Press Release

Kiadis announces results for the six months ended June 30, 2020 and significant progress made to date in 2020 in all development programs

September 30, 2020 at 1:00 AM EDT
  • K-NK002 (HSCT): IND approved to enter Phase 2 development
  • K-NK003 (AML R/R): IND approved and multiple patients enrolled for Phase 1 investigator initiated trial for treatment of relapsed/refractory acute myeloid leukemia (R/R AML)
  • K-NK004 (MM): pre-clinical engineered product candidate partnered with Sanofi; €17.5M upfront, potential total deal value of >€875 million, plus royalties
  • K-NK-ID101 (COVID-19/respiratory): research consortium established, investigator sponsored Phase 1/2 IND approved by FDA and received a commitment for $9.5M in funding from US government
  • Data presented at key medical meetings support the uniquely potent and  persistent phenotype of K-NK cells; includes new clinical data for K-NK003
  • Kiadis to hold conference call with investors today at 15:00 CEST

Amsterdam, The Netherlands, September 30, 2020 – Kiadis Pharma N.V. (“Kiadis” or the “Company”) (Euronext Amsterdam and Brussels: KDS), a clinical-stage biopharmaceutical company focused on the development of innovative natural killer (NK) cell-based medicines for the treatment of life-threatening diseases, today announces its unaudited interim results for the six months ended June 30, 2020, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

Arthur Lahr, CEO of Kiadis, commented, “We began the year as a new company, have made significant progress in 2020, and established important partnerships and sources of income. Our unique and hyperfunctional K-NK cells can potentially treat cancer, infectious diseases, and other life-threatening diseases. We look forward to providing further updates as we continue this important work of bringing cell based medicines to a broad population of patients.”

Operating highlights (including post-reporting period)

  • As of June 30, 2020 Kiadis had €19.8 million in cash and cash equivalents and received a €17.5 million upfront payment from Sanofi in July. Anticipated cash and cash equivalents for end of September 2020 is €25.9 million, effectively a cash burn of €11 million for the third quarter, which was focused on advancing the Company’s NK-cell business. 
  • In the first half of 2020, Kiadis raised gross proceeds of €17 million through private placements of approximately 10.5 million shares.
  • In May, the U.S. Food and Drug Administration (FDA) approved the Investigational New Drug (IND) application Kiadis filed in April 2020 that supports the Phase 2 NK-REALM (haploidentical NK-cells to prevent post-transplant RElapse in AML and MDS) study. This study will enroll 63 patients at leading transplant centers in the U.S. The study is designed to confirm earlier proof-of-concept data in 24 patients, which showed that adjunctive treatment with K-NK002 has the potential to substantially improve outcomes for patients in need of a HSCT.
  • The U.S. FDA provided approval on the first-in-human clinical trial in patients with relapsed/refractory acute myeloid leukemia (R/R AML) with off-the-shelf Natural Killer (“NK”) cells manufactured using Kiadis’ FC21 mbIL21 feeder cells and proprietary universal donor platform. The Phase 1 investigator initiated trial, which will support the development K-NK003, has enrolled multiple patients since its start in June.
  • In July, Kiadis signed an exclusive license agreement with Sanofi for its previously undisclosed K-NK004 preclinical program. The agreement covers Kiadis’ proprietary CD38 knock out (CD38KO) K-NK therapeutic for combination with anti-CD38 monoclonal antibodies, including Sarclisa®, Sanofi’s FDA approved therapy for patients with multiple myeloma, as well as exclusive rights to use Kiadis’ K-NK platform for two undisclosed pre-clinical programs. Kiadis received a €17.5 million up front payment and will be entitled to receive up to €857.5 million upon Sanofi’s achievement of preclinical, clinical, regulatory and commercial milestones. Kiadis will also receive up to low double-digit royalties based on commercial sales of approved products resulting from this agreement. 
  • Kiadis initiated a new infectious disease program, K-NK-ID101, in COVID-19/respiratory infections. In support of this program, Kiadis is collaborating with five premier Dutch institutions to study different anti-viral mechanisms of Kiadis’ K-NK cell therapy platform against SARS-CoV-2, the virus that caused the COVID-19 pandemic. The U.S. Food and Drug Administration (FDA) has approved Nationwide Children’s Hospital’s IND for a COVID-19 clinical trial with off-the-shelf K-NK cells using Kiadis’ proprietary platforms. Additionally, Kiadis received a commitment for $9.5 million in funding from the U.S. Department of Defense (DoD) through the Advanced Regenerative Manufacturing Institute (ARMI) that will fund the K-NK-ID101 COVID-19 program as costs are incurred.
  • A plethora of data was presented at key medical meetings in 2020 related to Kiadis’ K-NK platform. These data further support that NK cells expanded with Kiadis’ FC21 and PM21 technologies increase K-NK cell expansion, improve cytotoxicity, and show strong signs of antitumor and suspected antimicrobial activity, including in patients with complicated CNS disease and serious infections.

Financial highlights for the six months ended June 30, 2020 (including post reporting period)

(Amounts in EUR million, except per share data)20202019Change
Other income0.1  - 0.1
Total operating expenses  (20)  (25.7)5.7
  Research and development  (13.7)  (16.2)2.5
  General and administrative  (6.3)  (9.5)3.2
Operating result  (19.9)  (25.7)5.8
Net financial result1.1  (0.2)1.3
Net result  (18.8)  (25.9)7.1
Net operating cash flow   (21.2)  (21.4)0.2
Cash position at end of period19.829.59.7
Equity27.634.3  (6.7)
Earnings per share before dilution (EUR)  (0.57)  (1.03)0.46

Other income

  • In 2020, the Company received a subsidy from the Dutch Government which supports the Company’s research efforts in defined research and development projects. The Company recorded €0.1 million Other income in 2020.

Operating expenses

  • Operating expenses decreased to €20.0 million in 2020 from €25.7 million in 2019, a decrease of €5.7 million.
  • Research and Development expenses decreased to €13.7 million in 2020 from €16.2 million in 2019. Without the expenses for share-based compensation, Research and Development expenses decreased to €12.7 million in 2020 from €15.3 million in 2019, a decrease of €2.6 million. The decrease was caused by  lower clinical expenses compared to 2019 which included the ATIR study, CR-AIR-009. In 2020, the expenses related to the development of our K-NK platform including the K-NK002 and K-NK003 programs as well as the preclinical programs evaluating solid tumors.
  • General and Administrative expenses decreased to €6.3 million in 2020 from €9.5 million in 2019. Without the expenses for share-based compensation, General and Administrative expenses were €3.2 million lower at €5.4 million in 2020 compared to €8.6 million in 2019. In 2019, the General and Administrative expenses included market access preparations and the acquisition of CytoSen Therapeutics Inc.

Operating results

  • As a result of the overall decrease in total operating expenses, the Group's operating loss decreased by €5.8 million from €25.7 million in 2019 to €19.9 million in 2020.

Net financial result

  • Net finance result increased to €1.1 million from a loss of €0.2 million in 2019. The increase of €1.3 million is due to lower interest expenses in line with lower outstanding debt, favorable fair value adjustments of €0.7 million related to the contingent consideration of CytoSen Therapeutics, Inc. and a gain of €1.9 million related to issued warrants as part of private placements in April 2020. The net foreign exchange result impacted the financial result unfavorable, a decrease of €1.3 million towards a foreign exchange loss of €0.8 million. In 2019, the financial result included a gain of €1.1 million due fair value adjustments of recorded outstanding loans.

Net result

  • As a result of the above items, the loss for the year to date decreased by €7.1 million to €18.8 million in 2020 versus a loss of €25.9 million in 2019.

Cash position

  • The Company strengthened its cash position in 2020 with private placements of 10.5 million ordinary shares raising net proceeds of €16.1 million.
  • The cash position decreased by €9.7 million to €19.8 million at June 30, 2020 compared to €29.5 million at the end of 2019. In 2020, the net operating cash outflow amounted to €21.2 million and further included the acquisition of PP&E, repayments of loans and lease liabilities for a total amount of €4.6 million.
  • The Company’s cash position at June 30, 2020 was €19.8 million.


  • The Company's equity position amounted to €27.6 million at June 30, 2020 versus €34.3 million at the end of 2019, a decrease of €6.7 million. The main drivers of this decrease are the loss for the year of €18.8 million as well as the fair value of issued warrants deducted from equity of €6.5 million offset by net proceeds of the share offerings of €16.1 million in April 2020 and favorable currency translation of €0.8 million.

Earnings per share

  • The undiluted loss per share for 2020 decreased to €0.57 compared to €1.03 in 2019.

A full financial report for the six months ended June 30, 2020 is available on Kiadis’ website at

Conference Call and Presentation

The Kiadis management will host a conference call for analysts and investors today, Wednesday, September 30th at 15:00 CEST / 2:00pm BST / 9:00am EDT. To participate in the conference call, ten minutes prior to the call start time, please call one of the following numbers, enter the Conference ID stated below, and leave any information requested after the tone:

Standard International Dial-in Number: +44 (0) 2071 928338
Netherlands, Amsterdam: +31 (0) 207956614
UK, London: +44 (0) 8444819752
Toll free US Dial-in Number: 1 877 870 9135
Conference ID: 3260298

Live webcast:

A live audio webcast of the call can be accessed from the Events section of the Company’s website,

Dutch Translation/Nederlandse vertaling

Kiadis Pharma N.V. ('Kiadis') is een Nederlands beursgenoteerd biotechbedrijf dat nieuwe geneesmiddelen ontwikkelt tegen ernstige aandoeningen. Het maakt daarbij gebruik van Natural Killer-cellen (NK-cellen), grote witte bloedlichamen die de eerste verdedigingslinie in het menselijk afweersysteem vormen tegen kankercellen en infecties.

Kiadis publiceert vandaag de niet-gecontroleerde tussentijdse resultaten over de eerste zes maanden van 2020 tot en met 30 juni, opgesteld overeenkomstig IFRS.

Arthur Lahr, CEO van Kiadis, zegt:

“We zijn het jaar 2020 gestart als geheel nieuwe onderneming en hebben snel aanzienlijke vorderingen geboekt, belangrijke samenwerkingen opgezet en nieuwe inkomsten gerealiseerd. Onze unieke K-NK-cellen kunnen potentieel ingezet worden voor een grote groep patiënten met kanker, infectieziekten en andere levensbedreigende aandoeningen. We kijken er naar uit om in de komende periode verdere updates te kunnen bekendmaken "

Operationele hoofdpunten (inclusief gebeurtenissen na rapportagedatum)

  • Per 30 juni 2020 had Kiadis € 19,8 miljoen aan geldmiddelen en kasequivalenten. In juli werd een betaling van € 17,5 miljoen van Sanofi ontvangen. De verwachte geldmiddelen en kasequivalenten per eind september 2020 bedragen € 25,9 miljoen, wat neerkomt op een cash burn van € 11 miljoen in het derde kwartaal, een periode waarin alle activiteiten betrekking hadden op NK-cel programma’s.
  • In de eerste helft van 2020 realiseerde Kiadis bruto-inkomsten van € 17 miljoen via onderhandse plaatsingen van circa 10,5 miljoen aandelen.
  • In mei keurde de Amerikaanse Food and Drug Administration (FDA) de Investigational New Drug (IND)-aanvraag goed die Kiadis in april 2020 had ingediend voor de fase 2 NK-REALM-studie (haplo-identieke NK-cellen ter voorkoming van RElapse na transplantatie bij acute leukemie (AML) en myelodysplasie (MDS)). Voor deze studie zullen 63 patiënten worden gerekruteerd in leidende transplantatiecentra in de VS. De studie is gericht op de bevestiging van eerdere proof-of-concept-data bij 24 patiënten, die aantoonden dat aanvullende behandeling met K-NK002 de uitkomsten voor patiënten die een stamceltransplantatie ondergaan aanzienlijk kan verbeteren.
  • De Amerikaanse FDA verleende goedkeuring voor de start van de eerste klinische studie in patiënten met recidiverende/refractaire acute myeloïde leukemie (R/R AML) met standaard Natural Killer ("NK")-cellen geproduceerd met behulp van Kiadis 'FC21 mbIL21 feeder-cellen en universeel donorplatform. Aan deze Fase 1 studie ter ondersteuning van de ontwikkeling van K-NK003 hebben sinds de start in juni al meerdere patiënten deelgenomen.
  • In juli tekende Kiadis een exclusieve licentieovereenkomst met Sanofi voor het tot op dat moment nog niet bekendgemaakte preklinische programma K-NK004. De overeenkomst heeft betrekking op Kiadis' CD38 knock-out (CD38KO) K-NK-cellen voor combinatie met anti-CD38 monoklonale antilichamen, waaronder Sarclisa®, Sanofi's door de FDA goedgekeurde medicijn voor patiënten met multipel myeloom (ziekte van Kahler). Daarnaast heeft Sanofi de exclusieve rechten verkregen voor het gebruik van Kiadis' K-NK-platform voor twee niet nader genoemde preklinische programma's. Kiadis ontving een betaling van € 17,5 miljoen en heeft het recht op totale toekomstige betalingen tot potentieel € 857,5 miljoen, zodra Sanofi vooraf vastgestelde mijlpalen heeft behaald. Kiadis zal daarnaast tot lage dubbelcijferige royalty's ontvangen op de omzet van producten die door Sanofi worden ontwikkeld als onderdeel van de overeenkomst.
  • Kiadis startte een nieuw programma voor infectieziekten, K-NK-ID101, in griep/COVID-19. Ter ondersteuning van dit programma werkt Kiadis samen met vijf vooraanstaande Nederlandse instellingen bij onderzoek naar de antivirale mechanismen van Kiadis' K-NK-celtherapieplatform tegen SARS-CoV-2, het virus dat de COVID-19-pandemie veroorzaakte. De Amerikaanse Food and Drug Administration (FDA) keurde voor het Nationwide Children’s Hospital de start goed van een klinische studie in COVID-19 met Kiadis’ K-NK-cellen. Daarnaast werd aan Kiadis $9,5 miljoen subsidie toegekend door het Amerikaanse ministerie van Defensie via het Advanced Regenerative Manufacturing Institute (ARMI), waarmee lopende kosten van het K-NK-ID101 COVID-19-programma zullen worden betaald.
  • Op belangrijke medische congressen werd een veelheid aan data gepresenteerd over Kiadis’ K-NK-platform. Deze gegevens bevestigen dat NK-cellen geproduceerd met de FC21- en PM21-technologieën van Kiadis de K-NK-celexpansie verhogen, de cytotoxiciteit verbeteren en een sterke werking tegen tumoren en bacteriële en schimmelinfecties vertonen, ook bij patiënten met ernstige complicaties aan het centraal zenuwstelsel en ernstige infecties.

Overige inkomsten

  • In 2020 ontving Kiadis een subsidie van de Nederlandse overheid ter ondersteuning van de onderzoeksinspanningen in gedefinieerde onderzoeks- en ontwikkelingsprojecten. De Onderneming boekte € 0,1 miljoen aan Overige inkomsten in 2020.

Operationele kosten

  • De bedrijfskosten daalden van € 25,7 miljoen in 2019 naar € 20,0 miljoen in 2019, een afname van € 5,7 miljoen.
  • De kosten voor onderzoek en ontwikkeling daalden van € 16,2 miljoen in 2019 naar € 13,7 miljoen in 2020. Zonder de kosten voor op aandelen gebaseerde vergoedingen daalden de kosten voor onderzoek en ontwikkeling van € 15,3 miljoen in 2019 naar € 12,7 miljoen in 2019, een daling met € 2,6 miljoen. De daling was het gevolg van lagere klinische kosten in vergelijking met 2019, waaronder de ATIR-studie, CR-AIR-009. In 2020 hadden de uitgaven betrekking op de ontwikkeling van ons K-NK-platform, inclusief de K-NK002- en K-NK003-programma's, evenals de preklinische programma's ter evaluatie van solide tumoren.
  • De algemene en administratieve kosten daalden van € 9,5 miljoen in 2019 naar € 6,3 miljoen in 2019. Zonder de kosten voor op aandelen gebaseerde beloningen daalden de algemene en administratieve kosten met € 3,2 miljoen naar € 5,4 miljoen in 2020 vergeleken met € 8,6 miljoen in 2019. In 2019 omvatten de algemene en administratieve kosten de voorbereidingen voor markttoegang en de overname van CytoSen Therapeutics Inc.

Operationeel resultaat

  • Als gevolg van de algehele daling van de totale bedrijfslasten, nam het verlies van de Groep met € 5,8 miljoen af, van € 25,7 miljoen in 2019 tot € 19,9 miljoen in 2020.

Netto financieel resultaat

  • Het netto financieel resultaat steeg tot € 1,1 miljoen van een verlies van € 0,2 miljoen in 2019. Deze toename van € 1,3 miljoen is het gevolg van lagere rentelasten in lijn met lagere uitstaande schulden, gunstige reële waarde-aanpassingen van € 0,7 miljoen gerelateerd aan de voorwaardelijke vergoeding van CytoSen en een winst van € 1,9 miljoen gerelateerd aan uitgegeven warrants als onderdeel van onderhandse plaatsingen in april 2020. Het netto wisselkoersresultaat had een ongunstige impact op het financiële resultaat, een daling van € 1,3 miljoen richting een wisselkoersverlies van € 0,8 miljoen. In 2019 omvatte het financieel resultaat een toename van € 1,1 miljoen als gevolg van aanpassingen aan de reële waarde van opgenomen uitstaande leningen.


  • Als gevolg van de bovenstaande posten nam het verlies over de eerste negen maanden met € 7,1 miljoen af tot € 18,8 miljoen in 2020, vergeleken met een verlies van € 25,9 miljoen in 2019.


  • De Onderneming versterkte haar kaspositie in 2020 met onderhandse plaatsingen van 10,5 miljoen gewone aandelen, wat leidde tot een netto-opbrengst van € 16,1 miljoen.
  • De kaspositie daalde met € 9,7 miljoen tot € 19,8 miljoen op 30 juni 2020 vergeleken met € 29,5 miljoen eind 2019. In 2020 bedroeg de netto operationele kasstroom € 21,5 miljoen en omvatte verder de acquisitie van materiële vaste activa, aflossingen van leningen en leaseverplichtingen voor een totaalbedrag van € 4,3 miljoen.
  • De kaspositie van op 30 juni 2020 bedroeg € 19,8 miljoen.

Eigen vermogen

  • Het eigen vermogen van de Onderneming per 30 juni 2020 bedroeg € 27,6 miljoen, vergeleken met € 34,3 miljoen eind 2019, een daling met € 6,7 miljoen. De daling wordt voornamelijk veroorzaakt door het verlies van € 18,8 miljoen en de reële waarde van de uitgegeven warrants die in mindering zijn gebracht op het eigen vermogen van € 6,5 miljoen, gecompenseerd door de netto-opbrengst van de aandelenemissies van € 16,1 miljoen in april 2020 en gunstige valutaomrekening van € 0,8 miljoen.

Resultaat per aandeel

  • Het verlies per aandeel (voor verwatering) nam af tot € 0,57 ten opzichte van € 1,03 in 2019.

Een volledig financieel rapport over de eerste zes maanden eindigend op 30 juni 2020 is beschikbaar op de website van Kiadis Pharma,

Dit persbericht vormt een vertaling van het gepubliceerde Engelstalige persbericht. Bij eventuele verschillen is de tekst van het Engelstalige persbericht altijd bepalend.

For more information, please contact:

Amy Sullivan, SVP, Corporate Affairs
Tel: +1 508 479 3480

LifeSpring Life Sciences Communication:
Leon Melens (Amsterdam)
Tel: +31 538 16 427

Optimum Strategic Communications:
Mary Clark, Supriya Mathur
Tel: +44 203 950 9144

About Kiadis

Founded in 1997, Kiadis is building a fully integrated biopharmaceutical company committed to developing innovative cell-based medicines for patients with life-threatening diseases. With headquarters in Amsterdam, The Netherlands, and offices and activities across the United States, Kiadis is reimagining medicine by leveraging the natural strengths of humanity and our collective immune system to source the best cells for life.

Kiadis is listed on the regulated market of Euronext Amsterdam and Euronext Brussels since July 2, 2015, under the symbol KDS. Learn more at

Forward Looking Statements

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect Kiadis’ or, as appropriate, Kiadis’ officers’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of known and unknown risks, uncertainties and assumptions that could cause actual results, performance, achievements or events to differ materially from those expressed, anticipated or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, regulation, competition and technology, can cause actual events, performance, achievements or results to differ significantly from any anticipated or implied development. Forward-looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, Kiadis expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or projections, or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither Kiadis nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the anticipated or implied developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.



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