ITV Announces Investment in Flarin

London, 15 August 2023

ITV today announces its third 2023 deal as part of its Media for Equity portfolio, in pain relief brand Flarin - its first consumer healthcare investment to date.

As part of ITV Adventures Invest, its Media for Equity investment fund, ITV has agreed to subscribe for £2 million of shares in Flarin Holdings Limited, with the option to subscribe for two additional tranches of £1.5 million each, in return for advertising inventory across ITV's channels and ITVX. It follows ITV's recent Media for Equity investments in architectural design company Resi plus pet health and wellness company PitPat, both announced earlier this year.

Flarin is a unique and patent protected anti-inflammatory painkiller. Its lipid formulation has been clinically proven to be as effective as twice the dose of standard ibuprofen in patients with acute joint pain. Flarin is one of the fastest growing analgesics in the UK and offers consumers a targeted solution for joint and muscular pain relief. It is the only lipid formulated oral analgesic available in the UK.

ITV's investment will help Flarin build mass market brand awareness by bringing the brand to millions of consumers via ITV platforms. This will be a step change in the size of the campaign and the approach to scaling the Flarin brand to date.

Director of ITV AdVentures, Sheena Amin said: "It's fantastic to be announcing our latest Media for Equity investment into Flarin. With its innovative and patented lipid technology, Flarin offers many unique benefits to those suffering from joint and muscular pain compared to any other product on the market. Flarin is already one of the fastest growing analgesics in the market and I am confident that we will see the company grow to new heights following a brand building campaign across ITV."

MD of Flarin, Philip Lindsell said: "Pain and inflammation are increasing and global problems for an ageing world population. Many consumers are already finding that Flarin delivers better relief from their joint and muscular pain.

We are delighted to welcome ITV as an investor as they will be directly instrumental in promoting much wider awareness of the benefits of Flarin. We know that TV is an effective means of reaching consumers, so with the wide availability of Flarin in supermarkets and pharmacies I am confident that a sustained and robust campaign across ITV and ITVX will help many more consumers to use it for effective relief from their joint pain and inflammation."

Flarin Holdings Ltd brings real innovation in the over-the-counter (OTC) market, offering a unique product which has clinical data supporting its effectiveness in treating acute inflammatory pain conditions. Flarin® is the first and only OTC lipid-formulated ibuprofen clinically proven to relieve flaring joint pain. Flarin's patented lipid technology is based on a complex manufacturing process which involves heating and dissolving specific pharmaceutical grade lipids, ibuprofen and other excipients together in a process lasting three days. Flarin® encases ibuprofen in lipids which help it to travel through the stomach and into the small intestine where it is absorbed.

Flarin was initially launched in the UK in 2018 as a pharmacy only product, but in 2020 distribution was expanded into grocery and other retail outlets making Flarin Joint & Muscular Pain Relief available for consumers to self-select. Patents for the Flarin formulation are also held in 26 other countries.

Flarin Holdings Ltd was advised by Bosham Capital Advisors for the investment by ITV AdVentures.

Launched in 2021, ITV AdVentures Invest is a Media for Equity programme which sees ITV take minority stakes in early stage digital and direct-to-consumer businesses, in return for advertising inventory across ITV's range of market-leading channels and ITVX. The initiative represents an innovative opportunity for consumer businesses seeking to build scale through TV advertising, alongside a strategic media partner. In turn, ITV benefits from a share in the financial returns of the media investment and strategic insights related to direct-to-consumer businesses.

NOTES:

1.   The investment will be held at its fair value on ITV's balance sheet and will not be consolidated.

2.   In the unaudited accounts of Flarin Holdings Limited for the year ended 31 December 2021, reported gross assets were £10.9m and the net loss was £2.2m. The Company is based in London, UK and has 8 employees.

3.   This disclosure is being made in accordance with listing rule 10.4.1 as the parties have agreed to certain customary minority rights and obligations, including, but not limited to, drag obligations.

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