BVX Bivictrix Therapeutics Plc

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.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

BIVICTRIX THERAPEUTICS PLC

("BiVictriX" or the "Company")

Grant of Options

PDMR/Director Dealings

Alderley Park, 28 March 2024 - BiVictriX Therapeutics plc (AIM: BVX), an emerging biotechnology company applying a differentiated approach to develop novel, next-generation anti-cancer precision Antibody Drug Conjugates, offering substantially improved cancer cell selectivity and therapeutic activity, announces a grant of options over an aggregate of 2,650,000 ordinary shares of 1 pence each in the capital of the Company (the "Options").

The Options have been awarded upon the recommendation of the Company's Remuneration Committee and pursuant to the terms of the Company's Share Option Plan (see below).

All of the Options are being granted to Directors/PDMRs of the Company as follows:

The Options have an exercise price of 11.75 pence each, and vest over 3 years, subject to the achievement of strategic corporate and financial goals. The Options will expire 10 years from the date of grant.

Following this grant of Options, the total number of ordinary shares under option is 9,353,335, representing 11.3 per cent. of the Company's total issued share capital.

Amendments to the Share Option Plan

The board of directors recently approved various amendments to the Company's Enterprise Management Incentive (EMI) Share Option Plan, as adopted in August 2021, at the time of the Company's Admission to trading on AIM (the "Share Option Plan"). The main amendments to the Share Option Plan, as referred to in more detail below, are in relation to the vesting and exercise of share options and unapproved share options granted after 1 January 2024 on termination of employment or office and on takeover or liquidation.

Termination of employment or office

An option holder who gives or receives notice of termination of employment may exercise their options over vested shares. If an option holder dies, the personal representative of the option holder may exercise the option over all of the option shares, within 12 months after death.  Thereafter, the option shall lapse. If an option holder leaves as a good leaver, they may, at the board's discretion, exercise the option over all of the option shares within a period determined by the board to be no shorter than 90 days. Thereafter, the option shall lapse if not exercised.

Takeover or liquidation

On (i) a change of control; (ii) a court sanctioned compromise or arrangement under section 899 or 901F Companies Act 2006; or (iii) where a person is bound or entitled to acquire shares under section 979 to 982 or 983 to 985 Companies Act 2006 the board may at its absolute discretion decide that the option may be exercised in full.

Non-Employee Share Option Plan

The board of directors also recently approved the adoption of a new share option plan solely for non-employees of the Company, based upon the same rules of the amended Share Option Plan (the "Non-Employee Share Option Plan").  The Non-Employee Share Option Plan was adopted to enable the Company to grant options to non-employees, such as non-executive directors and enable the Share Option Plan to remain as an employee share scheme under section 1166 Companies Act 2006.

About BiVictriX Therapeutics plc

BiVictriX is a UK-based drug discovery and development company which is focused on leveraging clinical experience to develop a new class of highly selective, next generation cancer therapeutics which exhibit superior potency, whilst significantly reducing treatment-related toxicities.

The Company utilises a first-in-class approach to generate a proprietary pipeline of Bi-Cygni® Antibody Drug Conjugate therapeutics which are designed to selectively target cancer-specific antigen pairs, or "Bi-Cygni® fingerprints", on tumour cells, which are largely absent from healthy cells.

BiVictriX has established a growing proprietary library of cancer-specific Bi-Cygni® fingerprints, which enable the Company to target a diverse array of different cancer types. The Company utilises these novel Bi-Cygni® fingerprints, together with the Company's novel Antibody Drug Conjugate therapeutic design, to develop more effective and safer therapeutics to target cancers that are expected to constitute orphan indications and areas of high unmet medical need.

Find out more about BiVictriX online at www.bivictrix.com  

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.