eXroid is pleased to report that we have now passed our £700,000 minimum investment target, having raised £726,360. The balance available for investment now is £223,640.

We have achieved a number of key milestones in our work towards a CE marking for our equipment. We are targeting July for the completion of the remaining milestones, after which our CE registration will be completed and we can resume treatments, targeted for August.

Michael Wilshaw has joined our board as Managing Director. Michael is well qualified to take us into the NHS, having worked for the NHS as a senior manager for 13 years. During this time, he was responsible for managing NHS trust services with annual budgets above £80m as well as leading turnaround programmes for organisations in distress. Since leaving the NHS, Michael has spent the past 10 years working with the NHS and assisting private companies seeking to do business with the NHS. Michael is already working on introducing eXroid treatments in a NHS hospital in Kent, which is keen to reduce its waiting list for haemorrhoid treatments.

Just before Easter, we were contacted by the new CEO and majority shareholder of Ultroid, informing us that they are have resolved their compliance issues with the FDA and reaching out to us as former trade partners. Michael Wilshaw met the Ultroid CEO in April, and they had a positive discussion about resolving past issues and possibly working together in future. Ultroid also plans to establish operations in Europe and, while this would result in competition, we see benefits in having more than one company publicising the benefits of the electrotherapy treatment for haemorrhoids in this large and growing market. As described in our Information Memorandum, we have established a reserve to cater for the possibility that Ultroid might raise objections to our developing a treatment device similar to theirs (for which there is no legal basis). While we will keep this reserve in place for the time being, we believe this risk is reduced by the positive attitude shown by their new CEO.

We have moved our offices to Discovery Park in Sandwich, one of the leading Innovation Hubs in Kent and the UK and have also leased space there for our manufacturing activities. We share this first class facility with Pfizer and a number of other healthcare companies and other companies which offer B to B support services.



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