Alcohol reduction
on demand
A patent-pending wearable
drug-device programme
€1.1 million proposed equity round
European and UK development and commercial opportunity
Non-confidential
Product concept visualisation - investigational programme
Alcohol reduction
on demand
A patent-pending wearable
drug-device programme
€1.1 million proposed equity round
European and UK development and commercial opportunity
Non-confidential
Product concept visualisation - investigational programme
PRODUCT PURPOSE AND EVERYDAY CONTEXT
Alcohol reduction on demand. Stay you.
Minerva Wise’s patent-pending, small and discreet wearable drug-device platform is
being developed for rapid, on-demand reduction of blood alcohol, with an approximately
10-minute development target.
Cultural continuity
From wine with meals and celebrations to professional networking receptions, alcohol can accompany
familiar social and cultural occasions. Minerva is being developed as a discreet, on-demand option for
reducing blood alcohol after the last drink of the occasion, respecting personal choice.
Personal choice
“This is my last drink” means the last drink of that occasion. Minerva’s vision is to offer a discreet option at that
chosen moment, fitting around what the person wants to do next.
Minerva Wise Limited | Non-confidential investor presentation 2
PRODUCT PURPOSE AND EVERYDAY CONTEXT
Alcohol reduction on demand. Stay you.
Minerva Wise’s patent-pending, small and discreet wearable drug-device platform is
being developed for rapid, on-demand reduction of blood alcohol, with an approximately
10-minute development target.
Cultural continuity
From wine with meals and celebrations to professional networking receptions, alcohol can accompany
familiar social and cultural occasions. Minerva is being developed as a discreet, on-demand option for
reducing blood alcohol after the last drink of the occasion, respecting personal choice.
Personal choice
“This is my last drink” means the last drink of that occasion. Minerva’s vision is to offer a discreet option at that
chosen moment, fitting around what the person wants to do next.
Minerva Wise Limited | Non-confidential investor presentation 2
PRODUCT AND SCIENTIFIC FOUNDATION
Proprietary pharmacological innovation
Minerva Wise is developing a proprietary, patent-pending pharmacological application for rapid, on-demand blood-alcohol reduction. Our programme focuses on the pharmaceutical development of a biotechnology-derived active-substance candidate, intended for manufacture using recombinant DNA technology.
Advanced, patented delivery technology
The underlying delivery technology has undergone substantial development and experimental investigation across pharmaceutical applications, including human-volunteer studies.
Minerva-specific product development
Our programme integrates the proprietary pharmacological application into a discreet wearable product. Product-specific validation will establish the performance, stability and safety of the complete system.
European pharmaceutical development pathway
Biological medicinal products developed through recombinant DNA technology follow the EU pharmaceutical regulatory framework, relevant EMA and ICH guidance, and the mandatory centralised marketing-authorisation procedure under Regulation (EC) No 726/2004, Article 3(1) and Annex, point 1. Our development strategy follows this pathway together with the applicable requirements for an integrated drug-device combination product.
Approximately 10 minutes
Development target for use after the adult’s chosen last drink of the occasion.
Minerva Wise Limited | Non-confidential investor presentation 3
PRODUCT AND SCIENTIFIC FOUNDATION
Proprietary pharmacological innovation
Minerva Wise is developing a proprietary, patent-pending pharmacological application for rapid, on-demand
blood-alcohol reduction. Our programme focuses on the pharmaceutical development of a biotechnology-derived
active-substance candidate, intended for manufacture using recombinant DNA technology.
Advanced, patented delivery technology Minerva-specific product development
The underlying delivery technology has undergone substantial Our programme integrates the proprietary pharmacological
development and experimental investigation across application into a discreet wearable product. Product-specific
pharmaceutical applications, including human-volunteer validation will establish the performance, stability and safety of
studies. the complete system.
European pharmaceutical development pathway
Biological medicinal products developed through recombinant DNA technology follow the EU pharmaceutical regulatory
framework, relevant EMA and ICH guidance, and the mandatory centralised marketing-authorisation procedure under
Regulation (EC) No 726/2004, Article 3(1) and Annex, point 1. Our development strategy follows this pathway together with the
applicable requirements for an integrated drug-device combination product.
Approximately 10 minutes Development target for use after the adult’s chosen last drink of the
occasion.
Minerva Wise Limited | Non-confidential investor presentation 3
PHARMACEUTICAL DEVELOPMENT PROGRAMME
Product-specific development and validation
Early seed stage Human-use evidence
We are working with the team developing the Minerva's specific pharmacological application has
delivery technology to prepare Minerva-specific not yet been used in humans. Previous
technical and preclinical validation. human-volunteer investigations concern the
underlying delivery technology.
Academic and industrial development Evidence to establish
The technology's academic team has two ongoing Integrated-product performance, stability, safety and
projects with major pharmaceutical companies. quantitative blood-alcohol reduction. The clinical
Separately, it supports another programme preparing indication, medically meaningful benefit and endpoints
clinical-trial supplies with a German manufacturer. will be defined through development and regulatory
alignment.
Manufacturing and investment structure. Finished-product manufacturing is planned in Germany. A dedicated company can be
established in a jurisdiction aligned with the programme and the equity investment structure.
Minerva Wise Limited | Non-confidential investor presentation 4
PHARMACEUTICAL DEVELOPMENT PROGRAMME
Product-specific development and validation
Early seed stage Human-use evidence
We are working with the team developing the Minerva's specific pharmacological application has
delivery technology to prepare Minerva-specific not yet been used in humans. Previous
technical and preclinical validation. human-volunteer investigations concern the
underlying delivery technology.
Academic and industrial development Evidence to establish
The technology's academic team has two ongoing Integrated-product performance, stability, safety and
projects with major pharmaceutical companies. quantitative blood-alcohol reduction. The clinical
Separately, it supports another programme preparing indication, medically meaningful benefit and endpoints
clinical-trial supplies with a German manufacturer. will be defined through development and regulatory
alignment.
Manufacturing and investment structure. Finished-product manufacturing is planned in Germany. A dedicated company can be
established in a jurisdiction aligned with the programme and the equity investment structure.
Minerva Wise Limited | Non-confidential investor presentation 4
EUROPEAN AND UK MARKET
30 EU/EEA countries, plus the United Kingdom
279.6 million 46.8 million
Estimated past-year alcohol consumers, age 15+, Estimated UK adult alcohol consumers, age 18+,
across 28 Eurostat EHIS countries. using matched 2024 inputs.
Finland: ~3.05 million, ages 20-69 England, Scotland, Wales and Northern Ireland.
Liechtenstein: ~27,900, age 15+ A separate MHRA marketing authorisation.
EU/EEA: one centralised authorisation following EMA assessment and European Commission approval. UK: a
separate application through the MHRA International Recognition Procedure is planned.
Historical population estimates, not eligible patients or buyers. Definitions, ages and survey years differ, so the figures are not added together. European
sources M1-M4. UK sources U1-U3.
Minerva Wise Limited | Non-confidential investor presentation 5
EUROPEAN AND UK MARKET
30 EU/EEA countries, plus the United Kingdom
279.6 million 46.8 million
Estimated past-year alcohol consumers, age 15+, Estimated UK adult alcohol consumers, age 18+,
across 28 Eurostat EHIS countries. using matched 2024 inputs.
Finland: ~3.05 million, ages 20-69 England, Scotland, Wales and Northern Ireland.
Liechtenstein: ~27,900, age 15+ A separate MHRA marketing authorisation.
EU/EEA: one centralised authorisation following EMA assessment and European Commission approval. UK: a
separate application through the MHRA International Recognition Procedure is planned.
Historical population estimates, not eligible patients or buyers. Definitions, ages and survey years differ, so the figures are not added together. European
sources M1-M4. UK sources U1-U3.
Minerva Wise Limited | Non-confidential investor presentation 5
PLANNED MARKET EXPANSION
Large European markets and a separate UK opportunity
Estimated alcohol-consumer populations. Selected markets shown for scale.
Germany 56.6 million
United Kingdom 46.8 million
France 42.5 million
Italy 33.9 million
Spain 26.7 million
Poland 23.8 million
Navy: EU/EEA markets. Gold: UK expansion through a separate MHRA application.
EU figures: mostly age 15+, EHIS 2019 round with stated exceptions. UK: age 18+, ONS mid-2024 population and Drinkaware Monitor 2024. Different statistical bases, not
directly comparable eligible-customer counts. Full country detail and methods follow in the appendix.
Minerva Wise Limited | Non-confidential investor presentation 6
PLANNED MARKET EXPANSION
Large European markets and a separate UK opportunity
Estimated alcohol-consumer populations. Selected markets shown for scale.
Germany 56.6 million
United Kingdom 46.8 million
France 42.5 million
Italy 33.9 million
Spain 26.7 million
Poland 23.8 million
Navy: EU/EEA markets. Gold: UK expansion through a separate MHRA application.
EU figures: mostly age 15+, EHIS 2019 round with stated exceptions. UK: age 18+, ONS mid-2024 population and Drinkaware Monitor 2024. Different statistical bases, not
directly comparable eligible-customer counts. Full country detail and methods follow in the appendix.
Minerva Wise Limited | Non-confidential investor presentation 6
PRODUCT POSITIONING
A focused proposition for the period after the last drink
When it would be used
After the adult’s personally chosen last drink of that occasion, with the experience guided by
individual preferences and circumstances.
What it is designed to achieve
A measurable reduction in blood alcohol through a proprietary pharmacological application, with
rapid performance as the development objective.
How the experience is envisaged
A small, discreet and portable wearable, with comfort and simplicity guiding the integrated product
design.
Minerva Wise Limited | Non-confidential investor presentation 7
PRODUCT POSITIONING
A focused proposition for the period after the last drink
When it would be used
After the adult’s personally chosen last drink of that occasion, with the experience guided by
individual preferences and circumstances.
What it is designed to achieve
A measurable reduction in blood alcohol through a proprietary pharmacological application, with
rapid performance as the development objective.
How the experience is envisaged
A small, discreet and portable wearable, with comfort and simplicity guiding the integrated product
design.
Minerva Wise Limited | Non-confidential investor presentation 7
COMPETITIVE LANDSCAPE
Competitive landscape and proposed differentiation
No direct commercial equivalent identified in the reviewed sources.
| Product | Purpose | Format / timing | Evidence | Stage |
|---|---|---|---|---|
| Minerva | Measurable blood-alcohol reduction | Integrated wearable; after last drink | Prior platform human studies; system validation planned | Investigational |
| Sure Shot [C1] | Alcohol-exposure / blood-alcohol reduction | Oral supplement; post-drinking study | 35-person crossover human study; first outcome at 30 min | Commercial supplement |
| Myrkl [C2] | Reduce alcohol exposure; next-day support | Oral capsules; before drinking | 24-person crossover studies; pre-drinking regimens | Commercial supplement |
| ZBiotics [C3] | Gut acetaldehyde; next-day wellbeing | Probiotic drink; before / during drinking | Lab safety / function; manufacturer states no BAC reduction | Commercial beverage |
| The Good Patch - Rescue [C4] | Next-day wellness support | Adhesive wellness patch; before going out | Manufacturer testing claims; no BAC-reduction trial in reviewed sources | Commercial wellness patch |
Proposed Minerva differentiation combines proprietary pharmacology and integration, after-last-drink use, and measurable rapid reduction of already-absorbed blood
alcohol in a discreet, comfortable, portable wearable. Product-specific performance remains to be validated.
Minerva Wise Limited | Non-confidential investor presentation 8
COMPETITIVE LANDSCAPE
Competitive landscape and proposed differentiation
No direct commercial equivalent identified in the reviewed sources.
Product Purpose Format / timing Evidence Stage
Measurable blood-alcohol Integrated wearable; after last Prior platform human studies; system
Minerva Investigational
reduction drink validation planned
Alcohol-exposure / Oral supplement; post-drinking 35-person crossover human study; first Commercial
Sure Shot [C1]
blood-alcohol reduction study outcome at 30 min supplement
Reduce alcohol exposure; 24-person crossover studies; Commercial
Myrkl [C2] Oral capsules; before drinking
next-day support pre-drinking regimens supplement
Gut acetaldehyde; next-day Probiotic drink; before / during Lab safety / function; manufacturer Commercial
ZBiotics [C3]
wellbeing drinking states no BAC reduction beverage
Manufacturer testing claims; no
The Good Patch - Adhesive wellness patch; Commercial
Next-day wellness support BAC-reduction trial in reviewed
Rescue [C4] before going out wellness patch
sources
Proposed Minerva differentiation combines proprietary pharmacology and integration, after-last-drink use, and measurable rapid reduction of already-absorbed blood
alcohol in a discreet, comfortable, portable wearable. Product-specific performance remains to be validated.
Minerva Wise Limited | Non-confidential investor presentation 8
COMMERCIAL STRATEGY
B2B partnerships across the EU/EEA and the UK
European commercial preparation
Management intends to prepare distribution agreements across all 30 EU/EEA countries. Product-specific
evidence will support partner diligence and negotiations on supply and launch requirements.
UK expansion
The planned MHRA application would cover England, Scotland, Wales and Northern Ireland. UK
pharmaceutical licensing and distribution partnerships form a separate commercial workstream.
Manufacturing and investment vehicle
Finished-product manufacturing is planned in Germany. A dedicated project company would sell finished
units to distributors. Its jurisdiction can be agreed wherever the programme and equity investment structure
require.
Supply follows the relevant authorisation and launch readiness. OTC status and the approximately four-year horizon remain development and regulatory planning
objectives.
Minerva Wise Limited | Non-confidential investor presentation 9
COMMERCIAL STRATEGY
B2B partnerships across the EU/EEA and the UK
European commercial preparation
Management intends to prepare distribution agreements across all 30 EU/EEA countries. Product-specific
evidence will support partner diligence and negotiations on supply and launch requirements.
UK expansion
The planned MHRA application would cover England, Scotland, Wales and Northern Ireland. UK
pharmaceutical licensing and distribution partnerships form a separate commercial workstream.
Manufacturing and investment vehicle
Finished-product manufacturing is planned in Germany. A dedicated project company would sell finished
units to distributors. Its jurisdiction can be agreed wherever the programme and equity investment structure
require.
Supply follows the relevant authorisation and launch readiness. OTC status and the approximately four-year horizon remain development and regulatory planning
objectives.
Minerva Wise Limited | Non-confidential investor presentation 9
GERMANY - FIRST-YEAR THEORETICAL MODEL
Germany: theoretical Newco sales and operating profit
54.8 million estimated adult alcohol consumers, age 18+
69,488,809 adults (Eurostat 2020) × 78.9% consumer share (RKI GEDA 2019/2020). [M2, M6]
Theoretical inputs: 4 units per user/year | €10 provisional Newco net unit price
€10 is a model assumption, pending commercial agreement; it is not the public retail price.
| Theoretical uptake | Modelled users | Units sold | Newco net sales | Theoretical Newco operating profit |
|---|---|---|---|---|
| 1% | 548,267 | 2,193,068 | €21,930,680 | €5,044,056 |
| 3% | 1,644,800 | 6,579,200 | €65,792,000 | €15,132,160 |
| 5% | 2,741,334 | 10,965,336 | €109,653,360 | €25,220,273 |
The model assumes a theoretical 23% operating margin as a modelling assumption, to be validated against contracted manufacturing,
commercial terms and the Newco’s operating cost plan. Operating profit is before financing costs and tax.
Minerva Wise Limited | Non-confidential investor presentation 10
GERMANY - FIRST-YEAR THEORETICAL MODEL
Germany: theoretical Newco sales and operating profit
54.8 million estimated adult alcohol consumers, age 18+
69,488,809 adults (Eurostat 2020) × 78.9% consumer share (RKI GEDA 2019/2020). [M2, M6]
Theoretical inputs: 4 units per user/year | €10 provisional Newco net unit price
€10 is a model assumption, pending commercial agreement; it is not the public retail price.
Theoretical Modelled Units Newco Theoretical Newco
uptake users sold net sales operating profit
1% 548,267 2,193,068 €21,930,680 €5,044,056
3% 1,644,800 6,579,200 €65,792,000 €15,132,160
5% 2,741,334 10,965,336 €109,653,360 €25,220,273
The model assumes a theoretical 23% operating margin as a modelling assumption, to be validated against contracted manufacturing,
commercial terms and the Newco’s operating cost plan. Operating profit is before financing costs and tax.
Minerva Wise Limited | Non-confidential investor presentation 10
UNITED KINGDOM - FIRST-YEAR THEORETICAL MODEL
UK: theoretical Newco sales and operating profit
46.8 million estimated adult alcohol consumers, age 18+
55,022,253 adults (ONS mid-2024) x 85% estimated drinker share (Drinkaware Monitor 2024). [U1-U3]
Theoretical inputs: 4 product units per user/year | EUR 10 provisional Newco net unit price
EUR presentation matches Germany. No GBP conversion or UK price agreement is assumed.
| Theoretical uptake | Modelled users | Product units sold | Newco net sales (EUR) | Theoretical operating profit (EUR) |
|---|---|---|---|---|
| 1% | 467,689 | 1,870,756 | 18,707,560 | 4,302,739 |
| 3% | 1,403,067 | 5,612,268 | 56,122,680 | 12,908,216 |
| 5% | 2,338,446 | 9,353,784 | 93,537,840 | 21,513,703 |
Same theoretical 23% operating-margin assumption as Germany, before financing costs and tax. Uptake, frequency, price and margin are illustrative
assumptions, not forecasts. UK demand, manufacturing costs and commercial terms require validation.
Minerva Wise Limited | Non-confidential investor presentation 11
UNITED KINGDOM - FIRST-YEAR THEORETICAL MODEL
UK: theoretical Newco sales and operating profit
46.8 million estimated adult alcohol consumers, age 18+
55,022,253 adults (ONS mid-2024) x 85% estimated drinker share (Drinkaware Monitor 2024). [U1-U3]
Theoretical inputs: 4 product units per user/year | EUR 10 provisional Newco net unit price
EUR presentation matches Germany. No GBP conversion or UK price agreement is assumed.
Theoretical Modelled Product units Newco net sales Theoretical operating
uptake users sold (EUR) profit (EUR)
1% 467,689 1,870,756 18,707,560 4,302,739
3% 1,403,067 5,612,268 56,122,680 12,908,216
5% 2,338,446 9,353,784 93,537,840 21,513,703
Same theoretical 23% operating-margin assumption as Germany, before financing costs and tax. Uptake, frequency, price and margin are illustrative
assumptions, not forecasts. UK demand, manufacturing costs and commercial terms require validation.
Minerva Wise Limited | Non-confidential investor presentation 11
31 MARKETS - ILLUSTRATIVE ANNUAL SCENARIOS
31 countries: theoretical Newco sales and operating profit
30 EU/EEA countries + United Kingdom
Assumed annual reach of 1, 3 or 5 million adult users across the 31 markets.
4 units per user/year | EUR 10 provisional Newco net unit price | 23% operating margin
Uniform price and margin assumptions; demand, supply costs and commercial terms require validation by market.
| Scenario | Assumed adult users | Product units sold | Newco net sales (EUR) | Theoretical operating profit (EUR) |
|---|---|---|---|---|
| A | 1,000,000 | 4,000,000 | 40,000,000 | 9,200,000 |
| B | 3,000,000 | 12,000,000 | 120,000,000 | 27,600,000 |
| C | 5,000,000 | 20,000,000 | 200,000,000 | 46,000,000 |
Annual scenarios after authorisation and launch readiness. User counts are modelling assumptions, not forecasts.
Company-level operating profit is before financing costs and tax. Existing population estimates are not added together.
Minerva Wise Limited | Non-confidential investor presentation 12
31 MARKETS - ILLUSTRATIVE ANNUAL SCENARIOS
31 countries: theoretical Newco sales and operating profit
30 EU/EEA countries + United Kingdom
Assumed annual reach of 1, 3 or 5 million adult users across the 31 markets.
4 units per user/year | EUR 10 provisional Newco net unit price | 23% operating margin
Uniform price and margin assumptions; demand, supply costs and commercial terms require validation by market.
Scenario Assumed adult Product units Newco net sales Theoretical operating
users sold (EUR) profit (EUR)
A 1,000,000 4,000,000 40,000,000 9,200,000
B 3,000,000 12,000,000 120,000,000 27,600,000
C 5,000,000 20,000,000 200,000,000 46,000,000
Annual scenarios after authorisation and launch readiness. User counts are modelling assumptions, not forecasts.
Company-level operating profit is before financing costs and tax. Existing population estimates are not added together.
Minerva Wise Limited | Non-confidential investor presentation 12
EUROPEAN REGULATORY STRATEGY
One centralised marketing authorisation for 30 countries
Mandatory centralised procedure
The candidate's planned recombinant DNA manufacture brings it within the mandatory centralised
procedure under Regulation (EC) No 726/2004, Article 3(1) and Annex, point 1. Development will address
EU pharmaceutical requirements, relevant EMA/ICH guidance and integrated drug-device obligations.
EMA assessment and European Commission authorisation
A single application undergoes scientific evaluation by EMA, with a CHMP opinion. The European
Commission issues the marketing authorisation following the assessment.
27 EU Member States + Iceland, Liechtenstein and Norway
One marketing authorisation valid across all 30 EU/EEA countries. This is the planned authorisation pathway for the
investigational product, followed by a separate UK application.
Minerva Wise Limited | Non-confidential investor presentation 13
EUROPEAN REGULATORY STRATEGY
One centralised marketing authorisation for 30 countries
Mandatory centralised procedure
The candidate's planned recombinant DNA manufacture brings it within the mandatory centralised
procedure under Regulation (EC) No 726/2004, Article 3(1) and Annex, point 1. Development will address
EU pharmaceutical requirements, relevant EMA/ICH guidance and integrated drug-device obligations.
EMA assessment and European Commission authorisation
A single application undergoes scientific evaluation by EMA, with a CHMP opinion. The European
Commission issues the marketing authorisation following the assessment.
27 EU Member States + Iceland, Liechtenstein and Norway
One marketing authorisation valid across all 30 EU/EEA countries. This is the planned authorisation pathway for the
investigational product, followed by a separate UK application.
Minerva Wise Limited | Non-confidential investor presentation 13
UK REGULATORY EXPANSION
A separate UK authorisation using the European assessment
Territory
The planned MHRA marketing authorisation covers the whole United Kingdom: England, Scotland, Wales
and Northern Ireland. It is separate from the centralised EU/EEA authorisation.
International Recognition Procedure
IRP uses the European assessment of the same product, with full unredacted reports and relevant
device-component evidence. A positive CHMP opinion plus final product information can support submission
before Commission notification.
Working timetable
Recognition B is the planning scenario: 110 calendar days after successful validation, with possible clock
stops or extensions. First-in-class status or a non-prescription product triggers B. Recognition A has a 60-day
timetable when its criteria apply.
MHRA retains the approval decision. Product classification, device-component evidence and UK requirements govern eligibility. UK filing costs are separate from the
current EUR 1.1 million development round. [U4-U6]
Minerva Wise Limited | Non-confidential investor presentation 14
UK REGULATORY EXPANSION
A separate UK authorisation using the European assessment
Territory
The planned MHRA marketing authorisation covers the whole United Kingdom: England, Scotland, Wales
and Northern Ireland. It is separate from the centralised EU/EEA authorisation.
International Recognition Procedure
IRP uses the European assessment of the same product, with full unredacted reports and relevant
device-component evidence. A positive CHMP opinion plus final product information can support submission
before Commission notification.
Working timetable
Recognition B is the planning scenario: 110 calendar days after successful validation, with possible clock
stops or extensions. First-in-class status or a non-prescription product triggers B. Recognition A has a 60-day
timetable when its criteria apply.
MHRA retains the approval decision. Product classification, device-component evidence and UK requirements govern eligibility. UK filing costs are separate from the
current EUR 1.1 million development round. [U4-U6]
Minerva Wise Limited | Non-confidential investor presentation 14
INTELLECTUAL PROPERTY AND NEWCO
Collaborative research and project intellectual property
Collaborative research and IP framework
The programme combines Minerva Wise·s patent-pending product application with a
commercial strategy for the underlying delivery platform. Background intellectual property
and project-specific results are addressed separately within that development strategy.
Minerva Wise project intellectual property
Minerva Wise retains its pre-existing project intellectual property and would own the
project-specific results generated through the development programme.
Dedicated development and investment company
The programme will progress through a dedicated Newco, bringing the development work and
commercial execution into the project investment vehicle.
Minerva Wise Limited | Non-confidential investor presentation 15
INTELLECTUAL PROPERTY AND NEWCO
Collaborative research and project intellectual property
Collaborative research and IP framework
The programme combines Minerva Wise·s patent-pending product application with a
commercial strategy for the underlying delivery platform. Background intellectual property
and project-specific results are addressed separately within that development strategy.
Minerva Wise project intellectual property
Minerva Wise retains its pre-existing project intellectual property and would own the
project-specific results generated through the development programme.
Dedicated development and investment company
The programme will progress through a dedicated Newco, bringing the development work and
commercial execution into the project investment vehicle.
Minerva Wise Limited | Non-confidential investor presentation 15
TEAM AND EXECUTION
Business development, programme leadership and delivery
Capabilities applied to this programme
Ana-Diana Anghel
Scientific, contractual and operational coordination;
Founder, CEO & Sole Inventor
patent filing; academic programme scoping;
development-provider proposals; commercial
International business development
partner negotiations.
Manufacturer and partner assessment;
partnership origination; licensing and distribution
Specialist delivery by stage
negotiations across Europe and Iraq.
Academic programme scoped within the research and
IP framework. Research-supply and safety-study
Market implementation
proposals obtained. Clinical, regulatory and quality
Regulatory strategy, product and site registration,
appointments follow stage requirements.
market-access and launch planning, tenders and
supply coordination.
Minerva Wise Limited | Non-confidential investor presentation 16
TEAM AND EXECUTION
Business development, programme leadership and delivery
Capabilities applied to this programme
Ana-Diana Anghel
Scientific, contractual and operational coordination;
Founder, CEO & Sole Inventor
patent filing; academic programme scoping;
development-provider proposals; commercial
International business development
partner negotiations.
Manufacturer and partner assessment;
partnership origination; licensing and distribution
Specialist delivery by stage
negotiations across Europe and Iraq.
Academic programme scoped within the research and
IP framework. Research-supply and safety-study
Market implementation
proposals obtained. Clinical, regulatory and quality
Regulatory strategy, product and site registration,
appointments follow stage requirements.
market-access and launch planning, tenders and
supply coordination.
Minerva Wise Limited | Non-confidential investor presentation 16
MILESTONES AND CAPITAL DEPLOYMENT
A 24-month plan to produce decision-grade evidence
| Timing | Development milestone | Intended evidence / decision | Allocation |
|---|---|---|---|
| 0-6 months | Regulatory alignment | Advice questions and a coherent development sequence | €128,400 |
| 0-6 months | Candidate and analytical readiness | Qualified research candidate and quantitative methods | €185,180 |
| 4-16 months | Integrated product feasibility | Reproducible technical and ex vivo performance | €210,284 |
| 12-20 months | Quantitative preclinical assessment | Controlled pharmacological evidence and safety observations | €100,000 |
| 16-24 months | Next-stage preparation | Clinical-entry and manufacturing scope; justified safety component | €153,300 |
Milestone allocations total €777,164. Timing starts after funding and written commencement; overlapping work is reconciled before commissioning. Outcomes are
development objectives.
Minerva Wise Limited | Non-confidential investor presentation 17
MILESTONES AND CAPITAL DEPLOYMENT
A 24-month plan to produce decision-grade evidence
Timing Development milestone Intended evidence / decision Allocation
Advice questions and a coherent development
0-6 months Regulatory alignment €128,400
sequence
Candidate and analytical Qualified research candidate and quantitative
0-6 months €185,180
readiness methods
4-16
Integrated product feasibility Reproducible technical and ex vivo performance €210,284
months
12-20 Quantitative preclinical Controlled pharmacological evidence and safety
€100,000
months assessment observations
16-24 Clinical-entry and manufacturing scope; justified
Next-stage preparation €153,300
months safety component
Milestone allocations total €777,164. Timing starts after funding and written commencement; overlapping work is reconciled before commissioning. Outcomes are
development objectives.
Minerva Wise Limited | Non-confidential investor presentation 17
USE OF FUNDS
€1,100,000 for the first funded development stage
| Use of capital | Allocation |
|---|---|
| Milestone-linked development | €777,164 |
| Programme coordination and corporate / IP | €138,000 |
| Contingency reserve and rounding | €184,836 |
| Total proposed round | €1,100,000 |
Cost basis within this total: €537,164 linked to supplier/academic proposals and the statutory regulatory fee reference;
€378,000 in management planning allowances.
Full work-package detail and sensitivity: pages 33-35. Supplier scope, contracts and unquoted work are reconciled before
commissioning.
Minerva Wise Limited | Non-confidential investor presentation 18
USE OF FUNDS
€1,100,000 for the first funded development stage
Use of capital Allocation
Milestone-linked development €777,164
Programme coordination and corporate / IP €138,000
Contingency reserve and rounding €184,836
Total proposed round €1,100,000
Cost basis within this total: €537,164 linked to supplier/academic proposals and the statutory regulatory fee reference;
€378,000 in management planning allowances.
Full work-package detail and sensitivity: pages 33-35. Supplier scope, contracts and unquoted work are reconciled before
commissioning.
Minerva Wise Limited | Non-confidential investor presentation 18
VALUE INFLECTION AND FOLLOW-ON DEVELOPMENT
Capital follows evidence, then commercial readiness
| Stage | Evidence and value created | Commercial / financing path |
|---|---|---|
| Current round Months 0-24 €1,100,000 | Selected candidate, reproducible quantitative preclinical activity, technical validation and EMA scientific advice. | Product-specific data package for partner diligence, clinical programme design and follow-on financing. |
| Clinical entry and early human proof of concept | Manufacturing development, remaining safety work and authorised human studies to establish product safety and pharmacological performance. | Negotiate further equity and strategic partnerships against an agreed clinical and manufacturing scope. |
| Authorisation and launch preparation | Required clinical evidence, commercial-process validation, dossier and launch readiness. | Prepare distribution commitments, supply terms and commercial working capital across the EU/EEA and the UK. |
| Follow-on scope: page 27. Later fee references and external cost context: pages 36-37. UK expansion costs: page 38. |
Minerva Wise Limited | Non-confidential investor presentation 19
VALUE INFLECTION AND FOLLOW-ON DEVELOPMENT
Capital follows evidence, then commercial readiness
Stage Evidence and value created Commercial / financing path
Current round Selected candidate, reproducible quantitative Product-specific data package for
Months 0-24 preclinical activity, technical validation and partner diligence, clinical programme
€1,100,000 EMA scientific advice. design and follow-on financing.
Manufacturing development, remaining safety
Negotiate further equity and strategic
Clinical entry and early work and authorised human studies to
partnerships against an agreed clinical
human proof of concept establish product safety and pharmacological
and manufacturing scope.
performance.
Required clinical evidence, Prepare distribution commitments, supply
Authorisation and launch
commercial-process validation, dossier and terms and commercial working capital
preparation
launch readiness. across the EU/EEA and the UK.
Follow-on scope: page 27. Later fee references and external cost context: pages 36-37. UK expansion costs: page 38.
Minerva Wise Limited | Non-confidential investor presentation 19
INVESTMENT DISCUSSION
Proposed equity participation and valuation basis
PRIMARY CAPITAL POST-ROUND OWNERSHIP PROPOSED PRE-MONEY
€1,100,000 20% €4,400,000
€1,100,000 ÷ 20% = €5,500,000 post-money; less €1,100,000 = €4,400,000 pre-money.
Opening basis for negotiation
The proposal combines the patent-pending application, research and IP framework, scoped development
programme and planned EU/EEA and UK commercial strategy. Product-specific evidence from this round is
the next intended driver of value.
MINERVA WISE LIMITED Ana-Diana Anghel
The Office 86, Leli Falzon Street
ana-diana.anghel@minervawiseltd.com
Naxxar NXR2609, Malta
+356 20341645 | minervawiseltd.com
Company Registration No. C 73043 | VAT No. MT22949236
Minerva Wise Limited | Non-confidential investor presentation 20
INVESTMENT DISCUSSION
Proposed equity participation and valuation basis
PRIMARY CAPITAL POST-ROUND OWNERSHIP PROPOSED PRE-MONEY
€1,100,000 20% €4,400,000
€1,100,000 ÷ 20% = €5,500,000 post-money; less €1,100,000 = €4,400,000 pre-money.
Opening basis for negotiation
The proposal combines the patent-pending application, research and IP framework, scoped development
programme and planned EU/EEA and UK commercial strategy. Product-specific evidence from this round is
the next intended driver of value.
MINERVA WISE LIMITED Ana-Diana Anghel
The Office 86, Leli Falzon Street
ana-diana.anghel@minervawiseltd.com
Naxxar NXR2609, Malta
+356 20341645 | minervawiseltd.com
Company Registration No. C 73043 | VAT No. MT22949236
Minerva Wise Limited | Non-confidential investor presentation 20
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Austria to France
Population base × share consuming alcohol = estimated number of consumers
| Country | Year | Age | Population base | Consumer share | Estimated consumers | Source |
|---|---|---|---|---|---|---|
| Austria | 2019 | 15+ | 7,580,083 | 79.9% | ~6,056,000 | E |
| Belgium | 2018 | 15+ | 9,464,647 | 76.8% | ~7,269,000 | E |
| Bulgaria | 2019 | 15+ | 5,728,929 | 70.3% | ~4,027,000 | E |
| Croatia | 2019 | 15+ | 3,393,517 | 61.7% | ~2,094,000 | E |
| Cyprus | 2019 | 15+ | 749,620 | 71.0% | ~532,000 | E |
| Czechia | 2019 | 15+ | 8,956,740 | 84.8% | ~7,595,000 | E |
| Denmark | 2019 | 15+ | 4,848,611 | 90.6% | ~4,393,000 | E |
| Estonia | 2019 | 15+ | 1,107,397 | 77.2% | ~855,000 | E |
| Finland | 2023 | 20-69 | 3,471,099 | 88.0% | ~3,055,000 | F |
| France | 2019 | 15+ | 55,175,947 | 77.0% | ~42,485,000 | E |
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 21
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Austria to France
Population base × share consuming alcohol = estimated number of consumers
Population Consumer Estimated
Country Year Age Source
base share consumers
Austria 2019 15+ 7,580,083 79.9% ~6,056,000 E
Belgium 2018 15+ 9,464,647 76.8% ~7,269,000 E
Bulgaria 2019 15+ 5,728,929 70.3% ~4,027,000 E
Croatia 2019 15+ 3,393,517 61.7% ~2,094,000 E
Cyprus 2019 15+ 749,620 71.0% ~532,000 E
Czechia 2019 15+ 8,956,740 84.8% ~7,595,000 E
Denmark 2019 15+ 4,848,611 90.6% ~4,393,000 E
Estonia 2019 15+ 1,107,397 77.2% ~855,000 E
Finland 2023 20-69 3,471,099 88.0% ~3,055,000 F
France 2019 15+ 55,175,947 77.0% ~42,485,000 E
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 21
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Germany to Luxembourg
Population base × share consuming alcohol = estimated number of consumers
| Country | Year | Age | Population base | Consumer share | Estimated consumers | Source |
|---|---|---|---|---|---|---|
| Germany | 2020 | 15+ | 71,775,452 | 78.8% | ~56,559,000 | E |
| Greece | 2019 | 15+ | 9,146,532 | 71.5% | ~6,540,000 | E |
| Hungary | 2019 | 15+ | 8,294,405 | 70.9% | ~5,881,000 | E |
| Iceland | 2019 | 15+ | 289,174 | 80.4% | ~232,000 | E |
| Ireland | 2019 | 15+ | 3,924,555 | 77.4% | ~3,038,000 | E |
| Italy | 2019 | 15+ | 51,944,786 | 65.2% | ~33,868,000 | E |
| Latvia | 2019 | 15+ | 1,614,888 | 72.7% | ~1,174,000 | E |
| Liechtenstein | 2022 | 15+ | 33,584 | 83.0% | ~27,900 | L |
| Lithuania | 2019 | 15+ | 2,396,343 | 71.4% | ~1,711,000 | E |
| Luxembourg | 2019 | 15+ | 515,287 | 82.8% | ~427,000 | E |
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 22
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Germany to Luxembourg
Population base × share consuming alcohol = estimated number of consumers
Population Consumer Estimated
Country Year Age Source
base share consumers
Germany 2020 15+ 71,775,452 78.8% ~56,559,000 E
Greece 2019 15+ 9,146,532 71.5% ~6,540,000 E
Hungary 2019 15+ 8,294,405 70.9% ~5,881,000 E
Iceland 2019 15+ 289,174 80.4% ~232,000 E
Ireland 2019 15+ 3,924,555 77.4% ~3,038,000 E
Italy 2019 15+ 51,944,786 65.2% ~33,868,000 E
Latvia 2019 15+ 1,614,888 72.7% ~1,174,000 E
Liechtenstein 2022 15+ 33,584 83.0% ~27,900 L
Lithuania 2019 15+ 2,396,343 71.4% ~1,711,000 E
Luxembourg 2019 15+ 515,287 82.8% ~427,000 E
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 22
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Malta to Sweden
Population base × share consuming alcohol = estimated number of consumers
| Country | Year | Age | Population base | Consumer share | Estimated consumers | Source |
|---|---|---|---|---|---|---|
| Malta | 2020 | 15+ | 446,825 | 67.8% | ~303,000 | E |
| Netherlands | 2019 | 15+ | 14,542,344 | 77.8% | ~11,314,000 | E |
| Norway | 2019 | 15+ | 4,393,254 | 84.8% | ~3,725,000 | E |
| Poland | 2019 | 15+ | 32,139,021 | 74.1% | ~23,815,000 | E |
| Portugal | 2019 | 15+ | 8,926,557 | 70.0% | ~6,249,000 | E |
| Romania | 2019 | 15+ | 16,372,216 | 69.5% | ~11,379,000 | E |
| Slovakia | 2019 | 15+ | 4,592,379 | 71.6% | ~3,288,000 | E |
| Slovenia | 2019 | 15+ | 1,767,202 | 73.6% | ~1,301,000 | E |
| Spain | 2019 | 15+ | 40,032,084 | 66.6% | ~26,661,000 | E |
| Sweden | 2019 | 15+ | 8,410,456 | 80.9% | ~6,804,000 | E |
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 23
APPENDIX | ALL 30 COUNTRIES
Alcohol-consumer estimates: Malta to Sweden
Population base × share consuming alcohol = estimated number of consumers
Population Consumer Estimated
Country Year Age Source
base share consumers
Malta 2020 15+ 446,825 67.8% ~303,000 E
Netherlands 2019 15+ 14,542,344 77.8% ~11,314,000 E
Norway 2019 15+ 4,393,254 84.8% ~3,725,000 E
Poland 2019 15+ 32,139,021 74.1% ~23,815,000 E
Portugal 2019 15+ 8,926,557 70.0% ~6,249,000 E
Romania 2019 15+ 16,372,216 69.5% ~11,379,000 E
Slovakia 2019 15+ 4,592,379 71.6% ~3,288,000 E
Slovenia 2019 15+ 1,767,202 73.6% ~1,301,000 E
Spain 2019 15+ 40,032,084 66.6% ~26,661,000 E
Sweden 2019 15+ 8,410,456 80.9% ~6,804,000 E
E: Eurostat EHIS 2019 round. F: Finland THL survey 2023, ages 20-69. L: Liechtenstein survey 2022, ages 15+. Population: Eurostat, 1 January of the stated year.
Sources and limitations follow.
Minerva Wise Limited | Non-confidential investor presentation 23
APPENDIX - UNITED KINGDOM MARKET
UK population, survey basis and model calculation
| Territory | Year | Age | Population base | Drinker share | Estimated consumers |
|---|---|---|---|---|---|
| United Kingdom | 2024 | 18+ | 55,022,253 | 85% | ~46,768,915 |
Population: ONS MYE2 Persons, mid-2024. Sum ages 18 to 89 and 90+ for the United Kingdom. The base
includes all four constituent countries. [U1]
Consumer share: Drinkaware Monitor 2024, page 15: 15% report never drinking, giving an estimated 85% drinker
share. YouGov surveyed 5,143 adults aged 18+ and weighted the results for the whole UK. This is a
charity-commissioned survey, not a government statistic. [U2-U3]
Model: estimated consumers x illustrative uptake = users, rounded to whole people. Users x 4 = product units. Units x EUR 10
= net sales. Net sales x 23% = theoretical operating profit, rounded to whole euros.
Drinker status does not establish clinical eligibility or demand. The UK definition differs from European past-year measures. Survey rounding and population coverage
affect the estimate. No combined EU/EEA + UK consumer total is inferred.
Minerva Wise Limited | Non-confidential investor presentation 24
APPENDIX - UNITED KINGDOM MARKET
UK population, survey basis and model calculation
Territory Year Age Population base Drinker share Estimated consumers
United Kingdom 2024 18+ 55,022,253 85% ~46,768,915
Population: ONS MYE2 Persons, mid-2024. Sum ages 18 to 89 and 90+ for the United Kingdom. The base
includes all four constituent countries. [U1]
Consumer share: Drinkaware Monitor 2024, page 15: 15% report never drinking, giving an estimated 85% drinker
share. YouGov surveyed 5,143 adults aged 18+ and weighted the results for the whole UK. This is a
charity-commissioned survey, not a government statistic. [U2-U3]
Model: estimated consumers x illustrative uptake = users, rounded to whole people. Users x 4 = product units. Units x EUR 10
= net sales. Net sales x 23% = theoretical operating profit, rounded to whole euros.
Drinker status does not establish clinical eligibility or demand. The UK definition differs from European past-year measures. Survey rounding and population coverage
affect the estimate. No combined EU/EEA + UK consumer total is inferred.
Minerva Wise Limited | Non-confidential investor presentation 24
APPENDIX | STATISTICAL METHOD
What the country estimates measure
Definition and calculation
E countries: 100% minus the share who never drank or did not drink in the preceding 12 months.
Apply that percentage to the corresponding resident population aged 15+.
Year and population matching
EHIS is the 2019 round: Belgium collected in 2018; Germany and Malta in 2020. The population
year follows those exceptions. Age counts are summed from Eurostat demo_pjan.
National supplements and limits
Finland: 88% consumers from 12% abstainers, ages 20-69, THL 2023. Liechtenstein: 83% consumers from
17% abstainers, age 15+, national 2022 survey. They are reported separately from the 28-country subtotal.
Calculated headcounts are approximations, not official enumerations. Self-report, rounded prevalence and private-household survey coverage affect them. They
include minors in the 15+ statistics; Minerva’s intended use is in adults. No buyer count or sales forecast is inferred.
Minerva Wise Limited | Non-confidential investor presentation 25
APPENDIX | STATISTICAL METHOD
What the country estimates measure
Definition and calculation
E countries: 100% minus the share who never drank or did not drink in the preceding 12 months.
Apply that percentage to the corresponding resident population aged 15+.
Year and population matching
EHIS is the 2019 round: Belgium collected in 2018; Germany and Malta in 2020. The population
year follows those exceptions. Age counts are summed from Eurostat demo_pjan.
National supplements and limits
Finland: 88% consumers from 12% abstainers, ages 20-69, THL 2023. Liechtenstein: 83% consumers from
17% abstainers, age 15+, national 2022 survey. They are reported separately from the 28-country subtotal.
Calculated headcounts are approximations, not official enumerations. Self-report, rounded prevalence and private-household survey coverage affect them. They
include minors in the 15+ statistics; Minerva’s intended use is in adults. No buyer count or sales forecast is inferred.
Minerva Wise Limited | Non-confidential investor presentation 25
APPENDIX | OFFICIAL SOURCES
Market data and European regulatory scope
M1 Eurostat: alcohol-consumption frequency (hlth_ehis_al1e)
M2 Eurostat: resident population by age and sex (demo_pjan)
M3 THL: Finnish Drinking Habits 2023, report 59/2023, Appendix Table 1
M4 Liechtenstein: Health determinants 2022, alcohol-consumption section
M5 Eurostat: EHIS methodology, population coverage and collection years
M6 RKI: adult alcohol consumption, GEDA 2019/2020; published 2025
R1 EMA: centralised authorisation and EU/EEA scope
R2 EMA: pre-authorisation guidance, section 2.1.1.1 - recombinant DNA mandatory scope
Minerva Wise Limited | Non-confidential investor presentation 26
APPENDIX | OFFICIAL SOURCES
Market data and European regulatory scope
M1 Eurostat: alcohol-consumption frequency (hlth_ehis_al1e)
M2 Eurostat: resident population by age and sex (demo_pjan)
M3 THL: Finnish Drinking Habits 2023, report 59/2023, Appendix Table 1
M4 Liechtenstein: Health determinants 2022, alcohol-consumption section
M5 Eurostat: EHIS methodology, population coverage and collection years
M6 RKI: adult alcohol consumption, GEDA 2019/2020; published 2025
R1 EMA: centralised authorisation and EU/EEA scope
R2 EMA: pre-authorisation guidance, section 2.1.1.1 - recombinant DNA mandatory scope
Minerva Wise Limited | Non-confidential investor presentation 26
APPENDIX | FOLLOW-ON DEVELOPMENT
How the next financing decisions will be made
1. Clinical-entry scope after the funded programme
Combine the selected product, reproducible preclinical evidence and scientific advice into a
defined clinical-entry plan: manufacturing development, remaining safety work, trial preparation
and initial human studies.
2. Human proof of concept and commercial diligence
Use human safety and pharmacological results to define the subsequent evidence programme
and to negotiate supply and distribution terms. Partner diligence will assess reproducibility,
manufacturability and the commercial case.
| 3. EU/EEA authorisation and separate UK expansio | n |
|---|---|
| Size later financing against the agreed clinical programme, validated production process, regulatory dossier and launch requirements, including a separate UK application. Commercial launch working capital is planned separately. |
Minerva Wise Limited | Non-confidential investor presentation 27
APPENDIX | FOLLOW-ON DEVELOPMENT
How the next financing decisions will be made
1. Clinical-entry scope after the funded programme
Combine the selected product, reproducible preclinical evidence and scientific advice into a
defined clinical-entry plan: manufacturing development, remaining safety work, trial preparation
and initial human studies.
2. Human proof of concept and commercial diligence
Use human safety and pharmacological results to define the subsequent evidence programme
and to negotiate supply and distribution terms. Partner diligence will assess reproducibility,
manufacturability and the commercial case.
3. EU/EEA authorisation and separate UK expansion
Size later financing against the agreed clinical programme, validated production process, regulatory dossier and
launch requirements, including a separate UK application. Commercial launch working capital is planned
separately.
Minerva Wise Limited | Non-confidential investor presentation 27
APPENDIX | COMPETITIVE LANDSCAPE
Commercial products: purpose, evidence and limits
No direct commercial equivalent identified in the reviewed sources.
| Product / format / timing | Evidence and development status | Relationship to Minerva’s proposition |
|---|---|---|
| Sure Shot [C1] Oral dietary supplement. Human study: immediately after alcohol ingestion. | Commercial supplement. A 35-person randomised crossover study reported lower blood/breath alcohol outcomes at 30, 60 and 180 minutes than placebo. | Overlap in the blood-alcohol endpoint. Oral format and studied use differ. No demonstrated 10-minute effect or clearance of alcohol already absorbed into blood. |
| Myrkl / AB001 [C2] Oral capsules. Before drinking. | Commercial supplement. Crossover studies in 24 healthy volunteers examined one-week pretreatment and a single dose one hour before alcohol. | Pre-drinking regimens examine reduced exposure. They do not demonstrate the after-last-drink wearable combination or rapid reduction after drinking has ended. |
| ZBiotics [C3] Probiotic beverage. Before / during drinking. | Commercial beverage. Laboratory safety and functionality evidence; manufacturer states it targets gut acetaldehyde and does not lower blood alcohol. | Addresses a different endpoint and next-day consumer need. No blood-alcohol reduction or integrated drug-device effect is established by the reviewed sources. |
| The Good Patch - Rescue [C4] Adhesive wellness patch. Before going out; overnight wear. | Commercial wellness product. Manufacturer describes dermatological and third-party safety testing. No controlled BAC-reduction study in reviewed sources. | Shares convenience and wearability. The stated next-day wellness purpose and reviewed evidence do not establish Minerva’s proposed pharmacological combination. |
Proposed Minerva differentiation combines proprietary pharmacology and integration, after-last-drink use, and measurable rapid reduction of already-absorbed blood
alcohol in a discreet, comfortable, portable wearable. Product-specific performance remains to be validated.
Minerva Wise Limited | Non-confidential investor presentation 28
APPENDIX | COMPETITIVE LANDSCAPE
Commercial products: purpose, evidence and limits
No direct commercial equivalent identified in the reviewed sources.
Product / format / timing Evidence and development status Relationship to Minerva’s proposition
Sure Shot [C1]
Commercial supplement. A 35-person randomised Overlap in the blood-alcohol endpoint. Oral format and
Oral dietary supplement. Human
crossover study reported lower blood/breath alcohol studied use differ. No demonstrated 10-minute effect or
study: immediately after alcohol
outcomes at 30, 60 and 180 minutes than placebo. clearance of alcohol already absorbed into blood.
ingestion.
Commercial supplement. Crossover studies in 24 Pre-drinking regimens examine reduced exposure. They
Myrkl / AB001 [C2]
healthy volunteers examined one-week pretreatment do not demonstrate the after-last-drink wearable
Oral capsules. Before drinking.
and a single dose one hour before alcohol. combination or rapid reduction after drinking has ended.
ZBiotics [C3] Commercial beverage. Laboratory safety and Addresses a different endpoint and next-day consumer
Probiotic beverage. Before / during functionality evidence; manufacturer states it targets need. No blood-alcohol reduction or integrated
drinking. gut acetaldehyde and does not lower blood alcohol. drug-device effect is established by the reviewed sources.
Commercial wellness product. Manufacturer
The Good Patch - Rescue [C4] Shares convenience and wearability. The stated next-day
describes dermatological and third-party safety
Adhesive wellness patch. Before wellness purpose and reviewed evidence do not establish
testing. No controlled BAC-reduction study in
going out; overnight wear. Minerva’s proposed pharmacological combination.
reviewed sources.
Proposed Minerva differentiation combines proprietary pharmacology and integration, after-last-drink use, and measurable rapid reduction of already-absorbed blood
alcohol in a discreet, comfortable, portable wearable. Product-specific performance remains to be validated.
Minerva Wise Limited | Non-confidential investor presentation 28
APPENDIX | COMPETITIVE LANDSCAPE
Preclinical developments and complementary monitoring
| Technology / intended timing | Evidence and development status | Relationship to Minerva’s proposition |
|---|---|---|
| ETH Zürich gel [C5] Experimental oral gel. Before / during drinking. | 2024 Nature Nanotechnology study and institutional report: mouse experiments showed reduced blood-alcohol levels and organ injury. Human use still requires clinical evidence. | Acts on alcohol remaining in the gastrointestinal tract. The institutional report explains its limited effect after alcohol has entered the bloodstream. It is not an integrated wearable for after-last-drink use. |
| SP@Gel [C6] Experimental oral gel. Preventive alcohol-absorption interception. | 2026 Advanced Functional Materials study: in vitro and alcohol-exposed mouse data showed reduced gastrointestinal absorption, blood alcohol and acetaldehyde, with reduced organ injury. | Preclinical prevention of gastrointestinal absorption. No human efficacy or after-last-drink wearable performance established in the reviewed publication. |
| BACtrack Skyn [C7] Wrist-worn alcohol sensor. Continuous monitoring. | Research-use biosensor continuously measures transdermal alcohol content; published human research and validation datasets. Manufacturer identifies investigational research-use status. | Measures alcohol-related signals rather than reducing alcohol. A complementary monitoring category; it is not a pharmacological treatment. |
Within these reviewed sources, no equivalent complete Minerva combination was identified. Proposed performance remains to be established;
this is not an exhaustive patent or freedom-to-operate review.
Minerva Wise Limited | Non-confidential investor presentation 29
APPENDIX | COMPETITIVE LANDSCAPE
Preclinical developments and complementary monitoring
Technology / intended
Evidence and development status Relationship to Minerva’s proposition
timing
2024 Nature Nanotechnology study and Acts on alcohol remaining in the gastrointestinal
ETH Zürich gel [C5]
institutional report: mouse experiments showed tract. The institutional report explains its limited
Experimental oral gel.
reduced blood-alcohol levels and organ injury. effect after alcohol has entered the bloodstream. It
Before / during drinking.
Human use still requires clinical evidence. is not an integrated wearable for after-last-drink use.
2026 Advanced Functional Materials study: in
SP@Gel [C6] Preclinical prevention of gastrointestinal absorption.
vitro and alcohol-exposed mouse data showed
Experimental oral gel. No human efficacy or after-last-drink wearable
reduced gastrointestinal absorption, blood
Preventive alcohol-absorption performance established in the reviewed
alcohol and acetaldehyde, with reduced organ
interception. publication.
injury.
Research-use biosensor continuously
BACtrack Skyn [C7] measures transdermal alcohol content; Measures alcohol-related signals rather than
Wrist-worn alcohol sensor. published human research and validation reducing alcohol. A complementary monitoring
Continuous monitoring. datasets. Manufacturer identifies category; it is not a pharmacological treatment.
investigational research-use status.
Within these reviewed sources, no equivalent complete Minerva combination was identified. Proposed performance remains to be established;
this is not an exhaustive patent or freedom-to-operate review.
Minerva Wise Limited | Non-confidential investor presentation 29
APPENDIX | PRIMARY SOURCES
Competitive landscape: commercial evidence
C1 Sure Shot: 2025 randomised crossover human study (35 participants)
Nutritional and Dietary Supplements | DOI: 10.2147/NDS.S507571
C1 Issuer publication on the study and commercial supplement
C2 AB001: 2022 crossover study; 2023 single-dose study
AB001 single-dose study: PMC9846591
Myrkl official product and science information
C3 ZBiotics: official science, timing and blood-alcohol statement
C4 The Good Patch: Rescue official product and use instructions
Labels link to the original publications or manufacturer pages.
Minerva Wise Limited | Non-confidential investor presentation 30
APPENDIX | PRIMARY SOURCES
Competitive landscape: commercial evidence
C1 Sure Shot: 2025 randomised crossover human study (35 participants)
Nutritional and Dietary Supplements | DOI: 10.2147/NDS.S507571
C1 Issuer publication on the study and commercial supplement
C2 AB001: 2022 crossover study; 2023 single-dose study
AB001 single-dose study: PMC9846591
Myrkl official product and science information
C3 ZBiotics: official science, timing and blood-alcohol statement
C4 The Good Patch: Rescue official product and use instructions
Labels link to the original publications or manufacturer pages.
Minerva Wise Limited | Non-confidential investor presentation 30
APPENDIX | PRIMARY SOURCES
Competitive landscape: preclinical and monitoring evidence
C5 Su et al. (2024), Nature Nanotechnology: experimental alcohol gel
DOI: 10.1038/s41565-024-01657-7 | Preclinical mouse evidence
ETH Zürich institutional report: intended use and limitations
C6 Zou et al. (2026), Advanced Functional Materials: SP@Gel
DOI: 10.1002/adfm.75965 | Published 18 May 2026 | Preclinical evidence
C7 BACtrack Skyn: official researcher information and status
Human research: Use of the BACtrack Skyn alcohol biosensor (2023)
T1 Minerva Wise: company profile and international programme capabilities
Minerva Wise Limited | Non-confidential investor presentation 31
APPENDIX | PRIMARY SOURCES
Competitive landscape: preclinical and monitoring evidence
C5 Su et al. (2024), Nature Nanotechnology: experimental alcohol gel
DOI: 10.1038/s41565-024-01657-7 | Preclinical mouse evidence
ETH Zürich institutional report: intended use and limitations
C6 Zou et al. (2026), Advanced Functional Materials: SP@Gel
DOI: 10.1002/adfm.75965 | Published 18 May 2026 | Preclinical evidence
C7 BACtrack Skyn: official researcher information and status
Human research: Use of the BACtrack Skyn alcohol biosensor (2023)
T1 Minerva Wise: company profile and international programme capabilities
Minerva Wise Limited | Non-confidential investor presentation 31
APPENDIX | OPERATING MARGIN
Sector references and the Newco modelling assumption
| Reference / period | Measure | Margin |
|---|---|---|
| Haleon | FY2025 [F1] | Group adjusted operating profit margin | 22.9% |
| Perrigo Consumer Self-Care International | FY2025 [F2] | Segment adjusted operating profit margin | 21.9% |
The theoretical 23% assumption is close to Haleon’s FY2025 adjusted margin of 22.9%. These established
businesses have different portfolios and scale; their margins are reference points, not a 30-country OTC
manufacturer average.
Newco model: theoretical operating profit = net sales × 23%, before financing costs and tax. The assumption requires
validation against manufacturing, commercial agreements and operating costs. Distributor and pharmacy markups are
separate channel economics.
F1 Haleon FY2025 results | published 25 February 2026
F2 Perrigo FY2025 results | published 26 February 2026
Minerva Wise Limited | Non-confidential investor presentation 32
APPENDIX | OPERATING MARGIN
Sector references and the Newco modelling assumption
Reference / period Measure Margin
Haleon | FY2025 [F1] Group adjusted operating profit margin 22.9%
Perrigo Consumer Self-Care International |
Segment adjusted operating profit margin 21.9%
FY2025 [F2]
The theoretical 23% assumption is close to Haleon’s FY2025 adjusted margin of 22.9%. These established
businesses have different portfolios and scale; their margins are reference points, not a 30-country OTC
manufacturer average.
Newco model: theoretical operating profit = net sales × 23%, before financing costs and tax. The assumption requires
validation against manufacturing, commercial agreements and operating costs. Distributor and pharmacy markups are
separate channel economics.
F1 Haleon FY2025 results | published 25 February 2026
F2 Perrigo FY2025 results | published 26 February 2026
Minerva Wise Limited | Non-confidential investor presentation 32
APPENDIX | FIRST-ROUND BUDGET
Work-package allocations: development evidence
| Work package | Allocation | Basis and scope |
|---|---|---|
| Research material development and supply | €175,180 | Upper supplier option, alternative to €106,810; never additive. |
| Independent candidate validation | €10,000 | Planning allowance; reconcile analytical overlap before commissioning. |
| Academic product development | €160,284 | Programme contribution at the planning exchange rate, including the conditional animal milestone. |
| Additional functional studies | €50,000 | Management allowance outside the academic scope; quotation pending. |
| Quantitative animal pharmacology | €100,000 | Management allowance for product-specific proof of concept; quotation pending. |
| Conditional safety study component | €103,300 | Quotation for one study; scope review required. One component of the clinical-enabling package. |
Allocations are within the €1,100,000 round. Proposals require scope confirmation and contract; management allowances are planning budgets, not received
quotations.
Minerva Wise Limited | Non-confidential investor presentation 33
APPENDIX | FIRST-ROUND BUDGET
Work-package allocations: development evidence
Work package Allocation Basis and scope
Research material development and
€175,180 Upper supplier option, alternative to €106,810; never additive.
supply
Planning allowance; reconcile analytical overlap before
Independent candidate validation €10,000
commissioning.
Programme contribution at the planning exchange rate, including
Academic product development €160,284
the conditional animal milestone.
Management allowance outside the academic scope; quotation
Additional functional studies €50,000
pending.
Management allowance for product-specific proof of concept;
Quantitative animal pharmacology €100,000
quotation pending.
Quotation for one study; scope review required. One component of
Conditional safety study component €103,300
the clinical-enabling package.
Allocations are within the €1,100,000 round. Proposals require scope confirmation and contract; management allowances are planning budgets, not received
quotations.
Minerva Wise Limited | Non-confidential investor presentation 33
APPENDIX | FIRST-ROUND BUDGET
Budget for readiness and programme delivery
| Work package | Allocation | Basis and scope |
|---|---|---|
| Manufacturing development planning | €50,000 | Transfer, quality and feasibility planning; comparability planning included. Extra tests and batches remain unquoted. |
| EMA scientific advice | €98,400 | Full-scope statutory fee reference before any SME reduction. [B1-B2] |
| Regulatory preparation and support | €30,000 | Management allowance, separate from the EMA fee. |
| Programme coordination | €108,000 | €4,500 per month for 24 months; research-provider teams are budgeted separately. |
| IP and corporate work | €30,000 | Management allowance for IP, agreements and financing preparation; scope pending. |
€915,164 + €184,836 = €1,100,000
Work-package subtotal Reserve and rounding Proposed round
Subtotal: €537,164 linked to proposals / fee reference + €378,000 planning allowances. Reserve: €183,032.80 (20% of subtotal) + €1,803.20 round-size rounding.
Minerva Wise Limited | Non-confidential investor presentation 34
APPENDIX | FIRST-ROUND BUDGET
Budget for readiness and programme delivery
Work package Allocation Basis and scope
Transfer, quality and feasibility planning; comparability planning
Manufacturing development planning €50,000
included. Extra tests and batches remain unquoted.
Full-scope statutory fee reference before any SME reduction.
EMA scientific advice €98,400
[B1-B2]
Regulatory preparation and support €30,000 Management allowance, separate from the EMA fee.
€4,500 per month for 24 months; research-provider teams are
Programme coordination €108,000
budgeted separately.
Management allowance for IP, agreements and financing
IP and corporate work €30,000
preparation; scope pending.
€915,164 + €184,836 = €1,100,000
Work-package subtotal Reserve and rounding Proposed round
Subtotal: €537,164 linked to proposals / fee reference + €378,000 planning allowances. Reserve: €183,032.80 (20% of subtotal) + €1,803.20 round-size rounding.
Minerva Wise Limited | Non-confidential investor presentation 34
APPENDIX | BUDGET SENSITIVITY
Why the proposed first round remains €1,100,000
| Working scenario | Before reserve | With 20% reserve |
|---|---|---|
| Upper supplier scope and full advice-fee reference | €915,164 | €1,098,197 |
| Lower supplier scope and 90% advice-fee reduction, if SME eligible | €758,234 | €909,881 |
The upper scenario is rounded to a €1,100,000 capital target. The lower scenario is approximately €910,000; it uses
a €106,810 supplier alternative and a €9,840 scientific advice-fee assumption.
The lower supplier proposal has reduced scope. It is not an equivalent programme unless omitted activities are
unnecessary or covered elsewhere. SME eligibility and the advice-fee reduction require confirmation.
Stage budgets are released against agreed scope and evidence. Overlapping studies are reconciled before commissioning. Tax/VAT cash timing, exchange rates,
quantities and supplier extras are incorporated into the final cash-flow plan. The reserve does not guarantee coverage of every unquoted activity.
Minerva Wise Limited | Non-confidential investor presentation 35
APPENDIX | BUDGET SENSITIVITY
Why the proposed first round remains €1,100,000
Working scenario Before reserve With 20% reserve
Upper supplier scope and full advice-fee reference €915,164 €1,098,197
Lower supplier scope and 90% advice-fee reduction, if SME eligible €758,234 €909,881
The upper scenario is rounded to a €1,100,000 capital target. The lower scenario is approximately €910,000; it uses
a €106,810 supplier alternative and a €9,840 scientific advice-fee assumption.
The lower supplier proposal has reduced scope. It is not an equivalent programme unless omitted activities are
unnecessary or covered elsewhere. SME eligibility and the advice-fee reduction require confirmation.
Stage budgets are released against agreed scope and evidence. Overlapping studies are reconciled before commissioning. Tax/VAT cash timing, exchange rates,
quantities and supplier extras are incorporated into the final cash-flow plan. The reserve does not guarantee coverage of every unquoted activity.
Minerva Wise Limited | Non-confidential investor presentation 35
APPENDIX | 30-COUNTRY MARKETING AUTHORISATION
EMA marketing-authorisation fee references
Published fee references for the planned centralised application. The main European pathway and 30-country coverage
are explained on page 13.
| EMA fee reference for 30-country marketing authorisation | Amount |
|---|---|
| Complete application claiming a new active substance | €865,200 |
| Relevant eligibility / pre-submission request | €8,600 |
| Combined reference retained in the financing proposal | €873,800 |
These fee references relate to the centralised 30-country marketing authorisation and sit outside the €1,100,000 preclinical
round. They are not the full later-stage programme cost. [B1-B2, R1]
Statutory reference amounts under Regulation (EU) 2024/568. Actual fees depend on request scope, application legal basis, the tariff applicable at
submission / validation and eligibility for reductions or deferrals.
Minerva Wise Limited | Non-confidential investor presentation 36
APPENDIX | 30-COUNTRY MARKETING AUTHORISATION
EMA marketing-authorisation fee references
Published fee references for the planned centralised application. The main European pathway and 30-country coverage
are explained on page 13.
EMA fee reference for 30-country marketing authorisation Amount
Complete application claiming a new active substance €865,200
Relevant eligibility / pre-submission request €8,600
Combined reference retained in the financing proposal €873,800
These fee references relate to the centralised 30-country marketing authorisation and sit outside the €1,100,000 preclinical
round. They are not the full later-stage programme cost. [B1-B2, R1]
Statutory reference amounts under Regulation (EU) 2024/568. Actual fees depend on request scope, application legal basis, the tariff applicable at
submission / validation and eligibility for reductions or deferrals.
Minerva Wise Limited | Non-confidential investor presentation 36
APPENDIX | FINANCING CONTEXT AND SOURCES
Later-stage cost context and source references
| Published external example | Reference amount | How it is used |
|---|---|---|
| Clinical drug-substance and product supply | 2024 [B3] | €1,213,000 | Public contract with a different scope; context for manufacturing work-package discussions. |
| First-in-human study in healthy volunteers | Spain, 2023 [B4] | €599,315 | Published budget example with a different scope; context for clinical planning. |
Neither example is a Minerva quotation or an addition to the current round. Later programme budgets require separate
study designs, work-package scoping and supplier quotations.
B1 Regulation (EU) 2024/568, Annex I §§1.1 / 2.1 and Annex IV §3.1
B2 EMA: fees for human medicines, scope and reduction eligibility
B3 Public contract notice 023890-2024, July 2024
B4 Sofpromed: first-in-human budget example, April 2023
Minerva Wise Limited | Non-confidential investor presentation 37
APPENDIX | FINANCING CONTEXT AND SOURCES
Later-stage cost context and source references
Published external example Reference amount How it is used
Clinical drug-substance and product Public contract with a different scope; context for
€1,213,000
supply | 2024 [B3] manufacturing work-package discussions.
First-in-human study in healthy volunteers | Published budget example with a different
€599,315
Spain, 2023 [B4] scope; context for clinical planning.
Neither example is a Minerva quotation or an addition to the current round. Later programme budgets require separate
study designs, work-package scoping and supplier quotations.
B1 Regulation (EU) 2024/568, Annex I §§1.1 / 2.1 and Annex IV §3.1
B2 EMA: fees for human medicines, scope and reduction eligibility
B3 Public contract notice 023890-2024, July 2024
B4 Sofpromed: first-in-human budget example, April 2023
Minerva Wise Limited | Non-confidential investor presentation 37
APPENDIX - UK EXPANSION COSTS
UK filing costs sit outside the initial development round
| Published MHRA major-application fee | Reference amount |
|---|---|
| IRP Recognition B - working scenario | GBP 83,580 |
| IRP Recognition A - only when eligible | GBP 24,688 |
| Standalone national application - comparison | GBP 124,194 |
These are alternative application routes, not additive fees. The major category is the working basis for a new active substance.
The applicable tariff and route must be confirmed at submission. [U7]
Additional UK work, not yet quoted: dossier adaptation and UK product information, pharmacovigilance and
risk-management requirements, device-component documentation, applicable inspections and annual fees, distribution
arrangements and launch working capital.
The EUR 1.1 million initial round remains unchanged. UK launch expenditure belongs in later financing, with any early UK-specific work scoped before commissioning. No
complete UK expansion-cost total or GBP/EUR conversion is claimed.
Minerva Wise Limited | Non-confidential investor presentation 38
APPENDIX - UK EXPANSION COSTS
UK filing costs sit outside the initial development round
Published MHRA major-application fee Reference amount
IRP Recognition B - working scenario GBP 83,580
IRP Recognition A - only when eligible GBP 24,688
Standalone national application - comparison GBP 124,194
These are alternative application routes, not additive fees. The major category is the working basis for a new active substance.
The applicable tariff and route must be confirmed at submission. [U7]
Additional UK work, not yet quoted: dossier adaptation and UK product information, pharmacovigilance and
risk-management requirements, device-component documentation, applicable inspections and annual fees, distribution
arrangements and launch working capital.
The EUR 1.1 million initial round remains unchanged. UK launch expenditure belongs in later financing, with any early UK-specific work scoped before commissioning. No
complete UK expansion-cost total or GBP/EUR conversion is claimed.
Minerva Wise Limited | Non-confidential investor presentation 38
APPENDIX - UK PRIMARY SOURCES
Sources for the UK opportunity and recognition pathway
U1 ONS: UK population estimates, mid-2024
MYE2 Persons. UK row, ages 18-89 and 90+.
U2 Drinkaware / PS Research: Monitor 2024
Research report, page 15. UK drinker / non-drinker shares.
U3 YouGov: Drinkaware Monitor 2024 technical report
Sample and weighting, pages 9-10. UK adults aged 18+.
U4 MHRA: International Recognition Procedure
Scope, eligibility, 60/110-day timetables and current submission requirements.
U5 MHRA: IRP supplementary information
CHMP opinion, assessment reports and integral drug-device requirements.
U6 MHRA: UK-wide licensing for human medicines
UK-wide marketing authorisations and territory.
U7 MHRA: Current fees
Section 14, major marketing-authorisation application fees.
Minerva Wise Limited | Non-confidential investor presentation 39
APPENDIX - UK PRIMARY SOURCES
Sources for the UK opportunity and recognition pathway
U1 ONS: UK population estimates, mid-2024
MYE2 Persons. UK row, ages 18-89 and 90+.
U2 Drinkaware / PS Research: Monitor 2024
Research report, page 15. UK drinker / non-drinker shares.
U3 YouGov: Drinkaware Monitor 2024 technical report
Sample and weighting, pages 9-10. UK adults aged 18+.
U4 MHRA: International Recognition Procedure
Scope, eligibility, 60/110-day timetables and current submission requirements.
U5 MHRA: IRP supplementary information
CHMP opinion, assessment reports and integral drug-device requirements.
U6 MHRA: UK-wide licensing for human medicines
UK-wide marketing authorisations and territory.
U7 MHRA: Current fees
Section 14, major marketing-authorisation application fees.
Minerva Wise Limited | Non-confidential investor presentation 39
Minerva Wise leads the scientific and strategic development of a patent-pending wearable drug-device programme for alcohol reduction on demand.
Our development vision includes exploring potential applications for adults wishing to resume activities such as driving after their chosen last drink of that occasion.
Future application to be evaluated
Assessing this opportunity requires dedicated evidence on alcohol reduction, functional performance and fitness to drive, alongside the platform’s overall safety evaluation.
Investment and partnership enquiries
ana-diana.anghel@minervawiseltd.com
Concept illustration - investigational programme
Minerva Wise Limited | Non-confidential investor presentation 40
Developing the evidence
for a new healthcare option
Minerva Wise leads the scientific and strategic development of a
patent-pending wearable drug-device programme for alcohol reduction
on demand.
Our development vision includes exploring potential applications for
adults wishing to resume activities such as driving after their chosen last
drink of that occasion.
Future application to be evaluated
Assessing this opportunity requires dedicated evidence on alcohol reduction,
functional performance and fitness to drive, alongside the platform’s overall safety
evaluation.
Investment and partnership enquiries
Concept illustration - investigational programme
ana-diana.anghel@minervawiseltd.com
Minerva Wise Limited | Non-confidential investor presentation 40
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