pivotal thinking in drug development
Fulcrum Pharma plc
> Annual Report and Accounts 2005
Fulcrum Pharma plc > Annual Report and Accounts 2005
Fulcrum Pharma plc
5th Floor, Kodak House
Station Road
Hemel Hempstead
Hertfordshire HP1 1JY
United Kingdom
Tel: +44 (0)1442 283600
Fax: +44 (0)1442 283613
Email: information@fulcrumpharma.com
Web: www.fulcrumpharma.com
_01_cover.qxd  23/11/2005  10:45  Page 1 > Corporate statement
Fulcrum> Annual Report and Accounts 2005 1
IFC Corporate statement
1 Highlights 
2 Our global reach and services
4 Chairman’s statement
5 Chief executive’s review
7 Finance review
8 Directors 
10 Directors’ report 
12 Corporate governance statement
14 Independent auditors’ report 
15 Consolidated profit and loss account 
15 Statement of total Group recognised gains and losses
16 Consolidated balance sheet
17 Company balance sheet
18 Consolidated cash flow statement
18 Reconciliation of net cash flow to movement in net funds
19 Notes to the financial statements
32 Notice of annual general meeting
35 Form of proxy
37 Directors and advisers
> Profitable before exceptional items in second half
> Loss before tax of £76,000 (loss of £1.2m in 2004)
> Strategy to improve performance taking effect
> Business development reorganisation and new clients
> Group order book strengthening
> FY 2005 operating costs (excluding exceptionals) reduced by
more than £500,000
> Highlights
Fulcrum is a drug develo
which designs and imple
programmes. The Group
staff in the US, Europe &
CMC, pre-clinical, clinical
pment services group
ments drug development
has over 60 experienced
Japan with expertise in
and regulatory affairs. 
_0FUL_arf.05.qxd  23/11/2005  10:46  Page ifc2 > Our global reach and services
> Frequent collaboration and sharing of skill-sets amongst Fulcrum’s US, European and
Japanese operations further expands the scientific and clinical expertise, geographic
reach and regulatory capabilities available to Fulcrum’s clients.
Europe
Fulcrum’s European headquarters is
located in the UK in Hemel Hempstead,
Hertfordshire with additional personnel
located in Strasbourg. From our European
office we develop and deliver development
programmes for our European clients. We
also manage European-based programmes
for clients based in the USA and Japan who
require European drug development and
strategic outsourcing services.
2 Fulcrum> Annual Report and Accounts 2005
USA
Fulcrum operates in the USA through
Fulcrum Pharma Developments Inc, which
has its headquarters in Morrisville, North
Carolina, adjacent to the Research Triangle
Park. The US staff is composed of
experienced individuals representing
scientific disciplines and areas of
therapeutic expertise. Within the US
company there is a focus on early stage
drug development to support the large
number of small to mid-sized pharma
and biotech companies.
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 2 Fulcrum> Annual Report and Accounts 2005 3
Japan
Fulcrum has an established presence in the
Japanese pharmaceutical community, with
Fulcrum Pharma KK and Niphix KK, our
specialist clinical research organisation.
The team members are Japanese nationals
who possess first hand knowledge of
Japanese language, culture and industry
practices. Being located in Japan the
team is able to rapidly respond to client
requirements both locally and internationally.
Our services
How Fulcrum can help
> Fulcrum services:
> Technical and compliance due diligence
> CMC, non-clinical pharmacology and toxicology/ADME
> Regulatory strategy
> Clinical development plans and management
> Advisory boards
How our clients benefit
> Strategic programme and study design shorten drug development time and increase probability of achieving key milestones
> Selection and management of pre-qualified suppliers tailored to the product maximise programme efficiency
> Customised solutions reduce risks and costs of drug development programmes
> Fulcrum provides clients with confidence in an experienced partner
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 3 > Chairman’s statement
I am pleased that the Group has continued to strengthen its order
book and win new clients. Implementation of our sales and
marketing reorganisation has had a positive impact on the business
and, together with improved performance, a reduced cost base and
strong balance sheet, Fulcrum will focus on taking the business to
the next stage of its development. The Group plans to deepen its
expertise in drug substance and formulation management and in
pre-clinical and regulatory services and is seeking suitable
opportunities to increase scale.
Business review
Since my report last year, the Group has
taken considerable steps to improve its
performance and to grow the core service
business. These steps included the
reorganisation of the sales and marketing
function, the tailoring of business
development and the continued effort to
increase global sales to new clients. The
tailored approach to business development
has reduced the Group’s reliance on
networked sales and has strengthened the
order book, which, together with effective
cost management and the more efficient
use of staff, has resulted in the return to
profitability in the second half of the
financial year.
Fulcrum’s turnover for the year was £12.6m
(2004: £11.1m) and the loss before tax
was £76,000 (2004: loss of £1.2m). 
The pharmaceutical services sector is
emerging from a number of challenging
years and there are signs that the need
for outsourcing is gaining momentum.
Emerging pharma and biotechs continue to
operate in a difficult funding environment
and strategic outsourcing is proving to be
an important way for them to improve
capital efficiency. In particular there is
growth in drug substance and formulation
management and pre-clinical services,
where Fulcrum has considerable expertise,
and in regulatory services where new
opportunities are arising. In addition, our
global service model enables companies
to operate outside of their domestic
market. For example the orphan drug
regulations in Europe allow US clients to
create value and extend exclusivity in the
market place. Additionally, large pharma
clients in Japan continue to seek faster
to market solutions by outsourcing
development to the US and to Europe. 
Board changes
The resignation of Dr Bruce McCreedy was
announced in September 2005. To drive
the Company’s global service model further
forward, it is intended to strengthen the
Board during the coming year with more
expertise from the service sector.
Conclusion
Fulcrum continues to concentrate on
strengthening its order book and now
intends to improve performance and focus
on taking the business to the next stage of
its development. With a reduced cost base
and strong balance sheet, Fulcrum plans to
deepen its expertise in drug substance and
formulation management and in pre-clinical
and regulatory services and is seeking
suitable opportunities to increase scale.
Professor Sir Charles George
Chairman
18 November 2005
4 Fulcrum> Annual Report and Accounts 2005
Case study 1
Client challenge:
The client required a development plan to reach
proof of concept in an oncology programme, which
met the business goals within the defined budget
and provided development resource which was
lacking in-house. 
Fulcrum solution:
Fulcrum provided a development plan that matched
the client’s budget, identified a team of suppliers 
to execute the programme and provided overall
management of the programme, reporting to the
client as a member of the development team.
Impact for client:
Fulcrum produced a timely and well run development
programme which facilitated progress of a molecule
despite an internal resource deficit. This enabled the
announcement of this new molecule in clinical
study, in line with the client’s business goals, and
generated the news flow required for investors.
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 4 > Chief executive’s review
The reorganisation of sales and marketing on a regional basis has
had a positive impact on sales. Having returned to profitability
in the second half, Fulcrum is continuing to deepen its expertise in
key drug development areas and grow the business to the next stage.
Business development and sales
The reorganisation of sales and marketing
on a regional basis has had a positive
impact on sales. Fee sales increased in 
the second half of the year to £3.3m from
£2,9m in the first half year. The Group has
won a significant number of new clients 
in Europe.
Market research conducted in the US was
used to hone our service offerings to the
biotech community. The knowledge gained
was used to execute a targeted campaign
to increase client awareness. This campaign
included sponsorship of, and presentations
at, major biotechnology and partnering
conferences in the US, Europe and Japan such
as ASCO, BECIF, Bio Asia and BioBusiness, and
has resulted in a strengthening of the pipeline
of contracts and prospects. 
Establishing long-term 
business relationships
A core of long-term relationships has been
established in Europe, which has contributed
more than 60% of European sales in the
current financial year. In May 2005 we
announced a long-term agreement with
Syngenta Biopharma under which Fulcrum
continues to provide drug development
expertise and is embedding critical tools and
processes from Fulcrum’s “Document Driven
Drug Development” platform into the client
organisation. In addition, Fulcrum’s
partnership with Addex Pharmaceuticals S.A.
continues to support the delivery of Addex’s
portfolio of products to treat disease of the
Central Nervous System. We were delighted
that Addex were able to announce that
ADX10059 had started clinical studies in
France. This achievement of getting a drug
from discovery into the clinic in less than
three years is a strong validation of the
executional capabilities of the partnership.
Sales from Japan
Our investment in business development
in Japan continues to generate sales from
Japan into Europe and the US. Japan has
contributed 12% of fee sales in Europe and
the US. Our Japanese clients include large
pharma and emerging biotechs such as
NanoCarriers Co., Ltd. These companies
utilise our skill-sets and resources in our
European and US subsidiaries. Fulcrum has
also won contracts from emerging European
companies seeking the opportunity to
create value in the Japanese market. 
Regional performance
Europe
The sales pipeline and order book
strengthened throughout the year.
Encouragingly our business development
team has won a significant number of
new clients in the second half year and
has delivered cross sales to the US office
and Japan. Whilst sales in Europe have
decreased by 10% over the previous year
as a result of the weak order book at the
start of the year, the performance in the
second half has been good.
Significant cost savings have been achieved
in this financial year. This includes £230,000
of permanent annual savings, the majority
of which relate to the reorganisation of
sales and marketing and the remainder 
is the rent differential on the relocation 
of the UK office. 
Fulcrum> Annual Report and Accounts 2005 5
Case study 2
Client challenge:
After in-licencing a CNS compound with a history
of difficult pre-clinical studies, the client wished to
develop an FTIM pre-clinical toxicology and ADME
package within an extremely tight timeline
(four months from GLP material to draft reports).
Fulcrum solution:
Fulcrum provided a pre-qualified CRO team with
all CRO contractual arrangements established
before studies started. Fulcrum were able to
provide flexibility of response when issues arose
which might have jeopardised the timeline. Fulcrum
tightly monitored the budget and timelines, saving
over €100,000 in cost and over 16 weeks in time.
Impact for client:
The client met the timelines within budget for this
challenging programme, enabling key decisions
about the future of the programme to be made.
A CTA is scheduled for late 2005 and subsequently
the product is expected to enter phase 1 development.
The ultimate aim is to outlicense the product with 
a strong support package.
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 5 > Chief executive’s review 
The cornerstones of the Group’s strategy are:
> Grow the service business in three regions and develop the
global service model
> Increase scale
> Regulatory, pre-clinical, drug substance and formulation
> Add further value through 
> Long-term relationships
> Risk sharing
Regional performance (continued)
US
The US subsidiary has continued to grow
through its domestic customer base, with
cross sales from Japan and the provision
of resources to the European subsidiary.
The latter has allowed efficient use of
global resources. Overall US fee sales have
grown by circa 20% compared with the
same period last year. 
Japan 
The Japanese Group has matured into
a specialist oncology CRO and regulatory
group to meet the needs of the local
market. Japan had a slow start to the year
but made a substantial recovery in the
second half. Our specialist oncology CRO
has gained significant orders for the next
two years including a phase II study with a
major US biotech. The study was won as a
result of delivering a successful pilot project. 
Future strategy
Having returned to profitability in the second
half, Fulcrum is continuing to deepen its
expertise in key drug development areas and
grow the business to the next stage. The
cornerstones of the Group’s strategy remain:
1. Grow the service business in three
regions and develop the global
service model
2. Increase scale
– Regulatory, pre-clinical, drug
substance and formulation 
3. Add further value through
– Long-term relationships 
– Risk sharing
Prospects and outlook
The pharma and biotech outsourcing market
remains competitive. However, companies
increasingly need to demonstrate efficient
use of capital and improved productivity.
These factors are driving drug developers
towards outsourcing as a core strategy.
With stronger order books over last year
the Group looks set to improve
profitability further. 
Jon Court
Chief Executive
18 November 2005
6 Fulcrum> Annual Report and Accounts 2005
Case study 3 
Client challenge
The client, a research-based company with little
development resource, had in-licensed a novel
analgesic with a broad range of potential analgesic
target indications. The client’s need was for a rapid,
focused development programme to proof of
concept, generating a quality data-package to
support out-licencing. 
Fulcrum solution
Using a Fulcrum in-house project team consisting of
programme management, CMC, toxicology, clinical
and regulatory expertise, Fulcrum prepared a target
product profile and identified key points and study
designs for a detailed development plan. This
development plan covered all activities from synthesis
of drug substance, full safety and toxicology
pre-clinical work and a clinical programme of studies
to proof of concept. Full development costs and
timelines were included and the programme was
designed to give the fastest route to clinical studies,
with contingency planning for the associated risks. 
Fulcrum then implemented the programme through
selection and management of suppliers in the CMC,
pre-clinical, regulatory and clinical areas. This included
negotiations and management of contracts and
budgets, timeline management and issue resolution.
Impact for client
Fulcrum achieved a timescale of ten months from
initiation of CMC activities to first subject dosed in the
Phase I programme within the agreed client budget.
The client was able to exceed senior management
and investor expectations on progress of the
development of the compound.
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 6 > Finance review
> Loss before tax of £76,000 (2004: £1.2m)
> Profitable before exceptionals in second half
> Group balance sheet remains strong
Results
Turnover
Fee sales increased by 4% to £6.2m
(2004: £5.9m) with sales increasing in the
second half year to £3.3m from £2.9m in
the first half.
Fee sales in the US and Japan increased
by 17% and 32% respectively over the
previous year. However, sales in Europe
decreased by 10% over the same period
due to lower sales in the first half resulting
from the weak order book at the start of
the year.
Operating loss
The results for the year ended 31 August 2005
show a loss before exceptional items of
£315,000 (2004: £862,000). 
Operating costs, excluding exceptional
credits and charges, are £3.0m compared
to £3.6m in 2004. The cost savings include
£230,000 of permanent annual savings
which relate principally to the reorganisation
of sales and marketing in September 2004
and to the rent differential on relocation of
the UK office.
Operating costs include an exchange
gain of £5,000 (2004: loss of £114,000). 
In order to reduce the risk on exchange,
the Group entered into a forward foreign
currency contract to sell US dollars on a
quarterly basis.
Exceptional costs
The exceptional credit of £239,000
represents the income from the surrender
of the lease on the UK office less the costs
associated with relocation to new premises.
The agreement to surrender the lease was
signed in March 2005. The exceptional
charge in 2004 represents the costs of the
subsidiary, Fulcrum Ventures Limited, which
was set up to in-licence rights to mid-to-late
oncology products and develop them.
Loss before tax
The Group made a loss before tax of
£76,000 compared to a loss of £1.2m
in the same period last year.
Earnings per share
The retained loss for the year was £89,000
(2004: £1.4m) and the loss per share was
0.07p (2004: 0.93p).
Dividends
No interim dividend was paid (2004: 0.2p
per share) and no second half dividend
is recommended.
Balance sheet
The Group’s balance sheet remains strong
overall with net cash at 31 August 2005 of
£1.5m (2004: £2.2m).
Geoffrey Smith
Finance Director
18 November 2005
Fulcrum> Annual Report and Accounts 2005 7
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 7 Executive directors
Dr Jon Court, 52
Chief Executive Officer
Dr Court is a founder of Fulcrum and
has been CEO since the Company
was established.
Prior to establishing Fulcrum, Dr Court was
Managing Director and a Board member
of Protodigm Limited, a wholly owned
subsidiary of the large pharmaceutical
company Roche. He was responsible for
establishing the company and assembling
the management team. In the three years
of operating Protodigm as a virtual drug
development company, Dr Court and the
management team developed the supplier
contacts, skills and processes necessary
to develop drugs in a virtual environment
with significant speed and cost savings
against industry benchmarks.
Previously, Dr Court was head of Project
Management for Roche in the UK, having
led the development of Invirase from
discovery through to global registration in
less than five years, which was recognised
by the 1995 UK Prix Galien for Research
and in 1999 by the International Prix
Galien. Prior to Roche, Dr Court held
scientific and management positions at
Wellcome Plc. Dr Court holds a PhD in
Parasitology and Immunology from
Salford University.
Dr Alastair Devlin, 49
Japan Operations Director
Since September 2002, Dr Devlin has taken
responsibility for managing the expansion
of Fulcrum’s activities in Japan. Before taking
this role, Dr Devlin held the positions of Chief
Operating Officer and Technical Director for
Fulcrum Pharma Developments Limited.
Prior to his directorship with Fulcrum,
Dr Devlin was a founder member of
Protodigm Limited, where he was Director
of Technical Development. In addition to
being responsible for all technical and
manufacturing matters for Protodigm
projects, Dr Devlin assembled and led
a virtual development team responsible
for taking an oncology product from
pre-clinical development to the end
of phase II.
In 13 years in the healthcare industry
prior to joining Protodigm, Dr Devlin held
positions in quality assurance and process
development at director and vice president
level in the UK, Switzerland, Italy and
the USA. In these roles he was closely
involved in the filing and subsequent
approval of a number of recombinant
and traditional drugs. Dr Devlin has a
BSc (Hons) and PhD degrees from the
University of Glasgow.
Mr Geoffrey Smith, 51
Finance Director
Mr Smith is responsible for the financial
matters associated both with running the
Company and specific projects. Mr Smith
qualified as a Chartered Accountant with
KPMG Peat Marwick in Leeds in 1979
and then specialised in corporate tax with
Robson Rhodes. He was Finance Director
of Spong Holdings plc before establishing
his own specialist tax consultancy in 1987,
which he continues to manage.
> Directors 
8 Fulcrum> Annual Report and Accounts 2005
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 8 Fulcrum> Annual Report and Accounts 2005 9
Non-Executive directors
Professor Sir Charles George, 64
Chairman of the Board and 
Non-executive director
Professor Sir Charles George is the
immediate past President of the British
Medical Association and currently chairs its
Board of Science. Until the end of 2004 he
was Medical Director of the British Heart
Foundation. He is the former Chairman
of the Joint Formulatory Committee,
responsible for overseeing the production
of the British National Formulary. He is
Emeritus Professor of Clinical Pharmacology
at the University of Southampton, where
he served as Dean from 1993 to 1998. He
has also been a Director of Southampton
Innovations Limited, the company responsible
for capitalising on the intellectual property
rights of innovations arising from within
Southampton University.
Dr David Clough, 58
Non-executive director
Dr Clough was Research Director of Roche
in the UK between 1986 and 1999, where
he was responsible for over 300 staff with
departments covering biology, chemistry
and pre-clinical development. During this
period, two products discovered by staff
in the research group under Dr Clough
progressed through to the marketplace,
namely Inhibace and Invirase. Dr Clough
has received several national and
international awards for his role in the
development of Invirase, including the
International Prix Galien, PhRMA
Discoverers Award, and the Millennium
Product Award in 1999.
Dr Clough is a member of the Board of
the International Biotechnology Trust and
has served on the Board of Association 
of the British Pharmaceutical Industry R&D
Committee. Dr Clough holds a PhD from
the University of Glasgow.
Dr Michael Carter, 67
Non-executive director
Dr Carter is a Venture Partner at SV Life
Sciences Limited and also holds additional
non-executive directorships at KuDOS
Limited, Provensis Limited, Micromet
GmbH, Santarus Inc and Cancervax Inc.
Dr Carter’s previous roles include
Medicines Commission Member,
Pharmaceutical Board Member at Zeneca,
and roles in marketing and clinical
development, both at Zeneca and Roche
Products Limited. Dr Carter holds an
MB, ChB from Sheffield University Medical
School and is a Fellow of Royal College
of Physicians of Edinburgh.
> Directors 
_0FUL_arf.05.qxd  23/11/2005  10:42  Page 9 > Directors’ report for the year ended 31 August 2005
The Directors present their report and the audited financial statements for the year ended 31 August 2005. The Group financial
statements consolidate the results of Fulcrum Pharma PLC (the “Company”) and its subsidiaries, together the “Group”, drawn up to
31 August 2005.
Results and dividends
The retained loss for the year after taxation and dividends was £89,000 (2004: £1,366,000). No interim dividend (2004: £244,000) was
paid and the Directors do not propose a final dividend.
Review of the business, future developments and principal activities
The Group’s principal activity is to offer global virtual drug development and strategic outsourcing services to the pharmaceutical industry.
A review of the business during the year ended 31 August 2005 and future developments are set out in the Chairman’s statement, the
Chief Executive Officer’s review and the Finance review on pages 4 to 7.
Directors, officers and Directors’ interests
The Directors who served during the year are as set out below:
Professor Sir Charles F George
Dr J P Court
Dr J A Devlin
Mr C G G Smith
Dr D P Clough
Dr M G Carter 
Dr B J McCreedy (appointed 1 January 2005, resigned 13 September 2005)
Mr N G Oughton (resigned 27 September 2004)
Biographies of the Directors are set out on pages 8 to 9.
The position of Company Secretary is held by Mrs L Wotherspoon who was appointed on 27 September 2004 to replace Mr N Oughton
who resigned on 27 September 2004.
The interests of the Directors in the Company’s ordinary shares of 1p each are set out below:
As at
As at 31 August 2004
31 August or date of
Share capital 2005 appointment if later
Professor Sir Charles F George 340,000 340,000
Dr J P Court 7,149,328* 7,149,328*
Dr J A Devlin 6,976,328 6,976,328
Mr C G G Smith 653,333 653,333
Dr D P Clough 203,667 203,667
Dr M G Carter — —
* Includes 173,000 shares (2004: 173,000 shares) held by Dr J P Court’s wife.
The beneficial interests of the Directors in options to purchase shares in the Company are shown in Note 20. As at 31 August 2005,
the Directors held in aggregate 15,322,656 shares (2004: 15,322,656 shares), representing 12.6% (2004: 12.6%) of the current issued
ordinary capital.
None of the Directors had an interest in any contract of significance to which the Group was party during the year ended 31 August 2005.
10 Fulcrum> Annual Report and Accounts 2005
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 10 Fulcrum> Annual Report and Accounts 2005 11
> Directors’ report for the year ended 31 August 2005
Political and charitable contributions
The Group made charitable contributions to Save the Children and to The Cystic Fibrosis Trust of £375 each during the year. The Group
made no political contributions during the year.
Employees
Fulcrum involves all its employees in its corporate objectives, plans and performance and on other relevant matters of interest to
employees through various communication methods and regular Company meetings. The Group is an equal opportunity employer and
does not discriminate in the recruitment and promotion of staff. All employees are included in the Group’s bonus incentive plan and also,
if qualified, are entitled to receive share options within the Group’s share option schemes.
Creditor payment policy
The Group’s policy is to pay suppliers within the terms of the invoice. This policy and any specific terms agreed with suppliers are made
known to the appropriate staff and to suppliers on request. The Group’s average creditor payment period at 31 August 2005 was
42 days (2004: 30 days) and for the Company was 30 days (2004: 30 days).
Substantial shareholdings
The Company had the following shareholdings amounting to 3% or more of the ordinary share capital of the Company.
As at 11 November 2005 As at 31 August 2005
Number of Number of
shares held % shares held %
Chase Nominees Limited 12,165,810 9.98% 12,165,810 9.98%
Dr J P Court 7,399,328 6.07% 7,149,328 5.86%
Dr J A Devlin 6,976,328 5.72% 6,976,328 5.72%
Mr N G Oughton 6,976,328 5.72% 6,976,328 5.72%
Dr G E Walters 6,976,328 5.72% 6,976,328 5.72%
Dr R M Miller 6,476,328 5.31% 6,476,328 5.31%
Barclayshare Nominees 5,263,410 4.32% 4,834,283 3.97%
TD Waterhouse Nominees (Europe) 4,529,949 3.72% 4,598,819 3.77%
* Includes 173,000 shares held by Dr J Court’s wife.
Safety, health and environment
Fulcrum is committed to maintaining high standards of safety, health and environmental protection by conducting itself in a responsible
manner to protect people and the environment. In pursuit of this, the Group has established Health and Safety procedures and policies
under the control of a responsible manager. Consultants have been appointed to help monitor and train the staff of the Group.
Treasury policy
The Group treasury policy is one of conservatism approved by the Board. Cash balances are managed as described in Note 23.
As a matter of policy, Fulcrum does not undertake speculative transactions, which would increase its currency or interest rate exposure.
However, due to the weakness of the US dollar, the Group has entered into a forward foreign currency contract to reduce foreign
currency exposure.
Auditors
A resolution to re-appoint PricewaterhouseCoopers LLP as auditors to the Company will be proposed at the Annual General Meeting.
By order of the Board
Lesley Wotherspoon
Company Secretary
18 November 2005 
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 11 > Corporate governance statement for the year ended 31 August 2005
The Company’s shares are traded on the Alternative Investment Market (“AIM”) of the London Stock Exchange. The Group is therefore
subject to the AIM Admission Rules of the London Stock Exchange and is consequently not required to comply with the best practice
corporate governance provisions contained within the Combined Code appended to the Listing Rules of the Financial Services Authority.
The principles by which the new Combined Code appended to the listing rules of the Financial Services Authority have been applied are
set out below.
The Board
The Board currently comprises the Executive and Non-executive Directors. Given the current size of the Company, the Directors do not
feel that it is appropriate to appoint more than three Non-executive Directors, namely Professor Sir C George, Dr D Clough and Dr M Carter.
A minimum of six Board meetings are held annually. The Board is responsible for overall strategy, major finance matters and internal
financial control. It also monitors executive management in the business through its review of financial, strategic and operational matters.
All Directors are subject to retirement by rotation.
Board committees
The Board has established both Audit and Remuneration Committees, each with defined terms of reference. 
The Audit Committee comprises the Non-executive Directors and Dr G Walters who acts as the employees’ representative. They meet at
least twice each year and are responsible for ensuring that the financial performance of the Group is properly reported on and monitored,
for meeting the auditors and reviewing the reports from the auditors relating to the financial statements.
A Remuneration Committee has been established, with the Non-executive Directors and Dr R M Miller, who acts as the employees’
representative, as members. It meets at least twice each year and reviews the performance of the Executive Directors and sets the scale and
structure of their remuneration having due regard to the interests of the shareholders. The Committee also manages the share option schemes.
Internal financial control
The Directors are responsible for ensuring that the Group maintains a system of internal financial control to provide them with reasonable
assurance regarding the reliability of financial information used within the business and that the assets are safeguarded. There are inherent
limitations in any system of internal financial control and, accordingly, even the most effective system can provide only reasonable, but not
absolute, assurance with respect to the preparation of financial information and the safeguarding of assets.
The Group, in administering its business, has put in place strict authorisation, approval and control levels within which senior management
operates. These controls reflect the Group’s organisational structure and business objectives. This control system includes clear lines of
accountability to cover all areas of the organisation. The Board operates procedures to identify the major business risks facing the Group
and controls those risks. The Group also has a budgeting and reporting system in place with results compared to budget, variance analysis
and re-forecasting of projected results.
Going concern
The Directors have reviewed the Group’s budgets and forecasts with respect to its financial position as at 31 August 2005. After taking
into consideration the cash flow implications of these plans, the Directors are satisfied that it is appropriate to produce the Group financial
statements on a going concern basis.
12 Fulcrum> Annual Report and Accounts 2005
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 12 > Corporate governance statement for the year ended 31 August 2005
Statement of Directors’ responsibilities
Company law requires the Directors to prepare financial statements for each financial year that 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 year. The Directors are required to prepare the financial
statements on the going concern basis unless it is inappropriate to presume that the Company and the Group will continue in business.
The Directors confirm that suitable accounting policies have been used and applied consistently. They also confirm that reasonable and
prudent judgements and estimates have been made in preparing the financial statements for the year ended 31 August 2005 and that
applicable accounting standards have been followed.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial
position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the Company and of the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The maintenance and integrity of the Fulcrum Pharma PLC web site is the responsibility of the Directors; the work carried out by the
auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may
have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing
the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the Board
Professor Sir Charles George
Non-executive Chairman
18 November 2005 
Fulcrum> Annual Report and Accounts 2005 13
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We have audited the financial statements which comprise the Consolidated profit and loss account, the Consolidated and Company
balance sheets, the Statement of total Group recognised gains and losses, the Consolidated cash flow statement and the related notes.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable United Kingdom
law and accounting standards 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 United Kingdom
Auditing Standards issued by the Auditing Practices Board. This report, including the opinion, has been prepared for and only for the
Company’s members as a body in accordance with section 235 of the Companies Act 1985 and for no other purpose. We do not, in
giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in writing.
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 if, in our opinion, the Directors’ report is not consistent with the financial statements,
if 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 transactions is not disclosed.
We read the other information contained in the Annual Report and consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the financial statements. The other information comprises only the reports of the
Chairman and Chief Executive, the Finance review, the Directors’ report and the Corporate governance statement.
Basis of audit opinion
We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the
significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting
policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the Group at 31 August 2005
and of the loss and cash flows of the Group for the year then ended and have been properly prepared in accordance with the Companies
Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Cambridge
18 November 2005 
14 Fulcrum> Annual Report and Accounts 2005
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 14 > Consolidated profit and loss account for the year ended 31 August 2005
Year ended Year ended
31 August 2005 31 August 2004
Note £’000 £’000 
Turnover 2 12,626 11,085
Cost of sales (10,014) (8,434)
Gross profit 2,612 2,651
Selling expenses (654) (810)
Administrative expenses (2,320) (2,752)
Exceptional administrative credit/(expenses) 5 239 (348)
Total administrative expenses (2,081) (3,100)
Operating loss 3 (123) (1,259)
Interest receivable and similar income 6 56 58
Interest payable and similar charges 7 (9) (9)
Loss on ordinary activities before taxation (76) (1,210)
Tax on loss on ordinary activities 8 (13) 88
Loss on ordinary activities after taxation (89) (1,122)
Dividends 9 — (244)
Loss for the financial year transferred to reserves 21 (89) (1,366)
Loss per share (pence) 10
– Basic and diluted (0.07p) (0.93p)
– Adjusted basic and diluted (0.23p) (0.69p)
Adjusted loss per share excludes the effect of the exceptional item.
All activities relate to continuing operations.
2005 2004
Note £’000 £’000
Loss on ordinary activities after taxation (89) (1,122)
Exchange adjustments offset in reserves 21 (8) (82)
Total recognised gains and losses since last Annual Report (97) (1,204)
Fulcrum> Annual Report and Accounts 2005 15
> Statement of total Group recognised gains and losses for the year ended 31 August 2005
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 15 > Consolidated balance sheet as at 31 August 2005
2005 2004
Note £’000 £’000
Fixed assets
Tangible assets 11 460 584
Investment 12 172 85
632 669
Current assets
Debtors 13 3,335 3,351
Short-term investments 14 1,193 1,423
Cash at bank and in hand 678 1,045
5,206 5,819
Creditors: amounts falling due within one year 15 (2,481) (2,831)
Net current assets 2,725 2,988
Total assets less current liabilities 3,357 3,657
Creditors: amounts falling due after more than one year 17 (31) (226)
Provisions for liabilities and charges 19 — —
Net assets 3,326 3,431
Capital and reserves
Called up share capital 20 1,219 1,219
Share premium account 21 4,370 4,370
Merger reserve 21 (454) (454)
Profit and loss account 21 (1,809) (1,704)
Equity shareholders’ funds 21 3,326 3,431
The financial statements on pages 15 to 31 were approved by the Board of Directors on 18 November 2005 and were signed on its
behalf by:
Jon Court Geoffrey Smith
Director Director 
16 Fulcrum> Annual Report and Accounts 2005
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2005 2004
Note £’000 £’000
Fixed assets
Shares in subsidiary companies – at cost 12 454 454
Current assets
Debtors: amounts falling due after more than one year 13 2,500 2,500
Debtors: amounts falling due within one year 13 2,126 1,986
Short-term investments 14 368 432
Cash at bank and in hand 327 328
5,321 5,246
Creditors: amounts falling due within one year 15 (82) (49)
Net current assets 5,239 5,197
Net assets 5,693 5,651
Capital and reserves
Called up share capital 20 1,219 1,219
Share premium 21 4,370 4,370
Profit and loss account 21 104 62
Equity shareholders’ funds 21 5,693 5,651
The financial statements on pages 15 to 31 were approved by the Board of Directors on 18 November 2005 and were signed on its
behalf by:
Jon Court Geoffrey Smith
Director Director 
Fulcrum> Annual Report and Accounts 2005 17
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 17 > Consolidated cash flow statement for the year ended 31 August 2005
2005 2004
Note £’000 £’000
Net cash outflow from operating activities 22 (493) (843)
Returns on investment and servicing of finance
Interest received 56 58
Interest paid (9) (9)
Net cash outflow from returns on investments and servicing of finance 47 49
Taxation
Corporation tax (paid)/received (3) 176
Capital expenditure and financial investment
Purchase of own shares for employee share options and awards (29) (43)
Purchase of equity investments (87) (85)
Purchase of tangible fixed assets (69) (235)
Net cash outflow from capital expenditure and financial investment (185) (363)
Dividends
Equity dividends paid to shareholders 9 — (244)
Net cash outflow before management of liquid resources and financing (634) (1,225)
Management of liquid resources
Decrease in short-term investments 230 1,402
Financing
Increase in borrowings 100 152
Capital element of finance lease payments (37) (32)
Bank loan repayments (26) (23)
Net cash inflow from financing 37 97
(Decrease)/increase in cash 22 (367) 274
2005 2004
Note £’000 £’000
(Decrease)/increase in cash (367) 274
Increase in bank loans (74) (129)
Cash flow from decrease in short-term investments (230) (1,402)
Decrease/(increase) in finance leases 37 (26)
Other non-cash movements (7) —
Change in net funds from cash flows (641) (1,283)
Net funds at 1 September 2,179 3,462
Net funds at 31 August 22 1,538 2,179
18 Fulcrum> Annual Report and Accounts 2005
> Reconciliation of net cash flow to movement in net funds
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 18 > Notes to the financial statements for the year ended 31 August 2005
1 Accounting policies
Accounting convention
The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom and the historical
cost convention. A summary of the more important accounting policies, which have been reviewed by the Board of Directors in accordance
with Financial Reporting Standard (“FRS”) 18 “Accounting policies” and have been applied consistently, is set out below.
Basis of consolidation
The Group financial statements consolidate the results of Fulcrum Pharma PLC and its subsidiaries drawn up to 31 August 2005. The
results of all the subsidiaries with the exception of Fulcrum Pharma Developments Limited have been consolidated using the principles
of acquisition accounting. Fulcrum Pharma Developments Limited, which was acquired in March 2000 has been consolidated using the
principles of merger accounting.
Inter-Group transactions, profits and balances are eliminated in full on consolidation.
The Company has not presented its own profit and loss account as permitted by section 230(3) of the Companies Act 1985.
Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on tangible fixed
assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful
economic life, as follows:
Leasehold Improvements – over the lease term
Fixtures and fittings – five years
Computer equipment – two–five years
The carrying values of tangible fixed assets are reviewed for impairment if events or circumstances indicate the carrying value may not
be recoverable.
Investments
Fixed asset investments are shown at cost less provision for impairment.
Short term investments
Deposits which are not repayable on demand are treated as short-term deposits.
Finance and operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Leasing agreements which transfer to the Group substantially all the benefits and risks of ownership of an asset are treated as if the asset
had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commitments is shown as
obligations under finance leases. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied
to reduce the outstanding obligations and the interest element is charged to the profit and loss account. Assets held under finance leases
are depreciated over the shorter of the lease terms and the useful lives of equivalent owned assets.
Fulcrum> Annual Report and Accounts 2005 19
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1 Accounting policies (continued)
Pensions
The Group makes contributions to individual personal pension plans. The contributions are charged to the profit and loss account as they
are incurred.
Deferred taxation
Provision is made for deferred taxation in accordance with FRS 19, “Deferred taxation” on all material timing differences. Deferred tax
assets are recognised to the extent that they are regarded as recoverable. Deferred tax assets and liabilities are not discounted.
Turnover and long-term contracts
Turnover, which is stated net of value added tax, represents amounts invoiced to third parties including pass through costs from suppliers,
except in respect of long-term contracts where turnover represents the sales value of work done in the year, including estimates in
respect of amounts not invoiced. Turnover in respect of long-term contracts is calculated as that proportion of total contract value which
costs incurred to date bear to total expected costs for that contract.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit
included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, on a contract by contract basis
by recording turnover and related costs as contract activity progresses. Revenue derived from variations on contracts is recognised only
when they have been agreed with the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Milestone payments due under contractual relationships are recorded to revenue when all work related to the milestone is completed.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
Assets and liabilities of subsidiaries in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial
year and the results of foreign subsidiaries are translated at the average rate of exchange for the year. Differences on exchange arising
from the retranslation of the opening net investment in subsidiaries, and from the translation of the results of those undertakings at the
average rate, are taken to reserves and are reported in the Statement of total Group recognised gains and losses. All other foreign
exchange differences are taken to the profit and loss account in the year in which they arise and are included in operating profit.
Employee share schemes
The Company may from time to time grant shares or share options to employees and, in accordance with Urgent Issues Task Force
Pronouncement Number 17 (“UITF 17”), records a non-cash charge to the profit and loss account for the difference between the amount
payable by the employee and fair value of the underlying shares on the date of grant. The charge is then credited back to reserves. When
a compensation charge is recognised on options to incentivise future performance, the charge is recognised over the performance period.
Financial instruments
The Group’s policies in relation to financial instruments are set out in Note 23. The Group has taken the exemption allowed under FRS 13
“Derivatives and financial instruments”, and excluded short-term debtors and creditors from its disclosures under financial instruments
(see Note 23).
ESOP Trust
The Group has adopted UITF 38 ‘Accounting for ESOP Trusts’ in the financial statements. The Company recognises the assets and liabilities
of the ESOP Trust in its own accounts, and shares held by the trust are recorded at cost as a deduction in arriving at shareholders’ funds
until such time as the shares vest unconditionally to employees.
20 Fulcrum> Annual Report and Accounts 2005
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2 Turnover
Geographical analysis by customer destination
2005 2004
£’000 £’000
United Kingdom 3,245 4,218
Rest of Europe 3,290 1,448
North America 3,380 2,904
Japan 2,698 2,515
Rest of World 13 —
12,626 11,085
In the opinion of the Directors, the disclosure of the profit before taxation and net assets by geographical segment and turnover, profit
before taxation and net assets by class of business would be prejudicial to the interests of the Group, and this information has not
been disclosed.
Geographical analysis by origin
2005 2004
£’000 £’000
Europe 3,082 3,414
USA 1,524 1,305
Japan 1,571 1,192
Total fee income 6,177 5,911
Pass through costs 6,449 5,174
12,626 11,085
3 Operating loss
This is stated after charging:
2005 2004
£’000 £’000
Auditors’ remuneration:
– audit services (Company: 2005: £17,000, 2004: £19,000) 29 33
Depreciation of tangible fixed assets – owned 170 214
Depreciation of tangible fixed assets – leased 27 24
Operating lease rentals:
– land and buildings 374 429
– fixtures and computer equipment 42 2
As permitted by section 230 of the Companies Act 1985, a separate profit and loss account for the parent company is not presented.
The parent company’s result for the year was a profit of £51,000 (2004: £45,000).
4 Staff costs and Directors’ emoluments
Staff costs (including Executive Directors)
2005 2004
£’000 £’000
Wages and salaries 3,628 3,639
Social security costs 354 386
Pension costs 192 145
4,174 4,170
Fulcrum> Annual Report and Accounts 2005 21
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4 Staff costs and Directors’ emoluments (continued)
The average monthly number of employees during the year was:
Staff numbers
2005 2004
Number Number
Project management 42 34
Sales and administration 13 10
55 44
Directors’ emoluments
The emoluments of the Directors for the year ended 31 August 2005 were £423,000 (2004: £599,000) comprising salaries, pension
contributions and Non-executive Directors’ fees. The emoluments of each Director during the period were as follows:
2005 2004
Basic Compensation Basic Compensation
salary and Pension for loss salary and Pension for loss
fees contributions of office Total fees contributions of office Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive:
Dr J P Court 108 7 — 115 106 5 — 111
Dr J A Devlin 101 9 — 110 101 5 — 106
Dr B J McCreedy 83 4 — 87 ————
Mr C G G Smith* 63 — — 63 91 — — 91
Mr N Oughton ———— 101 5 74 180
Dr R M Miller ———— 29 2 — 31
Dr G Walters ———— 29 2 — 31
355 20 — 375 457 19 74 550
Non-executive:
Professor Sir C F George 19 — — 19 20 — — 20
Dr M Carter 15 — — 15 15 — — 15
Dr D P Clough 14 — — 14 14 — — 14
48 — — 48 49 — — 49
403 20 — 423 506 19 74 599
* This amount was paid to a third party for the services of Mr C G G Smith.
2005 2004
Number Number
Members of money purchase pension schemes 2 5
5 Exceptional items
The Group has reported a loss before tax and exceptional items of £315,000 (2004: loss of £862,000).
The Group has recorded an exceptional credit to administrative expenses of £239,000 (2004: charge of £348,000). The exceptional
credit represents the income from the surrender of the lease on the UK office less the costs associated with relocation to new premises.
The agreement to surrender the lease was signed in March 2005.
The charges in 2004 represent the costs of the subsidiary Company, Fulcrum Ventures Limited, which was set up to in-licence rights to
mid-to-late clinical oncology products and develop them. This expenditure ceased on 30 April 2004.
2005 2004
£’000 £’000
Loss on ordinary activities before tax (76) (1,210)
Exceptional administrative (credit)/expenses (239) 348
Loss on ordinary activities before taxation and exceptional items (315) (862)
22 Fulcrum> Annual Report and Accounts 2005
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6 Interest receivable and similar income
2005 2004
£’000 £’000
Bank interest 55 54
Other interest receivable 1 4
56 58
7 Interest payable and similar charges
2005 2004
£’000 £’000
On bank loans and overdrafts 6 5
In respect of finance leases 3 4
9 9
8 Tax on loss on ordinary activities
2005 2004
£’000 £’000
UK taxation
UK corporation tax at 30% — (63)
Adjustment in respect of prior year — 18
— (45)
Overseas taxation
Corporation taxes 13 —
Total current taxation 13 (45)
Deferred taxation
UK deferred tax – origination and reversal of timing differences (Note 19) — (43)
Tax on loss on ordinary activities 13 (88)
No UK tax charge has arisen due to losses carried forward.
Current taxation
The tax charge for the year differs from the standard rate of corporation tax in the UK of 30% (2004: 30%). The differences are
explained below:
2005 2004
£’000 £’000
Loss on ordinary activities before tax (76) (1,210)
Loss on ordinary activities before tax multiplied by the standard rate of corporation tax in the UK of 30% (2004: 30%) (23) (363)
Effects of:
Capital allowances in excess of depreciation 23 17
Expenses not deductible for tax purposes 11 22
Tax losses for the period not relieved 97 377
Adjustment in respect of prior period — 18
Adjustment in respect of foreign tax rates 5 —
Research and development tax credits (77) (116)
Exceptional credit in excess of capital gain (23) —
Current tax charge/(credit) for year 13 (45)
9 Dividends
No interim dividend was declared during the year (2004: £244,000, representing 0.2 pence per share). No final dividend has been
proposed (2004: £Nil).
Fulcrum> Annual Report and Accounts 2005 23
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10 Loss per share
2005 2004
Basic loss per share (0.07)p (0.93)p
Adjustment for exceptional costs (0.16)p 0.24p
Adjusted loss per share (0.23)p (0.69)p
The basic loss per ordinary share is based on the Group’s loss for the year of £89,000 (2004: £1,122,000) divided by the weighted
average number of ordinary shares in issue, excluding those shares held by the Employee Share Ownership Trust (“ESOT”).
In 2005 and in 2004, the number of shares used in the calculation of diluted loss per share was the same as that used in the calculation
of basic loss per share as the Group incurred a loss.
Exceptional costs charged against operating loss and exceptional tax credits do not relate to the profitability of the Group on an ongoing
basis. Therefore an adjusted basic loss per ordinary share is also presented. 
2005 2004
Profit before Profit before 
exceptional Exceptional exceptional Exceptional 
items items Total items items Total
£’000 £’000 £’000 £’000 £’000 £’000
Loss before taxation (315) 239 (76) (862) (348) (1,210)
Tax on loss 35 (48) (13) 25 63 88
Loss after taxation (280) 191 (89) (837) (285) (1,122)
2005 2004
Number Number
Weighted average number of shares for basic and fully diluted loss per share 121,185,914 121,151,541
11 Tangible fixed assets
Group
Computers
and office
Leasehold fixtures and
improvements fittings Total
£’000 £’000 £’000
Cost
At 1 September 2004 276 722 998
Exchange adjustments (1) — (1)
Reclassifications (16) 16 —
Additions 66874
Disposals (12) (175) (187)
At 31 August 2005 253 631 884
Depreciation
At 1 September 2004 71 343 414
Exchange adjustments — — —
Reclassifications (6) 6 —
Charge for the year 42 155 197
Disposals (12) (175) (187)
At 31 August 2005 95 329 424
Net book value At 31 August 2005 158 302 460
Net book value at 31 August 2004 205 379 584
The net book value of leasehold improvements held under finance leases is £37,000 (2004: £52,000). The net book value of computers
and office fixtures and fittings is £44,000 (2004: £49,000).
24 Fulcrum> Annual Report and Accounts 2005
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12 Investments
Group
£’000
Cost
At 1 September 2004 85
Additions 87
At 31 August 2005 172
The investment represents equity shares in a trade investment at cost in Addex Pharmaceuticals SA. The Directors are satisfied that the
investment is not impaired.
Company
The Group owns the following subsidiaries:
Country of Class of Proportion
Company incorporation share held (%)
Fulcrum Pharma Developments Limited United Kingdom Ordinary 100
Fulcrum Pharma Developments International Limited United Kingdom Ordinary 100
Fulcrum Ventures Limited United Kingdom Ordinary 100
Fulcrum Pharma Developments Inc USA Ordinary 100
GPB KK Japan Ordinary 100
Fulcrum Pharma KK Japan Ordinary 100
Niphix KK Japan Ordinary 100
The principal activities of all the companies in the Group, with the exception of Fulcrum Pharma Developments International Limited
and Fulcrum Ventures Limited, are to offer virtual drug development and strategic outsourcing services to the pharmaceutical industry.
The principal activity of Fulcrum Pharma Developments International Limited was formerly to operate a branch in Japan but the Company
did not trade during the year. The principal activity of Fulcrum Ventures Limited is to obtain development and marketing rights in Japan for
oncology products.
Fulcrum Pharma Developments International Limited owns 100% of the share capital of Fulcrum Pharma Developments Inc. and GPB KK,
and GPB KK owns 100% of the share capital of Fulcrum Pharma KK and Niphix KK.
13 Debtors
Group Company Group Company
2005 2005 2004 2004
£’000 £’000 £’000 £’000
Trade debtors 1,852 — 1,968 —
Amounts owed by subsidiary undertaking — 4,591 — 4,469
Corporation tax recoverable 69 6 68 6
Other debtors 171 17 136 —
Prepayments and accrued income 1,243 12 1,179 11
3,335 4,626 3,351 4,486
Included in Company debtors, within amounts owed by subsidiary undertaking, is an amount of £2,500,000 (2004: £2,500,000), due after
more than one year.
14 Short-term investments
Short-term investments comprise fixed rate deposits with banks and money market funds which are not repayable on demand.
Fulcrum> Annual Report and Accounts 2005 25
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15 Creditors: amounts falling due within one year
Group Company Group Company
2005 2005 2004 2004
£’000 £’000 £’000 £’000
Bank and other borrowings (Note 16) 301 — 63 —
Amounts owed to Group undertakings —29 —13
Trade creditors 920 8 1,271 1
Corporation tax 11 — 1—
Other taxes and social security costs payable 64 — 110 1
Other creditors 138 — 168 —
Accruals and deferred income 1,047 45 1,218 34
2,481 82 2,831 49
16 Bank and other borrowings due within one year
Group Company Group Company
2005 2005 2004 2004
£’000 £’000 £’000 £’000
Bank loans and overdrafts 270 — 26 —
Finance lease obligation 31 — 37 —
301 — 63 —
17 Creditors: amounts falling due after more than one year
Group Company Group Company
2005 2005 2004 2004
£’000 £’000 £’000 £’000
Bank and other borrowings (Note 18) 31 — 226 —
18 Bank and other borrowings due after more than one year
Group Company Group Company
2005 2005 2004 2004
£’000 £’000 £’000 £’000
Bank loans – falling due within two–five years —— 170 —
Finance lease obligation – falling due within two–five years 31 — 56 —
31 — 226 —
19 Provisions for liabilities and charges
The movements in deferred taxation during the current and previous years are as follows:
2005 2004
£’000 £’000
At 1 September — 43
Charge/(credit) for the year (Note 8) — (43)
At 31 August — —
Deferred taxation provided in the financial statements is as follows:
2005 2004
£’000 £’000
Capital allowances in advance of depreciation 3 8
Tax losses carried forward (3) (8)
— —
There is an unrecognised deferred tax asset on losses carried forward of £490,000 at 31 August 2005 (2004: £440,000). The potential
deferred tax asset in respect of cumulative losses has not been recognised in these financial statements as there is no immediate prospect
of these being utilised.
26 Fulcrum> Annual Report and Accounts 2005
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20 Share capital
Authorised Authorised
2005 2005 2004 2004
Number £’000 Number £’000
Ordinary shares of 1p each 200,000,000 2,000 200,000,000 2,000
Allotted, called up Allotted, called up 
and fully paid and fully paid
Number £’000 Number £’000
Ordinary shares of 1p each
At 31 August 121,862,320 1,219 121,862,320 1,219
Share options
Options over ordinary shares of 1p each have been granted to Directors and employees under share option schemes. The Company has
issued options as follows:
Held at Held at
1 September 31 August Granted since At date
2004 Granted Lapsed 2005 year end of this report
Number Number Number Number Number Number
Prof Sir C F George 225,000 — — 225,000 — 225,000
Dr D P Clough 225,000 — — 225,000 — 225,000
Mr C G G Smith 1,350,000 150,000 — 1,500,000 — 1,500,000
Dr B J McCreedy 800,000 400,000 — 1,200,000 — 1,200,000
Employees
– EMI (approved) 3,331,898 200,000 — 3,531,898 — 3,531,898
– approved scheme 444,444 — — 444,444 — 444,444
– US approved 2,900,000 425,000 (250,000) 3,075,000 — 3,075,000
– unapproved scheme 1,836,379 — — 1,836,379 — 1,836,379
ESOP 2,788,791 —(200,000) 2,588,791 — 2,588,791
13,901,512 1,175,000 (450,000) 14,626,512 — 14,626,512
The market price of the Company’s shares at the end of the financial year was 3.25 pence and the range of market prices was between 
3 pence and 6.25 pence.
Fulcrum> Annual Report and Accounts 2005 27
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20 Share capital (continued)
Share options
The conditions associated with the above options are as follows:
Number of share options Exercise price Earliest and latest date of exercise
Professor Sir C F George 100,000 3.00p 7 March 2003 – 7 March 2010
25,000 7.00p 1 September 2006 – 2 September 2013
100,000 5.00p 16 August 2007 – 16 August 2014
Dr D P Clough 100,000 3.00p 7 March 2003 – 7 March 2010
25,000 7.00p 1 September 2006 – 2 September 2013
100,000 5.00p 16 August 2007 – 16 August 2014
Mr C G G Smith 300,000 3.00p 31 August 2001 – 7 March 2010
100,000 7.00p 1 September 2006 – 1 September 2016
950,000 5.00p 16 August 2007 – 16 August 2014
150,000 6.00p 1 September 2007 – 1 September 2014
Dr B J McCreedy 800,000 5.00p 16 August 2005 – 31 December 2006
400,000 6.00p 1 September 2005 – 31 December 2006
Employees
– approved scheme – EMI 750,000 7.00p 1 September 2006 – 1 September 2013
2,581,898 5.00p 16 August 2007 – 16 August 2014
200,000 6.00p 1 September 2007 – 1 September 2014
– approved scheme 444,444 6.75p 4 July 2003 – 4 July 2010
– approved scheme – USA 2,650,000 5.00p 16 August 2005 – 16 August 2014
50,000 6.00p 1 September 2005 – 1 September 2014
375,000 4.00p 20 May 2006 – 20 May 2015
– unapproved scheme 1,836,379 6.75p 4 July 2003 – 4 July 2010
– unapproved scheme – ESOP 775,000 7.00p 1 September 2006 – 1 September 2013
1,813,791 5.00p 16 August 2007 – 16 August 2014
21 Reconciliation of movements on reserves and shareholders’ funds
Group
Share
Called up premium Merger Profit and
share capital account reserve loss account Total
£’000 £’000 £’000 £’000 £’000
At 1 September 2004 1,219 4,370 (454) (1,704) 3,431
Retained loss for year — — — (89) (89)
Purchase of own shares for ESOT — — — (29) (29)
Credit in respect of share schemes — — — 21 21
Unrealised exchange loss on consolidation ——— (8) (8)
At 31 August 2005 1,219 4,370 (454) (1,809) 3,326
28 Fulcrum> Annual Report and Accounts 2005
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Company
Share
Called up premium Profit and
share capital account loss account Total
£’000 £’000 £’000 £’000
At 1 September 2004 1,219 4,370 62 5,651
Retained profit for year — — 50 50
Purchase of own shares for ESOT — — (29) (29)
Disposal of shares owned by ESOT — — 21 21
At 31 August 2005 1,219 4,370 104 5,693
The ESOT was set up in June 2002 to benefit the employees of the Company. The Scheme is administered by Pinnacle Trustees Limited,
an independent professional trust Company resident in Jersey. The ESOT provides for the issue of options to Fulcrum Pharma PLC employees
at the discretion of the Trustee acting upon the recommendation of the Board.
Funding for the share purchases by the ESOT was provided by a loan from the Company.
At 31 August 2005, the ESOT held 1,015,099 ordinary shares with a cost of £45,000 (2004: £37,000) and a market value of £33,000
(2004: £37,000). All costs relating to the Scheme are dealt with in the profit and loss account as they accrue. The total costs charged to
the profit and loss account for the year ended 31 August 2005 were £6,000 (2004: £Nil).
22 Notes to the statement of cash flow
Reconciliation of the operating loss to net cash outflow from operating activities:
2005 2004
£’000 £’000
Operating loss (123) (1,259)
Depreciation 197 238
Shares compensation charge 21 59
Exchange loss (8) (82)
Decrease/(increase) in debtors 17 (549)
(Decrease)/increase in creditors (597) 750
Net cash outflow from operating activities (493) (843)
Analysis of net funds
As at Other As at
1 September non-cash 31 August
2004 Cash flow movements 2005
£’000 £’000 £’000 £’000
Cash at bank and in hand 1,045 (367) — 678
Bank loan (196) (74) — (270)
Short-term investment 1,423 (230) — 1,193
Finance leases (93) 37 (7) (63)
2,179 (634) (7) 1,538
Fulcrum> Annual Report and Accounts 2005 29
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23 Financial instruments
The financial risks faced by the Group include interest rate risk, currency risk and liquidity. The Board reviews and agrees policies for
managing each of these risks.
The Group’s main objective in using financial instruments are the maximisation of returns from funds held on deposit and, when
appropriate, the generation of additional cash resources for Group operations through financing arrangements for capital assets and
through the issue of shares and other financing instruments. The main purpose of these financial instruments is to provide working capital
for the Group’s operations in the UK, Japan and USA.
The Group’s policy is to raise cash when it is required and when market conditions are appropriate, using those financial instruments that
can be negotiated with the providers of finance at that time. These instruments include bank loans and finance leases.
Due to the weakness of the US dollar, the Group has entered into a forward foreign currency contract to sell US $200,000 to US $400,000
per quarter at a rate of US $1.74 to US $1.84 until September 2005.
Short-term debtors, creditors, accruals and prepayments have been excluded from the disclosures below, except the current portion of
bank loans and overdrafts and finance lease obligations.
Interest rate risk
The Group finances its operations through a mixture of retained cash reserves, finance leases and bank loans. The policy of the Group is
to monitor exposure to interest rate risk and take into account potential movements in interest rates when selecting methods of financing.
However at present, the level of Group borrowings is low and the interest rate risk at present is not considered to be significant.
Interest rate profile of the Group’s financial liabilities
2005 2004
£’000 £’000
Bank loans and overdrafts 269 196
Obligations under finance leases 63 93
332 289
Financial liabilities
The finance leases are at various fixed and variable rates of interest. The total of these liabilities outstanding at 31 August 2005 was
£63,000 (2004: £93,000), with a weighted average outstanding period of 26 months (2004: 36 months) and a weighted average interest
rate of 4.00% (2004: 4.75% of bank loans). The bank loan facilities incurred interest at rates between 1.375% and 7.00% during the year.
The total amount of bank loans outstanding at 31 August 2005 was £269,000 (2004: £196,000). The maturity profile of finance leases
and bank loans is shown in Notes 16 and 18.
Borrowing facilities
The Group had unused borrowing facilities of £Nil at 31 August 2005 (2004: £107,000).
Interest rate risk profile of the Group’s financial assets
The Group’s cash at bank and in hand and short-term investments at 31 August 2005 comprised:
2005 2004
£’000 £’000
Cash and bank balances 678 1,045
Short-term investments:
Short-term deposits 835 1,019
Money market liquidity fund 358 404
1,871 2,468
The Group maintains sterling, euro, US dollar and yen accounts in which all cash and bank balances are held. Cash and bank balances
represent floating rate cash held in current accounts and deposit accounts with banks at interest rates based on interbank rates. Short-term
deposits represent fixed rate deposits placed with major clearing banks for up to three months earning interest at rates of 3.35% – 4.39%
on sterling accounts. The money market liquidity funds are administered by a major institutional manager and represent a pool of cash
invested in a range of short-term money market instruments. The money market liquidity funds generate floating rates of return after fees
that are benchmarked against the seven day bank rates.
30 Fulcrum> Annual Report and Accounts 2005
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Currency risk profile
The Group’s functional currency is sterling, and the majority of its transactions are denominated in that currency. The Group operates in
US dollars, yen and euros. The Group also has overseas subsidiaries where the US subsidiary’s functional currency is US dollars and the
Japanese subsidiaries functional currency is yen. The Group’s currency exposures, comprising foreign currency bank accounts and foreign
currency money market liquidity funds at 31 August 2005, are shown below: 
2005
Yen US dollar Euro Total
£’000 £’000 £’000 £’000
Foreign currency monetary (liabilities)/assets
Functional currency of Group operation
Sterling (155) 389 423 657
2004
Yen US dollar Euro Total
£’000 £’000 £’000 £’000
Foreign currency monetary (liabilities)/assets
Functional currency of Group operation
Sterling (80)221194335
Liquidity risk
The Board monitors the level of cash and liquid resources on a regular basis and manages it on a daily basis, to ensure that the Group has
sufficient liquid funds to enable it to continue as a going concern. This is achieved through the production and review of cash forecasts.
Fair values
Other than as disclosed below there is no material difference between the fair value and the carrying value of the Group’s financial assets
and liabilities at 31 August 2005. Carrying values approximate to fair values for the short-term investments because of the short maturity
periods of these financial instruments.
2005
Book Fair
value value
£’000 £’000
Derivative financial instruments held to hedge the currency exposure on expensed future sales:
Forward foreign currency exchange contracts — 115
Forward foreign exchange contracts have been valued at the spot rate of exchange on 31 August 2005 as the contracts mature within a year.
24 Commitments under operating leases to pay rentals for the next year
2005 2005 2004 2004
Property Equipment Property Equipment
£’000 £’000 £’000 £’000
Operating leases which expire:
In one year or less 10 3 40 1
Between two and five years 132 39 394 1
After five years —— ——
142 42 434 2
25 Pensions
The Company makes contributions to individual personal pension plans. The total charge for the year was £192,000 (2004: £145,000).
There are unpaid contributions outstanding at the year end of £9,000 (2004: £6,000).
26 Related party transactions
The Company has taken advantage of the exemption from disclosure available to parent companies under FRS 8, “Related party
disclosures”, where transactions and balances between Group entities have been eliminated on consolidation.
Fulcrum> Annual Report and Accounts 2005 31
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 31 > Notice of annual general meeting
Notice is hereby given that the sixth Annual General Meeting of the Company will be held at the offices of Buchanans at 107 Cheapside,
London EC2V 6DN at 11.30am on 19 December 2005 for the following purposes:
Ordinary business
1. To receive the Company’s annual financial statements for the period ended 31 August 2005, the Directors’ report and the Auditors’
report on those financial statements.
2. To re-appoint PricewaterhouseCoopers as auditors and to authorise the Directors to fix their remuneration.
3. To re-elect as a Director Dr D P Clough who is retiring by rotation.
4. To re-elect as a Director Dr M G Carter who is retiring by rotation.
5. To consider, and if thought fit, pass the following resolution which will be proposed as an ordinary resolution:
“THAT, in substitution for all existing authorities, the Directors be generally and unconditionally authorised pursuant to section 80 of
the Companies Act 1985 (the “Act”) to exercise all the powers of the Company to allot relevant securities (within the meaning of that
section) up to an aggregate nominal amount of £406,208 for a period expiring (unless previously renewed, varied or revoked by the
Company in general meeting) 15 months after the date of the passing of this resolution or at the conclusion of the next Annual
General Meeting of the Company following the passing of this resolution, whichever first occurs save that the Company may before
the expiry of the authority granted by this resolution make an offer or agreement which would or might require relevant securities
to be allotted after expiry of this authority and the Directors may allot relevant securities in pursuance of that offer or agreement.”
Special business
6. To consider, and if thought fit, the following resolution which will be proposed as a special resolution:
“THAT, in substitution for all existing authorities and subject to the passing of resolution 6, the Directors be generally empowered
pursuant to section 95 of the Act to allot equity securities (within the meaning of section 94(2) of the Act) pursuant to the authority
conferred by resolution 6 as if section 89(1) of the Act did not apply to the allotment. This power:
(A) expires 15 months after the date of the passing of this resolution or at the conclusion of the next Annual General Meeting of
the Company following the passing of this resolution, whichever first occurs, but the Company may make an offer or agreement
which would or might require equity securities to be allotted after expiry of this authority and the Directors may allot equity
securities in pursuance of that offer or agreement; and
(B) is limited to:
(i) allotments of equity securities where such securities have been offered (whether by way of a rights issue, open offer or
otherwise) to holders of ordinary shares in the capital of the Company made in proportion (as nearly as may be) to their
existing holdings of ordinary shares but subject to the Directors having a right to make such exclusions or other arrangements
(a) to deal with equity securities representing fractional entitlements; and
(b) to deal with legal or practical problems under the laws of any territory, or the requirements of a regulatory body;
and
(ii) allotments of equity securities for cash otherwise than pursuant to paragraph (i) above up to an aggregate nominal amount
of £60,931.”
By order of the Board:
Lesley Wotherspoon 
Company Secretary
Registered office: Kodak House, Station Road, Hemel Hempstead, Hertfordshire HP1 1JY
18 November 2005
32 Fulcrum> Annual Report and Accounts 2005
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Notes:
1. This notice is the formal notification to shareholders of the Company’s Annual General Meeting, its date, time and place and the
matters to be considered. If you are in doubt as to what action to take, you should consult an independent adviser.
2. Pursuant to regulation 41 of the Uncertified Securities Regulations 2001, only those shareholders registered in the register of members
of the Company as at 2pm on 16 December 2005 as holders of ordinary shares of 1 pence each in the capital of the Company shall
be entitled to attend or vote at the meeting in respect of the number of shares registered in their name at that time. Changes to
entries in the register of members after 2pm on 16 December 2005 shall be disregarded in determining the rights of any person
to attend or vote at the meeting.
3. A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend and, on a poll, vote instead of him or
her. A proxy need not be a member of the Company. Proxy forms must be in the hands of the registrars at least 48 hours before the
time fixed for the meeting.
4. Any change of address should be notified promptly to the registrars.
5. The following documents will be available at the registered office of the Company during usual business hours on each weekday
(Saturdays and public holidays excepted), from the date of this notice until the date of the meeting and for at least 15 minutes prior
to the meeting and during the meeting:
(i) the register of Directors’ interests; and
(ii) copies of Directors’ service contracts with the Company and with any of its subsidiary undertakings.
Fulcrum> Annual Report and Accounts 2005 33
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 33 > Notice of annual general meeting
Explanations of resolutions
Resolution 1 – Financial statements
The Directors of the Company are obliged to present to shareholders the report of the Directors and the audited financial statements for
the Company for the year ended 31 August 2005. That report and those accounts, and the report of the Company’s auditors on those
financial statements, are set out on pages 1 to 31 of this document.
Resolution 2 – Re-appointment of auditors
The Company is required to appoint auditors at each general meeting at which financial statements are laid, to hold office until the
next general meeting. The present auditors, PricewaterhouseCoopers are willing to continue in office for a further year and this resolution
proposes their re-appointment and, in accordance with standard practice, authorises the Directors to determine the level of the
auditors’ remuneration.
Resolutions 3 and 4 – Re-election of Directors
After the first Annual General Meeting at which all of the Directors retired from office, at every subsequent general meeting one third of
the Directors for the time being (other than those appointed since the latest Annual General Meeting) are required to retire. If the number
of relevant Directors is not a multiple of three, the number nearest to but not greater than one third of the Directors should be obliged to
retire. Directors due to retire by rotation are those who have been longest in office since their last re-election and as between persons
who become or were last re-elected on the same day those due to retire shall (unless they otherwise agree among themselves) be
determined by lot. A retiring Director is eligible for re-election. A retiring Director is eligible for re-election. Dr D Clough and Dr M Carter
who retire by rotation and are offering themselves for re-election.
Resolution 5 – Authority to allot
This resolution grants the Directors; authority to allot relevant securities up to an aggregate nominal amount of £406,208 being an
amount equal to one third of the issued share capital of the Company. It is not the Directors current intention to allot relevant securities
pursuant to this resolution. This authority replaces the existing authority to allot relevant securities but does not affect the ability to allot
shares under the share option schemes. This authority expires at the conclusion of the next Annual General Meeting of the Company or
15 months from the date of passing the resolution, whichever is the earlier.
Resolution 6 – Disapplication of statutory pre-emption rights
This resolution disapplies the statutory pre-emption rights which would otherwise apply on an issue of shares for cash pursuant to a rights
issue where the securities attributable to the interests of all shareholders are proportionate (as nearly as may be) to the number of shares
held and generally up to £60,931, being a sum equal to 5% of the issued share capital of the Company. This replaces the existing
authority to disapply and expires at the conclusion of the next Annual General Meeting of the Company or 15 months from the date
of passing the resolution, whichever is the earlier.
34 Fulcrum> Annual Report and Accounts 2005
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 34 > Form of proxy
I/We........................................................................................................................................................................................................................................................................................................................................
of..............................................................................................................................................................................................................................................................................................................................................
a member/members of the above named Company, hereby appoint the Chairman of the Meeting 
or..............................................................................................................................................................................................................................................................................................................................................
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company 
to be held at ..............................................................................................................................................................on................................................................................................................................2005
and at any adjournment thereof.
If you wish to instruct your proxy as to how to vote on your behalf please indicate by an “X” in the appropriate box below.
Ordinary resolutions For Against
1. To receive and consider the Directors’ Report and Financial Statements for 
the year ended 31 August 2005 and the Auditors’ Report thereon.
2. To re-appoint PricewaterhouseCoopers as auditors and to authorise the Directors 
to fix their remuneration.
3. To re-appoint Dr D P Clough as a Director of the Company.
4. To re-appoint Dr M G Carter as a Director of the Company.
5. To pass an ordinary resolution to empower the Directors to allot shares in accordance
with section 80 of the Companies Act 1985 up to a nominal value of £406,208.
6. To pass a special resolution to disapply statutory pre-emption-rights.
Signed..........................................................................................................................................................................Date ............................................................................................................................................
Notes
1. You may appoint a proxy of your own choice by deleting the words “Chairman of the meeting” and inserting the name and address
of your proxy in the space provided.
2. Unless otherwise instructed, a proxy may vote as he sees fit, or abstain from voting on any business (including amendments to
resolutions) which may properly come before the meeting.
3. If the appointor is a corporation, this form must be under its common seal or under the hand of some officer or attorney duly
authorised in that behalf.
4. 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.
5. To be valid, this form must be completed signed and lodged with the Company’s Registrars, Capita Registrars Limited, Northern
House, Woodsome Park, Fenay Bridge, Huddersfield HD8 0LA not less than 48 hours before the time fixed for holding the meeting
or adjourned meeting.
Registered No. 3930927 
Fulcrum> Annual Report and Accounts 2005 35
 _0FUL_arb.05.qxd  23/11/2005  10:44  Page 35 Business reply service
Licence Number HF106
Second fold
Third fold and tuck in
First fold
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0JQ
_0FUL_arb.05.qxd  23/11/2005  10:44  Page 36 > Directors and advisers
Fulcrum> Annual Report and Accounts 2005 37
T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by
Directors
Professor Sir Charles F George
Dr D P Clough
Dr M G Carter
Dr J P Court
Dr J A Devlin
Mr C G G Smith
Secretary and registered office
Mrs L Wotherspoon
Kodak House
Station Road
Hemel Hempstead
Hertfordshire HP1 1JY
Registered number
3930927
Registered auditors
PricewaterhouseCoopers LLP
Abacus House
Castle Park
Cambridge CB3 0AN
Solicitors
PinsentMasons
Dashwood House
69 Old Broad Street
London EC2M 1NR
Nominated adviser and nominated broker
Seymour Pierce Limited
29/30 Cornhill
London EC3V 3NF
Registrars
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0LA
> Corporate statement
IFC Corporate statement
1 Highlights 
2 Our global reach and services
4 Chairman’s statement
5 Chief executive’s review
7 Finance review
8 Directors 
10 Directors’ report 
12 Corporate governance statement
14 Independent auditors’ report 
15 Consolidated profit and loss account 
15 Statement of total Group recognised gains and losses
16 Consolidated balance sheet
17 Company balance sheet
18 Consolidated cash flow statement
18 Reconciliation of net cash flow to movement in net funds
19 Notes to the financial statements
32 Notice of annual general meeting
35 Form of proxy
37 Directors and advisers
Fulcrum is a drug develo
which designs and imple
programmes. The Group
staff in the US, Europe &
CMC, pre-clinical, clinical
_01_cover.qxd  23/11/2005  10:45  Page 2 pivotal thinking in drug development
Fulcrum Pharma plc
> Annual Report and Accounts 2005
Fulcrum Pharma plc > Annual Report and Accounts 2005
Fulcrum Pharma plc
5th Floor, Kodak House
Station Road
Hemel Hempstead
Hertfordshire HP1 1JY
United Kingdom
Tel: +44 (0)1442 283600
Fax: +44 (0)1442 283613
Email: information@fulcrumpharma.com
Web: www.fulcrumpharma.com
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