PRESS RELEASE

28 September 2023

Genflow Biosciences Plc

("Genflow" or "the Company")

HALF YEAR RESULTS

Genflow (LSE: GENF) is pleased to announce its half year results for the six-month period ended 30 June 2023.

Chairman's Statement

It is with pleasure that I take this opportunity to update shareholders of Genflow Biosciences Plc ("Genflow" or the "Company") on the Company's performance during the first six months of 2023.

The Company continues to maintain a secure financial position and has sufficient cash reserves until March 2025. This is inclusive of grant funding which has been approved at the time of reporting and is due to be received in the coming months. The Company continues to seek further non-dilutive research grants which management will use to expedite specific phases of planned research and development.

The Company has continued to make progress with its two principal longevity programs:

1.      NASH (Non-Alcoholic Steatohepatitis) - where the Company is seeking to reverse aging fibrotic livers to normal functionality. The Company is seeking to ensure swift first-in-human trials; and

2.      Werner Syndrome - where the Company is seeking to improve the lives of patients suffering with this accelerated aging disease. 

Most notably in relation to our NASH program, the Company submitted a detailed application dossier for the Chemistry, Manufacturing, and Controls (CMC) of the Group's proposed medical treatment of NASH, which was presented to the Belgian regulatory authorities (FAMHP) in early June 2023. The Company was pleased with the advice received from the FAHMP to advance clinical trials of its drug, GF-1002, with patients suffering from NASH (rather than in healthy volunteers). This follows promising results from the Company's research in in-vitro human cells and in-vivo rodent studies.

The Company's NASH clinical trials are scheduled to begin in approximately 18 months following dialogue and subsequent agreement with the European Medicine Agency.

Other notable progress with the Group's two longevity programs includes:

·      The Company is conducting in-vivo evaluations of its centenarian SIRT6 gene therapy in four different NASH mice models in conjunction with four leading partners in the field: The University of Liverpool, UK, The University of Rochester, US, the International Clinical Research Center (FNUSA-ICRC), Czech Republic and Physiogenex, France.

These studies have been wide reaching and have included the analysation of over 700 mice, with the intention of understanding the efficacy and safety of the Company's drug candidate in animal models with NASH and has generated essential information in preparation for clinical trials in humans. Final reports are expected by the end of 2023.

·      The Company has initiated a manufacturing program under Good Manufacturing Practices (GMP) conditions, which will applied in both the NASH and Werner Syndrome projects.

·    The Company's partnership with Organips in France, has made it possible to limit the use of animal models in our research by opting for the use of artificial organs built with human cell organoids. These organoids mimic the function of a natural organ, therefore they deliver more relevant information on the potential safety and efficacy of the drug in humans. While organoids offer several advantages, they also have limitations and do not fully replicate the complexity and multicellular interactions of whole organs in the human body.

·      The Group has expanded its intellectual property portfolio through a provisional patent application focussing on the ability to edit its SIRT6 gene. If granted, the patent will represent a significant breakthrough in the field of gene editing, with potential implications for longevity and other forms of gene therapy.

Admittance to the OTCQB

In June 2023, the Company was pleased to announce that, after a successful application process, its Ordinary Shares began trading on the OTCQB Venture Market in the United States ("U.S."). The new U.S. trading avenue expands access to a broader pool of investors and enables investors in the U.S. to trade during U.S. trading hours and in U.S. dollars, thereby easing cross-border trading.

The move is particularly exciting for Genflow as it not only expands the Company's reach to a larger investor base and has the potential to enhance liquidity for our shares, but also provides the Company with a platform to showcase our innovative solutions and technologies to a wider audience, raising our profile and increasing visibility within the global biotech industry, and specifically, longevity.

Governance and the Board

To enhance the Company's current objectives and priorities in the U.S., including the Company's admission to OTCQB, the Board of Directors proactively restructured both itself and the Company's Scientific Advisory Board ("SAB").

In May 2023, I was pleased to be promoted to Chairperson of the Board and Vera Gorbunova PhD was promoted to Chairperson of the SAB. My experience in financing, coupled with a familiarity with the U.S. public markets, I hope will play a crucial role as the Company seeks to strengthen its links with the U.S. market and investors. We believe that Dr. Gorbunova's outstanding contributions to the field of longevity and her invaluable insights in this sector will be instrumental in guiding the Company's scientific research.

Yassine Bendiabdallah remains a key member of our Board and will continue to act as a Non-Executive Director, and Dr Eric Verdin remains a key member of the SAB.

The SAB also welcomed Professor Dr Sven Francque, a renowned expert in the field of non-alcoholic fatty liver disease (NAFLD) and NASH.

Financial Overview

As of 30 June 2023, the Group had cash reserves of £1,507,437 (31 December 2022: £2,356,225) which has been derived from equity fundraising consecutive with admission to the London Stock Exchange in January 2022 and the receipt of research and development grants. The Company remains debt free.

Administration expenses for 30 June 2023 totalled £815,477 (30 June 2022: £696,402), which primarily consisted of research and development costs of £415,157 (30 June 2022: £97,304), legal and professional fees totalling £87,428 (30 June 2022: £267,535) and Directors' fees of £187,409 (30 June 2022: £172,851).

Other Comprehensive Income was charged with a translation gain of £26,749 upon converting the Subsidiary's results for the period to GBP.

Future

On behalf of the Board, I thank you for your continued support and look forward to growing the Company's presence and continuing to build upon Genflow's position in the longevity sector both in Europe and the US. The recent recommendation from the FAHMP to commence Phase I/II clinical trials in NASH patients is a key milestone for Genflow, and I am excited for the Company to progress further towards gaining approval from the European Medicine Agency to commence human clinical trials over the next 18 months.

Tamara Joseph

Chairman

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 June 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2023

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2023

Non- Cash Investing and Financing Activities

Unaudited 6 months ended 30 June 2022 and audited 12 months ended 31 December 2022- 900,000 Ordinary shares were issued at nominal value as non-cash consideration to three Directors of the Company in lieu of fees.  

Unaudited 6 months ended 30 June 2022 and audited 12 months ended 31 December 2022- 203,833,878 Ordinary shares were issued at nominal value as non-cash consideration for the acquisition of Genflow Biosciences Srl, as part of a share for share exchange arrangement.