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VolitionRx — Update 6 January 2017

VolitionRx (NYSE: VNRX)

Last close As at 05/08/2026

USD0.14

— 0.00 (−2.86%)

Market capitalisation

—

More on this equity

Research: Healthcare

VolitionRx — Update 6 January 2017

VolitionRx

Analyst avatar placeholder

Written by

Healthcare

VolitionRx

Triage test ready for launch

Commercial update

Healthcare equipment & services

6 January 2017

Price

US$5.26

Market cap

US$137m

Net cash ($m) at end Q316

12.5

Shares in issue

26.1m

Free float

74%

Code

VNRX

Primary exchange

NYSE MKT

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

19.8

8.0

22.6

Rel (local)

16.4

2.8

9.0

52-week high/low

US$5.6

US$3.1

Business description

VolitionRx is a diagnostics company focused on developing blood-based cancer diagnostics using its proprietary Nu.Q™ technology. Its lead program is in colorectal cancer, which may enter the European market in 2017.

Next events

Additional triage trial results at ENDO congress

February 2017

Additional CRC data

H117

FDA feedback on 510(k) pathway

H117

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

VolitionRx is a research client of Edison Investment Research Limited

VolitionRx reported in January 2017 that it had received a CE mark for its Nu.Q™ triage test for colorectal cancer (CRC). The company is targeting commercialization of the test initially in EU member states that have established fecal immunochemical testing (FIT) programs (of which there are 14 in total), and the CE mark should enable launches in these territories as early as 2017.

Year
end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/14

0.0

(8.4)

(0.62)

0.0

N/A

N/A

12/15

0.0

(9.7)

(0.54)

0.0

N/A

N/A

12/16e

0.0

(14.0)

(0.61)

0.0

N/A

N/A

12/17e

1.6

(16.6)

(0.62)

0.0

N/A

N/A

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

Triage test can reduce colonoscopies by 25%

In October 2016 VolitionRx presented data at the European Society for Medical Oncology detailing the results from a 1,907-person prospective clinical trial of the Nu.Q™ triage test. The results demonstrated that when combined with a FIT, the protocol could maintain 96.6% of CRC diagnoses compared to current regimens, while reducing unnecessary colonoscopies by 25%. Additional results are to be released in February 2017 at the ENDO 2017 World Congress of GI Endoscopy.

VolitionRx: Market of €150m in triage tests per year

The company announced initial pricing and market estimates for the triage test on the Q316 conference call. The assay will be priced at €50 per test, and VolitionRx estimates approximately three million people with positive FITs across Europe, which is similar to our estimates of 2.5 million individuals. The company expects individual contracts with central health authorities to translate into 30k to 200k tests per year apiece, depending on the size of the country.

Big prospective trial on deck

The company announced plans to initiate a prospective trial of 30,000 Danish individuals for the study of the front-line Nu.Q™ test in collaboration with Hvidovre Hospital. The trial will follow patients for a minimum of two years with an option to extend up to six years, and will cost DKK7.5m per year in fees to the hospital.

Valuation: $267m or $10.23 per basic share

We have increased our valuation to $267m from $246m, but the per-share valuation has reduced to $10.23 from $10.46 per basic share due to the recent 2.5m share offering. We have increased our peak sales estimates for the triage test to $42m from $30m based on company pricing guidance, and increased our valuation for the program to $17m from $12m. The remainder of the increase is due to advancing our NPVs to Q316, and the October 2016 offering ($11.7m net). We expect the company to need $45m in cash before becoming cash flow positive in 2021.

CE mark received for triage test in Europe

VolitionRx announced in January 2017 that it had received a CE mark for the Nu.Q™ triage colorectal cancer (CRC) test and it is now authorized for sale in Europe. The triage test will be the company’s first product available for purchase and the first sales are expected in H117.

The test uses the Nu.Q™ nucleosome testing platform and two assays that were previously used in the first-line Nu.Q™ CRC test currently in development. The triage test is designed to decrease the number of unnecessary colonoscopies by providing an additional layer of screening on top of the standard fecal immunochemical test (FIT). FIT screening is the standard first-line detection method across Europe, and approximately 2.6% of patients receive a false positive for the test in trials, but the rate of positive tests is much higher in retrospective studies: up to 7%.1,2 Based on the underlying rate of CRC, the company estimates that 95% of all positive FITs are false positives, due to the low underlying prevalence of CRC. There is therefore a substantial burden placed on healthcare systems due to unnecessary colonoscopies. This is particularly the case in systems that have government-sponsored FIT screening, which is present in 14 of the 28 EU member states.

  Quintero E, et al. (2012) Colonoscopy versus Fecal Immunochemical Testing in Colorectal-Cancer Screening. New Eng. J. Med. 366, 697-706.

  Imperiale TF, et al. (2014) Multitarget Stool DNA Testing for Colorectal-Cancer Screening. New Eng. J. Med. 370, 1287-1297.

The company released results at the European Society for Medical Oncology (ESMO) from a 1,907-person prospective study demonstrating that the triage test, when combined with a FIT, can reduce the rate of unnecessary colonoscopies by 25%, while correctly identifying 96.6% of CRC cases (compared to current colonoscopy rates). Additionally, the two tests combined are better at positively identifying patients with CRC: 29% more cases of CRC were caught using the triage test and FIT compared to FIT alone. This corresponds to a sensitivity of 88% and specificity of 98.1%, when extrapolated using historical FIT data (Exhibit 1). The full results of the triage clinical trial will be presented at the ENDO 2017 World Congress of GI Endoscopy in February.

Exhibit 1: CRC screening technology comparison

Test

Sensitivity
(%)

False negative rate (%)

Specificity
(%)

False positive rate (%)

Cost per test

Colonoscopy

95

5

95

5

$1,000-3,000

FOBT

50

50

98

2

$5

FIT

68

32

97.4

2.6

$23

Cologuard (Exact Sciences)

92

8

87

13

$649

Nu.Q™ triage + FIT*

88

12

98.1

2.0

€50

Source: FDA, World Gastroenterology Organisation, Exact Sciences, VolitionRx. Note: *These data extrapolated from VolitionRx reported improvements and historical FIT measurements.

On the Q316 conference call, VolitionRx provided preliminary pricing and market estimates. VolitionRx stated that it is aiming to price the test in the €50 range, which is higher than our earlier estimates of €20 per test, and the company provided a range of gross margins for the test: “north of 70% or 80%”. The test will be commercialized by targeting central health authorities across the EU, beginning with the states that have established FIT testing protocols. The company estimated a potential market of 3m tests per year, which is similar to our earlier estimates of 2.5m across EU member states. The company stated that individual markets in the initial set of targeted territories correspond to “chunks of between 30k and 200k tests, depending on the size of the country”.

Biggest CRC trial yet

In other developments, VolitionRx announced that it will be initiating a 30,000-person prospective screening study in Denmark with its long-time collaborator Hvidovre Hospital of the front-line Nu.Q™ CRC test. The study is the company’s largest to date and its prospective nature should provide significant evidence of the test’s utility for widespread screening. The previous prospective CRC study enrolled only 121 patients, but showed 91% sensitivity and 90% specificity.

The patients on the study will be selected from the Danish FIT screening program on the basis of a negative FIT, and will receive a Nu.Q™ test on enrolment and each subsequent year. The program has an initial duration of two years with the option to continue for up to six years. We expect at least one year for enrollment, corresponding to a maximum seven-year clinical program. The company will pay the hospital DKK7.5m per year ($1.1m) for the study. These expenses are within our estimates for the development costs for the front-line test. Depending on results, such a study may support marketing efforts in Europe, but marketing approval and payer adoption in the US may require additional studies, although in the near term the company may avoid some clinical trials by pursuing a 510(k) approval, albeit with a more restrictive label. Feedback from the FDA on the US approval pathway, starting with guidance on a 510(k) application, is expected in H117. We also expect results from two other studies being performed at Hvidovre Hospital in H117: a 4,800-person study of biomarkers to differentiate CRC from other bowel diseases, and a 14,000-person study in patients with a positive FIT test.

Valuation

We have increased our valuation to $267m from $246m, although this represents a reduction in the per-share valuation to $10.23 from $10.46 per basic share because of the October 2016 offering of 2.5m shares for a net $11.7m. Approximately $6m of this increase is due to the integration of the pricing and margins reported by the company for the Nu.Q™ CRC triage test. The price increase has been made at the cost of a slower rate of adoption, although we have increased our peak sales estimates to $42m (from $30m). The gross margin estimates from the company have reduced our expected peak margin estimates from 54% to 50%. The remainder of the increase in valuation is due to advancing our NPVs to Q316, offset by a lower cash balance. We expect to update our valuation following feedback from the FDA on the 510(k) pathway, as well as reports of the Nu.Q™ triage launch.

Exhibit 2: VolitionRx valuation

Product

Main indication

Status

Prob. of commercial success

Launch year

Peak sales ($m)

Patent protection

Economics

rNPV ($m)

Nu.Q™

Colorectal

Development

30%

2017

$404

2034

56% peak margin

$175

 

Colorectal triage

Pre-commercialization

30%

2016

$42

2034

50% peak margin

$17

 

Lung

Development

30%

2018

$145

2034

61% peak margin

$41

Pancreatic

Development

30%

2018

$37

2034

58% peak margin

$10

Total

 

 

 

 

 

 

 

$243

Cash and cash equivalents (Q316 + offering) ($m)

$24.2

Total firm value ($m)

$267

Total basic shares (m)

26.1

Value per basic share ($)

$10.23

Warrants and options (9/2016, m)

2.1

Weighted average exercise price ($)

$2.36

Cash on exercise ($m)

$5.0

Total firm value ($m)

$272

Non-warrant options (6/2016, m)

2.5

Total number of shares (m)

30.7

Diluted value per share ($)

$8.86

Source: VolitionRx reports, Edison Investment Research

Financials

The company ended Q316 with $12.5m in cash following an operating loss for the quarter of $3.5m. This loss is an increase over previous quarters ($3.0m in Q216 and $2.5m in Q116), reflecting an increase in R&D spending associated with advancement of the Nu.Q™ CRC development program ($2.0m for the quarter). However, the increase in spending during the quarter was lower than expected, and we have reduced 2016 full year operational loss estimates to $14.0m from $15.1m, although there is little carry-over into future years. The company has subsequently completed an offering (2.5m shares at $5.00 for $11.7m in net proceeds). This raise has reduced our expected funding requirement to $45m ($15m in 2017, $15m in 2018, and $15m in 2019) from previous estimates of $60m. We expect that the company will be cash flow positive in 2021.

Exhibit 3: Financial summary

$000s

2012

2013

2014

2015

2016e

2017e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

55

0

15

0

0

1,622

Cost of Sales

0

0

0

0

0

(229)

Gross Profit

55

0

15

0

0

1,393

Research & Development

(2,843)

(2,504)

(4,044)

(6,102)

(8,002)

(9,902)

Sales, General & Administrative

(1,295)

(2,072)

(1,908)

(3,904)

(6,051)

(8,171)

EBITDA

 

 

(4,083)

(4,576)

(5,937)

(10,006)

(14,027)

(16,679)

Operating Profit (before GW and except.)

(4,083)

(4,576)

(5,937)

(10,006)

(14,027)

(16,679)

Intangible Amortization

0

0

0

0

0

0

Other

0

0

0

0

26

0

Exceptionals

0

0

0

0

0

0

Operating Profit

(4,083)

(4,576)

(5,937)

(10,006)

(14,027)

(16,679)

Net Interest

0

0

0

0

0

97

Other

(39)

840

(2,320)

471

(34)

0

Profit Before Tax (norm)

 

 

(4,083)

(4,576)

(8,358)

(9,666)

(14,027)

(16,583)

Profit Before Tax (FRS 3)

 

 

(4,122)

(3,736)

(8,258)

(9,535)

(14,060)

(16,583)

Tax

0

0

(0)

5

0

0

Deferred tax

0

0

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(4,083)

(4,576)

(8,358)

(9,661)

(14,027)

(16,583)

Profit After Tax (FRS 3)

(4,122)

(3,736)

(8,258)

(9,530)

(14,060)

(16,583)

Average Number of Shares Outstanding (m)

9.4

10.8

13.5

17.7

23.1

26.6

EPS - normalised (c)

 

 

(43.62)

(42.24)

(62.08)

(54.49)

(60.78)

(62.31)

EPS - FRS 3 ($)

 

 

(0.44)

(0.34)

(0.61)

(0.54)

(0.61)

(0.62)

Dividend per share ($)

0.0

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

1,522

1,065

1,097

1,489

1,423

1,269

Intangible Assets

1,430

1,002

809

705

656

656

Tangible Assets

91

63

289

784

768

613

Other

0

0

(0)

(0)

(0)

(0)

Current Assets

 

 

416

941

2,192

6,070

19,502

19,591

Stocks

0

0

0

0

0

11

Debtors

0

0

0

0

0

289

Cash

376

889

2,139

5,916

19,349

19,137

Other

39

53

53

154

154

154

Current Liabilities

 

 

(695)

(957)

(2,713)

(1,120)

(1,907)

(1,740)

Creditors

(695)

(957)

(2,713)

(1,120)

(1,907)

(1,740)

Short term borrowings

0

0

0

0

0

0

Long Term Liabilities

 

 

(635)

(433)

(352)

(548)

(460)

(15,460)

Long term borrowings

0

0

0

0

0

(15,000)

Other long term liabilities

(635)

(433)

(352)

(548)

(460)

(460)

Net Assets

 

 

607

617

224

5,891

18,559

3,660

CASH FLOW

Operating Cash Flow

 

 

(2,315)

(3,084)

(4,141)

(8,766)

(11,578)

(15,373)

Net Interest

0

0

0

0

0

0

Tax

0

0

0

0

0

0

Capex

(91)

(1)

(303)

(352)

(89)

(30)

Acquisitions/disposals

0

0

0

0

0

0

Financing

2,576

2,828

5,627

12,498

25,206

0

Dividends

0

0

0

0

0

0

Other

0

0

0

0

(62)

0

Net Cash Flow

171

(257)

1,183

3,379

13,477

(15,403)

Opening net debt/(cash)

 

 

(348)

(376)

(889)

(2,139)

(5,916)

(19,349)

HP finance leases initiated

0

0

0

0

0

0

Exchange rate movements

(40)

4

(44)

13

33

0

Other

(103)

765

111

385

(77)

191

Closing net debt/(cash)

 

 

(376)

(889)

(2,139)

(5,916)

(19,349)

(4,137)

Source: VolitionRx reports, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by VolitionRx and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and 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 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. This document is provided 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. Edison has a restrictive policy relating to personal dealing. 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. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by VolitionRx and prepared and issued by Edison for publication globally. 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. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US 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. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and 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 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. This document is provided 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. Edison has a restrictive policy relating to personal dealing. 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. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. 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. 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 (ie 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. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, 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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

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