ADVANCING BETALUTIN AS A NEXT -GENERATION

Nordic Nanovector ASAKjelsåsveien 168 B, 0884 Oslo, Norwaywww.nordicnanovector.comIR contact: [email protected]

ADVANCING BETALUTIN® AS A NEXT-GENERATION RADIOIMMUNOTHERAPY FOR NHL PATIENTS

SEPTEMBER 2020

Forward-looking statementsThis slide presentation contains certain forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Nordic Nanovector's business, financial condition and results of operations. The terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "should", "projects", "targets", "will", "would" or, in each case, their negative, or other variations or comparable terminology are used to identify forward looking statements. These forward-looking statements are not historic facts. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in the forward-looking statements. Factors that could cause these differences include, but are not limited to, risks associated with implementation of Nordic Nanovector's strategy, risks and uncertainties associated with the development and/or approval of Nordic Nanovector's product candidates, ongoing and future clinical trials and expected trial results, the ability to commercialise Betalutin®, technology changes and new products in Nordic Nanovector's potential market and industry, Nordic Nanovector'sfreedom to operate (competitors patents) in respect of the products it develops, the ability to develop new products and enhance existing products, the impact of competition, changes in general economy and industry conditions, and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Nordic Nanovector disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.This presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the Company. The information and opinions in this presentation is provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

2

3 iNHL: indolent non-Hodgkin’s lymphoma; 3L R/R FL – 3rd-line relapsed or refractory follicular lymphoma

Nordic Nanovector – Investment highlightsLead product candidate Betalutin® – designed to treat non-Hodgkin’s lymphoma (NHL)

• Impressive clinical efficacy and safety data from a one-time administration in relapsed / refractory iNHL

• Pivotal Phase 2b trial (PARADIGME) on-going in 3L R/R FL – targeting 3-month top-line data in H2’2021

• Implementing new initiatives and assessing options to speed up trial recruitment

• Orphan Drug and Fast-track Designations granted – exploring other routes to bring Betalutin® to patients faster

Prudent financial management

• 20% reduction in headcount has reduced cash burn – continue to look for further savings

Betalutin® is an unencumbered and 100% owned asset

• Actively pursuing a flexible regional commercialisation strategy to maximise value

News flow will be focused on progress of PARADIGME towards targeted 3-month top-line data readout in H2’2021

Corporate snapshot

• Founded 2009 in Oslo, Norway to develop Betalutin® for the treatment of non-Hodgkin’s lymphoma (NHL) based on

– A spin-off of the Norwegian Radium Hospital, a centre of excellence for oncology biomedical research and patient care

– R&D expertise in radioimmunotherapies

4

Nordic Nanovector is a clinical-stage biopharmaceutical company dedicated to extending

and improving the lives of patients with haematological cancers by developing and

commercialising innovative targeted radioimmunotherapies, starting with Betalutin®

• HQ in Oslo and a corporate office in Zug, Switzerland

• Listed on the Oslo Stock Exchange since 2015 (NANO)

• Market cap USD 158M*

*As of 8 September 2020

5

Management Team with international experience

JOSTEIN DAHLE, PhDCo-Founder, Chief Scientific Officer

MARCO RENOLDI, MDChief Operating Officer

MALENE BRONDBERGChief Financial Officer

GABRIELE ELBLVice President Global Regulatory Affairs

ROSEMARIE CORRIGANChief Quality Officer

LARS NIEBAInterim Chief Executive Officer& Chief Technology Officer

CHRISTINE WILKINSON BLANC, MD, MScChief Medical Officer


NHL – CLEAR NEED FOR BETALUTIN®

NHL – High unmet need despite available treatments

• 7th most common cancer in the US1

• Median age at diagnosis is 67 years1

• Number of Diagnosed Incident Cases of NHL in the key 7 markets* expected to grow from 145’000 (2018) to 170’000 (2028), as a result of population growth and aging population2

• Market potential expected to reach USD 26.1 billion by 20262

7

• FL (~20%)• MZL (~8%)• Lymphoplasmacytic lymphoma• Chronic lymphocytic

leukemia/small-cell lymphocytic lymphoma (CLL/SLL)

• DLBCL (~40%)• Burkitt lymphoma• Lymphoblastic lymphoma• Mantle cell lymphoma• Primary mediastinal large B-cell lymphoma

Indolent (iNHL)(40% of all NHL)

Aggressive(60% of all NHL)

NHL

T-cell NHLB-cell NHL

85% 15%

1seer.cancer.gov2Non-Hodgkin’s Lymphoma and Chronic Lymphocytic Leukemia, DRG, Clarivate, 2020 * France, Germany, Italy, Spain, United Kingdom, United States, Japan

• 40-60% indolent NHL patients treated with RTX-containing regimen are refractory (10%) or develop resistance within 5 years

• R/R patients may not tolerate chemotherapy because of age or co-morbidities

• The need: alternative target to CD20 + “chemo-free” regimens with gentle side-effect profile

8

~40% of DLBCL patients relapse following 1L RTX-chemo; 60-70% of these patients fail or unsuitable

for subsequent high-dose chemo + SCT

FL: 5-year overall survival for RTX-refractory patients vs all: 58%1 vs 88%2

1Abdollahi S et al, Blood 2008:1122seer.cancer.gov (2019)3Rivas-Delgado A et al. EHA 2017; abstract 4054Current Treatment Options in Marginal Zone Lymphoma, The American Journal of Hematology/Oncology, vol. 13, no. 5, 2017

59%

5-year PFS3

36%

26%

MZL: patients with refractory or relapsed MZL have poor outcomes with current approaches4

NHL – The need for new treatment options


BETALUTIN® DESIGNED TO ADDRESS UNMET NEED IN FL

Betalutin®: A novel CD37-targeting radioimmunotherapy

10 1. Flinn IW. Blood 2011; 118: 4007–4008

• CD37 is highly expressed in B-NHL1

• 177Lu: a low energy β-emitter with a half-life of 6.7 days

11

Betalutin® has a compelling, unique and differentiated value proposition

Alternative target to CD20:suitable for RTX refractory patients

Predictable and manageable side effects

Durable responses in elderly and heavily pre-treated NHL patients

Single-dose treatment

Betalutin®

Based on LYMRIT 37-01 data, Betalutin is a promising alternative for 3L+ FL, especially elderly and fragile pts.

12

Betalutin(Phase I-IIa)

3rd

Line

95%

79%

95%

78%

71%

53%

69%

42%

59%

54%

70%

81%

50%

77%

21%

13%

1%

14%

8%

32%

CR ORR mDOR (months) Source Mechanism of

Action Route of Administration Additional care required

13.6 (32 in CR patients)

CD37-targeting RIT

IV infusion (one timeadministration), preceded by 1 RTXand 1 lilotomab

No - convenient one-time administration

>12.5 Pi3k inhibitor Oral, twice daily Combination with other treatments mayincrease toxicity

14.1 Pi3k inhibitor IV infusion (weekly – 3 weeks onand 1 week off) until progression No

10 Pi3k inhibitor Oral, twice daily, until diseaseprogression No

10.9

NR

EZH2 inhibitor

Pi3k inhibitor

Oral, once daily

Oral; daily dose; until diseaseprogression or off study No

N/A

N/A

Pi3K inhibitor

Pi3K inhibitor

No

No

15 (83%)

Multiple dose levels of REGN1979

IV infusion of re-engineeredautologous T-cells, preceded byleukapheresis and CT

IV infusion of autologous T-cells

Not all patients eligible; leukapheresismay not yield enough T cells; fewinstitutions can deliver this treatment

• mAge: median age of patients (years)• All agents are approved based on different phase results as mentioned along with asset• Results from different trials for comparison purpose only and NOT head to head studies

Copanlisib*(Marketed)

Idelalisib(Marketed)

ME401(Phase 1b)

Duvelisib*(Marketed)

Kymriah(Phase II)

TazemetostatEZH2m+(Marketed)

Kolstad et al, ASH 2018 (mAge: 68 yrs)

Epizyme, ASH 2019(45 patients; mAge: 62 yrs)

Mei Pharma PR Oct’19(39 patients; mAge: 66 yrs)

REGN1979#

(Phase I)ASH 2019 (22 patients; mAge: 67 yrs)

Prescribing info(104 patients; mAge: 62 yrs)



Parsaclisib(Phase I/II)

Umbralisib(Phase I)

ASH 2017(146 patients; mAge: 67 yrs)

Yescarta(Phase II)

ASH 2017 (14 patients; mAge: 66 yrs)

Novartis, ASH 2016(14 patients; mAge: 59 yrs)

BMS, EHA 2020(80 patients; mAge: 62 yrs )

Oral, once daily

Oral, once daily

aCD20 X aCD3 bispecific antibody

CAR-T cell therapy

CAR-T cell therapy

N/A

20.8

https://ash.confex.com/ash/2018/webprogram/Paper110555.html

https://epizyme.gcs-web.com/node/13026/pdf

https://meetinglibrary.asco.org/record/171945/abstract

https://investor.regeneron.com/static-files/1d015629-5ad1-4d7e-bee5-53ce532b59c3

https://www.accessdata.fda.gov/drugsatfda_docs/label/2017/209936s000lbl.pdf



http://www.tgtherapeutics.com/ASH%202017%20Davids%20Final.pdf

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6543513/

http://www.bloodjournal.org/content/128/22/1100?sso-checked=true









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Patient characteristics (n=74)

• Elderly (median 68 years)

• Heavily pre-treated with advanced-stage disease at baseline

• Primarily FL (n=57) with other NHL types (n=17)

Betalutin® was well tolerated

• Most common grade 3/4 AEs were transient and reversible neutropenia and thrombocytopenia

• Serious AEs occurred in 14 pts (19%)

• No cases of febrile neutropenia, low incidence of platelet transfusion and no study related deaths

* Kolstad et al. Blood Advances, vol. 4, issue 17, 2020 (FL data); Kolstad A, et al. Abstract 2879, ASH 2018 (MZL data); MZL – Marginal Zone Lymphoma

Compelling response rate in FL and MZL patients from a single administration

ORR CR

All patients (n=74) 61% 30%

All FL patients (n=57) 65% 30%

FL with ≥2 prior therapies (n=37) 70% 32%

RTX-refractory FL (n = 26) 58% 19%

RTX-refractory FL, ≥2 prior therapies (n=21) 67% 24%

mDoR and mPFS *• Median DoR: 13.6 months for all responders (n=45), 32.0

months for complete responders (n=22) with median follow-up for responders of 30 months

• Median PFS: 8.8 months overall (n=74), 9 months in patients with FL (57)

LYMRIT 37-01 – Part A:Promising safety and efficacy in R/R FL and MZL*

ORR CR

MZL* (n=9)* 78% 44%

Kolstad et. al. Blood Advances 2020; 4(17) p4091-410114

LYMRIT 37-01 – Part A:90% of evaluable patients had a decrease in tumour size

Revised clinical development strategy to capture significant value from Betalutin® in NHL

1515

PARADIGME

Single-agent Betalutin® in 3L R/R FL

• Targeting 3L R/R FL as first-to-market indication

• Evaluating optimal strategy to advance into earlier lines

• Evaluating opportunity to investigate R/R MZL based on:

• Promising response in LYMRIT 37-01

• Clear unmet need reflected in Fast-track (US) and Orphan Drug (EU) designations

LYMRIT 37-05

Single-agent Betalutin® in DLBCL

• Recruitment is very slow• DLBCL remains an important indication – need to evaluate

optimal development strategy

Core Focus To be paused after completing ongoing cohorts

Archer-1

Betalutin® + RTX in 2L R/R FL

• Good initial efficacy, but recruitment is very slow• Need to consider future positioning and optimal strategy

• All pre-clinical and research initiatives to be paused

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• 56 patients have been enrolled (as of August 26th)

• 95 sites in 24 countries open for enrolment

Day -14 Day 0

Rituximab375 mg/m2

20MBq/kg Betalutin®

(+ 100mg/m2 llo)

15MBq/kg Betalutin®

(+ 40mg llo)

Randomisation

• Patient population: 130 3L FL patients who are refractory to anti-CD20 therapy – difficult-to-treat population, typically >70 years of age, fragile, bulky disease and often with serious co-morbidities

• Primary endpoint: Overall response rate (ORR)

• Secondary endpoints: Duration of response (DoR), Progression free survival (PFS), Overall survival (OS), Quality of life (QoL)

Focused on “40/15” arm of PARADIGME Trial

DISCONTINUE

Treated patients to continue being monitored for final data set

Interim Analysis-

IRC Recommendation

ADVANCE

Complete enrolment of targeted 130 patients (including 100/20 arm patients)

• Advancing “40/15” more rapidly by increasing rate of enrolment

• Assessing the number of patients to be enrolled

• Protocol amendments being implemented following FDA discussions

– Enlarge eligible patient population based on ‘benign’ safety profile

• ASCT patients – represents majority of 3L FL patients in some countries*

• Patients with lower number of platelets at screening

– Estimate to gain approval in all 24 countries in October/November 2020

• Enhanced working relationship with CRO and interactions with study investigators

– Implemented better patient referral networks

– Implementation of several initiatives including enhanced social media strategy to drive recruitment

• Targeting three-month data readout in H2’2021

17 FDA – US Food and Drug Administration; ASCT– Autologous Stem Cell Transplant; CRO – Clinical Research Organisation; *for example, UK, Italy, Turkey, Israel and Spain

Improved trial execution – No. 1 priority

• BLA filing with FDA for Accelerated Approval based on PARADIGME data and initiation of confirmatory Phase 3 trial

• Orphan Drug Designation for 3L FL granted in US and EU in 2014

• Enhanced dialogue with regulators to bring Betalutin® to FL patients quicker thanks to:

– Fast-track designation granted in the US in June 2018 for 3L FL (and in June 2020 for R/R MZL)

– Promising Innovative Medicine (PIM) designation granted in the UK in October 2018

• Exploring other routes to bring Betalutin® to patients faster

18 BLA – Biologics License Application

Regulatory strategy to gain rapid product approval

• Strategic review completed – focused on PARADIGME and extending cash runway into 2021

• Pivotal Phase 2b PARADIGME trial with Betalutin® progressing in 3rd-line Follicular Lymphoma (FL)

• Successful Interim Analysis – IRC recommendation to focus on “40/15” dosing arm

• Protocol amendments to PARADIGME being implemented to enlarge eligible patient population and increase rate of enrolment

• Target 3-month top-line data in H2’2021 (despite COVID-19)

– Paves the way for a planned regulatory filing with Betalutin®

– Regional commercial strategy being developed

• Betalutin® granted Fast-track (US) and Orphan Drug (EU) for Marginal Zone Lymphoma (MZL)

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Significant progress in 2020

IRC: Independent Review Committee

Impact of COVID-19 on PARADIGME• Continues to negatively affect patient recruitment

• Target patient population is a high-risk group

– Restrictions on movement during lockdown prevented follow-up visits and data collection on existing patients, and dosing of newly enrolled patients

• Easing of lockdown enabling cancer clinical trials to restart in certain countries

• Expect much improved enrolment rate once protocol amendments implemented

20


BETALUTIN® POSITIONED TO ADDRESS UNMET NEED IN FL

Betalutin® ideally positioned for frailer and older 3L+ FL patients

Pi3k inhibitors (single agent)Idelalisib

CopanlisibDuvelisib

Young (50-60 yrs) & fit Elderly & fit (60-65 yrs) Elderly (>65 yrs) & frail

Stem cell transplantationHDCT + ASCT

Immunotherapy (single agent)

RTX

Immunotherapy + ImmunomodulatoryRTX-Lenalidomide

Management of 3L FL patients is dependent on many factors, above all patient age, but also co-morbidities, goals of therapy, number, type and efficacy of prior therapies

Radioimmunotherapy (single agent)Zevalin

ImmunochemotherapyRTX-chemotherapy

Obinutuzumab-chemotherapy

CAR-T therapyKymriahYescarta

Bispecific antibodiesREGN1979

MosunetuzumabEpcoritamab

2nd gen Pi3k inhibitors (single agent)Umbralisib Parsaclisib

MEI-401

EZH2 inhibitors (single agent)Tazemetostat

Approved Agents

Agents in Development

Betalutin® single-dose radioimmunotherapy

• Positioned to serve the unmet needs of elderly/frail R/R FL patients, in particular, those refractory to anti-CD20 immunotherapy

• These patients have co-morbidities, that prevent chemotherapy or targeted therapies (i.e. Pi3K inhibitors) with a high side-effect burden

• Delivers durable responses with a gentler safety profile, in a single administration

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• Efficacy observed in LYMRIT 37-01 – Part A is seen as a strength– The response rate and mDoR in complete responders are viewed as compelling by HemOncs*

• The combination of potential benefits is what sets Betalutin® apart

– One-time treatment + durable efficacy + manageable toxicity + simplicity for patients and physicians

• HemOncs* view frail/elderly patients with co-morbidities (that prevent chemotherapy or targeted therapies with high side-effect burden) and those refractory to RTX/anti-CD20 as Betalutin®’s ideal patients

23

Betalutin®’s positioning is clearly understood by customers

*Hematologists-Oncologists


FINANCIALS

25 ** USD/NOK 8.51 ** USD/NOK 9,75

$ 92M*

$ 61 M**

• Cash and cash equivalents amounted to NOK 246.2 million end of June 2020

• Cash runway extended into 2021

• Headcount reduced by approx. 20%

• The impact of cost savings of NOK 35 million will materialise during H2’2020

• CMC, R&D and Clinical account for approx. 85% of costs

-95 -98

125

-87-138-200

-100

0

100

200

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

444

346

471

384

246

050

100150200250300350400450500

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Cash position(MUSD 52*)

(MUSD 25**)

MN

OK

MN

OK

Net cash flow 1)

1) Net cash flow from operating, investing and financing activities plus/minus currency effect

Cash runway extended into 2021


DELIVERING SIGNIFICANT VALUE FROM BETALUTIN®

Highly confident in the potential of Betalutin® to fulfil important unmet needs in NHLGoal to complete PARADIGME as quickly as possible – targeting 3-month top-line data in H2’2021• Promising clinical efficacy and safety data seen from a one-time administration in R/R iNHL

• Focus on improving rate of patient recruitment into PARADIGME despite COVID-19

– Broaden inclusion criteria for PARADIGME post Type C meeting with FDA

– Improve operational excellence by working more closely with our CRO

– Implement new initiatives – including optimising patient referral networks

– Reassessing the number of patients to be included

• Prudent financial management

– Significantly reduced cash burn

– Continue to look for further savings

• Betalutin® is an unencumbered and 100% owned asset

– Actively pursuing flexible regional commercialisation strategy to maximise value

27

What’s next• Approval of protocol amendment in multiple countries – expected October/November 2020

• Faster rate of patient enrolment starting in November 2020

• Continued implementation of initiatives to further enhance the patient recruitment rate, including a new social media strategy

• PARADIGME patient recruitment updates will be provided in each Quarterly Report

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ADVANCING BETALUTIN® AS A NEXT-GENERATION RADIOIMMUNOTHERAPY FOR NHL PATIENTS

THANK YOU

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ADVANCING BETALUTIN AS A NEXT -GENERATION