Legal Notice
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MATERIALS ON THIS WEBSITE ARE MADE AVAILABLE BY CRYSTAL AMBER FUND LIMITED FOR INFORMATION PURPOSES ONLY.

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Any securities or related instruments of the Crystal Amber Fund Limited discussed or referred to in the materials on this website have not been, and will not be, registered under the Securities Act, or under the securities legislation of any state of the United States. Accordingly, any such securities may not, directly or indirectly, be offered, sold pledged or otherwise transferred, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as such terms are defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act and the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") or exemptions from the registration requirements of the Securities Act and the Investment Company Act are available. Any securities or related instruments of the Crystal Amber Fund Limited discussed or referred to in the materials on this website have not been recommended by any U.S. federal or state securities commission or regulatory authority nor have any such authorities confirmed the accuracy or adequacy of the various materials presented on this website. Any representation to the contrary is a criminal offence in the United States. Hedging transactions involving such securities may not be conducted unless in compliance with the Securities Act.

The Fund is not incorporated in the UK and the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. 
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Portfolio The Fund’s portfolio is currently centred around its investment in Morphic Medical Inc. (“MMI”), which represents the substantial majority of Net Asset Value. MMI owns Reset®, a medical device focused on treating obesity and type 2 diabetes, and is progressing through FDA clinical studies in the United States alongside broader international commercialisation initiatives. The Company continues to actively support MMI’s regulatory, manufacturing and capital planning requirements as it advances towards potential FDA approval and US market access.

Alongside MMI, the Fund holds a smaller number of legacy investments, including Allied Minds plc, Sigma Broking Limited and Sutton Harbour Group plc, which are expected to be realised progressively over time.

01. Morphic Medical Inc ("MMI")

Morphic Medical Inc ("MMI")

Morphic Medical Inc. (“MMI”) is a US medical technology company developing Reset®, an endoscopic treatment for obesity and type 2 diabetes.

Crystal Amber first invested in the business in 2014 and is now its principal shareholder, owning approximately 98% of the company.

Reset® uses endoscopic duodenal mucosal resurfacing and is designed to address the underlying metabolic dysfunction associated with obesity and type 2 diabetes. The treatment is performed endoscopically without permanently altering the patient’s anatomy.

MMI has obtained CE Mark approval and UK regulatory approval and has commenced procedures in a number of international markets including the UK, Germany and India.

The company is developing its commercial presence through a combination of direct market activity and international distribution arrangements.

In the United States, MMI is progressing its Step-1 pivotal clinical study under an Investigational Device Exemption agreed with the US Food and Drug Administration. Recruitment is ongoing across participating clinical centres.

Crystal Amber continues to work closely with MMI in relation to its clinical programme, international commercialisation, governance, funding and strategic development.

MMI represents the substantial majority of the Company’s Net Asset Value and remains the Company’s principal existing investment.

02. Allied Minds plc

Allied Minds plc ("Allied Minds")

An IP commercialisation company focused on technology investments, with underlying exposure to Federated Wireless and Orbital Sidekick.

03. Sigma Broking Limited

Sigma Broking Limited

A diversified financial services business comprising metals broking, wealth management and pension solutions activities.

04. Sutton Harbour Group plc

Sutton Harbour Group plc

Sutton Harbour Group plc owns and operates Sutton Harbour in Plymouth, together with associated marina, property and development assets.

In August 2026, Sutton Harbour announced proposals to cancel the admission of its shares to trading on AIM and re-register the company as a private company.

Crystal Amber has entered into a shareholders’ agreement with the controlling shareholder and another significant minority shareholder in connection with those proposals.

The Company intends to manage these legacy investments actively while recycling realised capital into new high-conviction opportunities in line with the Fund’s revised investment strategy.