Bringing the Right Drug to the Right Patient
ANNUAL REPORT & ACCOUNTS 2006
Curidium Medica plc (formerly Cielo Holdings plc) CONTENTS
FINANCIAL HIGHLIGHTS 4
BUSINESS HIGHLIGHTS 4
CHAIRMAN’S STATEMENT 5
CHIEF EXECUTIVE OFFICER’S REVIEW 6
DIRECTORS AND ADVISERS 8
DIRECTORS’ REPORT 10
AUDITORS’ REPORT 13
CONSOLIDATED INCOME STATEMENT 14
CONSOLIDATED BALANCE SHEET 15
CONSOLIDATED CASH FLOW INFORMATION 16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17
NOTICE OF ANNUAL GENERAL MEETING 34
FORM OF PROXY INSERT Curidium is a company focused on 
identifying targeted medicines to 
treat patients more effectively.
Through the application of its proprietary technology, 
Homomatrix
®
, Curidium analyses biological data 
(gene expression / protein data) from patients 
suffering from complex or multi-factorial diseases. 
Patient populations with complex disorders are 
known to be heterogeneous and only certain 
subgroups of patients respond to a specific 
treatment. Curidium believes that Homomatrix
®
 
will ultimately allow for the development of the 
right drug for the right patient. 
Curidium Medica plc was formed by the reverse 
acquisition of Curidium Limited by Cielo Holdings 
plc and the re-admission of the enlarged Group 
to the Alternate Investment Market of the London 
Stock Exchange on 6
th
 July 2006. FINANCIAL HIGHLIGHTS
BUSINESS HIGHLIGHTS
• Reverse takeover and re-admission of enlarged Group to AIM.
• Expanded research programmes in schizophrenia and bipolar disorder.
• Management team enlarged.
• Identiﬁcation of four unique patient subgroups in schizophrenia
and bipolar disorder.
Year ended
 31 December 2006
Year ended
31 December 2005
Research and Development expenditure £304,712 £123,212
Group Operating Loss £976,558 £224,716
Group Loss Before Tax £945,036 £224,716
Loss per Share 0.24 pence 0.18 pence
Cash out ﬂow from operating activities £627,291 £245,049
4 5 curidium annual report & accounts 2006
CHAIRMAN’S STATEMENT
I am very pleased to say that 2006 has seen signiﬁcant and very positive developments for 
Curidium Medica plc. Through the application of the Company’s Homomatrix
®
 technology, 
efforts to bring the right drug to the right patient have been substantially advanced.
within the biopharma industry to commercialise the 
resultant intellectual property. Curidium is now in the 
position to offer support in the area of drug discovery 
and development as well as provide unique and novel 
drug targets to the industry in the schizophrenia/bipolar 
disorder area. The Company naturally intends to broaden 
its efforts and is examining other diseases that could 
be amenable to Homomatrix
®
 analysis. 
Overall, the area of personalised medicine and targeted 
drug therapy is an exciting and expanding arena. While 
we believe that we are well positioned and poised to 
exploit our knowledge, expertise and Homomatrix
®
 
technology, we are aware that this is an area that will 
become increasingly competitive. 
Results The ﬁnancial results for the year ended 31
st
 
December 2006 were in line with our expectations 
and show a healthy increase of 147% in Research 
and Development expenditure to £304,712 (2005: 
£123,212). Losses before tax increased to £945,036 
(2005: £224,716) reﬂecting the increase in R&D and 
the costs of the reverse take over and associated 
private placing. Cash burn has been and is closely 
monitored and the Group consumed £627,290 cash 
in the year (2005: £245,049).
In closing, I would especially like to thank the directors 
and staff at Curidium for all of their hard work and 
commitment during this past year and to thank our 
shareholders for their ongoing support. I wish my 
successor Dr Gosse Bruinsma and all the staff best 
wishes for the future.
Simon Cartmell
30
th
 April 2007
In July, the reverse acquisition of Curidium Limited by 
Cielo Holdings plc was accomplished which resulted 
in the listing of the enlarged group on AIM. This was 
accompanied by a private placement, strengthening 
the ﬁnancial foundation of the Company. As the 
ﬁnal element of the transition to a public market a 
process was initiated to strengthen the executive 
management of Curidium. I am therefore delighted by 
the appointment of Dr Gosse Bruinsma as Executive 
Chairman. With signiﬁcant relevant clinical experience 
and as the former CEO of Axonyx Inc a specialist 
CNS focused, US listed biotech, Gosse brings the 
necessary experience to lead Curidium forward in 
the next stage of its growth. 
The development of Curidium’s core technology, 
Homomatrix
®
, was completed during the course of the 
year to the stage of being a fully automated data analysis 
system. Its applicability and unique approach to assess 
large gene expression datasets of heterogeneous patient 
populations was successfully validated in schizophrenia/
bipolar disorder patients. Homomatrix
®
 repeatedly 
showed that within these diseases there are in fact distinct 
and signiﬁcantly different subgroups of patients; each 
subgroup potentially responsive to different drugs or drug 
combinations. These ﬁndings are important as there is 
much concern at regulatory and pharmaco-economic levels 
that currently marketed drugs are wanting as many patients 
simply do not respond adequately to their prescribed 
treatment. Homomatrix
®
 analyses of gene expression 
data may lead to the development of diagnostic tools 
that in turn allow the prescription of the right drug to 
the diagnosed patient with consequent improvements 
in clinical outcome and cost effectiveness.
The Company is ﬁnalising its investigation and review 
of these exciting ﬁrst Homomatrix
®
 analysis results 
and has initiated a business development programme  6 www.curidium.com
The test is aimed to help drug prescribers, such 
as psychiatrists, to select the most effective drug 
treatment for a patient; an approach that should beneﬁt 
both patients as well as healthcare payers. This is an 
exciting development as drugs presently used to treat 
heterogeneous human diseases, such as schizophrenia 
or bipolar disorder, are often effective in only a minority 
of patients and may cause serious side effects. 
Curidium, using its core technology, Homomatrix
®
, to 
analyse gene expression proﬁles, initially demonstrated 
the existence of four different patient groups in the brain 
samples (obtained post-mortem) from two independent 
cohorts of schizophrenia and bipolar disorder patients. These 
subgroups were found to be represented by four statistically 
signiﬁcantly different gene expression proﬁles. 
We extended these studies of brain samples by 
investigating samples of blood from schizophrenia and 
bipolar disorder patients with the aim to develop: 
1.  A diagnostic blood test that could provide physicians 
with information on the patient subgroup a patient 
belongs to, and
2.  A guide, for physicians, as to which drug would most 
likely be effective for each patient, and 
3.  A tool to help the pharmaceutical industry develop 
novel and effective drug treatments for speciﬁc 
patient groups
During 2006, Curidium has invested its resources towards the development of a diagnostic 
blood test that could enable the classiﬁcation of a schizophrenia or bipolar disorder patient 
into one of four different patient subgroups. 
CHIEF EXECUTIVE OFFICER’S REVIEW
Figure 1: 3-D Overview of the Four Different 
Schizophrenia / Bipolar Disorder Patient Subgroups 
as Identiﬁed in Blood Samples.
Schizophrenia/bipolar disorder patients, characterised 
by their different gene expression proﬁles in blood, 
have been mapped in a 3-D space. The subgroups 
have been indicated in different colours. 
The gene expression profiles of the subgroups, 
identiﬁed using Curidium’s Homomatrix
®
 technology, 
were found to be statistically signiﬁcantly different. 
The analysis of the blood samples again identiﬁed four 
distinct patient subgroups (see Figure 1) with statistically 
signiﬁcantly different gene expression proﬁles (Figure 2). 
We believe that this is the ﬁrst time that the existence 
of four distinct subgroups has been demonstrated 
using gene expression proﬁles in blood samples of 
schizophrenia and bipolar disorder patients. Figure 1 7 curidium annual report & accounts 2006
We are now studying the gene networks and disease mechanisms that underlie the speciﬁc 
expression proﬁles for each of the patient subgroups in order to identify the most suitable 
drug targets for each. This approach may lead to the development of drugs that can 
speciﬁcally and effectively treat the different patient groups.
 
Figure 2: Overview of the Different Gene Expression 
Proﬁles in Blood Samples from Schizophrenia / 
Bipolar Patients
Graphic overview of the different blood gene 
expression proﬁles found in schizophrenia/ bipolar 
disorder patients.
Each bar represents a gene whose expression is 
altered in that patient subgroup. The colours indicate 
the different gene clusters a gene belongs to, which 
in turn may indicate different gene networks and 
mechanisms involved in a subgroup. 
A selection of these genes will be used for the development 
of a blood diagnostic test that may be used to classify a 
patient in one of the four patient subgroups. 
As the regulatory agencies and pharmaco-economic 
pressures increasingly call for more effective drugs, we 
believe that “personalised” or “targeted” medicines 
represent the next generation of drugs. 
We, at Curidium, have set out to fully exploit our core 
Homomatrix
®
 technology to develop, in partnership 
with pharmaceutical and biotechnology companies, 
targeted medicines for speciﬁc patient subgroups for 
a range of heterogeneous human diseases, including 
schizophrenia and bipolar disorder. 
Finally, 2006 has been an important year for Curidium 
with the completion of the reverse takeover by Cielo 
Holdings and Curidium Medica’s listing on AIM. 
The newly raised funds have allowed the Company 
to automate, and validate Homomatrix
®
, and to 
initiate the execution of our business strategy as 
well as strengthen our position as a personalised 
medicine company.
These successes have called for an expansion of 
Curidium’s management team and board of directors 
and I am very pleased with the arrival of Dr Gosse 
B. Bruinsma as Executive Chairman and Dr Phyllis 
Whiteley as non-executive director of Curidium 
Medica plc. I am indebted to our outgoing chairman, 
Simon Cartmell, who I would like to thank for his 
commitment and efforts over the past three years 
supporting the growth of the Company from its 
very early stages. I wish him all the best in his other 
healthcare endeavours.
Anne T. Bruinvels, PhD
CEO
30
th
 April 2007 Figure 2
“2006 has been an important year for Curidium…”
A B C D 8 www.curidium.com
Mr. Simon Cartmell (Non-Executive Chairman)
Simon has 24 years’ pharmaceutical, healthcare and 
biotechnology industry experience. He spent 17 years’ 
at GlaxoWellcome (now GlaxoSmithkline) in a number 
of UK and global roles, including therapy area director, 
infectious diseases and hepatitis and supply chain director, 
responsible for the global order and fulﬁlment process from 
GlaxoSmithkline’ s seven UK manufacturing sites. Simon 
joined Vernalis plc (formerly Vanguard Medica plc) as chief 
operating ofﬁcer in 1998 overseeing its acquisition of the 
neurosciences company Cerebrus plc in 1999. Following 
this he joined the main board of Celltech in the role of 
chief executive ofﬁcer , of Celltech Pharmaceuticals, a major 
player in the US ADHD market. Upon leaving Celltech in 
mid 2002, Simon has worked with the venture capital and 
biotech community in a variety of interim CEO, business 
development and consulting roles. In addition to his role 
as chairman of Curidium, he is currently CEO of ApaT ech 
Ltd; a spine focused medical technology company and 
chairman of  OSpray Ltd, a dental materials company. 
Simon will be resigning from the board immediately after 
Annual General Meeting.
Dr. Anne T. Bruinvels (Chief Executive Ofﬁcer)
Anne has more than 17 years’ experience in the pharmaceutical 
and biotechnology industry. Prior to founding Curidium, 
Anne was Scientiﬁc Director, Business Development at 
Pharmagene (now Asterand), where she contributed to 
the growth of the organisation from private start-up to 
publicly listed biotechnology company. Previously, she has 
led research groups, as Head of Neurogenetics, SmithKline 
Beecham Pharmaceuticals (now GlaxoSmithkline) and as 
Head of Neuroanatomy and co-leader of global schizophrenia 
research at Wyeth, an American pharmaceutical company. 
Anne was awarded a PhD scholarship at Sandoz Pharma 
(now Novartis) and obtained her PhD (neuroscience) from 
Utrecht University (the Netherlands). She was presented with 
the London Biotechnology Network “Young Entrepreneur 
of the Year Award” in 2003.
Mr. Robert (Rob) Smith (Finance Director)
Rob joined Curidium in January 2007. Previously Rob 
was Chief Executive of Densitron Technologies plc 
having assumed this position in October 2005 before 
that he was Finance Director having joined that Group 
in 2002. Rob led Densitron through a number of changes 
including the sale of subsidiary companies, fund raising 
and negotiation of sales and distribution agreements. 
Rob is a Chartered Management Accountant, has an 
MSc in Management Accounting and over 20 years’ 
experience in the Electronics Industry.
Dr. Ann Hayes (Non-Executive Director)
Ann worked for 22 years’ for Glaxo and then GlaxoWellcome, 
initially in research, with particular expertise in the areas 
of CNS and pain. Before the GlaxoSmithkline merger, 
she was a director in drug discovery, and was involved 
in determining long-term discovery strategy, in portfolio 
management and in discovery project management. 
Ann left GlaxoSmithkline in 2001 and set up a business 
as an independent pharmaceutical consultant. In this 
capacity she has co-founded two small pharmaceutical 
businesses, Ionix Pharmaceuticals which has since been 
bought by Vernalis, and TheraSci, which was sold to 
CeNeS. In addition to her directorship at Curidium, Ann 
is a director for Plethora Solutions plc and Theradeas 
Ltd., and a member of the advisory boards for Paradigm 
Therapeutics, BrainCells Inc. and CeNeS plc.
Dr. Barry Porter (Non-Executive Director)
Barry is CEO of ReOx Pharmaceutical Ltd and a non-
executive director of Inhibox Limited. He has more than 
20 years’ pharmaceutical industry experience. Recently 
Barry has been senior Vice President Drug Discovery 
and director at De Novo Pharmaceuticals Limited. 
Prior to that, he held senior positions at Pharmagene, 
now Asterand (Vice President Therapeutics), Rhone-
Poulenc Rorer (Senior Director of Medicinal Chemistry) 
and Glaxo Group Research (Research Leader). Barry 
gained his PhD from the University of California, San 
Diego followed by a postdoctoral fellowship with 
Syntex in Palo Alto.
Dr. Gosse B. Bruinsma (Executive Director)
Gosse has over 20 years’ experience in the medical, 
pharmaceutical and biotechnology ﬁelds. He received 
his undergraduate degree from McGill University, 
Montreal and his medical degree from the University 
of Leiden, the Netherlands. Following several years in 
clinical medicine, he joined the pharmaceutical industry 
to become European Medical Director for Zambon, 
Milan. He subsequently joined the international 
contract research organization, ClinTrials Research, 
to become their Vice President for Medical and 
Regulatory Affairs. In September 1995 Gosse joined 
Forest Laboratories in New York as Medical Director. 
From September 1997 to 1999 he was General Manager 
and VP Development for Chrysalis Clinical Services 
Europe based in Switzerland. From November 1999 
until he joined Axonyx Europe BV, Gosse was the VP 
Development for Crucell BV (formerly IntroGene), a 
biotechnology company based in the Netherlands. 
Gosse served as Chairman and Chief Executive Ofﬁcer 
of OXIS International in 2004. Gosse served as a Director 
of Axonyx Inc. and as President of Axonyx Europe 
BV since October 2000, as Chief Operating Ofﬁcer 
of Axonyx Inc. since February 2001, as President of 
Axonyx Inc. since Sept. 2003 and as Chief Executive 
Ofﬁcer until he successfully merged the company with 
a private USA-based company in October. 2006. He 
currently serves as Director on the Supervisory Board of 
Agendia BV based in Amsterdam and advises several 
other companies at executive and Board level. Gosse 
will assume the role of Executive Chairman immediately 
after the Annual General meeting.
Dr. Phyllis Whiteley (Non-Executive Director)
Phyllis is a director of the US Personalized Medicine 
Coalition and she was until recently Senior Vice 
President of Business Development and Licensing 
of Perlegen Inc., a US based personalised medicine 
company.  Prior to Perlegen, Phyllis was Vice President 
Strategic Portfolio Management, Global Pharma 
Research Strategy for F . Hoffman La Roche. During her 
ten year tenure with Roche she held various positions 
including Vice President Business Development and 
Global Licensing Director based in Basel, Switzerland 
and other research leadership positions including 
Therapeutic Area Head.  Prior to Roche, Phyllis was 
with Merck. She holds a Ph.D., Pharmacology from 
Washington University, St. Louis, Missouri.
DIRECTORS AND ADVISERS 9 curidium annual report & accounts 2006
Secretary and Registered Ofﬁce
Rob Smith
Hamilton House
Mabledon Place
London WC1H 9BB
Company Number
4846588
Nominated Adviser & Broker
Blue Oar Securities Plc
30 Old Broad Street
London EC2N 1HT
Solicitors
Halliwells LLP
1 Threadneedle Street
London EC2R 8AY
Auditors
Jeffreys Henry LLP
Chartered Accountants & Registered Auditors
Finsgate
5-7 Cranwood Street
London EC1V 9EE
Bankers
Anglo Irish Bank Corporation plc
10 Old Jewry
London EC2R 8DN
Coutts & Co.
440 Strand
London WC2R 0QS
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU 10 www.curidium.com
The Directors have pleasure in submitting this report together with the accounts of Curidium Medica plc (‘the Company’) and its subsidiary 
undertakings (together ‘the Group’) for the period ended 31
st
 December 2006.
Principal Activities and Results
The Group’s principal activity is the development and commercialisation of companion diagnostics and of targeted medicines to treat 
patients more effectively.
Through the application of its proprietary technology, Homomatrix
®
, Curidium analyses biological data (gene expression /protein data) from 
patients suffering from complex or multi-factorial diseases. Patient populations with complex disorders are known to be heterogeneous 
and only certain subgroups of patients respond to a speciﬁc treatment. Curidium believes that Homomatrix
®
 will ultimately allow for the 
development of the right drug for the right patient. The Company ﬁles patents around the genes and drug targets that are associated with 
the speciﬁc subgroups of patients.
The Group loss after taxation amounted to £884,306.
Review of the business
A review of the business of the Group, together with comments on future developments is given in the Chairman’s Statement on page 5 
and the Chief Executive’s Report on pages 6 and 7.
Research and Development
The Group’s activities in this ﬁeld relate to the development of Homomatrix
®
, the Group’s proprietary technology for identifying the 
underlying mechanisms of human diseases. Since the balance sheet date the Group has announced that it has identiﬁed four unique 
patient subgroups in schizophrenia and bipolar disorder, based on two brain studies and a blood study. The Directors believe this to be 
an important discovery that could improve the development of effective drug therapies for these conditions and will continue to focus its 
Research and Development activities in this area.
Directors
The Directors at the date of this report are listed on page 8.
There have been a number of changes to the Board of Directors. Mr A Reynolds resigned as Director and Chairman on the 5
th
 July 2006 
and Mr P Foulger resigned as Director on the 31
st
 December 2006. Mr S Cartmell was appointed Chairman and Director on the 5
th
 July 2006, 
Dr A Bruinvels, Dr A Hayes and Dr B Porter were appointed as Directors on the 5
th
 July 2006. Mr R Smith was appointed as Director on 
the 1
st
 January 2007. Dr G Bruinsma and Dr P Whiteley were appointed as Directors on the 25
th
 April 2007.
In accordance with the Articles of Association, Dr A Bruinvels retires by rotation and, being eligible, offers herself for re-election. Mr R Smith, 
Dr G Bruinsma and Dr P Whiteley, having been appointed since the last General Meeting, retire in accordance with the Articles of Association 
and, all being eligible, offer themselves for election.
Mr S Cartmell has indicated his intention to retire as Chairman and Director at the Annual General meeting and will not seek re-election. 
Dr G Bruinsma will assume the role of Chairman.
None of the Directors seeking election has a service contract with the Company or any of its subsidiaries of more than one year’s duration 
or requiring more than one year’s notice of termination.
Biographies of all Directors are given in the Directors and Advisers section on page 8.
Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and ﬁnancial statements in accordance with applicable law and International 
Financial Reporting Standards (IFRS) as adopted by the European Union. Company law requires the directors to prepare ﬁnancial statements 
for each ﬁnancial year which give a true and fair view of the state of affairs of the Company and Group and of the proﬁt or loss for that 
period.  In preparing those ﬁnancial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the 
ﬁnancial statements;
• prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the ﬁnancial 
position of the Company and to enable them to ensure that the ﬁnancial statements comply with the Companies Act 1985.  They have 
general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect 
fraud and other irregularities.
DIRECTORS’ REPORT 11 curidium annual report & accounts 2006
Financial risk management policies
Financial risk factors and management
The Group’s principal ﬁnancial instruments comprise cash and short-term deposits. The main purpose of these ﬁnancial instruments is to 
provide working capital and investment funds for the Group’s business and product development activities. The Group has various other 
ﬁnancial instruments such as trade and other receivables and trade and other payables, which arise directly from its operations.
Interest rate risk
The main risk arising from the Group’s ﬁnancial instruments is changes in interest rates. The Board’s policy toward cash deposits is to deposit 
cash short term in interest bearing bank deposit accounts.
Credit risk
The Group’ s credit risk is primarily attributed to other receivables. The maximum credit risk exposure of the Group comprises the amounts presented 
in the balance sheet that are stated net of provisions, where appropriate. A provision is made where there is an identiﬁed loss event which, based 
on previous experience, is evidence of a reduction in the recoverability of future cash ﬂows. The majority of the Group’ s other receivables are with 
public bodies (HM Revenue and Customs). The Group does not consider these counterparties to be a signiﬁcant credit risk.
Statement to Auditors
As far as the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware and they have taken 
all the steps they ought to have taken as Directors in order to make themselves aware of any relevant information and to establish that the 
Company’s auditors are aware of that information.
Directors Interests
The interests of those directors serving at the period ended 31
st
 December 2006, all of which are beneﬁcial, in the share capital of the Company, 
as shown in the register of Directors’ interests kept by the Company under Section 325 of the Companies Act 1985, were as follows:
On 31 December 2006 On 31 October 2005
(or later date of appointment)
 Ordinary Shares of 0.1p each Ordinary Shares of 0.1p each
Mr S Cartmell 3,951,029 3,951,029
Dr A Bruinvels 92,678,464 92,678,464
Dr A Hayes 506,484 506,484
Dr B Porter 30,405,040 30,405,040
The beneﬁcial holdings disclosed above include, where applicable, the holdings of immediate family. None of the Directors had a material 
interest in any signiﬁcant contracts undertaken by the Group during the year. None of the Directors had any beneﬁcial interest in the shares 
of any subsidiary companies.
Directors Share Options
As at 31st December 2006 the Company had granted the following options to directors of the Company pursuant to the terms of the EMI Scheme 
and the Unapproved Scheme.
Option Holder
Exercise price per
Ordinary Share
Number of Ordinary
Shares under option Option Type Grant Date
Mr S Cartmell 2p 1,273,469 Unapproved Scheme 05 July 2006
Dr A Bruinvels 2p 4,957,433 EMI Scheme 05 July 2006
Dr A Hayes 2p 1,018,776 Unapproved Scheme 05 July 2006
Dr B Porter 2p 1,018,776 Unapproved Scheme 05 July 2006
According to the register maintained under Section 325 of the Companies Act 1985, and save as set out above, none of the Directors or 
their immediate families had at 31st December 2006 or 31st October 2005, nor has acquired or disposed of since that date, any interest in 
any shares in the Company or any of its subsidiaries, any interest in any debentures of the Company or any of its subsidiaries or any rights 
to subscribe for shares in or debentures of the Company or any of its Subsidiaries. No such rights were granted or exercised during the 
period ended 31st December 2006.
Corporate Governance
The Company is not required to comply with the Code of Best Practice as set out in section 1 of the Combined Code appended to the 
listing rules of the Financial Services Authority as it is listed on AIM, all relevant decisions being taken by the full Board. 12 www.curidium.com
Employees
The Group has continued to give full and fair consideration to applications made by disabled persons, having regard to their respective 
aptitudes and abilities, and to ensure that they beneﬁt from training and career development programmes in common with all employees. 
The Group has continued its policy of employee involvement by making information available to employees through the medium of frequent 
staff meetings, together with personal appraisals and feedback sessions.
Share options
The Company’s policy is to reward and provide long-term incentives to employees by granting them options. Details of share options 
granted at the balance sheet date are provided in note 22 to the accounts.
Substantial Shareholdings
As at 23
rd
 March 2007, the following interests in 3% or more of the issued ordinary share capital appear in the register maintained under 
the provisions of Section 211 of the Companies Act 1985.
Share holder Number of shares Percentage of issued
share capital
Dr. Anne T. Bruinvels 92,678,464 20.2%
Bainunah Trading Ltd 76,746,744 16.8%
Senon Company Limited 39,546,628 8.7%
Cantor Fitzgerald Europe 33,040,000 7.2%
Dr. Barry Porter 30,405,040 6.6%
Owatonna Trust 22,515,000 4.9%
Mr. Michael Underwood 21,275,639 4.9%
Mr. David Norwood 19,966,518 4.7%
Payment of Creditors
The Group does not follow any published code or statement on payment practice. However, it is the Group’s policy to settle all amounts 
due to its creditors on a timely basis, taking into account the credit period given by each creditor. The average number of days credit taken 
by the Group as at the 31
st
 December 2006 was 50 days (2005: 18 days).
Restatement of Comparatives
The accounts for the year to the 31
st
 December 2005 have been restated to take account of the provisions of IFRS.
Auditors
BDO Stoy Hayward LLP resigned as Auditors during the year and Jeffreys Henry LLP were appointed. Jeffreys Henry LLP have expressed 
their willingness to continue in ofﬁce. A resolution to appoint them will be proposed at the forthcoming Annual General Meeting.
Annual General Meeting Business
The Report of the Directors was approved by the Board on 30
th
 April 2007 and signed on its behalf by:
Rob Smith
Company Secretary
30
th
 April 2007
DIRECTORS’ REPORT (CONTINUED) 13 curidium annual report & accounts 2006
Report of the Independent Auditors to the members of Curidium Medica plc
We have audited the group and parent company ﬁnancial statements of Curidium Medica plc for the period ended 31
st
 December 2006, 
which comprise the Group and Parent Company Income Statement, the Group and Parent Company Balance Sheet, the Group and 
Parent Company Cash Flow Statement, the Group and Parent Company Statement of Changes in Equity and the related notes. These 
ﬁnancial statements have been prepared under the historical cost convention and the accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work 
has been undertaken for no purpose other than to draw to the attention of the Company’s members those matters which we are required to 
include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 
other than the Company and Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As described in the statement of Directors’ responsibilities, the Company’s Directors are responsible for the preparation of the ﬁnancial 
statements in accordance with applicable law and International Financial Reporting Standards (IFRS) as adopted by the European Union.
Our responsibility is to audit the ﬁnancial statements in accordance with relevant legal and regulatory requirements and International 
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and are properly prepared in accordance with 
the Companies Act 1985 and as regards the group ﬁnancial statements, Article 4 of the IAS Regulation. We also report to you if, in our 
opinion, the Directors’ report is not consistent with the ﬁnancial statements. 
In addition we report to you if in our opinion, the company has not kept proper accounting records, if we have not received all the 
information and explanations we require for our audit, or if information speciﬁed by law regarding the directors’ remuneration and other 
transactions is not disclosed.
We read the other information contained in the Annual Report, comprising only the Directors’ report and Chairman’s statement, and consider 
the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the ﬁnancial statements. 
Our responsibilities do not extend to any other information.
Basis of Audit Opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An 
audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements. It also includes 
an assessment of the signiﬁcant estimates and judgements made by the Directors in the preparation of the ﬁnancial statements, and of 
whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused 
by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in 
the ﬁnancial statements.
Opinion
In our opinion:
• the ﬁnancial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the group's and 
the parent company's affairs as at 31
st
 December 2006 and of the group and the parent company’s loss for the period then ended; 
• the ﬁnancial statements have been properly prepared in accordance with the Companies Act 1985 and, as regards the group ﬁnancial 
statements, Article 4 of the IAS Regulation;
• the information given in the Directors' Report is consistent with the ﬁnancial statements
Jeffreys Henry LLP   30
th
 April 2007 Finsgate
Chartered Accountants 5-7 Cranwood Street
Registered Auditors London, EC1V 9EE
AUDITORS’ REPORT 14 www.curidium.com
Notes
 
Year ended 
31 December 
2006
£
Year ended 
31 December 
2005
£
Research and Development 5 (304,712) (123,212)
Administrative expenses 5 (683,477) (101,504)
Other operating income 24 11,631 - 
(Loss) from operations (976,558) (224,716)
Interest receivable 7 31,522 - 
Loss on ordinary activities before tax (945,036) (224,716)
Tax 8, 16 60,730 20,000 
Loss for the period attributable to shareholders (884,306) (204,716)
LOSS PER SHARE
Notes
 
Year ended 
31 December 
2006
pence
Year ended 
31 December 
2005
pence
Loss per share 
From continuing operations 
Basic 10 0.24 0.18 
Diluted 10 0.24 0.18 
CONSOLIDATED INCOME STATEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2006  15 curidium annual report & accounts 2006
Notes 2006
£ 
2005
£ 
ASSETS   
Non-current assets
Goodwill  11 1,097,542 - 
Property, plant and equipment  13 6,112 1,354 
1,103,654 1,354 
Current assets 
Trade and other receivables  15 113,493 28,966 
Cash and cash equivalents  1,722,527 52,189 
  1,836,020 81,155 
Total assets  2,939,674 82,509 
Current liabilities
Trade and other payables  17 (229,486) (23,955)
Total liabilities (229,486) (23,955)
Net current assets 1,606,534 57,200 
  
Net assets 2,710,188 58,554 
EQUITY 
Share Capital 18, 19 3,925,956 390,016 
Accumulated deﬁcit 20 (1,215,768) (331,462)
Equity attributable to equity holders of the Parent Company 2,710,188 58,554 
The ﬁnancial statements were approved by the board of directors and authorised for issue on 30
th
 April 2007.
They were signed on its behalf by:
Simon Cartmell
Chairman
30
th
 April 2007
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2006 16 www.curidium.com
Notes
 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
OPERATING ACTIVITIES
Operating loss (976,558) (224,716)
Share based payments 22 165,573 - 
Depreciation 13 1,961 772 
(Increase) in receivables 15 (23,797) (3,383)
Increase / (decrease) in payables 17 205,530 (17,722)
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (627,291) (245,049)
INVESTING ACTIVITIES 
Interest received 7 31,522 - 
Purchases of property, plant and equipment 13 (6,719) - 
Acquisition of subsidiary including cash balances acquired 11 770,826 - 
NET CASH USED IN INVESTING ACTIVITIES 795,629 - 
FINANCING ACTIVITIES 
Proceeds from issue of share capital 18 1,502,000 100,041 
NET CASH FROM FINANCING ACTIVITIES 1,502,000 100,041 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,670,338 (145,008)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 52,189 197,197 
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,722,527 52,189 
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and 
other short-term highly liquid investments with maturity of three months or less.
 
CONSOLIDATED CASH FLOW INFORMATION
SUMMARY CASH FLOW STATEMENT 17 curidium annual report & accounts 2006
1) GENERAL INFORMATION 
Curidium Medica plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered 
ofﬁce is given on page 9. The nature of the Group’s operations and its principal activities are set out in the Chairman’s Statement on page 
5 and in the Chief Executive Ofﬁcer’s review on pages 6 and 7. 
These ﬁnancial statements are presented in pounds sterling because that is the currency of the primary economic environment in which 
the group operates. There are no foreign operations in the Group. 
2) SIGNIFICANT ACCOUNTING POLICIES 
Basis of Accounting 
The ﬁnancial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) for the ﬁrst time. 
The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRSs are given in note 25. 
The ﬁnancial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.
Change of Name
At an Extraordinary General Meeting held on the 5
th
 July 2006 the Company changed its name from Cielo Holdings plc to Curidium Medica plc.
Basis of Consolidation 
The consolidated ﬁnancial statements incorporate the ﬁnancial statements of the Company and entities controlled by the Company (its 
subsidiaries) made up to 31
st
 December each year. Control is achieved where the Company has the power to govern the ﬁnancial and 
operating policies of an investee entity so as to obtain beneﬁts from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. 
Any excess of the cost of acquisition over the fair values of the identiﬁable net assets acquired is recognised as goodwill. Any deﬁciency of 
the cost of acquisition below the fair values of the identiﬁable net assets acquired (i.e. discount on acquisition) is credited to proﬁt and loss 
in the period of acquisition. The interest of minority shareholders is stated at the minority’s proportion of the fair values of the assets and 
liabilities recognised. Subsequently, any losses applicable to the minority interest in excess of the minority interest are allocated against 
the interests of the parent. 
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
On 5
th
 July 2006 the shareholders approved the business combination of the Company and Curidium Limited, under the AIM rules and 
IFRS this transaction meets the criteria of a Reverse Takeover. The consolidated accounts have therefore been presented under the Reverse 
Accounting principles of IFRS 3 and show comparatives for Curidium Limited. The ﬁnancial statements for Curidium Medica plc are shown 
in notes 26 to 40. For ﬁnancial reporting purposes Curidium Limited (the legal subsidiary) is the aquirer and Curidium Medica plc (the legal 
parent) the acquiree.
The consolidated ﬁnancial statements prepared following the reverse are issued in the name of Curidium Medica plc, but they are a 
continuance of the ﬁnancial statements of Curidium Limited. Therefore the assets and liabilities of Curidium Limited have been recognised 
and measured in these consolidated ﬁnancial statements at their pre-combination carrying values. The retained earnings and other equity 
balances recognised in these consolidated ﬁnancial statements are the retained earnings and other equity balances of Curidium Limited 
immediately before the business combination.
The amount recognised as issued equity instruments in these consolidated ﬁnancial statements has been determined by adding the issued 
equity of Curidium Limited immediately before the business combination to the cost of the consideration as set out on note 19. However, 
the equity structure appearing in these consolidated ﬁnancial statements (the number and type of equity instruments issued) reﬂect the 
equity structure of Curidium Medica plc, including equity instruments issued by the Company to effect the consolidation.
Where necessary, adjustments are made to the ﬁnancial statements of subsidiaries to bring the accounting policies used into line with 
those used by the Group. 
Control
Curidium Medica plc is listed on the Alternative Investment Market of the London Stock Exchange.  At the date of the Annual Report in 
the Directors’ opinion there is no controlling party.
Goodwill 
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identiﬁable 
assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. 
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in proﬁt or 
loss and is not subsequently reversed. 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006 18 www.curidium.com
Revenue Recognition 
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services 
provided in the normal course of business, net of discounts, VAT and other sales related taxes. 
Sales of goods are recognised when goods are delivered and title has passed. Sales of services are recognised when the service has been 
performed and invoiced.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, 
which is the rate that exactly discounts estimated future cash receipts through the expected life of the ﬁnancial asset to that asset’s 
net carrying amount. 
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established. 
Foreign Currencies 
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At 
each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing 
on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated 
at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in net proﬁt 
or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are 
recognised directly in equity. 
Loss from Operations 
Loss from operations is stated before investment income and ﬁnance costs. 
Taxation 
The tax expense represents the sum of the tax currently payable and deferred tax. 
The tax currently payable is based on taxable proﬁt for the year. Taxable proﬁt differs from net proﬁt as reported in the income statement 
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never 
taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by 
the balance sheet date. 
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the 
ﬁnancial statements and the corresponding tax bases used in the computation of taxable proﬁt, and is accounted for using the balance sheet 
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised 
to the extent that it is probable that taxable proﬁts will be available against which deductible temporary differences can be utilised. Such 
assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business 
combination) of other assets and liabilities in a transaction that affects neither the tax proﬁt nor the accounting proﬁt.
 
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests 
in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary 
difference will not reverse in the foreseeable future. 
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable 
that sufﬁcient taxable proﬁts will be available to allow all or part of the asset to be recovered. 
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which 
case the deferred tax is also dealt with in equity. 
Internally generated Intangible Assets - Research and Development Expenditure 
Expenditure on research activities is recognised as an expense in the period in which it is incurred. 
An internally-generated intangible asset arising from the Group’s Homomatrix
®
 development is recognised only if all of the following 
conditions are met: 
• an asset is created that can be identiﬁed (such as software and new processes); 
• it is probable that the asset created will generate future economic beneﬁts; and 
• the development cost of the asset can be measured reliably. 
Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible 
asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 19 curidium annual report & accounts 2006
Patents and Trademarks 
Patents and trademarks are measured initially at purchase cost and are amortised on a straight-line basis over their estimated useful lives. 
Impairment of tangible and intangible assets excluding goodwill 
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any 
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated 
in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash ﬂows that are independent from 
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with 
an indeﬁnite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. 
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash ﬂows 
are discounted to their present value using a pre-tax discount rate that reﬂects current market assessments of the time value of money and 
the risks speciﬁc to the asset for which the estimates of future cash ﬂows have not been adjusted. 
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the 
asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the 
relevant asset is carried at a re-valued amount, in which case the impairment loss is treated as a revaluation decrease. 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised 
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been 
determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is 
recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment 
loss is treated as a revaluation increase. 
Financial Instruments 
Financial assets and ﬁnancial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual 
provisions of the instrument. 
Trade receivables 
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated 
irrecoverable amounts. 
Trade payables 
Trade payables are not interest bearing and are stated at their nominal value. 
Equity instruments 
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. 
Share-based Payments 
The Group has applied the requirements of IFRS 2 Share-based Payments. In accordance with the transitional provisions, IFRS 2 has been 
applied to all grants of equity instruments after 7
th
 November 2002 that were unvested as of 1
st
 January 2005. 
The Group issues equity-settled and cash-settled share-based payments to certain employees. Equity-settled share-based payments are 
measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed 
on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. 
Fair value is measured by use of a binomial model. The expected life used in the model has been adjusted, based on management’s best 
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. 
A liability equal to the portion of the goods or services received is recognised at the current fair value determined at each balance sheet 
date for cash-settled share-based payments. 
3) REVENUE 
The Group had no revenue during the year ended 31
st
 December 2006 (2005: Nil). 
4) BUSINESS AND GEOGRAPHICAL SEGMENTS Business Segments 
For management purposes, the Group is currently organised into a single operating business and only operates in the United Kingdom of 
Great Britain and Northern Ireland. Consequently no further business and geographical segmentation is provided.  20 www.curidium.com
5)  PROFIT FROM OPERATIONS
Proﬁt from operations is arrived at after charging:
Year ended 
31 December 
2006
£
Year ended 
31 December 
2005
£
Research and development costs 304,712 123,212 
Depreciation of property, plant and equipment 1,961 772 
Staff costs (see note 6) 378,906 86,780 
Auditors’ remuneration for audit services (see below) 9,000 - 
A more detailed analysis of auditors’ remuneration is provided below: 
Year ended 
31 December 
2006
£
Year ended 
31 December 
2005
£
Audit services
 - statutory Audit 9,000 - 
 - related regulatory reporting (paid to previous auditors) - 1,000 
Further assurance services 
 - Services relating to corporate ﬁnance transactions (paid to previous auditors) 19,563 - 
 - All other services (paid to previous auditors) 100 - 
Tax services 
 - compliance services (paid to current auditors) 1,000 
 - compliance services (paid to previous auditors) 1,250 1,250 
Fees for further assurances services comprise work carried out by BDO Stoy Hayward LLP in connection with the reverse acquisition 
by Curidium Limited and the re-admission of the Company’s shares to Alternate Investment Market of the London Stock Exchange, 
incurred after the date of acquisition.
6) STAFF COSTS
The average monthly number of employees (including executive directors) was:
Year ended 
31 December 
2006
Year ended 
31 December 
2005
Research and development 3 2
Administrative 1 0
4 2
Their aggregate remuneration comprised: 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Wages and salaries 286,342 78,015 
Social security costs 66,991 8,765 
Share options granted in year 25,573 - 
378,906 86,780 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 21 curidium annual report & accounts 2006
7) INVESTMENT INCOME Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Interest received on cash deposits with UK banks 31,522 - 
8) TAX
 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Current tax:
UK corporation tax charge / (credit) (60,730) (20,000)
Deferred tax (note 16): - - 
Current year (60,730) (20,000)
Corporation tax is calculated at 30 per cent (2005: 30 per cent) of the estimated assessable proﬁt for the year. 
The charge for the year can be reconciled to the proﬁt per the income statement as follows: 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Loss before tax (945,036) (224,716)
Tax at the UK corporation tax rate of 30% (2005: 30%) (283,511) (67,415)
Expenses that are not deductible in determining taxable proﬁt 44,310 510 
Depreciation 588 232 
Capital allowances (1,051) (678)
Research and Development Tax Credit (60,730) (20,000)
Losses carried forward 239,664 67,351 
Tax expense (60,730) (20,000)
Effective tax rate for the year 6.4% 8.9%
9) DIVIDENDS 
Proposed ﬁnal dividend for the fourteen months ended 31 December 2006 of nil (2005: nil) per share.  22 www.curidium.com
10) LOSS PER SHARE 
Loss per share data is based on the consolidated loss using reverse accounting principals and the weighted average number of shares in 
issue of the Parent Company.
The calculation of the basic and diluted loss per share is based on the following data: 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Loss for the purposes of basic and diluted loss per share being net loss attributable
to equity holders of the parent (884,306) (204,716)
Number of shares 
Year ended 
31 December 
2006
Year ended 
31 December 
2005
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share 372,255,910 116,359,806 
The share options are anti-dilutive as they decrease the loss per share.
The denominators for the purposes of calculating both basic and diluted earnings per share have been adjusted to reﬂect the issue of 
shares in July 2006 associated with the acquisition of Curidium Limited. 
11) GOODWILL
£
COST 
At 1 January 2006 - 
Recognised on acquisition of parent 1,097,542 
At 31 December 2006 1,097,542 
ACCUMULATED IMPAIRMENT LOSSES 
At 1 January 2006 - 
At 31 December 2006 - 
CARRYING AMOUNT 
At 31 December 2005 - 
At 31 December 2006 1,097,542 
Goodwill arose in the current year from the Reverse Acquisition of Curidium Medica plc where by the investors in Curidium Limited acquired 
effective control of the Company. The members, at an EGM, approved the reverse acquisition on the 5
th
 July 2006 and the Company’s 
enlarged share capital was admitted to AIM.  The valuation of the Parent under reverse accounting rules was £1,868,368 and at the date of 
acquisition Curidium Medica plc had net operating assets of £770,826 giving rise to goodwill on consolidation of £1,097,452.
An impairment review was conducted by the Directors of the Company on the 16
th
 March 2007 and it was concluded, after due consideration, 
that the business prospects, market potential and product development were in line with expectations set at the time of acquisition. It was 
therefore concluded that no impairment of Goodwill had incurred as at the balance sheet date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 23 curidium annual report & accounts 2006
12) OTHER INTANGIBLE ASSETS 
Expenditure on research activities is recognised as an expense in the period in which it is incurred. 
An internally-generated intangible asset arising from the development of Group’s Homomatrix
®
 tool, the Company’s core technology, is 
recognised only if all of the following conditions are met: 
• an asset is created that can be identiﬁed (such as software and new processes);
• it is probable that the asset created will generate future economic beneﬁts; and
• the development cost of the asset can be measured reliably. 
Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible 
asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.
Patents and trademarks are amortised over their estimated useful lives, which is on average ten years. 
13) PROPERTY, PLANT AND EQUIPMENT
Furniture, 
ﬁttings and 
equipment
£ 
COST OR VALUATION 
At 1 January 2006 3,392 
Additions 6,719 
At 31 December 2006 10,111 
All property, plant and equipment is valued at cost.
ACCUMULATED DEPRECIATION AND IMPAIRMENT 
At 1 January 2006 2,038 
Charge for the year 1,961 
At 31 December 2006 3,999 
CARRYING AMOUNT 
At 1 January 2006 1,354 
At 31 December 2006 6,112 
14) SUBSIDIARIES 
The Company owns 100% of the share capital of Curidium Limited who’s registered ofﬁce is:
Hamilton House
Mabledon Place
London WC1H 9BB 
Curidium Limited is incorporated in England and its registration number is 04108833.   24 www.curidium.com
15) OTHER FINANCIAL ASSETS 
Trade and other receivables at the balance sheet date comprise amounts receivable from HM Revenue and Customs in respect of VAT 
reclaims, prepayments and other debtors of £113,493 (2005: £28,966). 
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Corporation tax recoverable 80,730 20,000 
Other debtors 27,587 8,966 
Prepayments and accrued income 5,176 - 
113,493 28,966 
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
 
Bank balances and cash comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. 
The carrying amount of these assets approximates their fair value. 
Credit Risk 
The Group’s principal ﬁnancial assets are bank balances and cash and other receivables. 
The credit risk on liquid funds and derivative ﬁnancial instruments is limited because the counterparties are banks with high credit ratings 
assigned by international credit-rating agencies. There is no risk attributable to currency movements as the group holds all funds in UK 
sterling bank accounts.
16) DEFERRED TAX 
No provision for deferred taxation has been made. The potential net asset for tax not provided was as follows:
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Capital allowances in advance of depreciation (381) (88)
Trading losses unrelieved 199,218 50,483 
198,837 50,395 
17) OTHER FINANCIAL LIABILITIES 
Trade and other payables principally comprise amounts outstanding for trade purchases, a liability to HM Revenue and Customs of £84,630 
in respect of a PAYE liability associated with an employment contract of a former director prior to it becoming a cash shell and ongoing 
costs. The average credit period taken for trade purchases is 50 days (2005: 18 days).
Year ended 
31 December 
2006
£ 
Year ended 
31 December 
2005
£ 
Trade creditors 85,848 6,741 
Social Security and other taxes 91,174 1,896 
Other creditors 9,702 11,660 
Accruals and deferred income 42,762 3,658 
229,486 23,955 
The Directors consider that the carrying amount of trade payables approximates to their fair value.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 25 curidium annual report & accounts 2006
18) SHARE CAPITAL
Share Capital for Curidium Medica plc is set out in the following table:
31 December
2006
Number
31 December
2005
Number
31 December
2006
£ 
31 December
2005
£ 
Authorised: 
Ordinary shares of 0.1p each 860,000,000 260,000,000 860,000 260,000 
Deferred shares of 24p each 40,000,000 40,000,000 9,600,000 9,600,000 
Deferred shares of 0.9p each 60,000,000 60,000,000 540,000 540,000 
960,000,000 360,000,000 11,000,000 10,400,000 
31 December
2006
Number
31 December
2005
Number
31 December
2006
£ 
31 December
2005
£ 
Alloted, called up and fully paid:
Ordinary shares of 0.1p each 457,811,392 180,155,696 457,814 180,158 
Deferred shares of 24p each 17,866,670 17,866,670 4,288,000 4,288,000 
Deferred shares of 0.9p each 35,405,696 35,405,696 318,651 318,651 
511,083,758 233,428,062 5,064,465 4,786,809 
Movements in authorised share capital:
Number £
Creation of new ordinary shares of 0.1p to facilitate the
acquistion of Curidium Limited. 600,000,000 600,000 
Movements in issued, allotted and fully paid share capital:
Number pence per 
share
Share Capital 
£
Share 
Premium £
Issued 0.1p ordinary shares as consideration for
Curidium Limited 5th July 2006 194,055,696 2.0 194,056 3,687,058 
Issued 0.1p ordinary shares via placing 5th July 2006 75,100,000 2.0 75,100 1,426,900 
Issued  0.1p ordinary shares to Adam Reynolds as
consideration for fees 5th July 2006 1,250,000 2.0 1,250 23,750 
Issued 0.1p ordinary to Paul Foulger as consideration
for fees 5th July 2006 1,250,000 2.0 1,250 23,750 
Issued 0.1p ordinary shares to Corporate Synergy plc
(now renamed Blue Oar Securities Plc) as consideration
for fees 5th July 2006 3,000,000 2.0 3,000 57,000 
Exercise of share options in 0.1p ordinary shares to
Hitchens, Harrison & Co plc 20th July 2006 3,000,000 1.0 3,000 27,000 
277,655,696 277,656 5,245,458 
Class rights:
The holders of the Deferred shares are entitled to receive 1p for each £999.99 of dividends distributed out of proﬁts of the Company 
and also to receive 1p for each £999.99 of dividends distributed out of the assets distributed by the Company in the event of a winding 
up or return of capital.
The Deferred shares do not entitle the holders to vote at any General Meeting of the Company and do not carry any rights to interest. 26 www.curidium.com
19) OTHER EQUITY MOVEMENTS
£
Balance at 1 January 2006 390,016 
Share options granted 25,573 
Other share based payments 140,000 
New issue of Curidium Medica plc shares 1,502,000 
Value of Reverse Acquisition 1,868,368 
Balance at 31 December 2006 3,925,957 
Expenses incurred in the issue of new equity shares were co-mingled with the costs associated with the Reverse Acquisition by Curidium 
Limited and the re admission to AIM. Consequently it was decided to charge all expenses to the proﬁt and loss account in the year rather 
than charging expenses to the share premium account.
20) ACCUMULATED DEFICIT
£
Balance at 1 January 2006 (331,462)
Dividends paid - 
Net loss for the year (884,306)
Balance at 31 December 2006 (1,215,768)
21)  REVERSE ACQUISITION OF PARENT 
On 5
th
 July 2006, control of the Company was acquired by a reverse acquisition by Curidium Limited the total cost of the business combination 
was £1,868,368. Curidium Limited is involved in the development and commercialisation of methodologies for the development of targeted 
medicines to treat patients more effectively. This transaction has been accounted for by the reverse acquisition method of accounting.
 
Book 
value 
£ 
Fair value 
adjustments 
£ 
Fair 
value 
£ 
Net assets acquired 
Cash and cash equivalents 896,029 - 896,029 
Trade and other payables (125,203) - (125,203)
Goodwill 1,097,542 - 1,097,542 
Total cost of business combination 1,868,368 - 1,868,368 
Satisﬁed by: 
The issue of 194,055,696 new 0.1 pence ordinary shares at 2.0 pence per share.
Expenses associated with the reverse acquisition and re listing on AIM have been expensed to current year proﬁt and treated as an 
administration expense.
If the reverse acquisition by Curidium Limited had been completed on the ﬁrst day of the ﬁnancial year, group revenues for the period 
would have been nil and group proﬁt attributable to equity holders of the parent would have been £991,068.  
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 27 curidium annual report & accounts 2006
22) SHARE-BASED PAYMENTS
Equity-settled share option plan 
The Group plan provides for a grant price equal to the average quoted market price of the Group shares on the date of grant. An option 
will not normally be exercisable during a closed period, and furthermore can only be exercisable in the following relevant proportions if 
the performance conditions (if any) are satisﬁed: 
• one-third (1/3) on the ﬁrst anniversary of the date of grant; 
• one-thirty sixth (1/36) for each month thereafter (until the third anniversary of the date of grant); or 
• the entirety of the option, after the third anniversary of the date of grant. 
Subsisting options will lapse (at the latest) 10 years after the date of grant. 
Options which have vested immediately before either the death of a participant or his ceasing to be an eligible employee by reason of 
injury, disability, redundancy, retirement or dismissal (otherwise than for good cause) shall remain exercisable (to the extent vested) for 40 
days after such cessation (or one year in the case of death), and all non-vested options shall lapse. If the employee leaves for any other 
reason then all of his options (whether vested or not) shall lapse.
Year ended
31 December 2006
Year ended
31 December 2005
Options Weighted 
average 
exercise price 
(in £) 
Options Weighted 
average 
exercise price 
(in £) 
Outstanding at beginning of period *
- - 
Granted during the period 
13,138,657 2p - 
Forfeited during the period 
- - 
Exercised during the period 
- - 
Expired during the period 
- - 
Outstanding at the end of the period 
13,138,657 2p - 
Exercisable at the end of the period 
- - 
Following investigations and enquiries, the Company has been unable to establish the number of options, if any, which remain outstanding 
under the Incite Share Option Scheme. It is the Directors’ belief that up to 960,000 options were granted pursuant to the Incite Share Option 
Scheme, some of which may remain outstanding. In order to be prudent, the Directors have determined to reserve sufﬁcient authorised but 
un-issued share capital for use in the event that the options under the Incite Share Option Scheme are validly exercised. Under rule 7 of 
the Incite Share Option Scheme, on a change of control of the Company, the options will vest and must be exercised within six months of 
the change of control. No share options were exercised in the six months after the reverse take over and the readmission of the Company’s 
share to AIM. It is the Directors’ intention to cancel the Incite Share Option Scheme. Because of the uncertainty regarding the Incite Share 
Option Scheme, the options granted from this scheme have been excluded form the above table.
The inputs into the Black-Scholes model are as follows: 
2006 2005
Weighted average share price 2p - 
Weighted average exercise price 2p - 
Expected volatility 101% - 
Expected life 3 years - 
Risk free rate 4.40% - 
Expected dividends 0p - 
Expected volatility was determined by calculating the historical volatility of the Group’s share price since re-admission of the shares to AIM 
on 5
th
 July 2006. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-
transferability, exercise restrictions, and behavioural considerations.
The Group recognised total expenses of £25,573 (2005: nil) related to equity-settled share-based payment.
Payments to other creditors
Share based payments to other creditors totalled £140,000 and details are provided in note 18. 28 www.curidium.com
23) RETIREMENT BENEFIT SCHEMES 
The Group does not operate either a deﬁned contribution or deﬁned beneﬁt retirement scheme.
24)  RELATED PARTY TRANSACTIONS 
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not 
disclosed in this note. Transactions between the group and its associates are disclosed below. Transactions between the Company and its 
subsidiaries and associates are disclosed in the Company’s separate ﬁnancial statements. 
Remuneration of key management personnel 
 
Current 
Annual Salary
£
Salary / fee
£
Bonus
£
Total
for the
year ended
31 December 
2006
£
Total
for the
year ended
31 December 
2005
£
Chiarman   
Simon Cartmell 10,000 5,000 12,000 17,000 - 
Chief Executive   
Anne Bruinvels 60,000 17,500 50,000 67,500 30,000 
Executive Director   
Gosse Bruinsma (appointed 25 April 2007) 100,000 - - - -
Rob Smith (appointed 01 January 2007) 40,000 - - - - 
Non Executive Directors   
Ann Hayes 10,000 8,000 - 8,000 5,500 
Barry Porter 10,000 5,000 12,000 17,000 - 
Phyllis Whiteley (appointed 25 April 2007) 10,000 - - - -
Directors Retiring during the year   
Adam Reynolds (retired 05 July 2006) - 25,000 - 25,000 - 
Paul Foulger (retired 31 December 2006) - 25,000 - 25,000 - 
Total 85,500 74,000 159,500 35,500 
Directors’ transactions 
Loans and transactions concerning directors and ofﬁcers of the Company.
During the year the Company paid Hansard Communications, a company in which Mr P Foulger and Mr A Reynolds are both executive 
directors and shareholders, an amount of £2,192 in respect of administration services rendered to the Company. At 31
st
 December 2006 a 
balance of £359 + VAT was due to Hansard Communications Limited.
On completion of the reverse acquisition, Dr A Bruinvels and Dr B Porter forgave loans to Curidium Limited of £10,917 and £713 respectively.
25)  EXPLANATION OF TRANSITION TO IFRSs
There have been no adjustments or restatements resulting from the transition to IFRS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 29 curidium annual report & accounts 2006
26) COMPANY INCOME STATEMENT 
FOR THE FOURTEEN MONTHS ENDED 31 DECEMBER 2006 
 
Notes 14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Administrative expenses  (534,304) (530,430)
(Loss) from operations 30 (534,304) (530,430)
Interest payable and similar charges 33 - (19,939)
Interest receivable 32 58,319 27,331 
Loss on ordinary activities before tax (475,985) (523,038)
Tax 34 - - 
Loss for the period attributable to shareholders (475,985) (523,038)
27) COMPANY BALANCE SHEET 
  
AS AT 31 DECEMBER 2006 
 
Notes As at
31 December 
2006
£ 
As at
31 October 
2005
£ 
ASSETS
Non-current assets
Invetment in subsidiary 3,881,114 - 
3,881,114 - 
Current assets 
Trade and other receivables  36 466,421 59,688 
Cash and cash equivalents   1,677,618 912,778 
  2,144,039 972,466 
Total assets  6,025,153 972,466 
Current liabilities
Trade and other payables  37 (136,091) (156,105)
Total liabilities (136,091) (156,105)
Net current assets 2,007,948 816,361 
  
Net assets (liabilities) 5,889,062 816,361 
EQUITY 
Share capital 38, 40 5,064,465 4,786,809 
Share premium account 38, 40 8,740,787 3,469,756 
Accumulated deﬁcit 39 (7,916,190) (7,440,204)
Equity attributable to equity holders of the Parent  5,889,062 816,361 
The ﬁnancial statements were approved by the board of directors and authorised for issue on 30
th
 April 2007.
They were signed on its behalf by:
Simon Cartmell
Chairman
30
th
 April 2007 30 www.curidium.com
28) COMPANY CASH FLOW INFORMATION
 
14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
OPERATING ACTIVITIES
Operating loss (534,305) (530,430)
Share based payments 165,573 - 
(Increase) / decrease in receivables (406,733) (57,681)
Increase / (decrease) in payables (20,014) (781,207)
NET CASH FROM OPERATING ACTIVITIES (795,479) (1,369,318)
INVESTING ACTIVITIES 
Interest received 58,319 27,331 
NET CASH USED IN INVESTING ACTIVITIES 58,319 27,331 
FINANCING ACTIVITIES 
Interest paid - (19,939)
Repayment of borrowings - - 
Proceeds from issue of share capital 1,502,000 1,439,500 
NET CASH FROM FINANCING ACTIVITIES 1,502,000 1,419,561 
NET INCREASE IN CASH AND CASH EQUIVALENTS 764,840 77,574 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 912,778 835,204 
Effect of foreign exchange rate changes - - 
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,677,618 912,778 
29) COMPANY SIGNIFICANT ACCOUNTING POLICIES 
The separate ﬁnancial statements of the company are presented as required by the Companies Act 1985. As permitted by that Act, the 
separate ﬁnancial statements have been prepared in accordance with International Financial Reporting Standards. 
The ﬁnancial statements have been prepared on the historical cost basis. The principal accounting policies adopted are the same as those 
set out in note 2 to the consolidated ﬁnancial statements except as noted below. 
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.  
30) COMPANY PROFIT FROM OPERATIONS 
Proﬁt from operations is arrived at after charging:
14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2006
£ 
Staff costs 62,000 102,200 
Auditors’ remuneration for audit services (see below) 4,000 10,000 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 31 curidium annual report & accounts 2006
A more detailed analysis of auditors’ remuneration is provided below:
14 Months 
ended
31 December 
2006
£
Year ended 
31 October 
2005
£
Audit services
 - statutory Audit 4,000 10,000 
Further assurance services 
- Services relating to corporate ﬁnance transactions (paid to previous auditors) 42,168 - 
Tax services 
 - compliance services 4,350 - 
31) COMPANY RELATED PARTY TRANSACTIONS 
The Company had the following material transactions with its subsidiary undertaking during 2006:
 
14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Cash advanced to Curidium Limited 438,000 - 
Expenses paid on behalf of Curidium Limited 9,672 - 
As at 31 December 2006 Curidium Limited owed the Company £447,672 (as at 31 October 2005: nil).
Remuneration of key management personnel 
 
Current 
Annual Salary
£
Salary / fee
£
Total for 
14 months 
ended
31 December 
2006
£
Total
for the year 
ended 31 
October 2005
£
Chiarman   
Simon Cartmell (appointed 05 July 2006) - - - - 
Chief Executive   
Anne Bruinvels (appointed 05 July 2006) - - - - 
Executive Director   
Rob Smith (appointed 01 January 2007) - - - - 
Non Executive Directors   
Ann Hayes (appointed 05 July 2006) - - - - 
Barry Porter (appointed 05 July 2006) - - - - 
Directors Retiring from Board during year   
Adam Reynolds (retired 05 July 2006) - 25,000 25,000 - 
Paul Foulger (retired 31 December 2006) - 25,000 25,000 - 
Former directors - 102,200 
Total 50,000 50,000 102,200 
Directors’ transactions 
Loans and transactions concerning directors and ofﬁcers of the Company.
During the year the Company paid Hansard Communications.com, a company in which Mr P Foulger and Mr A Reynolds are both executive 
directors and shareholders, an amount of £1,450 in respect of administration services rendered to the Company. At 31 December 2006 
a balance of £133 + VAT was due to Hansard Communications.com Limited. 32 www.curidium.com
32) COMPANY INVESTMENT INCOME
14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Interest received on cash deposits with UK banks 58,319 27,331 
33) COMPANY FINANCE COSTS
14 Months 
ended 
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Interest received on cash deposits with UK banks 58,319 27,331 
34) COMPANY TAX 
14 Months 
ended
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Loss before tax (475,985) (523,038)
Tax at the UK corporation tax rate of 30% (2005: 30%) (142,796) (156,911)
Expenses that are not deductible in determining taxable proﬁt 43,800 - 
Losses carried forward 98,996 156,911 
Tax expense - - 
Effective tax rate for the year 0.0% 0.0%
At the balance sheet date the Company had an unrecognised deferred tax asset of £99,121 (2005: £146,698) in relation to losses.
35) SUBSIDIARIES 
Details of the Company’s subsidiaries at 31 December 2006 are as follows:
Name of subsidiary 
Place of 
incorporation 
(or registration) 
and operation
 
Proportion 
of ownership 
interest 
% 
Proportion 
of voting 
power held 
% 
Method used 
to account for
investment
 
Curidium Limited England 100 100 equity method
36) COMPANY FINANCIAL ASSETS Trade and other receivables 
At the balance sheet date trade and other receivables comprise amounts receivable from the fellow Group companies of £447,672 (2005: nil).
14 Months
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Amounts owing from subsidiary company 447,672 - 
Other debtors 18,749 50,946 
Prepayments and accrued income - 8,742 
466,421 59,688 
The directors consider that the carrying amount of trade and other receivables approximates their fair value.
Bank balances and cash comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. 
The carrying amount of these assets approximates their fair value.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2006 33 curidium annual report & accounts 2006
37) COMPANY FINANCIAL LIABILITIES Trade and other payables 
Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for 
trade purchases is 44 days (2005: 52 days).
14 Months
31 December 
2006
£ 
Year ended 
31 October 
2005
£ 
Trade creditors 27,364 61,475 
Social Security and other taxes 84,630 84,630 
Accruals and deferred income 24,097 10,000 
136,091 156,105 
The directors consider that the carrying amount of trade payables approximates to their fair value. 
38) COMPANY SHARE CAPITAL AND SHARE PREMIUM ACCOUNT 
The movements on these items are disclosed in notes 18 and 19 to the consolidated ﬁnancial statements. 
39) COMPANY ACCUMULATED DEFICIT 
Balance at 1 November 2005 (7,440,204)
Dividends paid - 
Net loss for the year (475,986)
Balance at 31 December 2006 (7,916,190)
40) COMPANY STATEMENT OF CHANGES IN EQUITY
£
Balance at 1 November 2005 816,361 
Share options granted 25,573 
Other share based payments 140,000 
Share placement 5 July 2006 1,502,000 
Consideration for Curidium Limited 5 July 2006 3,881,114 
Net loss for the year (475,986)
Balance at 31 December 2006 5,889,062 
Equity comprises share capital, share premium and retained earnings. 34 www.curidium.com
Notice is hereby given that the Annual General Meeting of the Company will be held at 11:00 on 23
rd
 May 2007 at the ofﬁces of Blue Oar 
Securities Plc, 30 Old Broad Street, London EC2N 1HT for the following purposes:
1) To receive the Directors’ Report, the Auditors’ Report and the Accounts for the year ended 31st December 2006.
2)  To re-elect Dr A Bruinvels as a Director, who retires in accordance with the provisions of Article 121 of the Company’s Articles 
of Association.
3)  To re-select Dr G Bruinsma as a Director, who was appointed in accordance with the provisions of Article 99 of the Company’s 
Articles of Association.
4)  To re-select Mr R Smith as a Director, who was appointed in accordance with the provisions of Article 99 of the Company’s 
Articles of Association.
5)  To re-select Dr P Whiteley as a Director, who was appointed in accordance with the provisions of Article 99 of the Company’s 
Articles of Association.
6)  To re-appoint Jeffreys Henry LLP as auditors of the Company and to authorise the Directors to ﬁx their remuneration.
7)  ORDINARY RESOLUTION
THAT, the Directors are generally and unconditionally authorised pursuant to Section 80 of the Companies Act 1985 (‘the Act’) to exercise 
all powers of the Company to allot relevant securities (as deﬁned in Section 80(2) of the Act) up to an aggregate nominal value of £96,000 
provided that this authority will expire on 23 May 2012; save that, before such expiry, the Company may make any offer or agreement which 
would or might require relevant securities to be allotted after such expiry and, notwithstanding such expiry, the Directors may allot relevant 
securities after such expiry in accordance with this Resolution pursuant to such offer or agreement: and all unexercised authorities vested in 
the Directors immediately prior to the passing of this Resolution to allot relevant securities are revoked.
8) SPECIAL RESOLUTION
THAT, subject to the passing of Resolution 5 in the notice of this meeting, the Directors are empowered pursuant to Section 95 of the 
Companies Act 1985 (‘the Act’) to allot equity securities (as deﬁned in Section 94(2) of the Act) for cash pursuant to the general authority 
conferred to them by such Resolution as if Section 89(1) of the Act did not apply to such allotment but this power is limited to:
i) the allotment of equity securities in connection with a rights issue or other offer of securities, open for acceptance for a period 
ﬁxed by the Directors, to the holders of ordinary shares on the register or any ﬁxed record date in proportion to their holdings of 
ordinary shares, subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to 
fractions of such securities or the issue and/or transfer and/or holding of any securities in uncertiﬁed form or any legal or practical 
problems arising under the laws of, or the requirements of any regulatory body or stock exchange in any territory, and
ii)  the allotment (other than pursuant to paragraph i) above) of ordinary shares up to an aggregate nominal amount of £448,916.
9) SPECIAL RESOLUTION
THAT, pursuant to Article 8 of the Articles of Association of the Company, the Company be and is hereby authorised in accordance with 
Section 166 of the Companies Act 1985 to make market purchases (within the meaning of Section 163 of the said Act) on the London Stock 
Exchange of Ordinary Shares of 0.1 pence each in the capital of the Company (‘Ordinary Shares’) provided that:
i) the maximum number of ordinary shares hereby authorised to be purchased is 51,108,376 (being 10% of the issued share 
capital of the Company);
ii) the minimum price which may be paid for an ordinary share shall be 0.1 pence (exclusive of expenses);
iii) the maximum price which may be paid for an ordinary share shall not be more than 5% above the average of the market value of 
the share for the ﬁve business days before the purchase date on which the ordinary share is contracted to be purchased; and
iv) unless renewed, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company in 
2008 save that the Company may, prior to such expiry, enter into a contract to purchase shares which will or may be completed 
or executed wholly or partly after such expiry.
BY ORDER OF THE BOARD
Rob Smith Hamilton House
Company Secretary Mabledon Place
30
th
 April 2007 London WC1H 9BB
NOTES
1. A person must be registered as the holder of ordinary shares by no later than 11am on 21
st
 May 2007 in order for such person 
to be entitled to attend and vote at the meeting in respect of those shares.
2.  Any holder of ordinary shares is entitled to appoint one or more proxies to attend and vote instead of him or her. A proxy need 
not be a member of the Company.
3.  The instrument appointing a proxy should be lodged at the ofﬁce of the Company’s Registrars, Capita Registrars, Proxy Processing 
Centre, Telford Road, Bicester, OX26 4LD, not later than 48 hours before the time of the meeting.
NOTICE OF ANNUAL GENERAL MEETING NOTES
design and artwork by coogoo Bringing the Right Drug to the Right Patient
Curidium Medica plc Hamilton House, Mabledon Place, London, WC1H 9BB, United Kingdom
T  +44 (0)20 7554 8790     F  +44 (0)20 7554 8791     E  info@curidium.com     W  www.curidium.com