13 December 2022

Placing and Subscription to raise approximately US$18 million

Shield Therapeutics plc announces a proposed equity fundraising by way of a subscription (the “Subscription”) and placing (the "Placing") of new ordinary shares to raise approximately £14.7m in aggregate at a price per share of 6 pence (the "Issue Price").

The Company also announces it will be making an Open Offer to Qualifying Shareholders of up to 64,346,927 new ordinary shares at the Issue Price to raise up to a further £3.9m (the "Open Offer", and together with the Subscription and the Placing, the "Equity Fundraising"). The Issue Price of 6 pence per share represents a discount of approximately 11.1 per cent. to the closing price per Ordinary Share on 12 December 2022 (being the latest practicable date prior to this Announcement).

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