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ASX MEDIA RELEASE 18 November 2021 Quarterly Activity Report - 30 September 2021 CLARITY PHARMACEUTICALS First patient treated in Clarity's diagnostic Cu - 64 SAR - bisPSMA prostate cancer trial • First patient treated in Clarity's theranostic Cu - 64 / Cu - 67 SAR - bisPSMA prostate cancer trial • Execution of product manufacturing agreement with Evergreen Theragnostics , Inc • Successful completion of IPO on 25 August 2021 • • Execution of option agreement with China Grand Pharmaceutical and Healthcare Holdings Limited ( " China Grand " ) ; commencement and ongoing negotiations on the licensing deal Strong cash position with $ 101.7 million held at 30 September 2021 Clarity Pharmaceuticals ( ASX : CU6 ) ( " Clarity " or the " Company " ) , an Australian - based clinical stage radiopharmaceutical company developing next - generation products to address the growing need for the use of radiopharmaceuticals in oncology , is pleased to release its Quarterly Activity Report for the quarter ending 30 September 2021 . On 25 August 2021 Clarity successfully completed the largest biotechnology Initial Public Offering ( IPO ) on the Australian Securities Exchange ( ASX ) , raising $ 92 million with Jefferies ( Australia ) Pty Ltd and Bell Potter Securities Limited as Joint Lead Managers and Underwriters . The listing was strongly supported by institutional , sophisticated and retail investors from Australia and overseas . China Grand has entered into discussions , on an exclusive basis , regarding a proposal for Clarity to grant China Grand a licence of the right to develop , manufacture and commercialise one or more of the Company's products in the Greater China territory ( being Mainland China , Hong Kong ( SAR ) , Macau ( SAR ) and Taiwan ) on terms to be agreed . The negotiations of the license are ongoing . As part of these discussions , Clarity granted China Grand a total of 25,543,912 options at an exercise price of $ 1.75 per option on the 1st of July 2021. The options will expire at 5pm ( Sydney time ) on the date that is the six months anniversary of the date of Clarity's admission to the Official List , which is 25 February 2022 . Clarity continues to generate strong results in the clinical development of the products in our Targeted Copper Theranostics ( TCT ) platform . During the quarter we commenced recruitment in two clinical trials of our optimised PSMA agent , SAR - bisPSMA , in prostate cancer : a US - based Phase I / lla theranostic clinical trial for the treatment of prostate cancer ( the SECURE trial ) ; and an Australian - based Phase I diagnostic clinical trial for the diagnosis of early - stage prostate cancer ( the PROPELLER trial ) . With the earlier completion of the C - BOBCAT trial with 64 Cu SAR Bombesin , the company is now actively recruiting in four clinical trials , with additional trials scheduled to commence early next year . To support clinical growth , Clarity has been actively extending its manufacturing and logistical footprint in the US by signing a number of key agreements , including a product manufacturing agreement with Evergreen Theragnostics , Inc. on 30 September to add to other agreements including an exclusive copper - 67 supply agreement with NorthStar Medical Isotopes , LLC . for the exclusive supply of copper - 67 to Clarity . These agreements , along with Clarity securing a membership and a Board position on the Council on Radionuclides and Radiopharmaceuticals , Inc ( CORAR ) , will support the rollout of the TCT platform and getting " ready - to- use " TCT products to patients . Financials Cash balance was $ 101.7 million as at 30 September 2021. Net operating cash outflows for the quarter was $ 3.6 million , mostly relating to payments for research and development , staff costs , administration , and general operating costs . CLARITY PHARMACEUTICALS ACN : 143 005 341 T : +61 ( 0 ) 2 9209 4037 LIMITED E : investor@claritypharmaceuticals.com W : www.claritypharmaceuticals.com 1