EVGEN PHARMA PLC

January 2020

Investor Presentation

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Disclaimer

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The Evgen Team

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Dr Stephen Franklin Founder and CEO

Richard Moulson Chief Financial Officer

Sally Ross Clinical Development Officer

Qualified chartered accountant with over 20 years experience

working as a CFO for UK quoted and venture capital-owned

companies including: Intercytex Group Plc, ReNeuron Group plc

and Cobra Therapeutics Ltd

Over 18 years of experience in the life sciences industry, working

across pre-clinical and clinical settings in academia, pharma and CROs. Formerly, a Global Project

Manager in oncology for AstraZeneca

Founder of Evgen, with 25 years of experience in the life sciences

industry, focusing on the commercialisation of new technology. Former CEO of Provexis plc and principal executive with ANGLE plc

▪ Founded in 2007, Evgen is a capital efficient virtual drug development company based inCheshire (UK) and listed on AIM (LSE: EVG)

▪ Focused on the development of a new class of pharmaceuticals - based on the bioactivecompound “sulforaphane” - applications in multiple therapeutic areas

▪ Platform technology - Sulforadex®

▪ Strong data from Phase II trial of lead product in metastatic breast cancer (mBC)

▪ Strong IP covering composition, manufacturing and novel derivatives

▪ Business model looks to establish clinical proof of concept and partner post-Phase II

▪ £5m cash at 30 September 2019 funds Company into Q3 2021

Evgen is a clinical stage drug development company with impressive Phase II efficacy data

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▪ Strong data from Phase II trial of SFX-01 in metastatic breast cancer (mBC)

➢ Tumour shrinkage in difficult to treat patient population

➢ Five patients received SFX-01 treatment for over one year with no tumour progression

➢ Physicians have agreed to support follow-on trial

▪ Results from mBC and Subarachnoid Haemorrhage trials show SFX-01 is well tolerated with nosafety concerns in >100 patients

▪ April 2019 fundraise being invested in market-ready tablet formulation and extended toxicology

▪ Incoming academic interest in using SFX-01 in clinical studies - two MoUs signed to date

Recent news and update

5

▪ Focus on the strong efficacy data in breast cancer by planning and executing a Phase IIb trial

▪ Reduce risk and increase probability of success by expanding breadth of clinical programmes:

➢ Grant-funded, investigator-led clinical trials (no/small cost to Evgen)

➢ In indications with a strong mechanistic rationale (two collaborations announced to date innon-cancer indications)

▪ Seek commercial partnerships based on Phase II results

▪ Continue to explore other opportunities to monetise our IP assets

Future strategy

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Background to the science, technologyand intellectual property

Sulforaphane is a promising molecule for fighting cancer and a variety of chronic diseases

8

▪ First identified as an anti-cancer agent in 1992

▪ Over 3,000 peer-reviewed publications showing that sulforaphane has anti-inflammatory, antioxidantand anti-cancer properties

▪ Modulates two different pathways of potential benefit; STAT3 inhibition in cancer therapy and Nrf2activation for the treatment of chronic diseases characterised by oxidative stress and inflammation

▪ Recent publications confirm hypothesis that STAT3 inhibition may help treat cancer patients withacquired resistance to existing therapies

▪ The development of a sulforaphane-based drug has been hindered by its chemical instability

▪ Sulforadex® technology enables scalable manufacturing of synthetic sulforaphanestabilised in solid-form complex

▪ Lead product, SFX-01, is a patented complex of synthetic sulforaphane and α-cyclodextrin

▪ Broad IP relating to novel composition, process and new analogues

▪ Can be formulated in many different ways

Evgen is the only company with a sulforaphane-based medicine in the clinic

Erucin Sulforaphane

SFX-01

H2O2 H2O

α-cyclodextrin α-cyclodextrin

9SFX-01

▪ Pure sulforaphane is a liquid that requires storage at minus 20oC to maintain stability, and therefore clinical trials have been precluded

A broad intellectual property position around this new class of pharmaceutical

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▪ Original synthetic composition - granted in US, EU, Japan, Canada, Australia and pending in HongKong (expiry 2028)

▪ Manufacturing of original synthetic composition - granted in US, EU, Japan, China, Australia andpending in Brazil, Canada and India (expiry 2033)

▪ Manufacturing of compositions based on natural sulforaphane - granted in US, EU, Japan, and China(expiry 2033)

▪ Novel analogues (i.e. new chemical entities) based on sulforaphane – US, EU, Japan, China, Australiaand pending in Canada (expiry 2033)

▪ Potential for new patent applications in 2020 around synthetic composition

The opportunity in metastatic breast cancer

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▪ ER+ breast cancer is the most prevalent breast cancer sub-type (70%)

▪ Metastatic breast cancer is incurable with 5-year survival rates of 22%

▪ Patients become resistant to all drugs

▪ SFX-01 is being developed to prevent and/or reverse resistance

▪ Our data on SFX-01 shows prevention of metastases by the STAT3 pathway

▪ And our recent clinical trial was life changing for some patients

What is the opportunity ?

SFX-01 prevents tumour metastases by targeting STAT3

A

▪ 40% of breast tumours have activated STAT3

▪ Activated STAT3 promotes tumour proliferation, anti-apoptosis, angiogenesis and metastasis

▪ SFX-01 prevents activation of STAT3 and prevents formation of metastases

▪ STAT3 recently identified as potential target for reversing resistance to CDK4/6 inhibitors5

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B

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SFX-01 can be life-changing

▪ Diagnosed age 40 ER+ Her2- early BC

▪ Received surgery, chemotherapy and tamoxifen

▪ After 5 years diagnosed with pleural nodules

▪ Enrolled into STEM trial May 2017 – tamoxifen + SFX-01

▪ Objective response to treatment, very well tolerated, able to continue her life caring for her 2 young children and husband with head and neck cancer

▪ Entered the extended use programme and had Stable Disease for a total of 448 days, including tumour shrinkage of 63% from baseline

5 patients remained progression free after 1 year of treatment with SFX-01 + ET

1 patient remains on SFX-01 + tamoxifen after over 580 days

STEM showed that SFX-01 shrinks tumours and halts tumour growth

▪ SFX-01 added to tamoxifen or fulvestrantcaused tumour shrinkage

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▪ SFX-01 added to endocrine therapy caused tumour stabilisation

0 50 100 150 200 250 300 350 400 450 500

ES001003UK001019

UK001006UK001017

UK001003UK003003

FR001005ES002001

FR001003UK001007

UK001015

UK001016BE001002

UK004001BE001004

FR001001FR001007

UK005005UK001005

UK005002BE001005

ES001001BE001006

UK001004

UK001013FR001002

FR001004UK001009

UK001001UK001012

BE001003UK005003

UK004002UK001010

ES002002UK003001

FR001006ES001002

UK005004

BE001001UK001014

UK001008

Duration of stable disease in patients who made it to the first scan (6 weeks)Week 24

KEY:Aromatase InhibitorTamoxifenFulvestrant

Note that patients had already progressed on their current therapy and remained on this, with SFX-01 added on top

Market opportunity in ER+ metastatic breast cancer

▪ Incidence of ER+ metastatic breast cancer is approximately 130,0001 in US and Europe

▪ CDK4/6 inhibitors are now first line treatment, in combination with hormone therapy

▪ Pfizer (Ibrance®/palbociclib), Novartis (Kisqali®/ribociclib) and Eli Lilly (Versenio®/abemaciclib ) are the key players with billion plus sales - sales forecast to reach c.$9bn by 2021e2

▪ All patients become resistant to CDK4/6 inhibitors

▪ Treatment options post CDK4/6 inhibitors are generally poorly tolerated – treatments which improve quality of life are needed in this terminal population

Potential of SFX-01 to be treatment of choice post CDK4/6 inhibitor failure, extending progression free survival with favourable side-effect profile

161 Evgen estimate based on US data from the American Cancer Society’s 2016 breast cancer incidence;; 2 Biopharm Insight Consensus Broker Forecast;

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Next Steps

▪ Start the path to registration with an adaptive Phase IIb/III study – trial design to be developed in H1 2020

▪ All preclinical breast data due to published in high impact journal early in 2020

▪ Supplementary preclinical work to cement the right opportunity will commence early 2020

▪ New “commercial ready” solid tablet formulation completed in H2 2020

▪ Early partnering or sourcing of non-dilutive capital to fund the IIb part of the study in H2 2020

▪ CTA/IND by end of 2020

▪ Targeting first patient first dose H1 2021

Broadening the clinical pipeline through investigator-led trials

As well as our work on STAT3, sulforaphane is an established activator of the Nrf2 pathway

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Improving outcomes for patients with

neurodegenerative conditions

Improving outcomes for patients becoming resistant

to cancer therapies

Sulforaphane as a potential protective phytochemical against neurodegenerative diseases. Tarozzi A., et al. (2013) Oxid Med Cell LongevSulforaphane improves chemotherapy efficacy by targeting cancer stem cell-like properties via the miR-124/IL-6R/STAT3 axis. Wang X., et al. (2016) Sci Rep.Competition-based, quantitative chemical proteomics in breast cancer cells identifies new target profiles for sulforaphane. Clulow et al. (2016) Chem Commun

Nrf2 is an important emerging drug target for multiple therapeutic areas

20Transcription Factor NRF2 as a Therapeutic Target for Chronic Diseases: a Systems Medicine Approach Cuadrado et al. (2018)

Pharmacol Rev 70: 348-383

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Autism Spectrum Disorder (ASD)

▪ No approved medicines for treating the three core symptoms of autism

▪ Encouraging clinical data from a small investigator-led placebo-controlled trial of juvenile patients in the US, using sulforaphane derived from botanical sources

▪ But no opportunity to move this programme through to a regulated ASD drug using the botanical source

▪ MoU with GSTT to provide SFX-01 for a large Phase II clinical trial in ASD patients (subject to grant funding)

▪ Option to license the clinical data to enable subsequent development and commercialisation of SFX-01 in ASD

▪ SFX-01 has the potential to become a first-in-class treatment for the core symptoms of ASD, disrupting the current £3bn ASD market (which includes the use of anti-depressants and anti-psychotics for the treatment of non-core symptoms)

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Non-alcoholic steatohepatitis (NASH)

▪ Non-alcoholic fatty liver disease (“NAFLD”) is now regarded as the most common liver condition in the developed world, affecting up to 30% of the general population

▪ 10%-20% of those with NAFLD have NASH and 20-30% of NASH patients are at risk of developing cirrhosis and subsequently dying from end-stage liver disease within 20 years

▪ Professor John Dillon (University of Dundee) showed that activation of the Nrf2 pathway could reverse insulin resistance, suppress hepatic steatosis, and mitigate against NASH and liver fibrosis.

▪ MoU with the University of Dundee to supply SFX-01 for a potential clinical trial in NASH

▪ Option to license the clinical data to enable subsequent development/commercialisation of SFX-01 in NASH and liver fibrosis

▪ Platform technology - Sulforadex® for sulforaphane-based pharmaceuticals

▪ Large body of published scientific literature demonstrating the efficacy of sulforaphanein a broad range of cancers and models of various chronic diseases

▪ Evgen is the only company with a sulforaphane-based medicine in the clinic

▪ Strong data in Phase II mBC trial - five patients received SFX-01 treatment for overone year with no tumour progression

▪ Further risk mitigation by supporting a number of potential investigator-led clinicalstudies in other disease areas

Summary

Evgen Pharma plc

Correspondence address:The ColonyAltrincham RoadWilmslowCheshire SK9 4LY

Registered office:Liverpool Science Park IC2146 Brownlow HillLiverpool L3 5RF

www.evgen.com

Appendices

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Financial Summary

(£’000) 6 months to 30 Sept 2019 Y/ended 31 March 2019

Operating expenses (1,526) (2,985)

Share based compensation (84) (135)

Operating loss (1,610) (3,120)

Tax credit 5 496

Loss for the period (1,605) (2,624)

Cash used in operations (1,658) (2,287)

Equity issues net of costs 4,675 694

Net (decrease)/increase in cash 3,017 (1,593)

Cash and deposits at start of period 2,033 3,626

Cash and deposits at period end 5,050 2,033

SFX-01 presents a unique mechanism of action in the metastatic breast cancer therapy landscape

mTOR inhibitors

CDK 4-6

ER

Estradiol

Cyclin D

mTOR

AKT

PI3K

Aromatase inhibitors

ER modulators

CDK4/6 inhibitors

Anastrazole, Letrozole, Exemestane

Tamoxifen, Fulvestrant

Palbociclib, RibociclibAbemaciclib

Everolimus

SFX-01

STAT3

CDK4/6

TUMOUR RENEWALTHERAPY RESISTANCEIMMUNE EVASION

CELL PROLIFERATION

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The mechanism of action of SFX-01 on pSTAT3 suggests it could reduce the drug resistance associated with a broad range of targeted cancer therapies and chemotherapies

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▪ STAT3 is a cytoplasmic transcription factor that plays a crucial role in tumour cell proliferation,survival, angiogenesis, migration, differentiation, invasion and immunosuppression*

▪ Constitutive activation of STAT3 promotes cancer by directly regulating oncogene expression, such ascyclin B1, CDC2, p53, MCL-1, survivin, VEGF, BCL2 and BAX*

▪ STAT3 is also constitutively activated in immune cells in the tumour microenvironment, inhibiting theexpression of mediators necessary for immune activation against the tumour. STAT3 is thusconsidered to be an effective checkpoint for antitumor immune response*

▪ Via the inhibition of pSTAT3, SFX-01 could play a prominent role in reducing drug resistance to abroad range of targeted cancer therapies and chemotherapies

Reference: Novel activators and small-molecule inhibitors of STAT3 in cancer. Yang et al (2019) Cytokine & Growth Factor Reviews 49: 10-22

Growing body of scientific literature demonstrates that sulforaphane augments multiple therapies

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▪ Human bronchial carcinoid tumor initiating cells are targeted by the combination of acetazolamide and sulforaphane. BMC Cancer. 2019

▪ In the triple-negative breast cancer MDA-MB-231 cell line, sulforaphane enhances the intracellular accumulation and anticancer action of doxorubicin encapsulated in liposomes. Int J Pharm. 2019

▪ Sulforaphane reverses gefitinib tolerance in human lung cancer cells via modulation of sonic hedgehog signaling. Oncol Lett. 2018

▪ Combination cisplatin and sulforaphane treatment reduces proliferation, invasion, and tumor formation in epidermal squamous cell carcinoma. Mol Carcinog. 2018

▪ Sulforaphane enhances the anticancer activity of taxanes against triple negative breast cancer by killing cancer stem cells.

▪ Multimodal actions of the phytochemical sulforaphane suppress both AR and AR-V7 in 22Rv1 cells: Advocating a potent pharmaceutical combination against castration-resistant prostate cancer. Oncol Rep. 2017

▪ Sulforaphane as an adjunctive to everolimus counteracts everolimus resistance in renal cancer cell lines. Cancer Lett. 2017

▪ Sulforaphane enhances the anticancer activity of taxanes against triple negative breast cancer by killing cancer stem cells. Cancer Lett. 2017

▪ Sulforaphane inhibits cancer stem-like cell properties and cisplatin resistance through miR-214-mediated downregulation of c-MYC in non-small cell lung cancer. Oncotarget. 2017

▪ Sulforaphane increases the efficacy of anti-androgens by rapidly decreasing androgen receptor levels in prostate cancer cells. Int J Oncol. 2016

▪ Combination of lapatinib with isothiocyanates overcomes drug resistance and inhibits migration of HER2 positive breast cancer cells. Breast Cancer.

▪ Sulforaphane reverses chemo-resistance to temozolomide in glioblastoma cells by NF-κB-dependent pathway downregulating MGMT expression Int J Oncol. 2016.

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An excellent safety and tolerability profile for an anti-cancer drug

▪ These patients have very advanced disease

▪ No Grade 3 or 4 adverse events causally related to SFX-01 >5% incidence*

▪ Significantly improved tolerability profile compared with everolimus and exemestane

▪ Only adverse events related to SFX-01 seen in ≥10% of patients were:

➢ Dyspepsia (indigestion) in approximately one-quarter of patients

➢ Nausea in approximately one-fifth of patients

* Causality defined as certain/definitely or probable/likely