On 24 July 2007 the Board of the Company granted 1,000,000 options over ordinary shares of 1p each ("Ordinary Shares") to Dr Richard Stabbins, the Chairman of the Company, at an option price of 14.5p per Ordinary Share. No consideration was paid for the grant of these options which are exercisable between 24 July 2009 and 24 July 2017.

In addition to the above options, Dr Stabbins is interested in 4,474,272 Ordinary Shares, representing 0.29 per cent. of the issued share capital of the Company, and holds options over 1,000,000 Ordinary Shares at an option price of 19.5p per Ordinary Share.