© Polyphor Ltd Presentation title11/4/2019

November, 2019

Corporate Presentation

This presentation (the “Presentation”) has been prepared by Polyphor Ltd. (“the Company” and together with itssubsidiary, “we”, “us” or the “Group”) solely for informational purposes.

Certain statements in this Presentation are forward-looking statements, beliefs or opinions, including statementsrelating to, among other things, the Company's business, financial condition, future performance, results of operation,potential new market opportunities, growth strategies, and expected growth in the markets in which the Groupoperates. In some cases, these forward-looking statements may be identified by the use of forward-lookingterminology, including the terms “targets”, “believes”, “estimates”, “anticipates”, expects”, “intends”, “may”, “will” or“should” or, in each case, their negative or other variations or similar expressions. By their nature, forward-lookingstatements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differmaterially from those expressed or implied by the forward-looking statements. These risks, uncertainties andassumptions could adversely affect the outcome and financial consequences of the plans and events described herein.Actual results may differ materially from those set forth in the forward-looking statements as a result of various factors(including, but not limited to, future global economic conditions, changed market conditions, intense competition in themarkets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diversepolitical, legal, economic and other conditions affecting the Group’s markets, and other factors beyond the control ofthe Group). Neither the Company nor any of its respective directors, officers, employees, agents, affiliates, advisors orany other person is under any obligation to update or revise any forward-looking statements, whether as a result ofnew information, future events or otherwise. You should not place undue reliance on forward-looking statements,which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or eventsshould not be taken as a representation that such trends or events will continue in the future. Some of the informationpresented herein is based on statements by third parties, and no representation or warranty, express or implied, ismade as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of thisinformation or any other information or opinions contained herein, for any purpose whatsoever.

Forward-looking statement

2

Investment highlights

Immuno-Oncology

Cystic Fibrosis and Hospital Infections

Financials

Outlook

3

Agenda

1

2

3

4

5

Investment Highlights

2 Proprietary Macrocycle Technology Platform – discovery engine in oncology & antibiotics

5 Antibiotic pipeline : Inhaled murepavadin aimed at CF and OMPTAs, the first new class of antibiotics against gram negative pathogens in 50 years - both largely externally financed. In addition, POL6014 (respiratory-outlicensed)

Polyphor: Innovative biopharmaceutical company with a Phase III immuno-oncology compound with fast path to market and a strong pipeline

1

4

3 Balixafortide: Potentially best in class CXCR4 inhibitor. Phase III in HER2-negative metastatic breast cancer in combination with eribulin, based on strong PoC data. First readout (ORR) expected around end of Q121

Market potential USD 1.3+ bn in combination with eribulin; up to 6-7bn if expanded to combinations with taxanes in breast cancer - and more if to other combinations/ indications

4

6 Experienced management team with strong support from leading investor base

7 Financed to achieve the next value inflection points

4

5

Proprietary Macrocycle Technology PlatformUnique discovery engine in oncology & infectious disease

Can make druggable targets previously thought undruggable

Polyphor Pipeline

ProgramFunding /

CollaborationResearch Preclinical Phase I Phase II Phase III

Next Inflection

Point

Balixafortide

mBC HER2-

FORTRESS

ORR Readout

~ end Q1 2021

Balixafortide

other combos/

indic’ns

First

Experiments’

results

~ Q2 2020

Inhaled

Murepavadin

CTA (auth. To

Phase 1a Start)

~ Q2 2020

OMPTA

- POL7306

- Murepavadin

IV

POL7306 CTA

(auth. To Phase

1a Start)

~H2 2020

Murepavdin IV

Re-engineering

~Q4 2019

POL6014 Phase 1b Results

6

On

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log

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F/R

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ato

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in-

fecti

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se

Metastatic Breast Cancer

Other Cancers/ Combos

CF Infections

MDR Bacteria

CF Elastase Inhibitor

Investment highlights

Immuno-Oncology

Cystic Fibrosis and Hospital Infections

Financials

Outlook

7

Agenda

1

2

3

4

5

Most advanced CXCR4 antagonist in clinical development for solid tumors - Phase III

Disruption of CXCR4 and SDF-1 axis renders cancer cells more susceptible to chemo

and increases immune cells infiltration into the tumor

Potentially best-in-class efficacy among CXCR4 inhibitors

Clear dose-response demonstrated

Potential to enhance activity of a range of chemo and immunotherapies

8

Potentially best-in-class CXCR4 inhibitorBalixafortide

CXCR4 overexpression is a key mechanism of cancer prognosis

CXCR4 promotes breast cancer growth through increased signalling pathways, angiogenesis, metastasis and immune cell modulation

Xu et al., 2015, modified

Tumor cells dissemination and

metastases formationPrimary Breast Tumor

Regulation of

immune cells

*

* SDF-1/CXCL12: CXCR4 Ligand

9

Tumor Cell and Stromal CXCR4 vs time to distant metastasis and survival

CXCR4 overexpression correlates with poor prognosis in breast cancer patients

Chen et al., PNAS 2019

10

Highest exposure among CXCR4 inhibitors – and importance of it shown by dose-response

Ple

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AUC0-24h / IC50,24h

CXCR4 inhibitors: IC50 coverage by clinical exposure vs plerixafor (=1x)*

Balixafortide has potentially the best in class efficacy amongst CXCR4s

Balixafortide: potentially the Best in Class Efficacy

38%

63%

33%

47%

13%13%

0%

10%

20%

30%

40%

50%

60%

70%

ORRCBR

6.2

3.03.3

0

1

2

3

4

5

6

7

mPFS (mo)

18

11.29.4

mOS (mo)

0.5-2.0 mg/kg 2.5-4.5 mg/k 5.5 mg/kg(n=15) (n=15) (n=24)

Clear Dose Response Across all Efficacy Endpoints

Low Dose Medium Dose High Dose

* Compounds disclosed on company websites

1. FDA CDER Pharmacology Review: application number 22-311, FDA CDER Clinical Pharmacology Review: application number 22-311, mean of studies at 0.24 mg/kg dose

2. Wong, RS et al. Mol Pharmacol. 2008 Dec;74(6):1485-95. doi: 10.1124/mol.108.049775 Stone_Hendrix_2007, Antimicrob Agents Chemother 51(7):2351-2358

3. Tamamura H, et al. FEBS Lett. 2003 Aug 28;550(1-3):79-83, calculated from Abraham_Peled_2017, Clin Cancer Res 23(22); 6790–801 (supplemental table 2) From

ClincalTrials.gov, accesed 23 January 2018, ongoing trials, e.g. COMBATà (NCT02826486)

4. In-house unpublished study POL6326-07. Intra-experiment comparisons must always be interpreted with caution11

12

Balixafortide + eribulin: PoC demonstrated with strong results across all efficacy parameters

12

13

38

0

10

20

30

40

50

60

70

Balixafortide (Ph Ib / PoC) Proof of Concept1—Improving treatment of advanced HER2 negative mBC2 (Open label, n=24)

Notes:

1 Reflects an indirect comparison

2 Metastatic Breast Cancer

3 "Embrace” Registration Trial for Eribulin

4 Polyphor trial – results from dose expansion cohort

5 Eribulin alone was 53% in EMBRACE pivotal trial and 64% in Capecitabine trial; Twelves et al., 2014; Cortes et al., 2011

Eribulin3 Balixafortide +

Eribulin4

Overall Response Rate

%

Progression Free Survival

3.6

6.2

0

2

4

6

8

Eribulin3 Balixafortide +

Eribulin4

Me

dia

n, m

on

ths

28

63

0

10

20

30

40

50

60

70

Eribulin3 Balixafortide +

Eribulin4

Clinical Benefit Rate

%

13.1

18

0

2

4

6

8

10

12

14

16

18

20

Overall Survival

Balixafortide +

Eribulin4Eribulin3

Me

dia

n, m

on

ths

Kaplan-Meyer CurvesDose Response in Phase Ib Study

13

Progression Free Survival

KM by dose

Overall Survival

KM by dose

5.5 mg/kg 5.5 mg/kg

Balixafortide+ Eribulin vs EMBRACE studies – Rationale for Phase III

14

PFS and Overall Survival in Phase 1b Study

Progression Free Survival

High Dose patients

Overall Survival

High Dose patients

Eribulin (EMBRACE) (n=459)

TPC (EMBRACE) (n=216)

Balixafortide+ Eribulin Overall (Phase 1b) (n=24)

Balixafortide+ Eribulin Confidence Interval (Phase 1b)

NOTE: Indirect comparison between studies.

Over 5 Times Safety Margin

Balixafortide is very well tolerated and has a high safety margin

Safety Margin* of Balixafortide13-week NHP toxicity study

Cmax AUC0

1

2

3

4

5

6

7

8

Safe

ty m

arg

in

15

No dose limiting toxicities in any dose cohort

In the expanded dose cohort (n=24 , 5.5

mg/kg). median patient treatment = 178 days

Mild Infusion Related Reactions observed

(76% in the Expanded Cohort and 48% in the

overall study population)

Observations from PoC/ Phase Ib study

*Safety Margins are calculated as multiples of Balixafortide plasma concentration at No Observed Adverse Effect Level (NOAEL) in 13

week NHP toxicology study compared to balixafortide plasma concentration in humans at 5.5mg/kg dose, which is the dose in the

Phase 3 FORTRESS study.

Timelines:

Clear development path with accelerated approval potential

16

Development and regulatory strategy in HER2 negative mBCa

Source: Company information

1 Fast track status granted

2 Conditional approval based on accelerated approval, timelines based on current

estimates for recruitment

3 Being reviewed to take into account EMA advice

Balixafortide +

eribulin in mBC

EOP1 FDAApproval

Fast Track 1

Phase Ib / PoC US/EU pivotal trial

2017 2018 2019 2020 2021 2022

Potential for accelerated FDA approval based on interim

analysis and application for Breakthrough designation2/3

FilingStart

Target timeline Potential accelerated timeline

Agreed on a single pivotal study with FDA and EMA for registration and launch. Fast track (FDA)

Parallel comparative study: Balixafortide+ eribulin vs. eribulin - 320 patients in 3rd line+ 64 in 2nd line

First readout on ORR in ~18 months (~end of Q1 21) - could lead to an accelerated approval in the US

Primary endpoint PFS, supported by positive OS trend and favorable risk/benefit

Exploratory analysis for patients with high CXCR4 expression

Target Indication: HER2 negative metastatic breast cancer, 3rd line (US), 2nd and 3rd line (Europe)

ORR PFS* OS*

* Event Driven Outcomes; timelines are indicative only

• No SoC is established in the treatment of Her2 negative metastatic Breast Cancer

• Multiple treatment options - all with similar, and limited, benefit

• High medical need for more efficacious therapies, without increasing toxicity in this setting

• Balixafortide could offer the opportunity for establishing a new SoCbased on relevant clinical improvements across all endpoints

• Scientific and clinical rationale for further extending this opportunity in Breast Cancer with other combinations - besides with eribulin

• In addition, CXCR4 is becoming an important and recognized target across a spectrum of indications

• Further opportunity to expand beyond breast cancer in a number of solid and haematological tumors

Significant opportunity in mBC; further opportunity beyond BCSignificant Market Opportunity

17

Market Opportunity - metastatic breast cancer, in combination with eribulin

18

Subtypes of Breast Cancer (% of Patients)

HER2- Metastatic1 Breast Cancer Incidence (‘000 Patients, 2018)

54

8.8

74

12.1

0

20

40

60

80

100

120

140

Incident patients Eribulin treated

75%

10%

10%5%

HER2-/HR+ HER2-HR- (TNBC)

HER2+/HR+ HEr2+/HR-

Balixafortide Target population

128

~21

US EU152

Notes:

1 Includes unresectable, locoregionally recurrent

2 EU 15 consists of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Sweden and the UK

3 Calculation assumptions (2031): Price US as per comparators (8.8K EUR/Cycle), 2% increase; EU 3.6K EUR; incident patients growth 1.4%; 8 cycles/patient; US access

adjustment ~25%; EUR/US$= 1.145

Sources: Estimates as per leading management consulting firm commissioned by the company (2018) and calculated using data from Global Data, SEER, German Centre for Cancer

Registry, Institut National du Cancer, REDECAN, AIRTUM. Extrapolation from EU 5 to EU 15 based on population

HER2-85%

• Few Treatment Options

• Substantial unmet medical need

• Market opportunity US + EU153 – based on eribulin patients only:

USD 1.3B

• Potential further increased by establishing a new SoC and expanding use beyond eribulinpatients only

Notes:

1 Eribulin share of treatments lower than patients’ share because used in later lines (shorter duration) and use of combos

2 Assumes US split=Europe split and HER2-/HR+split equal to HER2-/HR+split

3 Includes new products mono/combination

Sources: Global data, analysis of a leading management consulting firm commissioned by the company (2018/9)

27.1%

11.5%

8.9%

5.3%

4.2%

2.0%

7.9%

33.1%

Taxanes+ Abraxane CapcitabineGemcitabine EribulinAntracyclines IxabepiloneOther monotherapies ³ Combinations

19

Market opportunity – metastatic breast cancer, other combinations

Split of total HER2-/HR+ chemo-therapy treatments by regimen

(US, 2018, % of total treatments1)

Preclinical program to validate possibility to expand use in breast cancer

FOR EXAMPLE

If balixafortide combination

could be expanded from

eribulin to taxanes/

Abraxane

MARKET POTENTIAL

USD 1.3+

6-7bn2

Rationale for the combination of CXCR4 inhibitors and taxanes

Wang Y et al., 2018

NT21MP negatively regulates paclitaxel-resistant cells by targeting miR-155-3p and miR-155-5p via the CXCR4 pathway in breast cancer.

Rationale for the combination of CXCR4

inhibitors and anthracyclines

Mahjoub MA et al., 2017

Combination treatment with dendrosomalnanocurcumin and doxorubicin improves anticancer effects on breast cancer cells through modulating CXCR4/NF-kB/Smoregulatory network.

Rationale for use of

Balixafortide in additional

combinations in breast cancer

Even without a biomarker, Balixafortide with Eribulin could generate a sizable

opportunity in mBC, based on superior outcomes

A biomarker specific strategy aimed at CXCR4 high expressers is being explored

CXCR4 expressers may have a substantially higher benefit

CXCR4 subpopulation is an exploratory end point in the Phase 3 study

New CXCR4 biomarker assay under development

A high CXCR4 expression targeting approach could further expand commercial potential

Bigger market: eribulin patients all CXCR4 expressers across chemos

Easier development of other indications

Better commercial sustainability: easier patient targeting, higher pricing/ better

access, further IP

20

With a CXCR4 expression biomarker Balixafortide could compete in a larger market with further

differentiation

Biomarker opportunity

21

Balixafortide in combination with Cytarabine (Ara-C)

Beyond Breast Cancer. CXCR4 correlates with poor outcomes in several cancers; Balixafortide showing positive results in AML

CXCR4 overexpression and PFS across cancer types

MD Anderson Cancer Center

Objective: CXCR4 and subtypes of breast cancer

Investigator: Prof. Debasish Tripathy

August, 2019

University of L’ Aquila, Italy

Objective: Balixafortide and solid cancer indication other than

breast cancer

Investigators: Dr. Claudio Festuccia and Prof. Roberto Giacomelli

June, 2019

University of Michigan

Objective: CXCR4-dependent signaling pathways.

(Preparatory study to be followed by 3-4 specific studies)

Investigator: Prof. Gary Luker

January, 2019

22

Preclinical Studies already started with top institutionsOther indications/ combinations

23

Opportunity to build a very significant franchise by expanding in broader mBC and to other indications

Long Term Balixafortide Strategy

2. Balixa – Eribulinin mBCA high

CXCR4 expressers

Breakthrough designation

3. Expansion to mBCA+ Taxanes

New Dosage/ administration

4. Expansion to other

indications/ Other

combination

‘Treatment paradigm for

CXCR4 related

disease’

1. Balixa– Eribulinin mBCA

Advantage:

Expand Balixafortide+

erib outside the currently

eribulin tx patients in later

lines

Breakthrough designation

could help in setting

balixafortide+ eribulin as

standard of care in 2nd/3rd

line

Advantage:

Would move from a large

indication into a ‘large MoA’-

as many successful oncology

and immunology drugs have

done

Increasing Potential

Advantage:

Would directly tap into the

‘king of chemos’ and

further drive earlier lines of

Tx in mBCA

Would further enlarge

population with a more

convenient scheme

BREAST BEYOND BREAST

Investment highlights

Immuno-Oncology

Cystic Fibrosis and Hospital Infections

Financials

Outlook

24

Agenda

1

2

3

4

5

Inhaled Murepavadin could change the treatment paradigm for CF patients

2/3 of CF patients have a Pseudomonas infection

Introduction of CFTR modulators has not changed the need for effective Pseudomonas control

Murepavadin exhibits strong preclinical efficacy, incl. resistant strains, and exposure

A mono-pathogen would be the most rational treatment vs broad spectrum agents (e.g microbiome impact)

Kidney organ toxicity not expected at inhaled dose strength -supported by first safety studies in mice and NHP

Low dose vs. IV (est.~1/10th)

Low systemic penetration (>5 fold)

Targeted, attractive orphan opportunity

Attractive orphan pricing

Comparators’ ** peak sales (200-400m USD)

Can be expanded from CF to NCFB*** and beyond

Substantial external financing and First Value Inflection point ~9 months form now

IMI Contribution up to Ph I included

CTA (Clinical Trial Application) by H1 20

* ACRCCM 2017, 195 ; 12:1617-28** Tobi and Cayston*** Non Cystic Fibrosis Bronchiectasis

25

Cystic FibrosisInhaled murepavadin: an attractive opportunity

Evolution of PA colonization after

ivacaftor treatment*

Up to EUR 5M

26

Strong in-vivo efficacy of murepavadin IT* in MDR/XDR strainsEfficacy in neutropenic lung infection models

* Intra Tracheal, proxy of inhaled

Antibiotics

New Mechanism of Action —

targets specifically outer-membrane proteins of gram-negative pathogens.

27

Source: Compound Interest (2014)

Antibiotics class active against gram-negative pathogens by year of discovery

β-Lactams

All contain a beta-lactam ring

Examples

Penicillins (shown) such as amoxicillin and

flucloxacillin; Cephalosporins such as cefalexin

Mode of action

Inhibit bacteria cell wall biosynthesis

Most widely used antibiotics

in the NHS

Aminoglycosides

Family of over 20 antibiotics

All contain aminosugar substructures

Examples

Streptomycin (shown), neomycin,

kanamycin, paromomycin

Mode of action

Inhibit the synthesis of proteins

by bacteria, leading to cell death

Tetracyclines

Becoming less popular due to

development of resistance

All contain 4 adjacent cyclic hydrocarbon rings

Examples

Tetracycline (shown), doxycycline,

limecycline, oxytetracycline

Mode of action

Inhibit synthesis of proteins

by bacteria, preventing growth

Macrolides

All contain a 14-, 15-, or

16-membered macrolide ring

Examples

Erythromycin (shown), clarithromycin,

azithromycin.

Mode of action

Inhibit protein synthesis by bacteria,

occasionally leading to cell death

Second most prescribed antibiotics in the NHS

Quinolones

All contain fused aromatic rings with a

carboxylic acid group attached

Examples

Ciprofloxacin (shown),

levofloxacin, trovafloxacin

Mode of action

Interfere with bacteria DNA

replication and transcription

Resistance evolves rapidly

198019701960195019401930Discovery

Commonly act as bacteriostatic agents, restricting growth and reproduction Commonly act as bactericidal agents, causing bacterial cell deathKey:

2010

O

R

O

O

OH

N

SH

HO

HO

HN

OO

OO

HOHO

N

N

NH2

H2N NH2

O

OH

OH

NH2

HO

O O

FOH

NNHN

HO

O OH

NH2

OH

OHOH OOH

N

NCH3

O

O

OHHO

C2H5 OCH3OOH

HOO

CH3

OH

O

O

OMPTA

Targets critical

gram negative pathogens

O

“OMPTA”* could become first gram negative antibiotics to be introduced in the last 50 years

*Outer Membrane Protein Targeting Antibiotics

28

Targeting the most resistant gram-negative ESKAPE1 pathogens

New OMPTAs – Strong efficacy, low resistance and largely externally financed

Gram-negative infections with limited treatment options

28

Notes:

1 ESKAPE pathogens: Enterococcus faecium, Staphylococcus aureus, Klebsiella pneumoniae, Acinetobacter baumannii, Pseudomonas aeruginosa and Enterobacter spp.

Up to CHF 11.5M+ Up to

USD 5.6M

MICs (μg/ml) against resistant isolates POL7306 vs. Other antibiotics -Serial Passage on select strains

Investment highlights

Immuno-Oncology

Cystic Fibrosis and Hospital Infections

Financials

Outlook

29

Agenda

1

2

3

4

5

CHF 97.2 million in cash and cash equivalents as of June 30, 2019

Net cash used in operating activities of CHF 36.8 million in H1 2019,reflecting significant clinical trial investments

Operating Cost Guidance for the FY 2019 60-65 million. End of year Cash68-72 million

Company funded until the next value inflection points

Timelines and potential milestone payments for existing and potential newpartnerships are not disclosed.

30

Financial highlights

Investment highlights

Immuno-Oncology

Cystic Fibrosis and Hospital Infections

Financials

Outlook

31

Agenda

1

2

3

4

5

2019 2020 2021 2022

3232

Overview

Overall plan

Notes:

1 Fast track status granted

2 ORR: Overall Response Rate

3 PFS: Progression Free Survival

4 OS: Overall Survival

5 AML: Acute Myeloid Leukemia

6 CTA= Clinical Trial Application (similar to IND, for Europe)

Balixafortide

Eribulin combo

Other combo/

indicationsOther combination studies (eg AML5)

Target timeline

Approval

accelerated

ORR2

readout

Fast Track 1

Antibio

tics

Imm

uno-O

ncolo

gy

Potential accelerated timeline

PoC7CTA6

US/ EU pivotal trial

PFS3

readout

OS4

readout

Approval

standard process

Filing

accelerated

Inhaled

murepavadin (CF)Preclinical studies Phase Ia Phase Ib/2a (CF)

Preclinical studies Phase I Phase II

CTA6 Phase II

results

Preclinical studies

OMPTA8

7. PoC= Proof of Concept

8. Timelines refer to lead candidate, POL7306

Investment Highlights

2 Proprietary Macrocycle Technology Platform – discovery engine in oncology & antibiotics

5 Antibiotic pipeline : Inhaled murepavadin aimed at CF and OMPTAs, the first new class of antibiotics against gram negative pathogens in 50 years - both largely externally financed. In addition, POL6014 (respiratory-outlicensed)

Polyphor: Innovative biopharmaceutical company with a Phase III immuno-oncology compound with fast path to market and a strong pipeline

1

33

3 Balixafortide: Potentially best in class CXCR4 inhibitor. Phase III in HER2-negative metastatic breast cancer in combination with eribulin, based on strong PoC data. First readout (ORR) expected around end of Q121

Market potential USD 1.3+ bn in combination with eribulin; up to 6-7bn if expanded to combinations with taxanes in breast cancer - and more if to other combinations/ indications

4

6 Experienced management team with strong support from leading investor base

7 Financed to achieve the next value inflection points

33

Polyphor Ltd | Hegenheimermattweg 125 | 4123 Allschwil | SwitzerlandT +41 61 567 16 00 | info@polyphor.com | www.polyphor.com

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