Circassia Pharmaceuticals : Issue of Equity

Circassia Pharmaceuticals plc

Issue of Equity

Oxford, UK - 27 April 2020- Circassia Pharmaceuticals plc ('Circassia' or the 'Company') (LSE: CIR), a specialty pharmaceutical company focused on respiratory disease, today announces that it has issued and allotted 412,706 new ordinary shares of 0.08p pence each in the Company ('Ordinary Shares') at nominal value to The Circassia Pharmaceuticals plc Employee Benefit Trust in order to satisfy part of the bonus awarded to Steve Harris, Rod Hafner and Julien Cotta for performance in 2018.

Application has been made for the new Ordinary Shares to be admitted to trading, which is expected to be on or around 1 May 2020. The new Ordinary Shares will rank pari passuwith the existing Ordinary Shares of the Company.

Following this issue of Ordinary Shares, the Company's issued share capital will comprise 375,692,819 Ordinary Shares (including the 412,706 new Ordinary Shares). The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest, or a change to their interest, in the Company under the AIM Rules.

Contacts

Circassia

Ian Johnson, Executive Chairman c/o Peel Hunt

Michael Roller, Chief Financial Officer

Peel Hunt (Nominated Adviser and Joint Broker)

James Steel / Oliver Jackson Tel: [phone]

finnCap (Joint Broker)

Geoff Nash / Alice Lane Tel: [phone]

Numis Securities (Joint Broker)

James Black / Duncan Monteith Tel: [phone]

About Circassia

Circassia is a world-class specialty pharmaceutical business focused on respiratory disease. The Company sells its novel, market-leading NIOX® asthma management products directly to specialists in the United States, United Kingdom, China and Germany, and in a wide range of other countries through its network of partners. In the United States, Circassia has a commercial collaboration with AstraZeneca in which it has the commercial rights to chronic obstructive pulmonary disease (COPD) treatments Tudorza® and Duaklir®. Circassia also has the US and Chinese commercial rights to the late-stage ventilator-compatible nitric oxide product AirNOvent. For more information please visitwww.circassia.com.

Forward-looking statements

This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Circassia. The use of terms such as 'may', 'will', 'should', 'expect', 'anticipate', 'project', 'estimate', 'intend', 'continue', 'target' or 'believe' and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Circassia undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.