NIOX (formerly Circassia) is a world-class specialty biopharmaceutical business focused on allergy and respiratory disease. The Company has an established commercial infrastructure, marketed products, a pipeline of near-term therapies and a portfolio of next generation treatments targeting multi-$billion market opportunities. Circassia sells its novel, market-leading products for asthma management directly to allergy / asthma specialists in the United States and Germany. Its products are also promoted in a number of other countries by the Company’s international network of partners. Circassia’s broad-based development pipeline includes a range of treatments for allergy and respiratory disease. Circassia’s most advanced next-generation immunotherapy is currently in phase III testing for cat allergy, and is the first in a new class of treatments, Synthetic Peptide Immuno-Regulatory Epitopes (SPIREs). Three other SPIREs, targeting house dust mite, ragweed and grass allergies, have completed clinical proof-of-concept phase IIb studies. Circassia’s lead asthma product targets substitution of GSK’s FLIXOTIDE® pMDI, and UK approval is expected in December 2015. Circassia anticipates two further product filings in 2016, targeting direct substitution of SERETIDE® pMDI and SEREVENT® pMDI. The Company is also developing a number of novel treatments, including a fixed dose ‘triple’ combination containing an inhaled corticosteroid, long-acting beta agonist and long-acting muscarinic antagonist.