For release on Reach: 07:00, Thursday 21 May

EMV Capital plc

(EMVC, Group or the Company)

AMR Bio: Commercial Update

 XF-73 asset advancing towards Phase 3

EMV Capital plc (AIM: EMVC), the deep tech and life sciences VC investment group, is pleased to provide a commercial update on the progress of its portfolio company AMR Bio Limited (AMR Bio).

AMR Bio is a clinical phase biotechnology company dedicated to infection prevention and antimicrobial resistance (AMR). Its XF-73 asset is a Phase 2b, first-in-class topical antimicrobial designed to prevent post-surgical infections by rapidly eliminating harmful bacteria before surgery that is now preparing for a Phase 3 clinical trial.

AMR Bio's dedicated management team has been established, and operational, regulatory and commercial activities are now progressing in preparation for Phase 3 development.

Asset Transfer, Funding Round, and Regulatory Headway

As announced in September 2025, EMV Capital's Moirai Acquisitions Limited (subsequently renamed AMR Bio) acquired certain assets from Destiny Pharma Limited (Destiny Pharma), including the XF-73 antimicrobial and associated intellectual property. EMV Capital also led a c.£1.3m funding round to support the establishment of the team and strategy, and to commercialise the company further.

The transferred XF platform assets include: the Investigational New Drug (IND) application for XF-73 Nasal; the pre-IND (pIND) for XF-73 Dermal; an associated Qualified Infectious Disease Product (QIDP) designation; and FDA Fast Track status. Cardinal Health has also been appointed as AMR Bio's US regulatory agent, to advance the FDA submission process.

In the UK, the Medicines and Healthcare Products Regulatory Agency (MHRA) has granted AMR Bio Accelerated Access status for XF-73 under the Innovative Licensing and Access Pathway (ILAP), supporting an accelerated UK route to market.

Management Team

AMR Bio's core team has over 50 years of combined expertise in antimicrobial development and pharmaceutical commercialisation, and includes key experts involved in the original Phase 2 trials. The team is led by Nigel Brooksby, Executive Chair, a globally experienced life sciences executive and entrepreneur who has held senior leadership and advisory positions across biotechnology and pharmaceutical companies, including at Pfizer and Sanofi.

Dr William Rhys-Williams, Vice President, Research Operations, has extensive pharmaceutical development experience, that includes the advancement of technologies from discovery through to Phase 3 clinical development.

Nasal Gel Phase 3 Pathway and other opportunities

Prior to AMR Bio's acquisition of XF73, the Phase 2b clinical trial of XF-73 Nasal demonstrated a 99.5% reduction in bacterial nasal carriage in a 124-patient study involving open heart surgery patients. AMR Bio is now focused on the following near-term priorities:

·      Obtaining FDA guidance for the Phase 3 pathway for XF-73 Nasal.

·      Developing the Good Manufacturing Practice (GMP) roadmap and budget in preparation for Phase 3.

·      Progressing regulatory and commercial planning for both the Nasal and Dermal programmes.

·      Exploring partnerships for the Phase 3 clinical studies and commercialisation, building on existing interest from development partners.

The team is also exploring the clinical and commercial potential for a dermal gel application around severe wounds and skin infections, opening an additional route for commercial returns.

Market Opportunity

The global surgical site infections market size was valued at $8.37 billion in 2025 and is projected to grow to $17.95 billion by 2034[1]. With XF-73's ultra-rapid bactericidal action and no observed emergence of bacterial (MRSA) resistance, the asset has the potential to become a market leader for pre-surgical decolonisation. The company estimates potential peak sales of up to $1bn p.a. across breast, cardiac and orthopaedic surgery patients in the US.

XF-73 Dermal, targeting severe wound and skin infections including diabetic ulcers and trauma-related wounds, sits within a global dermal market estimated to grow to $9 billion annually. The broader wound care market is estimated to exceed $20 billion globally[2], driven by rising rates of surgical procedures, chronic diseases, and antimicrobial resistance. The company is evaluating the total addressable market in the context of this major opportunity and a go to market strategy.

Dr Ilian Iliev, CEO of EMV Capital and Investment Director of AMR Bio, commented:

"AMR Bio's mission is focused and urgent. Its XF-73 asset represents a highly compelling investment opportunity with significant clinical and commercial potential, addressing the silent pandemic affecting every country and region.

"The experienced leadership is executing across regulatory strategy, manufacturing, commercial planning, and stakeholder engagement, with the goal of delivering for patients and shareholders alike.

"Through EMV Capital's EIS investment practice and Venture Build model we are providing hands-on support, while providing our investors with additional exposure to this exciting and socially impactful project."

-Ends-

About EMV Capital plc (EMVC)

EMV Capital plc, is a deep tech and life sciences venture capital investment group with an international portfolio of high-growth companies.

With a strategic focus on generating superior returns for investors from the fast-growing sectors and technologies that will define our future; EMV Capital invests in, manages and strengthens early-stage IP-rich companies.

EMV Capital holds both direct equity stakes and carried interest in its portfolio companies, creating an evergreen structure that supports extensive growth and value creation. EMV Capital's investment thesis is realised through these capital sources:

·      capital-efficient investments through Group balance sheet;

·      fund management of the Evergreen EIS and Martlet Capital Funds;

·      syndicated investments leveraging its network of third-party investors.

EMV Capital's approach is characterised by its proactive management style, aiming to advance portfolio companies to critical value inflection points by actively engaging with them. Companies are supported through Board representation and the use of its Value Creation Services practice.

Headquartered in London, with a Cambridge presence and strong international links, EMV Capital is quoted on the AIM market of the London Stock Exchange.

For more information, visit: https://emvcapital.com/

About AMR Bio

AMR Bio is a clinical phase biotechnology company dedicated to infection prevention, advancing XF-73, a Phase 2b first-in-class topical antimicrobial designed to prevent post-surgical infections, that is now preparing for a Phase 3 clinical trial.

The company's lead product, XF-73 Nasal, has demonstrated strong clinical efficacy in a Phase 2b study and is advancing towards Phase 3 development for the prevention of Staphylococcus aureus infections in surgical settings. The unique attributes of this product mean it could become the market leader for pre-surgery decolonisation.

AMR Bio's proprietary XF platform also supports dermal applications targeting severe wound and skin infections, representing a significant adjacent market opportunity exceeding $20 billion. XF-73 Dermal has been granted Qualified Infectious Disease Product (QIDP) designation by the US FDA for burn wound infections, supporting accelerated development and extended market exclusivity.

AMR Bio is focused on progressing XF-73 through late-stage development, building strong clinical data packages, and seeking partners for the final clinical studies and commercialisation.

For more information, visit: https://amr-bio.com/