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Maelor plc annual report and  
ﬁnancial statements 2007
Maelor plc
 Ofﬁce Village 
Chester Business Park 
Chester CH4 9QZ
T elephone: +44 (0)1244 625150 
T elefax: +44 (0)1244 625151 
W ebsite: www.maelor.plc.uk 
Email: enquiries@maelor.plc.uk
Maelor plc annual report and financial statements 2007
_cover.indd   1 03/08/2007   09:56:11 corporate statement
Maelor is a specialist hospital medicines 
company with expertise in both p h a r m a c e u t i c a l s 
and m e d i c a l devices.
£2.84m
TOTAL TURNOVER
2.84
1.17
2003 2004 2005 2006 2007
£(0.07)m
OPERATING LOSS
1.34
1.64
1.86
(2.36)
2003 2004 2005 2006 2007
(1.27)
(0.86)
(0.61)
(0.07)
Directors H G McMillan (Non-executive Chairman)  
 T Wright (Chief Executive Ofﬁcer) 
 N J Goldsmith (Finance Director) 
 A Hardy (Operations Director) 
 J H Gregory  (Non-executive Director) 
 P Murray (Non-executive Director)
Secretary N J Goldsmith  
Registered ofﬁce  Ofﬁce Village 
Chester Business Park 
Chester CH4 9QZ
Company  
registration number 3337415
Brokers Noble & Company Limited 
 120 Old Broad Street 
 London EC2N 1AR 
 Tel: +44 (0)207 763 2200
  Lewis Charles Securities Limited 
LCS House 
44 Worship Street 
London EC2A 2EA
Nominated adviser  Noble & Company Limited 
120 Old Broad Street 
London EC2N 1AR
Auditor  Baker Tilly UK Audit LLP 
Number One 
Old Hall Street 
Liverpool L3 9SX
Principal solicitors  Morrison Foerster MNP 
City Point 
One Ropemaker Street 
London EC2Y 9AW
Principal banker  HSBC Bank plc 
2nd Floor 
9 Market Place 
Romford 
Essex RM1 3AF
Registrars Capita Registrars 
 The Registry 
 34 Beckenham Road 
 Beckenham 
 Kent BR3 4TU 
company information
Optiﬂo
TM
 is a trade mark of Bard Ltd.
_cover.indd   2 03/08/2007   09:56:12  Maelor plc annual report and ﬁnancial statements 2007 01
TURNOVER UP 53% TO £2.84M (2006: £1.86M)
OPERATING LOSS DOWN TO £0.07M (2006: £0.61M)
LOSS PER SHARE REDUCED TO 0.10P (2006: 1.93P)
NET CASH POSITION IMPROVED TO £1.43M 
(2006: £1.10M)
STRONG PERFORMANCE FROM 
UNDERLYING BUSINESS
 Volplex
®
 sales tripled versus 2005/6
  ISOplex
TM 
and AquiHex
TM
 into late stage 
development and on schedule
 Licence secured to supply ‘specials’
 Initial payment received for Micelle Lidocaine
  8% improvement in gross margin to 48% 
(2006: 40%)
FURTHER STRENGTHENED MANAGEMENT TEAM
 New Finance Director and Commercial Manager
TRANSFORMING ACQUISITION OF ACORUS 
THERAPEUTICS LIMITED POST YEAR END
 Enlarged Group proﬁtable and growing
 Highly synergistic portfolio of products
 Integration progressing to schedule
highlights
 IFC corporate statement
 01 highlights
 02 product portfolio
 04 Chairman’s statement
 06 Chief Executive Ofﬁcer’s review
 10 Directors
 11 report of the Directors
 14 corporate governance
 17 the Board’s remuneration report
 19 statement of Directors’ responsibilities
 20 independent auditor’s report
 21 consolidated proﬁt and loss account
 21 statement of recognised income and expenses
 21 note of historical cost proﬁts and losses
 22 consolidated balance sheet
 23 company balance sheet
 24 consolidated cash ﬂow statement
 24  reconciliation of net cash ﬂow  
to movement in net funds
 25 notes to the ﬁnancial statements
 40 notice of Annual General Meeting
 43 form of proxy
 IBC company information
_1_MAE_front.indd   1 03/08/2007   09:59:53 02 Maelor plc annual report and ﬁnancial statements 2007
product portfolio
PRE-CLINICAL PHASE I PHASE II PHASE III
late stage development products
Dermogesic
TM
A NON-FLAMMABLE VERSION OF CRYOGESIC, A FAST-ACTING VAPOCOOLANT SPRAY .
Haemopressin
®
AN INJECTABLE PRODUCT FOR TREATMENT OF BLEEDING OESOPHAGEAL VARICES.
Acoranil
TM
A LIQUID PRESENTATION OF ANTIDEPRESSANT FOR PATIENTS THAT ARE UNABLE TO TAKE TABLETS.
AquiHex
TM
A 2% CHLORHEXIDE GLUCONATE IN AQUEOUS SOLUTION TO HELP REDUCE HOSPITAL ACQUIRED INFECTIONS.
ISOplex
TM
A SUCCINYLATED GELATIN IN A BALANCED ELECTROLYTE INFUSION SOLUTION FOR FLUID 
AND VOLUME REPLACEMENT.
Gentispray
TM
AN EAR SPRAY COMBINATION OF AN ANTIBIOTIC AND STEROID FOR THE TREATMENT OF OTITIS EXTERNA.
Micelle Lidocaine 
ISOplex
Gentispray
 Core portfolio
  Partnered/for partnering
_1_MAE_front.indd   2 03/08/2007   09:59:53  Maelor plc annual report and ﬁnancial statements 2007 03
REGISTRATION COMMERCIALISED BRANDS
commercialised brands
Volplex
®
A SUCCINYLATED GELATIN INFUSION USED IN OPERATING THEATRES AND WARDS FOR PATIENTS 
WHO REQUIRE FLUID AND VOLUME REPLACEMENT.
Cryogesic
® 
A FAST-ACTING VAPOCOOLANT SPRAY THAT PROVIDES ANALGESIA FOR MINOR INVASIVE PROCEDURES 
AND IS ALSO USED IN OBSTETRICS FOR CHECKING THE LOCATION OF EPIDURAL BLOCKS. IT IS A 
MEDICAL DEVICE, AVAILABLE IN AEROSOL AND GLASS TUBE FORMAT.
Mysoline
®
AN ORAL TREATMENT FOR VARIOUS FORMS OF EPILEPSY AND ESSENTIAL TREMOR.
ISOplex Haemopressin
Dermogesic
Specials portfolio
AquiHex
Acoranil
Volplex
Cryogesic aerosol
Cryogesic ﬂask
Mysoline
OptiFlo 
ContiSol
partnered products
OptiFlo
TM
A UK BRAND OF A RANGE OF CATHETER IRRIGATION SOLUTIONS, DISTRIBUTED BY BARD LTD. 
ContiSol
®
AN INTERNATIONAL BRAND OF CATHETER IRRIGATION SOLUTIONS.
Micelle Lidocaine
A NOVEL DRUG DELIVERY SYSTEM LICENSED TO PLETHORA SOLUTIONS HOLDINGS PLC, 
IN DEVELOPMENT FOR THE TREATMENT OF INTERSTITIAL CYSTITIS.
Further product/portfolio acquisitions
_1_MAE_front.indd   3 03/08/2007   09:59:53 04 Maelor plc annual report and ﬁnancial statements 2007
”
Our ﬁnancial performance this year is much improved with the Company reaching 
proﬁtability in the second half of the year, resulting from an outstanding 53% revenue 
growth. Our cash position has also strengthened and margins have been 
substantially improved.
“
Chairman’s statement
Geoff McMillan
I am pleased to present the results for the past ﬁnancial year, a year 
of signiﬁcant achievements for Maelor. Under the leadership of our 
Chief Executive Ofﬁcer, Tim Wright, the new management team has 
worked to transform the Company into a proﬁtable business with 
a focus on late stage specialist hospital medicines.
In my statement in the 2005–06 annual report I noted that for 
Maelor to accelerate its growth we needed to succeed in marketing 
core products in our own right and in partnering non-core products. 
In the year ended March 2007 we achieved both of these objectives 
with a threefold increase in sales of Volplex and the exploitation 
of our micelle technology in partnership with Plethora Solutions 
Holdings plc (Plethora). In addition, we have further expanded 
our portfolio of critical care products with the addition of AquiHex 
and ISOplex.
Our ﬁnancial performance this year is much improved with the 
Company reaching break-even in the second half of the year, resulting 
from an outstanding 53% revenue growth. Our cash position has 
also strengthened and margins have been substantially improved.
Acquisition
Since the year end, we have delivered a transforming, earnings 
enhancing acquisition, which has made us proﬁtable and built a strong 
platform for growth. Acorus is a successful specialist pharmaceuticals 
and medical devices company, which we acquired for a total 
consideration of £13.0m. The initial cash consideration was satisﬁed 
by the issue to institutional investors of 80,000,000 new ordinary 
shares of 10p each, which raised £8.0m and was oversubscribed.
Acorus is signiﬁcantly proﬁtable and growing with a portfolio 
of assets primarily focused in critical care and neurology. It was 
established in 2000 and has been built as a virtual company; thus 
ensuring the speed and success of our integration process to date.
_1_MAE_front.indd   4 03/08/2007   09:59:54  Maelor plc annual report and ﬁnancial statements 2007 05
Outlook
Trading since the period end is in line with expectations 
and the integration of Acorus is on schedule.
The existing business is now performing well. The acquisition of Acorus, 
with its portfolio of marketed products, will make us signiﬁcantly 
proﬁtable creating a strong platform upon which to grow the business 
both organically and through further acquisitions. The Board would 
like to thank the Maelor team for its efforts and achievements during 
the year and it looks to the future with conﬁdence.
Geoff McMillan
Non-executive Chairman
summary
BUILDING A LATE STAGE 
SPECIALIST HOSPITAL 
MEDICINES BUSINESS.
MUCH IMPROVED 
FINANCIAL PERFORMANCE.
TRANSFORMING ACQUISITION 
SINCE YEAR END.
STRONG PLATFORM 
FOR ORGANIC AND 
ACQUISITIVE GROWTH.
 53%
GROWTH IN REVENUE
£8.0million
RAISED TO ACQUIRE ACORUS
£2.0million
BANK FACILITY FOR FURTHER EXPANSION
_1_MAE_front.indd   5 03/08/2007   10:00:39 06 Maelor plc annual report and ﬁnancial statements 2007
Chief Executive Ofﬁcer’s review
Tim Wright
This year has been transformational for Maelor. In line with our new strategy 
developed in 2005/6 we have focused the Company on late stage and launched 
products, managed the business to proﬁtability in the second half of the year and 
completed the acquisition of Acorus, thereby creating a substantial specialist hospital 
medicines business which is proﬁtable and cash generative.
”
“
In my report last year we outlined our strategy to transform 
Maelor into a specialist hospital medicines business, focused 
initially in critical care. We identiﬁed the importance of focusing 
on late stage products, thereby reducing the risk and expense 
of early stage development as well as leveraging our non-critical 
care portfolio through efﬁcient partnerships.
I am pleased to report that the implementation of this plan is 
progressing well and has been signiﬁcantly accelerated following 
the recently announced, transforming acquisition of Acorus, 
creating a strong and proﬁtable enlarged Company.
Separating out the recent acquisition of Acorus, which was completed 
after the year end, I am also pleased to report that the underlying 
Maelor business has performed well over the year and in particular 
has delivered a strong and proﬁtable second half.
Building a specialist hospital medicines business
A signiﬁcant contributor to this performance has been the successful 
re-acquisition and re-launch of Volplex, a product Maelor originally 
developed and licensed. Used in operating theatres and wards to 
maintain blood volume, Volplex competes primarily with one other 
long established product.
We have succeeded in trebling sales of Volplex since March 2006 
and Moving Annual Total (MAT) market share has grown from 12% 
to 20%. We have recruited an experienced Commercial Manager 
and with substantial room for further market share growth, the 
management team is conﬁdent that Maelor can continue to win 
new customers and further grow sales of Volplex.
During the year we announced the late stage development of ISOplex 
and AquiHex, both products which will be used in critical care settings. 
ISOplex, in common with Volplex will be used in situations where an 
increase in blood volume is required. ISOplex has been designed to 
mimic natural blood plasma, particularly in the balance of electrolytes. 
The use of these ‘isotonic’ formulations is an area of signiﬁcant interest 
amongst critical care clinicians. Given our experience and existing data 
in this sector it is anticipated that development will be relatively rapid 
and inexpensive for a pharmaceutical product. Development has 
continued to progress on schedule and regulatory approval remains 
to be forecast for the end of 2008.
AquiHex is a 2% aqueous formulation of chlorhexidine, an antibacterial 
product commonly used prior to surgical incision or insertion of 
intravenous (IV) lines. To date all products of this type are alcohol based 
and therefore present problems in settings where ﬂammability is of concern, 
such as in operating theatres. Use of alcohol based products is also 
not recommended when using certain IV lines as it can make them 
brittle. AquiHex is being supplied as a ‘special’ ahead of registration, 
which is currently forecast for late 2009.
_1_MAE_front.indd   6 03/08/2007   10:00:40  Maelor plc annual report and ﬁnancial statements 2007 07
In the middle of the year we succeeded in gaining approval to supply 
unlicensed medicines. Generally known as ‘specials’ these products 
can be requested by physicians for use in patients where there is a 
speciﬁc requirement which is presently unmet by any medicine licensed 
in the UK. In addition to establishing closer relationships with the 
critical care community this strategy will enable Maelor to gauge demand 
for products and where this demand is sufﬁcient, progress these products 
to licence in the UK. We have recently gained distribution rights to a 
selection of ﬂuid and volume replacement products from Germany 
which we also make available as part of this service.
Leverage non-critical care portfolio through 
efﬁcient partnerships
We will continue to select strong partners to commercialise the 
heritage portfolio of products and technologies that do not ﬁt directly 
with the Company’s hospital specialist strategy, in particular our 
catheter ﬂushing solutions OptiFlo and ContiSol and our proprietary 
early stage micelle nanotechnology.
OptiFlo, the UK brand of catheter ﬂushing solutions distributed by 
Bard Limited, continues to perform well, with sales up 6% versus 
2005/6, and remains the UK market leader with a market share 
of 54%.
summary
TREBLED SALES OF VOLPLEX.
EXPANDED PORTFOLIO OF 
CRITICAL CARE PRODUCTS.
GAINED APPROVAL 
TO SUPPLY “SPECIALS”.
CONTINUED PARTNERSHIPS 
FOR NON-CORE PORTFOLIO.
£2.8million
TOTAL TURNOVER
 20%
VOLPLEX MAT MARKET SHARE
 54%
OPTIFLO MARKET SHARE
_1_MAE_front.indd   7 03/08/2007   10:00:42 08 Maelor plc annual report and ﬁnancial statements 2007
Leverage non-critical care portfolio through 
efﬁcient partnerships continued
Included in the ﬁrst half of the year is an initial payment following 
the licensing of our proprietary micelle nanotechnology, micelle 
lidocaine. The partnership with Plethora, a specialist urology company, 
is progressing well and the product has successfully passed through the 
ﬁrst stage of its pre-clinical development programme. Under the terms 
of the agreement Plethora is responsible for product development and 
distribution and Maelor is entitled to milestone and royalty payments. 
The micelle lidocaine technology will be incorporated into Plethora’s 
ongoing product development programme for the treatment of 
interstitial cystitis and painful bladder syndrome. These distressing 
conditions are estimated to afﬂict up to two million women in 
the United States and Europe.
Financial summary
Financial results for the year ended 31 March 2007 have been 
delivered ahead of expectations.
Turnover for the year to 31 March 2007 was £2.84m (2006: £1.86m), 
an increase of 53% over prior year. This signiﬁcant increase can be 
attributed to the management team’s continued focus on growing 
Volplex, the sales growth of OptiFlo as well as an initial payment 
received for our micelle lidocaine nanotechnology.
Gross margins increased from last year by almost 8% to 48% 
as a result of further efﬁciencies in manufacturing and supply.
The Group’s operating loss for the year reduced signiﬁcantly to £0.07m 
from £0.61m in 2006, including the achievement of a £0.02m 
operating proﬁt in the second half of the year. The improvement was 
driven by the sales growth, the initial licensing payment and careful 
cost control.
Group cash balances, net of debt, at 31 March 2007 were £1.43m 
compared with £1.10m last year. At the end of the year we sold 
our ofﬁce building and relocated to a modern leasehold property on 
Chester Business Park. Proceeds from the sale of the building enabled 
the bank mortgage to be cleared leaving the Company debt free at 
the year end. Since the year end we have negotiated a £2.0m bank 
facility for further business expansion.
Acquisition of Acorus Therapeutics Limited
In line with the Company’s strategy, we successfully completed 
a deal post year end to acquire privately owned Acorus for a total 
consideration of approximately £13.0m, comprising £7.0m in cash, 
10,000,000 ordinary shares at 10p each and loan notes of £4.9m, 
contingent on achievement of certain sales milestones.
The deal was funded by an oversubscribed placing of 80,000,000 
10p ordinary shares issued at 10p each and was completed on 
10 May 2007. It is a transforming move for Maelor, with the enlarged 
Group becoming proﬁtable and cash generative.
Chief Executive Ofﬁcer’s review continued
Trading since the period end is in line with expectations and the integration of Acorus is, 
as anticipated, proceeding smoothly. The enlarged business provides us with a platform 
for further growth both organically and through further acquisitions.
”
“
_1_MAE_front.indd   8 03/08/2007   10:00:42  Maelor plc annual report and ﬁnancial statements 2007 09
Acorus is a particularly synergistic acquisition. The product range 
is complementary to Maelor’s with the same customers, distribution 
channels and regulatory systems and processes. The integration 
process is progressing well and on schedule.
Outlook
Our vision remains to build a new force in specialist hospital medicine, 
leveraging our expertise in both pharmaceuticals and medical devices. 
We have re-focused the business, taken it to proﬁtability in the second 
half and in Acorus made a synergistic, transformational acquisition. 
With a strong team in place, Maelor is well positioned to drive 
growth organically and through acquisition.
Tim Wright
Chief Executive Ofﬁcer
£ 1 .4million
NET CASH BALANCE
 8%
IMPROVEMENT IN GROSS MARGIN
£0.5million
REDUCTION IN OPERATING LOSSES
summary
RESULTS AHEAD 
OF EXPECTATIONS.
PROFITABLE IN SECOND 
HALF OF YEAR.
WELL POSITIONED 
FOR FUTURE GROWTH.
_1_MAE_front.indd   9 03/08/2007   10:01:08 10 Maelor plc annual report and ﬁnancial statements 2007
Directors
Geoff McMillan, BSc, aged 51
Non-executive Chairman
Geoff is chief executive ofﬁcer of Speciality European Pharma Ltd 
and a non-executive director of Galapagos NV. He has over 25 years 
of experience within the pharmaceutical and biotechnology industries. 
He has worked for Smith and Nephew, Roche, Xenova Group plc, Elan 
and Biofocus plc. He has an outstanding record of deal making, ranging 
from product and technology licensing to mergers and acquisitions. 
He is also Chairman of the AiM Compliance Committee. 
Timothy Wright, MBA, aged 41
Chief Executive Ofﬁcer
With over 15 years’ experience in the pharmaceutical industry, Tim has held 
senior commercial positions at Pﬁzer and SmithKline Beecham both domestically 
and internationally. His most recent roles were with Elan where he was general 
manager for Ireland and vice president, international marketing. During his time 
at Elan, Tim was instrumental in the establishment, signiﬁcant growth and 
ultimate successful divestment of their European business.
Nigel Goldsmith, BA (Hons), ACA, aged 45
Finance Director and Company Secretary
Nigel spent over nine years at KPMG, latterly as senior manager, prior to moving 
into industry in 1996. He has over ten years’ experience working in the 
pharmaceutical and life sciences sectors, where he has held senior ﬁnancial 
positions at Life Sciences International plc and at Almedica International Inc 
where for ﬁve years he was chief ﬁnancial ofﬁcer.
Ann Hardy, BSc (Hons), aged 48
Operations Director
Ann has over 25 years’ experience in the pharmaceutical industry, where 
she has held senior positions in operations, quality and technical management 
for Glaxo Pharmaceuticals, Evans Medical Ltd and Medeva Pharma Ltd. Ann holds 
a BSc with Honours in Biology and has a Diploma in Company Direction. She has 
responsibility for both commercial and technical operations within Maelor.
John Gregory, FCA, aged 59
Non-executive Director
Currently non-executive chairman of Noble VCT plc and a non-executive 
director of Bluehone AiM VCT plc, John is also a non-executive director 
or chairman of a number of private companies and was, prior to these 
appointments, an executive director of Noble Fund Managers. John’s 
earlier career was in the City and included posts as a director of Singer 
& Friedlander Holdings and managing director of Henry Ansbacher & Co. 
He is Chairman of the Audit Committee.
Peter Murray, MA (Oxon), MSc (London),  
F .Inst.D., aged 48
Non-executive Director
With over 25 years’ experience in pharmaceuticals and devices, Peter 
left Napp Laboratories to form Cambridge Laboratories in 1987, leading 
it to proﬁtability and ultimately to international status. In 1996 he 
formed High Crane Limited, focusing on management consultancy and 
in 2001 co-founded Acorus Therapeutics Limited, to provide niche hospital 
orientated pharmaceutical products and medical devices. He is Chairman 
of the Remuneration Committee.
From left to right: Peter Murray, Nigel Goldsmith, Ann Hardy, Timothy Wright, Geoff McMillan and John Gregory.
_1_MAE_front.indd   10 03/08/2007   10:01:09  Maelor plc annual report and ﬁnancial statements 2007 11
The Directors present their annual report and the audited Group ﬁnancial statements for the year ended 31 March 2007.
Principal activities
The Company is a holding company. The principal activities of its trading subsidiary, Maelor Pharmaceuticals Limited, are the development 
and commercial exploitation of healthcare products and related activities.
Business review and future developments
The Chairman’s Statement and Chief Executive’s Review, on pages 4 to 9, describe the Group’s activities and future developments.
Results and dividends
The retained loss for the year ended 31 March 2007 was £32,630 (2006: £660,592). No dividend will be paid in respect of the year 
(2006: £nil).
Directors
The Directors of the Company during the year are set out in the Board’s Remuneration Report on page 17.
A third party indemnity provision for the beneﬁt of the Directors was in force during the ﬁnancial year.
H G McMillan, A Hardy and J H Gregory retire by rotation and, being eligible, offer themselves for re-election at the Annual General Meeting.
Research and development
As part of its normal activities the Company carries out research and development; the relevant costs incurred are charged to the proﬁt and loss account.
Substantial interests in share capital
Save as detailed below, the Directors are not aware of any other shareholder with 3% or more of the issued share capital of the Company 
as at 31 March 2007.
     Ordinary shares
Name      Number %
Chase Nominees Limited      6,123,812 17.9
Barclayshare Nominees Ltd      2,839,876 8.3
TD Waterhouse Nominees (Europe) Ltd      2,527,934 7.4
Capita Trust Company Limited       1,404,296 4.1
HSDL Nominees Limited       1,400,453 4.1
Taxation
The Company is not a close company within the provisions of the Income and Corporation Taxes Act 1988.
Policy and practice on payment of creditors
It is the policy of the Group that each of the companies in the Group should agree appropriate terms and conditions for its transactions with 
suppliers by means ranging from standard written terms to individually negotiated contracts. Payments should then be made in accordance 
with those terms and conditions, provided that the supplier has also complied with them. The number of days’ purchases outstanding for 
Maelor Pharmaceuticals Limited, the Group’s trading company, at 31 March 2007, was 61 (2006: 54).
Charitable and political contributions
There were no charitable or political donations made by the Group during the year (2006: £nil).
report of the Directors
_MAE_back.indd   1 03/08/2007   09:59:30 12 Maelor plc annual report and ﬁnancial statements 2007
Directors’ interests
The interests, all beneﬁcial, of the Directors in the shares and share option schemes of the Company as recorded in the register of Directors’ 
interests at 31 March 2007 were as follows:
 Number of shares/options   
  Bought      
 Held/ (expired), Held/   Date  
 outstanding (lapsed), outstanding Sale Exercise from which  
 at 31 March  (sold), or at 10 May  price price options Expiry 
 2006 granted 2007 p p exercisable date
Executive
T Wright (Chief Executive Ofﬁcer)       
Shares 300,000 700,000 1,000,000 N/A N/A N/A N/A
EMI options (Note 1) 500,000 — 500,000 N/A 10.0 17.10.08 17.10.15
EMI options (Note 1) — 550,000 550,000 N/A 10.0 08.05.10 08.05.17
SES options (Note 2) — 2,678,425 2,678,425 N/A 10.0 08.05.10 08.05.17
A Hardy (Operations Director)       
Shares 10,000 100,000 110,000 N/A N/A N/A N/A
EMI Options (Note 1) 23,210 (23,210) — N/A N/A N/A N/A
EMI Options (Note 1) 12,000 (12,000) — N/A N/A N/A N/A
EMI Options (Note 1) 15,000 (15,000) — N/A N/A N/A N/A
EMI Options (Note 1) 37,500 (37,500) — N/A N/A N/A N/A
EMI Options (Note 1) 187,500 — 187,500 N/A 11.5 05.04.08 05.04.15
EMI Options (Note 1) — 784,375 784,375 N/A 10.0 08.05.10 08.05.17
SES Options (Note 2) — 1,513,742 1,513,742 N/A 10.0 08.05.10 08.05.17
N J Goldsmith (Finance Director
– appointed 12 June 2006)      
Shares — 850,000 850,000 N/A N/A N/A N/A
EMI Options (Note 1) — 250,000 250,000 N/A 10.0 30.08.09 30.08.16
EMI Options (Note 1) — 831,250 831,250 N/A 10.0 08.05.10 08.05.17
SES Options (Note 2) — 1,404,367 1,404,367 N/A 10.0 08.05.10 08.05.17
Non-executive       
H G McMillan (Chairman)        
Shares 300,000 550,000 850,000 N/A N/A N/A N/A
SES Options (Note 2) — 310,702 310,702 N/A 10.0 08.05.10 08.05.17
J H Gregory       
Shares 19,211 200,000 219,211 N/A N/A N/A N/A
SES Options (Note 2) 20,000 (20,000) — N/A N/A N/A N/A
SES Options (Note 2) — 310,702 310,702 N/A 10.0 08.05.10 08.05.17
P Murray       
Shares —  5,000,000 5,000,000 N/A N/A N/A N/A
Note 1 – Executive Management Incentive (EMI) options
All options granted under this category are, for taxation purposes, treated as approved.
Note 2 – Senior Executive Share (SES) options
All options granted under this category are, for taxation purposes, treated as unapproved.
The market price of the shares at the end of the year was 12.75p. The lowest price during the year was 5.88p and the highest price was 14.63p.
Save as mentioned above, there were no changes in the interests of the Directors in the share capital of the Company or Group, or any rights 
to subscribe thereto, between 31 March 2007 and 17 July 2007.
report of the Directors continued
_MAE_back.indd   2 03/08/2007   09:59:30  Maelor plc annual report and ﬁnancial statements 2007 13
Principal risks and uncertainties
These are outlined in the corporate governance section on page 16.
Key performance indicators
All of the Company’s key performance indicators (KPIs) showed an improvement on last year. Turnover was up 53% on the prior year to £2.84m 
(2006: £1.86m) and operating loss was down to £0.07m (2006: £0.61m). The cash balance, net of debt, increased to £1.43m (2006: £1.10m) 
and gross margin improved to 48% (2006: 40%).
Events since the end of the year
On 8 May 2007 the Company awarded options to selected Directors and employees over 9,375,063 10p ordinary shares at an exercise price 
of 10p per share, in accordance with the Maelor plc 2007 Enterprise Management Incentive (EMI) and Unapproved Share Option Plan.
On 10 May 2007 the Company completed the acquisition of the entire issued share capital of privately owned Acorus Therapeutics Limited. 
The acquisition price was satisﬁed by a cash payment of £7.0m, the issue of 10,000,000 Company shares at a price of 10p per share and 
the issue to the vendors of £4.9m unsecured, subordinated loan notes, contingent on Acorus achieving certain sales targets. The initial cash 
consideration was funded through the placing of 80,000,000 new 10p ordinary shares in the Company, issued at 10p per share. 
Auditor
The Directors, having been notiﬁed of the cessation of the partnership known as Baker Tilly, resolved that Baker Tilly UK Audit LLP be 
appointed as successor auditor with effect from 1 April 2007, in accordance with the provisions of the Companies Act 1989, Section 26(5). 
Baker Tilly UK Audit LLP has indicated its willingness to continue in ofﬁce. A resolution for its re-appointment is to be proposed at the 
forthcoming Annual General Meeting.
Statement as to disclosure of information to auditor
The Directors who were in ofﬁce on the date of approval of these ﬁnancial statements have conﬁrmed, as far as they are aware, that there 
is no relevant audit information of which the auditor is unaware. Each of the Directors has conﬁrmed that they have taken all the steps 
that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that it 
has been communicated to the auditor.
By order of the Board
N J Goldsmith  Ofﬁce Village
Secretary Chester Business Park  
17 July 2007 Chester CH4 9QZ 
  
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Compliance with the Combined Code
The rules of the Alternative Investment Market (AiM) do not compel the Company to comply with the Combined Code (the Code). 
Nevertheless, the Company fully endorses both the spirit and principles of the Code and seeks to comply wherever possible, whilst taking 
account of both its own size and its resources. Precisely how the Company has applied these principles is set out in the following statement.
Board of Directors
The Board meets at regular intervals, normally no less than nine times a year. The Company is committed to maintaining a balance  
of Executive and Non-executive Directors and the Board consists of six members, three are Executive Directors, the remaining three, 
one of whom is Chairman, are Independent Non-executive Directors. The Board believes that, given its size and complexity, it is not 
appropriate to specify a Senior Independent Director.
All Non-executive Directors are members of the Audit, AiM Compliance and Remuneration Committees. Their biographies on page 10 
illustrate their relevant corporate and industry experience.
Given the Company’s limited resources and manpower, there is no separate Nominations Committee. However, any new appointments 
at Board level are considered and approved by the full Board. A detailed introduction to the activities of the Company is given to any new 
appointee who is also provided with any appropriate training deemed necessary. The Company Secretary, to whom all Directors have full 
access, attends all Board and Committee meetings.
Audit Committee
The Audit Committee, chaired by J H Gregory, who took over from P Murray on 4 May 2007, meets at least twice a year. The Finance Director 
is generally in attendance at those meetings and also acts as secretary to the Committee. An invitation is extended to the auditor to attend 
meetings of the Committee in order to discuss related matters. On a formal basis, the Committee reviews with the auditor those reports 
to be issued by the auditor to the Directors.
The Audit Committee also undertakes a formal assessment of the auditor’s independence each year which includes:
 a review of the non-audit services provided to the Group and related fees;
  discussion with the auditor of a written report detailing all relationships with the Company and any other parties that could affect 
independence or the perception of independence;
  a review of the auditor’s own procedures for ensuring the independence of the audit ﬁrm and partners and staff involved in the audit, 
including the regular rotation of the audit partner; and
 obtaining written conﬁrmation from the auditor that, in its professional judgement, it is independent.
An analysis of the fees payable to the external audit ﬁrm in respect of both audit and non-audit services during the year is set out in Note 3 
to the ﬁnancial statements.
corporate governance
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AiM Compliance Committee
The Company has an obligation to comply with the London Stock Exchange Rules for Companies. Rule 31 requires Maelor to:
 have in place sufﬁcient procedures, resources and controls to enable its compliance with the AiM Rules for Companies (rules);
 seek advice from its nominated adviser regarding its compliance with these rules whenever appropriate and take that advice into account;
  provide its nominated adviser with any information it requests in order for that nominated adviser to carry out its responsibilities under 
these rules and the AiM Rules for Nominated Advisers;
 ensure that each of its Directors accepts full responsibility, collectively and individually, for its compliance with these rules; and
  ensure that each Director discloses without delay all information which it needs in order to comply with rule 17 insofar as that information 
is known to the Director or could with reasonable diligence be ascertained by the Director.
In order to ensure that these obligations are being discharged, the Board has established a committee of the Board (the AiM Compliance 
Committee), chaired by H G McMillan, the Non-executive Chairman of the Company.
Having reviewed relevant Board papers and met with the Company’s Executive Board and the nominated adviser to ensure that such is the 
case, the AiM Compliance Committee is satisﬁed that the Company’s obligations under AiM rule 31 have been satisﬁed during the period 
under review.
Internal control
At the present time, given the aforementioned limitations imposed by manpower and resources, there is no internal audit function. The Board 
is responsible for the Company’s system of internal control, which is designed to manage rather than eliminate the risk of failure to achieve 
business objectives; it can therefore only provide a reasonable and not an absolute assurance against material misstatements or losses.
Proper brieﬁng of all Directors at Board meetings is considered an important issue, and all Board papers are distributed in advance of those 
meetings; meetings are either adjourned or decisions deferred on occasions when the Board seeks the provision of further information upon 
which to base its decisions. There also exists a formal schedule of matters speciﬁcally reserved for decisions by the Board.
During the year the Directors have reviewed and are satisﬁed with the adequacy of the Group’s internal ﬁnancial controls. These controls 
include the following:
 a comprehensive annual budgetary process, reviewed and approved by the Board; and
  the monitoring of actual results against budget, no greater than at monthly intervals, together with the revisiting of forecasts whenever 
it is deemed appropriate.
Using the guidance on internal controls contained in the Combined Code as a benchmark, the Group continues to develop its review 
procedures of all other aspects of internal control, including operational and compliance issues and risk management.
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Principal risks and uncertainties
Maelor’s business is inﬂuenced by a range of factors, some of which may be beyond the control of the Group and its Board. The risk factors 
set out below are regularly reviewed by the Board in the course of operating its business and are considered carefully. 
There may be other risks which the Group is not aware of, which are not deemed to be material but turn out to be material.
  Adverse information about one or more of Maelor’s products is received by the Group’s customer base, with a negative impact 
on demand for its products.
In the event of the Group becoming aware of any information relating to severe unexpected effects of any of Maelor’s products, it would 
immediately take steps to fully investigate these. In accordance with the responsibilities placed upon the Group by the Medicines and Healthcare 
products Regulatory Agency, Maelor would immediately notify its customers and/or withdraw those products from sale, as appropriate. Where 
these were proven to be false or ill-founded, Maelor would consider issuing information to its customers communicating the facts to them. 
 Maelor experiences a signiﬁcant increase in the cost of producing its product.
In the event of a signiﬁcant increase in the cost of producing one or more of its products Maelor would seek alternative sources of supply 
at the earliest opportunity to mitigate the impact on its proﬁtability.
 The Group is unable to fulﬁl its commitments to supply its products, with adverse consequences for its customers.
Maelor has obligations under some of its key contracts to guarantee the supply of its products. The Group safeguards its ability to meet these 
obligations, by closely managing its relationships with its suppliers, as well as continuously reviewing its stock levels to ensure that these are 
adequate, while at the same time properly controlled.
 A product liability or similar lawsuit is issued against Maelor, resulting in substantial ﬁnancial penalties.
Maelor is conﬁdent that the robustness of the clinical trials process prior to the launch of its products minimises the risk of claims against 
the Group as a result of its products. The Group also continuously reviews the production quality of its products, to ensure that this is consistently 
high. Were a claim to be lodged against the Group in respect of its products, Maelor believes that its product liability insurance would 
indemnify it in the majority of cases. 
Communication with shareholders
The Board has a strong commitment to the maintenance of good investor relations and seeks, wherever possible, to build a relationship 
of mutual understanding with both its institutional and private investors.
Corporate social responsibility
Maelor takes its Corporate Social Responsibility (CSR) seriously and continues to recycle as much of its waste as possible.
Going concern
The Board believes that Maelor has sufﬁcient working capital to see the Company through to proﬁt. The Board will continue to monitor the 
progress of the acquisition, development and launch of new products and the ﬁnancial position in order to ensure that the Group continues 
to have sufﬁcient funding to continue in business. For this reason, the Board continues to adopt the going concern basis in preparing the 
ﬁnancial statements. 
corporate governance continued
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As well as complying as far as possible with the provisions of the Combined Code as disclosed in the Company’s corporate governance 
statement, the Board has applied the Principles of Good Governance relating to Directors’ remuneration as described below.
The level and composition of Directors’ remuneration
The Board believes that it does not pay more than is necessary to attract and retain Directors needed to run the Company successfully.
Statement of remuneration policy
The Remuneration Committee, consisting of the three Non-executive Directors and chaired by P Murray, who took over from J H Gregory on 
4 May 2007, meets at least once a year (or more frequently as required). The Committee is responsible for the remuneration of the Executive Directors, 
including their beneﬁts in kind, terms of employment and share options; the Executive Directors also consult the Committee in relation to the 
remuneration of senior employees and staff share option schemes. It takes account of remuneration paid to the Directors and senior employees 
of other companies of a similar size and comparable industry sector in the UK, and the relative performance of such companies, to ensure that 
the remuneration packages offered are competitive and designed to attract, retain and motivate Executive Directors and senior employees. 
The remuneration of the Non-executive Directors is determined by the Board as a whole, based on outside advice and review of current 
practices in other companies. The Chief Executive Ofﬁcer and Company Secretary (who also acts as secretary to the Committee) are both 
normally in attendance, except when their own remuneration is under discussion.
Full details of the remuneration packages of individual Directors and information on share options, pensions and other beneﬁts 
are set out below.
Directors’ emoluments
Details of the Directors’ emoluments for the year are as follows:
    Year ended Year ended Year ended Year ended 
    31 March 31 March 31 March 31 March 
  Salaries/  2007 2006 2007 2006 
  fees Beneﬁts Total Total Pension Pension 
  £ £ £ £ £ £
Current Executive Directors      
T Wright   125,000  1,261 126,261 77,662 18,750 7,813
N J Goldsmith (appointed 12 June 2006)  72,614 506 73,120 — 11,250 —
A Hardy   78,380 12,094 90,474 92,780  10,610 11,043 
Current Non-executive Directors      
H G McMillan   30,000 — 30,000 17,500 — —
J H Gregory  20,000 —  20,000 16,250  —  — 
P Murray  20,000 —  20,000 16,250  —  — 
Former Directors      
S C Appelbee (resigned 28 September 2005)  — — — 154,568 — 12,993 
M A F Macpherson (retired 20 January 2006)  — —  — 16,667  — — 
Total  345,994 13,861 359,855 391,677  40,610 31,849 
Pension contributions    40,610 31,849   
Aggregate remuneration    400,465 423,526  
the Board’s remuneration report
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Directors’ service contracts
All Directors of the Company have service contracts. Details are set out below for those Directors who served during the year:
  T Wright was appointed Director on 17 October 2005. His service contract is with Maelor plc and speciﬁes a notice period of 
twelve months on either side. His annual salary with effect from 17 October 2005 was £125,000 and was increased to £130,000 
from 1 April 2007. He is entitled to pension contributions of 15% of his annual salary, participation in an incentivisation scheme under 
which, on fulﬁlment of performance criteria, he may be awarded up to 30% of his annual salary in cash, the provision of private healthcare, 
permanent health insurance and life assurance. He is also entitled to participate both in the Maelor plc Enterprise Management Incentive 
(EMI) and Senior Executive Share (SES) Option Schemes.
  A Hardy was appointed Director on 27 July 2004. Her service contract is with Maelor plc and speciﬁes a notice period of twelve months 
on either side. Her annual salary with effect from 1 January 2006 was £78,380 and was increased to £81,069 from 1 April 2007. She is 
entitled to pension contributions of 15% of her annual salary, participation in an incentivisation scheme under which, on fulﬁlment 
of performance criteria, she may be awarded up to 25% of her annual salary in cash, the provision of private healthcare, permanent 
health insurance and life assurance. She is also entitled to participate both in the Maelor plc EMI and SES Option Schemes.
  N J Goldsmith was appointed Director on 12 June 2006. His service contract is with Maelor plc and speciﬁes a notice period of twelve 
months on either side. His annual salary with effect from 12 June 2006 was £90,000 and was increased to £93,600 from 1 April 2007. 
He is entitled to pension contributions of 15% of his annual salary, participation in an incentivisation scheme under which, on fulﬁlment 
of performance criteria, he may be awarded up to 25% of his annual salary in cash, the provision of private healthcare, permanent health 
insurance and life assurance. He is also entitled to participate both in the Maelor plc EMI and SES Option Schemes.
  The Chairman and other Non-executive Directors do not have service agreements. However, each has been appointed pursuant to a letter 
of appointment. H G McMillan was paid £30,000 during the year ended 31 March 2007 as Non-executive Chairman (2006: £17,500 as 
Non-executive Director). J H Gregory was paid £20,000 in the year ended 31 March 2007 (2006: £16,250), which included a fee for his 
role as Chairman of the Remuneration Committee, and P Murray was paid £20,000 in the year ended 31 March 2007 (2006: £16,250) 
which includes a fee for his role as Chairman of the Audit Committee. Mr McMillan, Mr Gregory and Mr Murray’s remuneration increased 
to £45,000, £30,000 and £30,000 per annum respectively with effect from 1 July 2007. No Non-executive Director receives beneﬁts other 
than participation in the Maelor plc SES Option Scheme.
No Director had a material interest in a contract of signiﬁcance with the Company or with any subsidiary undertaking during the year.
By order of the Board
P Murray
Chairman – Remuneration Committee
17 July 2007 
the Board’s remuneration report continued
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The Directors are responsible for preparing the annual report and the ﬁnancial statements in accordance with applicable law and regulations. 
Company law requires the Directors to prepare ﬁnancial statements for each ﬁnancial year. Under that law the Directors have elected to 
prepare the ﬁnancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting 
Standards and applicable law). The ﬁnancial statements are required by law to give a true and fair view of the state of affairs of the Company 
and the Group and of the proﬁt or loss of the Group 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained 
in the ﬁnancial statements; and
  prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the Company 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 requirements of the Companies Act 1985. They are 
also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and 
other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the 
Company’s website, www.maelor.plc.uk.
Legislation in the United Kingdom governing the preparation and dissemination of ﬁnancial statements may differ from legislation 
in other jurisdictions. 
statement of Directors’ responsibilities
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We have audited the ﬁnancial statements on pages 21 to 39.
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 so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report 
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company 
and the 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 auditor
The Directors’ responsibilities for preparing the annual report and the ﬁnancial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
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. We also report to you whether in our opinion the information given in the Directors’ Report is 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 Directors’ remuneration and other 
transactions is not disclosed.
We read other information contained in the annual report and consider whether it is consistent with the audited ﬁnancial statements. 
This other information comprises only the Highlights, Product Portfolio, the Chairman’s Statement, the Chief Executive Ofﬁcer’s Review, 
the Corporate Governance Report, the Directors’ Report and the Board’s Remuneration Report. We 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 Group and 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 United Kingdom Generally Accepted Accounting Practice, of the 
state of the Group and Parent Company’s affairs as at 31 March 2007 and of the Group’s loss for the year then ended and have been 
properly prepared in accordance with the Companies Act 1985; and
 the information given in the Directors’ Report is consistent with the ﬁnancial statements.
Baker Tilly UK Audit LLP
Registered Auditor 
Chartered Accountants 
Number One Old Hall Street 
Liverpool L3 9SX 
23 July 2007 
independent auditor’s report
to the members of Maelor plc
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      Year ended Year ended 
      31 March  31 March 
      2007   2006 
     Note £ £
Turnover     2 2,842,002 1,858,750
Cost of sales      (1,485,669) (1,117,782)
Gross proﬁt      1,356,333 740,968
Research and development      (97,187) (89,888)
Administration      (1,331,910) (1,259,627)
Operating loss      (72,764) (608,547)
Interest receivable and similar income     6 51,673 51,784
Interest payable     7 (11,539) (13,351)
Loss on ordinary activities before taxation     3 (32,630) (570,114)
Taxation     8 — (90,478)
Loss sustained by the Group     20 (32,630) (660,592)
Basic loss per ordinary share     10 (0.10)p (1.93)p
Diluted loss per ordinary share     10 (0.10)p (1.93)p
All operations are continuing.
statement of recognised income and expenses
for the year ended 31 March 2007
There were no recognised income and expenses other than as reﬂected in the proﬁt and loss account above (2006: £nil). 
note of historical cost proﬁts and losses
for the year ended 31 March 2007
 
      Year ended Year ended 
      31 March  31 March 
      2007   2006 
      £ £
Reported loss on ordinary activities before taxation      (32,630) (570,114)
Realisation of property revaluation losses of previous years      (7,287) —
Difference between an historical cost depreciation charge and the actual 
depreciation charge for the year calculated on the revalued amount     2,310 2,520
Historical cost loss on ordinary activities before taxation      (37,607) (567,594)
Historical cost loss for the year sustained after taxation      (37,607) (658,072)
The notes on pages 25 to 39 form part of these ﬁnancial statements. 
consolidated proﬁt and loss account
for the year ended 31 March 2007
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    31 March 2007  31 March 2006
   Note £ £ £ £
Fixed assets     
Tangible assets   11  67,453  383,305
Current assets     
Stocks   13 150,175  205,590 
Debtors – due within one year   14 597,956  379,374 
Cash at bank and in hand    1,427,332  1,296,463 
    2,175,463  1,881,427 
Creditors: amounts falling due within one year   15 (867,101)  (696,553) 
Net current assets     1,308,362  1,184,874
Total assets less current liabilities     1,375,815  1,568,179
Creditors: amounts falling due after more than one year   16  —  (173,899)
Net assets     1,375,815  1,394,280
Capital and reserves     
Called up share capital   18  3,428,083  3,428,083
Shares to be issued   20  37,182  23,017
Share premium account   20  12,154,094  12,154,094
Revaluation reserve   20  —  151,169
Proﬁt and loss account   20  (14,243,544)  (14,362,083)
Shareholders’ funds – equity   21  1,375,815  1,394,280
The ﬁnancial statements on pages 21 to 39 were approved by the Board of Directors and authorised for issue on 17 July 2007 and were 
signed on its behalf by:
T Wright N J Goldsmith 
Director Director
 
consolidated balance sheet
at 31 March 2007
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    31 March 2007  31 March 2006
   Note £ £ £ £
Fixed assets     
Tangible assets   11  —  368,200
Investments   12  2  2
     2  368,202
Current assets     
Debtors – due after more than one year   14 225,793  303,031 
Cash at bank and in hand    1,150,022  915,849 
     1,375,815  1,218,880
Creditors: amounts falling due within one year   15  (2)  (20,039)
Net current assets     1,375,813  1,198,841
Total assets less current liabilities     1,375,813  1,567,043
Creditors: amounts falling due after more than one year   16  —  (172,763)
Net assets     1,375,815  1,394,280
Capital and reserves     
Called up share capital   18  3,428,083  3,428,083
Shares to be issued   20  37,182  23,017
Share premium account   20  12,154,094  12,154,094
Revaluation reserve   20  —  151,169
Proﬁt and loss account   20  (14,243,544)  (14,362,083)
Shareholders’ funds – equity   21  1,375,815  1,394,280
The ﬁnancial statements on pages 21 to 39 were approved by the Board of Directors and authorised for issue on 17 July 2007 and were 
signed on its behalf by:
T Wright N J Goldsmith 
Director Director
company balance sheet
at 31 March 2007
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      Year ended Year ended 
      31 March  31 March 
      2007   2006 
     Note £ £
Cash ﬂow from operating activities     25 (14,185) (300,746)
Returns on investments and servicing of ﬁnance     26 40,134 38,433
Taxation received     26 5,961 108,487
Capital expenditure     26 291,759 (15,857)
Cash inﬂow/(outﬂow) before management of liquid resources and ﬁnancing   323,669 (169,683)
Financing     26 (192,800) (1,546)
Increase/(decrease) in cash in the year      130,869 (171,229)
reconciliation of net cash ﬂow to movement in net funds
for the year ended 31 March 2007
      Year ended Year ended 
      31 March  31 March 
      2007   2006 
     Note £ £
Increase/(decrease) in cash in the year     27 130,869 (171,229)
Cash outﬂow from decrease in debt and lease ﬁnancing     27 192,800 19,171
Changes in funds resulting from cash ﬂows     27 323,669 (152,058)
Movement in net funds in the year     27 323,669 (152,058)
Net funds at the start of the year      1,103,663 1,255,721
Net funds at the end of the year     27 1,427,332 1,103,663
consolidated cash ﬂow statement
for the year ended 31 March 2007
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1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group 
and Company’s ﬁnancial statements.
Basis of preparation
The ﬁnancial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting 
rules, modiﬁed to include the revaluation of freehold property.
Basis of consolidation
The ﬁnancial statements of the Group consolidate the ﬁnancial statements of the Company and all its subsidiary undertakings, whose ﬁnancial 
statements were also made up to 31 March 2007.
On 5 November 1997, as part of a Group reconstruction, the Company became the holding Company of Maelor Pharmaceuticals Limited. 
The combination was accounted for by the merger method of accounting as set out in FRS 6 “Mergers and Acquisitions” and Schedule 4(A) of 
the Companies Act 1985, on the basis that it met the criteria set out in paragraph 13 of that Standard with respect to Group reconstructions.
In the Company’s ﬁnancial statements, investments in subsidiary undertakings are stated at cost, less any provision for diminution in the value 
of these.
Under Section 230(4) of the Companies Act 1985 the Company is exempt from the requirement to present its own proﬁt and loss account.
Turnover
Turnover represents the amount charged or chargeable in respect of the provision of, and in relation to, the development of healthcare 
products, goods and services, all of which fall within the Group’s ordinary activities, stated net of value added tax.
For pharmaceuticals products, turnover is recognised on dispatch of goods to the customer.
For medical devices, turnover is represented by (1) recognition on dispatch of goods from the manufacturer to the distributor and 
(2) a share of the gross margin, which is recognised on dispatch of goods to the ﬁnal customer.
Licence fees
Amounts received in respect of licence fee down payments are amortised on a straight line basis over the length of the licence period unless, 
at the balance sheet date, there is a potential for them to be refunded, in which case they are treated as deferred income and not credited 
to revenue.
Depreciation of tangible ﬁxed assets
Depreciation is provided to write off the cost or valuation less the estimated residual value of tangible ﬁxed assets by equal instalments over 
their estimated useful economic lives as follows:
Plant and machinery 20% – 25% per annum
Fixtures, ﬁttings and equipment 25% – 50% per annum
Freehold property 2% per annum
Stocks
Stocks are stated at the lower of cost and net realisable value. 
Leases and hire purchase contracts
Rentals paid under operating leases are charged to income as incurred.
 
notes to the ﬁnancial statements 
for the year ended 31 March 2007
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1 Accounting policies continued
Research and development (R&D)
Expenditure on R&D incurred during the year is classiﬁed as an operating cost and charged against proﬁts.
Share-based payments
In accordance with FRS 20 “Share-based Payments”, the fair value of equity-settled share-based payments to employees is determined at 
the date of grant and is expensed on a straight line basis over the vesting period based on the Group’s estimate of share options that will 
eventually vest. In the case of options granted, fair value is measured by a binomial pricing model. Further details are set out in Note 19b.
Taxation
The charge for taxation is based upon the result for the year and takes into account deferred taxation.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where 
transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the 
balance sheet date. Timing differences are differences between the Group’s taxable proﬁts and its results as stated in the ﬁnancial statements.
Deferred tax is recognised in the statement of total recognised gains and losses on revaluations where at the balance sheet date there 
is an agreement to sell the asset.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, 
based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured 
on a discounted basis.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.
The Group has surrendered its R&D tax losses for the appropriate R&D tax refund (see Note 8).
Cash and liquid resources
Cash, for the purpose of the cash ﬂow statement, comprises cash in hand and deposits payable on demand, less overdrafts payable 
on demand.
Liquid resources are current asset investments which are disposable without curtailing or disrupting the business and are either readily 
convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources comprise term 
deposits of less than one year (other than cash), government securities and investments in money market managed funds. 
Post retirement beneﬁts
The Group operates a deﬁned contribution pension scheme. The assets of the scheme are held separately from those of the Group in 
an independently administered fund. The amount charged against proﬁts represents the contributions payable to the scheme in respect 
of the ﬁnancial year.
Foreign currencies
Transactions in foreign currencies are translated into Sterling and recorded at rates of exchange approximating to those ruling at the date 
of the transaction. Monetary assets and liabilities are translated at rates ruling at the balance sheet date. All differences are taken to the proﬁt 
and loss account.
Grants
Revenue based grants are credited to the proﬁt and loss account in the year of receipt. Capital based grants are amortised over the estimated 
useful lives of the assets to which they relate.
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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2 Turnover
Turnover for the year is analysed as follows:
        2007 2006 
        £ £
Classiﬁcation of business  
Medical devices      1,796,528 1,546,294
Pharmaceutical products      1,045,474 312,456
        2,842,002 1,858,750
Geographical analysis  
United Kingdom and Ireland      2,842,002 1,850,467
Rest of Europe      — 5,067
Rest of World      — 3,216
        2,842,002 1,858,750
In the view of the Directors, it is not practical to disclose the business or geographical analysis of net assets and operating loss because 
of the use of common services.
3 Loss on ordinary activities before taxation
        2007 2006 
        £ £
Loss on ordinary activities before taxation is stated:  
 after charging  
Operating leases – plant and machinery      3,012 —
Operating leases – other      24,186 21,993
Depreciation of owned assets      19,360 16,898
Research and development expenditure projects      97,187 89,888
Exchange losses       7,131 5,589
Exceptional item – compensation for loss of ofﬁce      — 93,498
Loss on disposal of ﬁxed assets      4,733 247
after crediting  
Exchange gains      1,822 343
Grant income       2,727  1,136
Amounts payable to Baker Tilly and their associates in respect of both audit and non-audit services:
   2007  2006
      £ % £ %
Audit services     
– statutory audit    7,400 6 7,050 13
Other services    
The auditing of accounts of associates of the Company pursuant to legislation 
(including that of countries and territories outside Great Britain).
– audit of subsidiaries where such services are provided by Baker Tilly or its associates 10,457 8 10,950 20
Tax services    
– compliance services    7,500 6 16,544 31
– advisory services     5,165 4 14,461 27
Services relating to corporate ﬁnance transactions entered into or proposed 
to be entered into by or on behalf of the Company or any of its associates*   94,493 73 — 
All other services    4,800 3 4,636 9
      129,815 100 53,641 100
* Corporate ﬁnance fees in connection with the acquisition of Acorus Therapeutics Limited were accounted for on completion of the deal on 10 May 2007 
(refer to note 28).
Fees paid to Baker Tilly and its associates for non-audit services to the Company itself are not disclosed in the individual accounts of Maelor plc 
because the Company’s consolidated accounts are required to disclose such fees on a consolidated basis.
The 2006 disclosure has been changed for comparability purposes to comply with The Companies (Disclosure of Auditor Remuneration) 
Regulations 2005 (SI 2005/2417).
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4 Remuneration of Directors
        2007 2006 
        £ £
Directors’ emoluments:  
– fees as Directors      70,000 66,667
– remuneration as Executives      289,855 231,512
– compensation for loss of ofﬁce      — 93,498
– pension costs      40,610 31,849
        400,465 423,526
The emoluments of the highest paid Director were £126,261 (2006: £92,780). Company pension contributions totalling £18,750 (2006: £11,043) 
were made on behalf of the highest paid Director during the year.
       Number of Directors
        2007 2006
Retirement beneﬁts are accruing to the following number of Directors under deﬁned contribution schemes  3 2
5 Staff numbers and costs
The average number of persons employed by the Group (including Directors) during the year was as follows:
       Number of employees
        2007 2006
Technical      3 3
Administration      5 5
        8 8
The aggregate payroll costs of those persons were as follows:
        2007 2006 
        £ £
Wages and salaries      435,853 537,693
Social security costs      64,749 48,500
Other pension costs (see Note 24)      51,154 48,453
        551,756 634,646
6 Interest receivable and similar income
        2007 2006 
        £ £
Bank interest      51,673 51,784
7 Interest payable
        2007 2006 
        £ £
On bank loans and overdrafts      11,539 13,351
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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8 Taxation
(a) Analysis of charge for the year
        2007 2006 
        £ £
Current tax:   
– UK corporation tax      — (5,961)
– adjustment in respect of prior years      — 16,439
        — 10,478
Deferred tax:   
– origination and reversal of timing differences      — 80,000
– discount      — —
        — 80,000
Tax on loss on ordinary activities      — 90,478
(b) Factors affecting tax charge for the year
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 30% as explained below:  
        2007 2006 
        £ £
Loss on ordinary activities before tax      (32,630) (570,114)
Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30% (2006: 30%)  (9,789) (171,034)
Effects of:  
– expenses not deductible for tax purposes      27,327 7,892
– difference between depreciation for period and capital allowances     (20,390) (24,531)
– R&D uplift      — (3,725)
– capital gain      14,822 —
– trading losses carried forward/utilised      (11,970) 185,437
– adjustment in respect of prior years      — 16,439
Current tax charge for the year (Note 8(a))      — 10,478
Tax losses amounting to approximately £10.4m (2006: £10.3m) are available to relieve future proﬁts of the Group.
9 Loss attributable to members of the Parent Company
        2007 2006 
        £ £
Dealt with in the ﬁnancial statements of the Parent Company     (32,630) (1,256,004)
Retained by subsidiary undertakings      (38,917) (672,387)
Consolidation adjustments      38,917 1,267,799
        (32,630) (660,592)
10 Loss per ordinary share
The calculation for basic loss per share uses the numerators and denominators noted below:
        2007 2006 
        £ £
Loss attributable to the Group      (32,630) (660,592)
Weighted average number of shares in issue during the year – basic     34,280,833 34,280,833
Basic and diluted loss per share are the same as there is no dilution at (0.10p) (2006: (1.93p)).
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11 Tangible ﬁxed assets
       Fixtures, Freehold  
      Plant and ﬁttings and  land and  
      machinery equipment buildings Total 
Group     £ £ £ £
Cost or valuation    
At 1 April 2006    278,675 153,283 375,000 806,958
Additions    — 66,159 — 66,159
Transfers    (10,249) 10,249 — —
Disposals    (36,113) (54,339) (375,000) (465,452)
At 31 March 2007    232,313 175,352 — 407,665
Depreciation    
At 1 April 2006    278,675 138,178 6,800 423,653
Charge for the year    — 13,127 6,233 19,360
Transfers    (10,249) 10,249 — —
Disposals    (36,113) (53,655) (13,033) (102,801)
At 31 March 2007    232,313 107,899 — 340,212
Net book value    
At 31 March 2007    — 67,453 — 67,453
At 31 March 2006    — 15,105 368,200 383,305
The Company disposed of its freehold land and building in March 2007. Prior to disposal the land had an estimated valuation of £35,000 
(2006: £35,000) upon which depreciation was not charged.
The freehold property was valued by external valuers, Wingetts Estate Agents and Valuers, as at 31 March 2005, on the basis of Existing 
Use Value in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors.
On an historical cost basis these ﬁxed assets would have been included at:
        2007 2006 
        £ £
Cost       — 249,036
Aggregate depreciation      — 23,445
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
_MAE_back.indd   20 03/08/2007   09:59:34  Maelor plc annual report and ﬁnancial statements 2007 31
11 Tangible ﬁxed assets continued
       Fixtures, Freehold  
      Plant and ﬁttings and  land and  
      machinery equipment buildings Total 
Company    £ £ £ £
Cost or valuation    
At 1 April 2006    46,362 7,135 375,000 428,497
Disposals    (36,113) (7,135) (375,000) (418,248)
Transfers    (10,249) — — (10,249)
At 31 March 2007    — — — —
Depreciation    
At 1 April 2006    46,362 7,135 6,800 60,297
Charge for the year    — — 6,233 6,233
Disposals    (36,113) (7,135) (13,033) (56,281)
Transfers    (10,249) — — (10,249)
At 31 March 2007    — — — —
Net book value    
At 31 March 2007    — — — —
At 31 March 2006    — — 368,200 368,200
12 Fixed asset investment
         Shares 
          in subsidiary 
         undertakings 
Company       £
Cost 
At 1 April 2006 and 31 March 2007       912,017
Provision against investment in Maelor Pharmaceuticals Limited at 1 April 2006 and 31 March 2007   (912,015)
At 31 March 2006 and 31 March 2007       2
      Class and 
      percentage 
     Country of of shares held 
Subsidiary undertakings  Principal activity incorporation by Company
Maelor Pharmaceuticals Limited  Healthcare products England and Wales 100% Ordinary
Maelor Laboratories Limited  Dormant England and Wales 100% Ordinary
The voting rights are in proportion to the shares held.
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13 Stocks
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Raw materials and consumables    81,468 111,937 — —
Finished goods    68,707 93,653 — —
      150,175 205,590 — —
14 Debtors
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Due within one year:    
– trade debtors    529,388 354,959 — —
– taxation recoverable    — 5,961 — —
– prepayments and accrued income    68,568 18,454 — —
      597,956 379,374 — —
Due after more than one year:    
– amounts owed by Group undertakings    — — 225,793 303,031
      — — 225,793 303,031
15 Creditors: amounts falling due within one year
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Bank loan (see Note 16)    — 20,037 — 20,037
Trade creditors    562,115 510,536 — —
Taxation and social security    63,794 15,806 — —
Other creditors    21,137 2,727 2 2
Accruals and deferred income    220,055 147,447 — —
      867,101 696,553 2 20,039
The bank loan, which was fully repaid at 31 March 2007, was secured by a ﬁxed and ﬂoating charge over the assets of the Company 
and by a multilateral guarantee by the Company and its subsidiary, Maelor Pharmaceuticals Limited.
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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16 Creditors: amounts falling due after more than one year
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Bank loan    — 172,763 — 172,763
Grant creditor    — 1,136 — —
      — 173,899 — 172,763
Payments in respect of bank loan and overdrafts are due as follows:
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Within one year (see also Note 15)    — 20,037 — 20,037
Between one and two years    — 21,379 — 21,379
Between two and ﬁve years    — 73,117 — 73,117
Greater than ﬁve years    — 78,267 — 78,267
      — 192,800 — 192,800
The outstanding bank loan was repaid during the year on the disposal of the Company’s freehold property in March 2007. It had previously 
been repaid by monthly instalments of £2,471. Interest was charged on the loan at 2% above base rate.
17 Deferred taxation
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Balance at 1 April    — 80,000 — —
Transfer to proﬁt and loss account    — (80,000) — —
Balance at 31 March    — — — —
No discounted deferred tax asset has been recognised (2006: £nil) due to the extent to which recoverability can be foreseen with 
reasonable probability.
At 31 March 2007, the Group has tax losses, in excess of the amount disclosed above, of approximately £3.1m (2006: £3.1m) before 
discounts at future rates of taxation.
18 Called up share capital
        2007 2006 
        £ £
Authorised  
80,000,000 ordinary shares of 10p each      8,000,000 8,000,000
Allotted, called up and fully paid  
Shares at the start of the year: 34,280,833 ordinary shares of 10p each    3,428,083 3,410,458
Shares issued during the year: (2006: 176,250 ordinary shares of 10p each)    — 17,625
Shares at the end of the year: 34,280,833 ordinary shares of 10p each    3,428,083 3,428,083
Authorised share capital in 2006 has been restated from £4,000,000 to £8,000,000 to reﬂect the ordinary resolution passed in February 2003. 
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19a Share options
Share options outstanding at the beginning and end of the year were as follows:
     Number of options during the year
    Outstanding      Outstanding 
    at 31 March  Date Exercise   at 31 March 
   Note 2006 granted price (p) Granted (Lapsed) 2007
SES options a 4,200 27.04.00 137.5 — — 4,200
SES options b 40,000 11.06.02 52.0 — (20,000) 20,000
EMI options c 38,722 04.07.01 121.5 — — 38,722
EMI options d 36,000 11.06.02 52.0 — — 36,000
EMI options e 27,000 16.07.03 28.5 — — 27,000
EMI options f 67,500 30.06.04 19.0 — — 67,500
EMI options g 375,000 05.04.05 11.5 — — 375,000
EMI options h 79,500 16.08.05 10.0 — (10,000) 69,500
EMI options i 500,000 17.10.05 10.0 — — 500,000
EMI options N/A — 01.06.06 10.0 200,000 (200,000) —
EMI options j — 30.08.06 10.0 250,000 — 250,000
EMI options k — 26.01.07 10.0 100,000 — 100,000
    1,167,922   550,000 (230,000) 1,487,922
Senior Executive Share (SES) options:
All options granted under this category are, for taxation purposes, treated as unapproved.
(a) Exercisable at any time following 27 April 2003 and before the tenth anniversary thereof.
(b) Exercisable at any time following 11 June 2005 and before the tenth anniversary thereof.
Enterprise Management Incentive (EMI) options:
(c) Exercisable at any time following 4 July 2004 and before the tenth anniversary thereof.
(d) Exercisable at any time following 11 June 2005 and before the tenth anniversary thereof.
(e) Exercisable at any time following 16 July 2006 and before the tenth anniversary thereof.
(f) Exercisable at any time following 30 June 2007 and before the tenth anniversary thereof.
(g) Exercisable at any time following 5 April 2008 and before the tenth anniversary thereof.
(h) Exercisable at any time following 16 August 2008 and before the tenth anniversary thereof.
(i) Exercisable at any time following 17 October 2008 and before the tenth anniversary thereof.
(j) Exercisable at any time following 30 August 2009 and before the tenth anniversary thereof.
(k) Exercisable at any time following 26 January 2010 and before the tenth anniversary thereof.
Options are exercisable under the SES and EMI plan from the third anniversary of the date of grant or (if later) the date on which any 
performance conditions are satisﬁed.
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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19b Share-based payments
Equity-settled share-based payments
See Note 19a for more detailed share option information.
      SES Options  EMI Options
      Number of  WAEP* Number of  WAEP* 
      options £ options £
At 31 March 2005    
Options outstanding (excluding those pre 07.11.02)    15,000 0.285 219,500 0.251
Movements during 2005/6     
Options granted    — — 961,500 0.106
Options exercised    — — — —
Options forfeited    — — (132,000) (0.268)
Options lapsed    (15,000) (0.285) — —
At 31 March 2006    
Options outstanding    — — 1,049,000 0.116
Movements during 2006/7    
Options granted    — — 550,000 0.10
Options exercised    — — — —
Options forfeited    — — (200,000) (0.10)
Options lapsed    — — (10,000) (0.10)
At 31 March 2007    
Options outstanding    — — 1,389,000 0.112
Range of exercise prices       10.0p to 28.5p
Options exercisable    — — — —
* weighted average exercise price.
The weighted average contractual life of the carry forward options is 8.6 years.
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19b Share-based payments continued
Equity-settled share-based payments continued
The fair value of the options is estimated at the date of grant using the binomial option pricing model. The following table gives 
the assumptions applied to the options granted in the respective periods shown:
        2006/7 2005/6
Weighted average share price (p)      10.0 10.8
Weighted average exercise price (p):  
– SES       — —
– EMI       11.2 11.6
Weighted average fair value of options granted in the period (pence): 
– SES       — —
– EMI       3.9 5.1
Expected volatility (%)      50.3% 62.2%
Dividend yield (%)      N/A N/A
Risk-free interest rate (%):  
– SES       — —
– EMI       4.2% 4.5%
Expected lives (years):  
– SES       — —
– EMI       6.5 10
The expected volatility is based on the historical volatility of the underlying security adjusted for any expected changes to future volatility 
due to publicly available information.
The charge for equity-settled share-based payments in respect of share options is £14,165 (2006: £23,017).
20 Reserves
      Group
      Shares  Share Proﬁt 
       to be Revaluation premium   and loss 
       issued reserve account account 
      £ £ £ £
At 1 April 2006    23,017 151,169 12,154,094 (14,362,083)
Loss for the year    — — — (32,630)
Share option charge    14,165 — — —
Transfer from revaluation reserve to proﬁt and loss account   — (151,169) — 151,169
At 31 March 2007    37,182 — 12,154,094 (14,243,544)
      Company
      Shares  Share Proﬁt 
      to be  Revaluation premium   and loss 
      issued reserve account account 
      £ £ £ £
At 1 April 2006    23,017 151,169 12,154,094 (14,362,083)
Loss for the year    — — — (32,630)
Share option charge    14,165 — — —
Transfer from revaluation reserve to proﬁt and loss account   — (151,169) — 151,169
At 31 March 2007    37,182 — 12,154,094 (14,243,544)
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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21 Reconciliation of movement in shareholders’ funds
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Loss for the ﬁnancial year    (32,630) (660,592) (32,630) (1,256,004)
Shares issued    — 17,625 — 17,625
Shares to be issued    14,165 23,017 14,165 23,017
Net reduction in shareholders’ funds    (18,465) (619,950) (18,465) (1,215,362)
Opening shareholders’ funds    1,394,280 2,014,230 1,394,280 2,609,642
Closing shareholders’ funds    1,375,815 1,394,280 1,375,815 1,394,280
22 Financial instruments
The Group had the following ﬁnancial instruments at the year end, all of which are held on the balance sheet:
(a) Liabilities
    On demand  Between Between Total  Total Total 
    or within  one and two and  ﬁve years medium/ ﬁnancial 
    one year two years ﬁve years or more long-term liabilities 
Group   £  £ £ £ £ £
Bank loan at 31 March 2007  — — — — — —
Bank loan at 31 March 2006  20,037 21,379 73,117 78,267 172,763 192,800
The outstanding bank loan was repaid on the disposal of the Company’s freehold property in March 2007. It had previously been paid back 
by monthly instalments of £2,471. Interest was charged at 2% above base rate.
(b) Assets
         Non interest 
      Total Floating Fixed bearing 
Currency     £ £ £ £
    
Sterling     1,421,291 1,421,291 — —
Euro     5,046 5,046 — —
At 31 March 2007    1,426,337 1,426,337 — —
Sterling     1,294,970 1,294,970 — —
Euro     461 461 — —
At 31 March 2006    1,295,431 1,295,431 — —
The ﬂoating rate ﬁnancial assets comprise bank deposits bearing interest at commercial rates. There are no material differences between the 
carrying value of the ﬁnancial instruments and their fair value. Bank and term deposits earned an average interest rate of 4.8% (2006: 4.6%).
(c) Currency exposures
At 31 March 2007 the Group had no currency exposure.
Treasury
The Group’s main exposure is to the Euro. The Group’s policy is to hedge signiﬁcant transaction exposure to the Euro by using forward 
contracts and options. The Group did not have any forward contracts or options in place at 31 March 2007.
The Group invests funds, which are surplus to short-term requirements, in ﬁxed rate deposits operating within parameters for credit ratings 
and credit limits for individual institutions that are approved and monitored by the Board.
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23 Commitments
There are capital commitments of £3,279 contracted for at the end of the ﬁnancial year for which no provision has been made.
Annual commitments under non-cancellable operating leases are as follows:
      Group  Company
      2007 2006 2007 2006 
      £ £ £ £
Operating leases which expire:    
Within one year    — — — —
– other     11,321 — — —
In the second to ﬁfth year    
– land and buildings    40,000 — — —
– other     9,878 21,993 — —
      61,199 21,993 — —
An unlimited cross guarantee exists between the Parent Company and its 100% subsidiary, Maelor Pharmaceuticals Limited, in respect 
of bank borrowings.
24 Pension scheme
The Group operates a deﬁned contribution pension scheme. The pension cost charge for the year represents contributions payable 
by the Group to the fund and amounted to £51,154 (2006: £48,453).
25 Reconciliation of operating loss to operating cash ﬂows
        2007 2006 
        £ £
Operating loss      (72,764) (608,547)
Depreciation charge      19,360 16,898
Loss on disposal of ﬁxed assets      4,733 247
Decrease/(increase) in stocks      55,415 (73,452)
(Increase)/decrease in debtors      (224,543) 162,443
Increase in creditors      189,449 178,648
Issue of share options      14,165 23,017
Net cash ﬂow from operating activities      (14,185) (300,746)
notes to the ﬁnancial statements continued
for the year ended 31 March 2007
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26 Analysis of cash ﬂows
        2007 2006 
Group       £ £
Return on investment and servicing of ﬁnance  
Interest received      51,673 51,784
Interest paid      (11,539) (13,351)
        40,134 38,433
Taxation  
R&D tax credit received      5,961 108,487
        5,961 108,487
Capital expenditure  
Purchase of tangible ﬁxed assets      (66,159) (16,357)
Receipts from sales of tangible ﬁxed assets      357,918 500
        291,759 (15,857)
Financing  
Issue of ordinary share capital      — 17,625
Repayment of loan      (192,800) (19,171)
        (192,800) (1,546)
27 Analysis of net funds
       At  At 
       beginning Cash end 
       of year ﬂow of year 
Group      £ £ £
Cash in hand, at bank     1,296,463 130,869 1,427,332
Debt due within one year     (20,037) 20,037 —
Debt due after one year     (172,763) 172,763 —
       (192,800) 192,800 —
Total      1,103,663 323,669 1,427,332
28 Post balance sheet events
On 8 May 2007 the Company awarded options to selected Directors and employees over 9,375,063 10p ordinary shares at an exercise price 
of 10p per share, in accordance with the Maelor plc 2007 Enterprise Management Incentive (EMI) and Unapproved Share Option Plan.
On 10 May 2007 the Company completed the acquisition of the entire issued share capital of privately owned Acorus Therapeutics Limited. 
The acquisition price was satisﬁed by a cash payment of £7.0m, the issue of 10,000,000 Company shares at a price of 10p per share and the 
issue to the vendors of £4.9m unsecured, sub-ordinated loan notes, contingent on Acorus achieving certain sales targets. The initial cash 
consideration was funded through the placing of 80,000,000 new 10p ordinary shares in the Company, issued at 10p per share. The Company’s 
authorised and issued share capital was increased to 200,000,000 and 124,280,833 shares respectively.
_MAE_back.indd   29 03/08/2007   09:59:35 40 Maelor plc annual report and ﬁnancial statements 2007
Notice is hereby given that the Annual General Meeting of Maelor plc will be held on 5 September 2007 at 1.00pm at Morrison Foerster, 
Citypoint, One Ropemaker Street, London EC2Y 9AW, for the following purposes:
Ordinary business
Resolution number 1
To receive and adopt the report and accounts for the ﬁnancial year ended 31 March 2007 together with the report of the Directors 
and independent auditors thereon.
Resolution number 2
To receive the Directors’ remuneration report and the report of the independent auditors on the auditable part of the remuneration report.
Resolution number 3
To re-elect as a Director Geoff McMillan, who retires by rotation.
Resolution number 4
To re-elect as a Director John Gregory, who retires by rotation.
Resolution number 5
To re-elect as a Director Ann Hardy, who retires by rotation.
Resolution number 6
To re-appoint Baker Tilly UK Audit LLP as auditors of the Company, to hold ofﬁce from the conclusion of this meeting until the conclusion 
of the next Annual General Meeting at which the accounts are laid before the members, and to authorise the Directors to ﬁx its remuneration.
Special business
To consider and if thought ﬁt to pass the following, of which resolution number 7 will be proposed as an ordinary resolution and resolution 
number 8 will be proposed as a special resolution:
Resolution number 7
Authority to allot shares
THAT 
The Directors be generally and unconditionally authorised to exercise all the powers of the Company to allot relevant securities (within the 
meaning of Section 80 of the Companies Act 1985) (the Act) up to a maximum nominal amount of £7,571,916, representing the difference 
between the Company’s authorised and issued share capital, such authority (unless previously revoked or varied) to expire on the date falling 
15 months after the date of the passing of this resolution or at the conclusion of the next Annual General Meeting of the Company (whichever 
shall be the earlier) but so that the Company may, before such expiry, make an offer or agreement which would or might require relevant securities 
to be allotted after such expiry and the Directors may allot relevant securities pursuant to any such offer or agreement as if such authority 
had not expired and further that such authority is to be in substitution for all other authorities conferred upon the Directors in relation to 
the allotment of relevant securities.
notice of Annual General Meeting
_MAE_back.indd   30 03/08/2007   09:59:35  Maelor plc annual report and ﬁnancial statements 2007 41
Special business continued
Resolution number 8
Disapplication of pre-emption rights on allotment
THAT
The Directors be and are hereby empowered in accordance with Section 95 of the Act to allot equity securities (as deﬁned in Section 94 
of the Act) for cash pursuant to the authority conferred on them by resolution number 7 above as if Section 89(1) of the Act did not apply 
to such allotment provided that the power conferred by this resolution shall be limited to:
(i)  the allotment of equity securities by way of a rights issue or other pre-emptive offer in favour of the holders of ordinary shares in the 
capital of the Company where the equity securities respectively attributable to the interests of such holders are proportionate (as nearly 
as may be) to the respective number of ordinary shares in the capital of the Company held by them on the record date for such allotment, 
subject only to such exclusions or other arrangements as the Directors may consider necessary or expedient to deal with the fractional 
entitlements or legal or practical difﬁculties under the laws of or requirements of any recognised regulatory body or any stock exchange 
in any territory or otherwise; and
(ii)  the allotment (other than as set out in (i) above) of equity securities up to an aggregate nominal value not exceeding £1,242,808, 
representing 10% of the issued share capital;
 and so that this power, unless renewed or revoked, shall expire on the date falling 15 months after the date of the passing of this resolution 
or at the end of the next Annual General Meeting of the Company (whichever shall be the earlier).
By order of the Board
N J Goldsmith  Ofﬁce Village
Secretary  Chester Business Park 
17 July 2007  Chester CH4 9QZ
    
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Notes
1.   A member entitled to attend and vote at the Annual General Meeting may appoint a proxy (who need not be a member of the 
Company) to attend and, on a poll, to vote on his or her behalf. In order to be valid an appointment of proxy must be returned 
by one of the following methods:
   in hard copy form by post, by courier or by hand to Capita Registrars, The Registry, 34 Beckenham Road, Beckenham,  
Kent BR3 4TU; or
   in the case of CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures 
set out below;
 and in each case must be received by the Company not less than 48 hours before the time of the meeting.
  CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so by 
utilising the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those 
CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), 
who will be able to take the appropriate action on their behalf. In order for a proxy appointment made by means of CREST to be valid, 
the appropriate CREST message (a CREST Proxy Instruction) must be properly authenticated in accordance with CRESTCo’s speciﬁcations 
and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of 
whether it relates to the appointment of a proxy or to an amendment to the instruction given to a previously appointed proxy must, 
in order to be valid, be transmitted so as to be received by the issuer’s agent (ID RA10) by the latest time(s) for receipt of proxy 
appointments speciﬁed in the notice of meeting. For this purpose, the time of receipt will be taken to be the time (as determined by 
the timestamp applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message 
by enquiry to CREST in the manner prescribed by CREST. The Company may treat as invalid a CREST Proxy Instruction in the circumstances 
set out in Regulation 35(5)(a) of the Uncertiﬁcated Securities Regulations 2001. CREST members and, where applicable, their CREST sponsors 
or voting service providers should note that CRESTCo does not make available special procedures in CREST for any particular messages. 
Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility 
of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed 
a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to 
ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, 
where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual 
concerning practical limitations of the CREST system and timings.
2.  A form of proxy is enclosed for use by shareholders and, if appropriate, must be deposited with the Company’s registrars, Capita Registrars, 
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU not less than 48 hours before the time of the Annual General Meeting. 
Appointment of a proxy does not preclude a shareholder from attending the Annual General Meeting and voting in person.
3.  Pursuant to Regulation 41 of the Uncertiﬁcated Securities Regulations 2001, in order to be able to attend and vote at the Annual 
General Meeting or any adjourned meeting, (and also for the purposes of calculating how many votes a person may cast), a person 
must have his/her name entered on the register of members of the Company by 1.00pm on 3 September 2007 (or 1.00pm on the 
date two days before any adjourned meeting). Changes to entries on the register of members after this time shall be disregarded 
in determining the rights of any person to attend or vote at the meeting.
4.  Copies of the Directors’ service contracts with the Company and the register of interests of the Directors and their families in the share 
capital of the Company are available for inspection at the registered ofﬁce of the Company during usual business hours (Saturdays, 
Sundays and public holidays excepted) and will be available at the place of the Annual General Meeting from 15 minutes prior to and 
during the Annual General Meeting. 
notice of Annual General Meeting continued
_MAE_back.indd   32 03/08/2007   09:59:35 I/We, the undersigned, being (an) ordinary shareholder(s) of Maelor plc, hereby appoint the Chairman of the meeting or failing him 
as my/our proxy to vote for me/us and on my/our behalf at the Annual General Meeting of the Company to be held on 5 September 2007 
and at any adjournment thereof.
 Resolutions    For Against
 Ordinary business  
 Resolution number 1
  To receive and adopt the report and accounts for the year ended 31 March 2007 together with the report  
of the Directors and independent auditors thereon.  
 Resolution number 2
  To receive the Directors’ remuneration report and the report of the independent auditors on the auditable  
part of the remuneration report.
 Resolution number 3
 To re-elect as a Director Geoff McMillan, who retires by rotation.  
 Resolution number 4
 To re-elect as a Director John Gregory, who retires by rotation.  
 Resolution number 5
 To re-elect as a Director Ann Hardy, who retires by rotation.  
 Resolution number 6
  To re-appoint Baker Tilly UK Audit LLP as auditor of the Company, to hold ofﬁce from the conclusion  
of this meeting until the conclusion of the next Annual General Meeting at which the accounts are laid  
before the members and to authorise the Directors to ﬁx its remuneration.  
 Special business  
 Resolution number 7
 To authorise the Directors to allot shares up to a maximum amount of £7,571,916.  
 Resolution number 8
 To authorise the Directors to disapply pre-emption rights.  
Please indicate with an X in the spaces above how you wish your vote to be cast on a poll. Unless otherwise instructed the proxy will vote 
or abstain from voting as he thinks ﬁt.
As witness my/our hand(s) this  day of  2007
Signature 
Name and initials (block capitals) 
Please signal your intention to attend the Annual General Meeting, if applicable, by ticking the box  
Notes
1.  This form of proxy must be received by Capita Registrars, Proxies, The Registry, 34 Beckenham Road, Beckenham BR3 4TU, or in the case of CREST members 
by using the CREST proxy voting appointment service, not less than 48 hours before the time appointed for the meeting. The form must be signed. If someone 
else signs the form on your behalf, you or that person must send the power of attorney or other written authority under which it is signed to the address stated above. 
Crest members should refer to Note 1 of the notice of Annual General Meeting in relation to the appointment of a proxy appointment via CREST.
2.  A corporation must execute this form either under its Company seal or under the hand of two Directors or one Director and the secretary or under the hand of an 
ofﬁcer or attorney duly authorised in writing.
3.  In the case of joint holders, the signature of any one holder will be sufﬁcient but the names of all the joint holders should be stated and the vote of the senior who 
tenders the vote, whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint holders. For this purpose, seniority will be determined 
by the order in which the names stand in the register of members in respect of the shares.
4. If it is decided to appoint any other person as proxy delete the names above and insert the name of the proxy in the space provided.
5. Returning the form of proxy will not prevent you from attending the meeting and voting in person.
form of proxy

 Maelor plc annual report and ﬁnancial statements 2007 43
_MAE_back.indd   33 03/08/2007   09:59:35 business reply style
Business Reply
Licence Number
RLUB-TCHH-JEBH
Capita Registrars
Proxies
The Registry
34 Beckenham Road
Beckenham
BR3 4ZB
_MAE_back.indd   34 03/08/2007   09:59:36 corporate statement
Maelor is a specialist hospital medicines 
company with expertise in both p h a r m a c e u t i c a l s 
and m e d i c a l devices.
£2.84m
TOTAL TURNOVER
2.84
1.17
2003 2004 2005 2006 2007
£(0.07)m
OPERATING LOSS
1.34
1.64
1.86
(2.36)
2003 2004 2005 2006 2007
(1.27)
(0.86)
(0.61)
(0.07)
Directors H G McMillan (Non-executive Chairman)  
 T Wright (Chief Executive Ofﬁcer) 
 N J Goldsmith (Finance Director) 
 A Hardy (Operations Director) 
 J H Gregory  (Non-executive Director) 
 P Murray (Non-executive Director)
Secretary N J Goldsmith  
Registered ofﬁce  Ofﬁce Village 
Chester Business Park 
Chester CH4 9QZ
Company  
registration number 3337415
Brokers Noble & Company Limited 
 120 Old Broad Street 
 London EC2N 1AR 
 Tel: +44 (0)207 763 2200
  Lewis Charles Securities Limited 
LCS House 
44 Worship Street 
London EC2A 2EA
Nominated adviser  Noble & Company Limited 
120 Old Broad Street 
London EC2N 1AR
Auditor  Baker Tilly UK Audit LLP 
Number One 
Old Hall Street 
Liverpool L3 9SX
Principal solicitors  Morrison Foerster MNP 
City Point 
One Ropemaker Street 
London EC2Y 9AW
Principal banker  HSBC Bank plc 
2nd Floor 
9 Market Place 
Romford 
Essex RM1 3AF
Registrars Capita Registrars 
 The Registry 
 34 Beckenham Road 
 Beckenham 
 Kent BR3 4TU 
company information
Optiﬂo
TM
 is a trade mark of Bard Ltd.
_cover.indd   2 03/08/2007   09:56:12 pantone 376C    50c  100y
Skia regular
Maelor plc annual report and  
ﬁnancial statements 2007
Maelor plc
 Ofﬁce Village 
Chester Business Park 
Chester CH4 9QZ
T elephone: +44 (0)1244 625150 
T elefax: +44 (0)1244 625151 
W ebsite: www.maelor.plc.uk 
Email: enquiries@maelor.plc.uk
Maelor plc annual report and financial statements 2007
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