107m.

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Healthcare

ReNeuron Group

Strong data in retinal therapy shows long effects

Data update

Pharma & biotech

6 July 2020

Price

141.5p

Market cap

£45m

$1.32/£

Cash (£m) at 30 September 2019

21.3

Shares in issue

31.6m

Free float

99.7%

Code

RENE

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

8.9

34.8

(41.0)

Rel (local)

12.7

16.8

(28.3)

52-week high/low

275.0p

75.5p

Business description

ReNeuron Group is a UK biotech company developing allogeneic cell therapies. Human retinal progenitor cells are also being studied for retinitis pigmentosa (in Phase I/IIa). There is a strong preclinical technology base in exosomes.

Next events

Further hRPC Phase I/IIa data

Ongoing

FY20 results

July 2020

hRPC pivotal study start

H221

Analyst

Dr John Savin

+44 (0)20 3077 2500

ReNeuron Group is a research client of Edison Investment Research Limited

ReNeuron has released further follow-up data from the ongoing human retinal progenitor cell (hRPC) trial, which shows a robust sustained averaged response. This data set completes the six-month data on eight patients and extends, for one individual, to 18 months, who showed a good net gain. The next dose level, two million cells in nine patients, remains delayed due to COVID-19. A filing to start a pivotal study is expected in the second half of CY21. Our indicative value remains at £107m.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/18

0.9

(21.0)

(55.66)

0.0

N/A

N/A

03/19

2.7

(17.2)

(45.34)

0.0

N/A

N/A

03/20e

6.1

(22.8)

(60.33)

0.0

N/A

N/A

03/21e

3.1

(30.8)

(83.69)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Impressive averaged response

What is impressive, in our view, is that the therapy, on average, appears to give a clear benefit quickly and then appears stable. In the current one million cell dose cohort, eight patients successfully underwent the procedure; two others had surgical complications, one of whom has fortunately recovered. In our analysis, we continue to look at the successfully implanted patients. With more data points, the net gain in mean visual acuity is now 8.9 letters at six months. One patient so far has 18-month data and displayed a strong response with an impressive 16 letter net gain.

hRPC cell-based therapy might treat any RP patient

Retinitis pigmentosa (RP) is an inherited, degenerative eye disease caused by one of over 100 different gene mutations. ReNeuron’s hRPC therapy could potentially treat any RP patient, giving a big potential commercial advantage; competing gene therapies only treat specific mutations. ReNeuron has regulatory permission from the FDA to move to a two million cell dose level in its Phase /IIa trial. In the UK, a third trial site, in Oxford, has been approved. However, the COVID-19 situation has so far prevented this cohort from being recruited and treated. In H221, ReNeuron plans to seek approval for a pivotal hRPC study. A pivotal US trial may require a partner, perhaps with a valuable deal. We use a 25% probability of success for hRPC therapy in RP, with launch in 2024.

Valuation: Retained at £107m

Our indicative value remains £107m. We will reassess the hRPC valuation as data emerge but note the high deal values in the area with one totalling $250m plus royalties in June. Exosome deals to deliver RNA drugs, with another early stage collaboration announced, are promising but the projects are preclinical. Cash on 31 March 2020 is estimated to be about £8m, pending the year-end results due in July. We envisage a further funding need in FY21.

RPC data to 18 months

The June 2020 update on the US Phase I/IIa US trial (NCT02464436) adds extra data and takes the time course, in one case, to 18 months post-treatment.

In Exhibit 1, the additional data points are added to the January dataset. There are eight patients who had successful cell implantations.1 The data for all of these are now complete at the six-month point and we have data on seven patients at nine-months post treatment. The 12-month data are now for four patients, up from three in January, and we have one report of 18-month data. By late 2020, the longer-term data will be more numerically robust.

  This excludes two subjects who experienced sight loss due to complications arising from the surgical procedure. One of these subjects has recovered back to at least baseline at one-year post treatment. We do not consider these issues are a cause for concern as we anticipate the technique will be improved with experience to reduce future risk. If surgical complications occur in a pivotal study, they would be present in the intent to treat analysis and so reduce the measured efficacy.

Exhibit 1: Patient data at various timepoints

Source: ReNeuron data graphed by Edison Investment Research

Exhibit 2 shows the time course, to which we have fitted simple lines of regression based on one- to nine-month data. We suspect there are a wide range of patient responses, but this detail is not disclosed. Hence, we rely more on the average six and nine-month data points rather than 12 or 18 months as these are small so far. The one 18-month patient has done very well (16 letter gain).

Exhibit 2: Mean letters gained in successfully treated patients over time

Source: ReNeuron, Edison Investment Research

The pattern looks stable and we would, on this simplistic analysis, expect to observe a net difference of about nine or 10 letters at a year. We look forward to the full presentation of the trial data.

In our February note, we observed that the untreated eye seemed also to be doing unexpectedly well, but this apparent signal has decreased as more data has accumulated. For example, at nine months, the February data showed an untreated gain of six letters (n=4) but this is now a mean of 1.2 letters after another three patients’ worth of data. Hence, on average, these further patients lost visual acuity vs baseline in the untreated eye but gained in the treated eye to give a similar net gain (the difference in mean change between treated and untreated eye remained approximately 10.5 letters at nine months, in both the June and February data sets).

What is impressive, in our view, is that the therapy appears to give a clear benefit so quickly and then appears stable on average. For gene therapies, there are general concerns over the long-term persistence of the treatment effects. Cell therapies are generally assumed to show very low persistence and survival after injection but perhaps these retinal cells have much more stable and persistent effects.

By the end of 2020, we expect there will be 12-month follow-up data on eight patients (compared to four currently), giving a better view of the long-term response. The trial has a two-year final endpoint.

US and UK expansion

An amended protocol submitted to the FDA, now approved, will enable the dose to be raised to two million cells. ReNeuron has approval to treat nine more patients at this dose in a Phase IIa extension of the study (in addition to the 10 Phase IIa patients already treated). In addition, a wider range of pre-treatment baseline visual acuity in patients will be eligible and the trial endpoints will be expanded to include microperimetry testing to measure and detect spatial changes in retinal sensitivity.

The trial currently runs at two US centres. The UK regulatory agency (MHRA) has now approved a UK site trial at the Oxford Eye Hospital where Professor Robert MacLaren, a recognised leader in the treatment of retinal diseases, will be the principal investigator.

These studies are temporarily delayed due to COVID-19 making it difficult to screen and treat patients. As restrictions lift, we expect the study to restart but there is no company guidance yet. As there will then be three centres, recruitment should be fast.

According to management, an application to start the planned pivotal study is now planned for H221. We have no indication of timeline or design. With the extended and delayed Phase I/II study and Phase II/III recruitment starting perhaps from late in 2021, or possibly in H122, we continue to prudently assume a 2024 launch after an expedited review.

jCell: A potential competitor?

US company jCyte is running an 84-patient Phase IIb RP cell therapy trial (NCT0307373), with completion (12-month endpoint) due in September 2020. The randomised, single-administration study tests two doses (of three million and six million) of hRPCs (termed jCell) against a sham comparator arm. jCell has FDA Regenerative Medicine Advanced Therapy designation.

A Phase I/II trial dose-ranging study with 28 patients in four dose cohorts was completed in July 2017. Patients in the higher-dose arms, one million and three million, had gains of 4.8 and nine letters, respectively, after a year. There were six in each cohort. Of the treated patients, 25 of 28 reported adverse events. Without publications, we cannot comment further.

Japanese eye specialist Santen licensed the rights to jCell technology in Europe, Asia and Japan in early June. The deal value was $50m in cash, $12m in a convertible note offering and up to an additional $190m in milestones based on regulatory approval and initial sales. There will be a royalty on sales.

jCyte is a private academic spin-out company from the California Institute for Regenerative Medicine based at the University of California, Irvine.

Valuation: Retained at £107m

The hRPC programme is now ReNeuron’s key project. As in previous notes, we have valued it on a partnered basis with a 30% royalty. This level assumes that ReNeuron funds the project.

However, there have been a number of deals in the genetic eye diseases area, for example Nightstar was acquired for $800m by Biogen in 2019. The Santen deal is noted above. Hence, partnering based on expanded Phase II data is possible and could be significantly value enhancing.

Alternatively, this type of specialist retinal therapy (subretinal implantation of hRPC) would only be expected to be carried out by a limited number of a specialists, potentially allowing direct sale by ReNeuron; this would require future investment in a small salesforce.

Our estimate of end-FY20 (31 March) cash is £8m. Cash use in the second half of CY20 might be lower than previously expected due to reduced trial activity and cessation of CTX patient recruitment. We retain our previous assumption that up to £30m might be raised in H2 CY20 to allow for expansion of hRPC studies and exosome developments.

The unchanged value basis is shown in Exhibit 3. This gives an overall value, including estimated March 2020 cash, of £107m, equal to 336p per share with about 32m shares in issue currently.

Exhibit 3: Valuation estimate

Product

Setting

Status

Launch

NPV
(£m)

Peak sales ($m)

Probability of success

Royalty rate

rNPV
(£m)

rNPV per share (p)

CTX

Stroke disability

Phase II

2027

59

1,388

15%

12.5%

6

20

hRPC

CRD

Phase I/II

2024

63

185

20%

30%

11

36

hRPC

RP

Phase I/II

2024

206

691

25%

30%

64

201

Fosun Partnership

N/A

N/A

N/A

31

N/A

N/A

N/A

17

53

Portfolio total

328

99

311

Cash (end March 2020 est)

8

25

Overall valuation

107

336

Source: Edison Investment Research. Note. Estimated amount for 31 March 2020.

Our financial estimates (Exhibit 4) are unchanged pending the publication of FY20 results in July.

Exhibit 4: Financial summary

£'000s

2018

2019

2020e

2021e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

897

2,720

6,094

3,094

Cost of Sales

0

0

0

0

Gross Profit

897

2,720

6,094

3,094

R&D expenses

(16,657)

(16,240)

(24,685)

(28,634)

SG&A expenses

(4,616)

(4,779)

(5,078)

(5,586)

EBITDA

 

 

(20,222)

(17,915)

(23,448)

(30,965)

Operating Profit (before amort. and except.)

 

(20,376)

(18,299)

(23,575)

(31,032)

Intangible Amortisation

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(20,376)

(18,299)

(23,575)

(31,032)

Other

0

0

0

0

Net Interest

(591)

1,064

792

240

Profit Before Tax (norm)

 

 

(20,967)

(17,235)

(22,783)

(30,792)

Profit Before Tax (FRS 3)

 

 

(20,967)

(17,235)

(22,783)

(30,792)

Tax

3,352

2,887

3,579

4,152

Profit After Tax (norm)

(17,615)

(14,348)

(19,204)

(26,640)

Profit After Tax (FRS 3)

(17,615)

(14,348)

(19,204)

(26,640)

Average Number of Shares Outstanding (m)

31.6

31.6

31.8

31.8

EPS - normalised (p)

 

 

(55.66)

(45.34)

(60.33)

(83.69)

EPS - FRS 3 (p)

 

 

(55.66)

(45.34)

(60.33)

(83.69)

Dividend per share (p)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

912

1,522

1,682

1,959

Intangible Assets

186

186

186

186

Tangible Assets

726

632

792

1,069

Other

0

704

704

704

Current Assets

 

 

41,706

29,988

11,684

15,849

Stocks

0

0

0

0

Debtors

1,285

834

834

834

Cash and deposits

37,411

26,386

8,082

12,247

Other

3,010

2,768

2,768

2,768

Current Liabilities

 

 

(5,949)

(7,402)

(7,402)

(7,402)

Creditors

(5,949)

(7,261)

(7,261)

(7,261)

Short term borrowings

0

0

0

0

Short term leases

0

(141)

(141)

(141)

Other

0

0

0

0

Long Term Liabilities

 

 

0

(864)

(864)

(30,864)

Long term borrowings

0

0

0

(30,000)

Long term leases

0

0

0

0

Other long-term liabilities

0

0

0

0

Net Assets

 

 

36,669

24,108

5,965

(19,593)

CASH FLOW

Operating Cash Flow

 

 

(14,887)

(11,947)

(18,808)

(25,733)

Net Interest

383

342

792

242

Tax

0

0

0

0

Capex

(235)

(239)

(287)

(344)

Acquisitions/disposals

0

0

0

0

Financing

0

0

0

0

Dividends

0

0

0

0

Other

0

0

0

0

Net Cash Flow

(14,739)

(11,844)

(18,304)

(25,835)

Opening net debt/(cash)

 

 

(53,061)

(37,411)

(26,380)

(8,076)

HP finance leases initiated

0

0

0

0

Other

(911)

813

0

0

Closing net debt/(cash)

 

 

(37,411)

(26,380)

(8,076)

17,759

Source: ReNeuron accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by ReNeuron Group and prepared and issued by Edison, in consideration of a fee payable by ReNeuron Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

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Germany

London +44 (0)20 3077 5700

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New York +1 646 653 7026

1,185 Avenue of the Americas

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by ReNeuron Group and prepared and issued by Edison, in consideration of a fee payable by ReNeuron Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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