OXH Oxford Technology 2 Venture Capital Trust Plc

14 June 2024

                                    Oxford Technology 2 VCT Plc (the "Company")

Legal Entity Identifier: 2138002COY2EXJDHWB30   

 1st Quarter Results 

Oxford Technology 2 VCT Plc presents its quarterly update for the 3 month period ending 31 May 2024. The Directors have reviewed the valuation of its entire portfolio as at that date. The unaudited net asset value (NAV) per share for each Class (and other associated data) as at 31 May 2024 is shown in the table below:

The primary driver of these changes (net of running costs) was an increase in the share price of Arecor Therapeutics Plc (“Arecor”) following the release of excellent headline results from their Phase 1 clinical trial of AT278 (its highly concentrated fast acting insulin) in overweight and obese people with Type 2 diabetes. At 31 May 2024, Arecor’s share price was 155p.

However, subsequent to the period end, Arecor has noted that it will need to raise funds in the next 3 months, earlier than market expectations, and as a result, its share price has reduced and is currently 125p. Post period end, Scancell Holdings Plc (“Scancell”) has also announced that it has signed an agreement with a major international biotechnology company to evaluate an antibody from its Glymab® Portfolio: Scancell has granted that company seven months exclusivity for evaluation, which includes an $1M exclusivity payment. Despite this, Scancell’s share price has dropped slightly from 9.7p at 31 May 2024 to 9.5p.

Taking these reductions into account, the latest NAV per share for each Share Class are 38.1p, 19.2p, 20.9p and 24.0p respectively. Shareholders are reminded that the Chairman’s statement in the Company’s 2024 Annual Financial Statements (“2024 Annual Report”) included details of how each Share Class’s net asset value per share changes with movements in the share prices of the Company’s primary AIM investments.

No dividends were paid during the period under review and no shares were bought or sold in any the portfolio companies in any of the four Share Classes.

As further noted in the 2024 Annual Report, the Company will need to realise a small portion of its quoted portfolio over the next few months to cover operating costs. The Company currently holds 11.3m Scancell shares and 1.6m Arecor shares.

The Directors are not aware of any other events or transactions which have taken place between 31 May 2024 and the publication of this statement which have had a material effect on the financial position of the Company.

At 31 May 2024, the Company’s issued share capital by Share Class is shown in the table above. The Company holds no shares in treasury and the total voting rights in the Company are 27,844,888. This figure of 27,844,888 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries: Lucius Cary Oxford Technology Management 01865 784466

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.

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