THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent professional adviser authorised under the Financial Services and Markets Act 2000, as amended, (the “FSMA”) who specialises in advising on the acquisition of shares and other securities if you are resident in the United Kingdom or, if not, from another appropriately authorised independent adviser. This document, which comprises an AIM admission document drawn up in accordance with the AIM Rules for Companies, has been issued in connection with an application for admission to trading on AIM of the entire share capital, issued and to be issued pursuant to the Placing, of Arecor Therapeutics plc (the “Company”). This document does not constitute an offer or any part of any offer of transferable securities to the public in the United Kingdom within the meaning of section 102B of the FSMA or otherwise. Accordingly, this document does not constitute a prospectus for the purposes of section 85 of the FSMA or otherwise and has not been drawn up in accordance with the Prospectus Regulation Rules and has not been nor will it be filed with or approved by the Financial Conduct Authority (“FCA”) or any other competent authority. Application has been made for the Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that trading in the Ordinary Shares will commence on AIM at 8.00 a.m. on 3 June 2021. The Ordinary Shares are not dealt in on any other recognised investment exchange and no application has been, or is intended to be, made for the Ordinary Shares to be admitted to trading on any other such exchange. AIM is a market designed primarily for emerging or smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. AIM securities are not admitted to the Official List of the FCA. A prospective investor should be aware of the risks of investing in such companies and should make the decision to invest only after careful consideration and, if appropriate, consultation with an independent financial adviser. Each AIM company is required pursuant to the AIM Rules for Companies to have a Nominated Adviser. The Nominated Adviser is required to make a declaration to the London Stock Exchange on admission in the form set out in Schedule Two to the AIM Rules for Nominated Advisers. The London Stock Exchange has not itself examined or approved the contents of this document. The Company and the Directors, whose names and functions appear on page 12 of this document, accept responsibility for the information contained in this document and for compliance with AIM Rules for Companies. To the best of the knowledge of the Company and the Directors (each of whom has taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The whole of this document should be read. Your attention is drawn in particular to Part II of this document entitled “Risk Factors”, which describes certain risks associated with an investment in the Ordinary Shares. Arecor Therapeutics plc (incorporated and registered in England and Wales under the Companies Act 2006 with registered number 13331147) Placing of 8,849,558 Ordinary Shares at 226 pence per Ordinary Share Admission of the Enlarged Share Capital to trading on AIM Nominated Adviser and Sole Broker The Placing is conditional, inter alia, on Admission taking place by 8.00 a.m. on 3 June 2021 (or such later date as the Company and Panmure Gordon (UK) Limited (“Panmure Gordon”) may agree, being not later than 24 June 2021). All of the Ordinary Shares, including the Placing Shares and the Conversion Shares, will, on Admission, rank equally in all respects, including the right to receive all dividends or other distributions declared, made or paid on the Ordinary Shares after Admission. Panmure Gordon, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company as Nominated Adviser, financial adviser and Broker in connection with the Placing and Admission, and will not be responsible to any other person for providing the protections afforded to customers of Panmure Gordon or advising any other person in connection with the Placing and Admission. Panmure Gordon’s responsibilities as the Company’s Nominated Adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers will be owed solely to the London Stock Exchange and not to the Company, the Directors or to any other person in respect of such person’s decision to subscribe for or subsequently acquire Ordinary Shares in reliance on any part of this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Panmure Gordon by the FSMA or the regulatory regime established under it, Panmure Gordon does not accept any responsibility whatsoever for the contents of this document, and no representation or warranty, express or implied, is made by Panmure Gordon with respect to the accuracy or completeness of this document or any part of it and no responsibility or liability whatsoever is accepted by Panmure Gordon for the accuracy of any information or opinions contained in this document or for the omission of any material information from this document, for which the Company and the Directors are solely responsible. This document does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for, securities in any jurisdiction in which such offer or solicitation is unlawful and, in particular, is not for publication or distribution in or into the United States, Canada, Australia, the Republic of South Africa or Japan, nor in any country or territory where to do so may contravene local securities laws or regulations. The Ordinary Shares have not been and will not be registered under the United States Securities Act of 1993, an amended (the “Securities Act”), nor under the applicable securities laws or with any securities regulatory authority of any state or other jurisdiction of the United States or any province or territory of Canada, Australia, the Republic of South Africa or Japan, nor in any country or territory where to do so may contravene local securities laws or regulations. Accordingly, unless a relevant exemption from such requirements is available, the Ordinary Shares may not be offered, sold, taken up, re-sold, transferred or delivered, directly or indirectly into or within the United States, Canada, Australia, the Republic of South Africa, Japan or to any resident of the United States, Canada, Australia, the Republic of South Africa or Japan. There will be no public offer of securities in the United States. The distribution of this document in other jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities law of any such jurisdictions. The Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or any other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this document. Any representation to the contrary is a criminal offence in the United States. Holding Ordinary Shares may have implications for overseas shareholders under the laws of the relevant overseas jurisdictions. Overseas investors should inform themselves about and observe any applicable legal requirements. It is the responsibility of overseas shareholders to satisfy themselves as to the full observance of the laws of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required and the compliance with any other necessary formalities which are required to be observed and the payment of any issue, transfer or other taxes due in such jurisdiction. Copies of this document will be available free of charge during normal business hours on any day (except Saturdays, Sundays and public holidays) at the registered office of the Company one month from the date of this document. This document is also available on the Company’s website, www.arecor.com. Dated: 26 May 2021 2 IMPORTANT INFORMATION This document should be read in its entirety before making any decision to subscribe for or purchase Placing Shares. Prospective investors should rely only on the information contained in this document. No person has been authorised to give any information or make any representations other than as contained in this document and, if given or made, such information or representations must not be relied on as having been authorised by the Company, Panmure Gordon or any of their respective affiliates, officers, directors, employees or agents. Without prejudice to the Company’s obligations under applicable laws and the AIM Rules for Companies, neither the delivery of this document nor any subscription made under this document shall, under any circumstances, create any implication that there has been no change in the affairs of the Company or the Group since the date of this document or that the information contained herein is correct as at any time subsequent to its date. Prospective investors in the Company must not treat the contents of this document or any subsequent communications from the Company, Panmure Gordon or any of their respective affiliates, officers, directors, employees or agents as advice relating to legal, taxation, accounting, regulatory, investment or any other matters.