The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This document does notconstitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. This document has been prepared forinformational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security andneither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not purport to summarize all information that an investor shouldconsider when making an investment decision. It should be read in conjunction with the Offering Documents.

InvestorPresentationJanuary2018

The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This document does notconstitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. This document has been prepared forinformational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security andneither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not purport to summarize all information that an investor shouldconsider when making an investment decision. It should be read in conjunction with the Offering Documents.

Nextgenerationtherapeuticsforindicationssuchasatopicdermatitis

StrictlyPrivate&Confidential

2The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

DisclaimerandSafeHarborDisclaimerThis document is based on information provided by Hoth Therapeutics, Inc. (“Hoth” or the “Company”) and other sources the Company believes are reliable.Laidlaw & Company (UK) Ltd., the placement agent, makes no representation or warranty that the information in this document is accurate or complete and isnot responsible for this information. The placement agent has not acted on your behalf to independently verify the information in this document. Nothing inthis document is, or may be relied upon as, a promise or representation by the placement agent as to the past or the future.

The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant andRegistration Rights Agreement. This document does not constitute an offering document. Potential investors or shareholders should not rely on theinformation contained in this document before making an investment decision. This document has been prepared for informational purposes only. Thisdocument is being provided for the sole purpose of providing the recipients with background information about Protea’s business. This document, includingthe information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neitherthe document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not purport to summarize allinformation that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

The offer to invest in the securities and the sale thereof, discussed herein, has not been registered under the United States Securities Act of 1933, as amended,or any state securities laws. The securities are being offered and sold in reliance on exemptions from the registration requirements of such laws. Thesecurities are being offered and sold only to bona fide residents of states in which such exemption is available, who can meet certain requirements, includingnet worth and income requirements, and who purchase the securities without a view to distribution or resale. By accepting delivery, you acknowledge andagree that all of the information contained herein is of a confidential nature and that this document has been furnished to you by the Company solely for yourconfidential use for the purpose of providing you with background information about Protea’s business. You agree that you will treat such information in aconfidential manner, will not use such information for any purpose other than its intended use, and will not, directly or indirectly, disclose or permit youragents or affiliates to disclose any of such information without the prior written consent of the Company.

In making an investment decision regarding the securities offered by the Company, you must rely on your own examination of the Company and the terms ofthis offering as described in the Offering Documents, including, without limitation, the merits and risks involved. Neither the Company nor the placementagent does or can guarantee that purchase of the securities will result in any economic gain and, to the contrary, it must be stressed that an investment in theCompany involves significant risks and you may suffer the loss of your entire investment.

Safe Harbor StatementThis presentation contains "forward-looking statements" within the meaning of the “safe-harbor” provisions of the private securities litigation reform act of1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differmaterially from the results expressed or implied by such statements, including changes from anticipated levels of revenues, future national or regionaleconomic and competitive conditions, difficulties in developing the Company’s technology platforms, retaining and expanding the Company’s customer base,fluctuations in consumer spending on the Company’s products and other factors. Accordingly, although the Company believes that the expectations reflectedin such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligationto update the forward-looking information contained in this presentation.

StrictlyPrivate&Confidential

3The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Development stage biopharmaceutical company focused on unique targetedtherapeutics for patients suffering from indications such as atopic dermatitis oreczema

• Proprietary platform technology combines two existing approved drugs enablingreliance on existing safety data for those drugs reducing expected time to marketfrom 10-12 years to 3-4 years

• Strong intellectual property position including issued patents in the United Statesand Europe

• Management team, board of directors and advisors with prominent financialservices and drug development experience

• According to National Eczema Association, estimated U.S. market opportunity foraesthetic dermatology conditions is $2.0 billion

InvestmentHighlights

StrictlyPrivate&Confidential

4The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Biofilms are matrices produced by bacterial colonies that shield the colony fromattack by the immune system and make the bacteria up to 1000 times moreresistant to antibiotics

• CDC data indicate that biofilms are implicated in over 2/3 of all skin infections

• Bacteria rely on Zn+2 ions to colonize and build biofilms to protect colonies

Biolexa PlatformTechnologyTopicalagentcombiningchelatingagentwithanantibiotictofightbacterialinfections

StrictlyPrivate&Confidential

5The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• BioLexa platform technologycombines a chelating agent withan antibiotic to form asynergistic compoundcombination for inhibitingbiofilm formation and fightingbacterial infection

• BioLexa works by using DTPA tochelate the Zn+2 ions necessaryto form bacterial colonies andbiofilms while using gentamicin,a potent antibiotic, to fightexisting bacteria

CombiningChelatingAgentwithanAntibiotic

InterveneHere

Source:Image,BiofilmsinInfections,Dr.TVRAO,MDhttps://slideshare.net/doctorrao/biofilms-2172226

StrictlyPrivate&Confidential

6The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

DevelopmentBackground• Selectelementsofinitialproduct

– Targetbacteria:Staphaureus/Staphepidermidis

– Chelatingagent:CaDTPA– Antibiotic:Gentamicin0.1%

• Developtopicaldosageform– GRAScreamvehicleavailable

• Demonstrateproofofconcept– Selectappropriateanimalmodel– UniversityofMiami,contractforstudy

Biolexa DevelopmentStrategyTopicalcreamandexpandplatformtoincludegelandsprayable formulations

1st GenerationProduct• Immediatereleasetopicallyapplied• Unitdosedelivery• Neutralcreamformulation• 0.1%Gentamicinactiveantibiotic

2nd GenerationProduct• Gelandsprayable• Bio-resorbableocclusionproduct• Multipleantibioticsinbothtopicalandocclusionformats

StrictlyPrivate&Confidential

7The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

BioLexa DevelopmentTimeline

Activity Cost Partner 1Q 2Q 3Q 4Q Yr 2 Yr 3 Yr 4

Non-Clinical $125K UMiami

CMC:formulation,cGMP,stability $300K CMO

Pre-INDandIND $140K Legal,CRO

Phase 2bstudy $1.1M CRO

CMCforPhase 3 $900K CMO

Phase3trial1 $2.5M CRO

Phase 3trial2 $2.5M CRO

NDAprepandsubmission $1,250K CRO

FDAreviewandapproval $215K Reg,CRO

Totalinvestment* $9,015K

*Costsdonotincludeinternaloverhead

Consistentmilestonesexhibitsstrongmomentuminproductdevelopment

StrictlyPrivate&Confidential

8The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

IntellectualPropertyandLicenseTermsSummary

Country Patent Expiration IssueDate Issued Pending

EU Patentcoveringcompositionsandmethods 2028 October2014 ü

US& PCT

Allowedclaimscoveringformulation,manufacture andimpregnationofwounddressings,bandagesandclothing.

Estimated2033 2016

ü

BioLexa LicenseTerms• MasterLicensefromUniversityofCincinnati• Worldwide,exclusivelicensetodevelop,manufactureandsellwithrighttosub-

license• Nomilestones,minimalannuallicensefee• MinimalroyaltytotheUniversity

StrictlyPrivate&Confidential

9The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

Biolexa MarketOpportunity

Indication MedicalNeed TargetPatients US MarketOpportunity(USD)

Eczema andatopicdermatitis

Extend timebetweenflareup 32M1 $9.5B1

Aestheticdermatology

Improvehealing,improvecosmeticoutcomes

8.8M2 $1.9B2

Source:1.AccordingtotheNationalEczemaAssociation,thischronicskinconditionaffectsapproximately32millionAmericans,spending$300perannumperpatientonaverage,representsanapproximate$9.5billionmarketintheU.S.2.TheAmericanSocietyforAestheticPlasticSurgery(ASAPS)17thannualmulti-specialtystatisticaldata

StrictlyPrivate&Confidential

10The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• By2021,approximately35Mpeoplewillbeaffectedbyeczema• 20%oftheexpectedpopulationwillbechildren• Weassumethatwiththefollowingdosespecifications,revenueprojectionsby

2026willbeapproximately$500M

EczemaUSMarketOpportunityAnalysis

Dosesize 15gramtube

CGS perdose $9.00

Retailperdose $45.00

Wholesale discount 35%

Wholesaleprice/dose $29.25

Doses/patient 6

2021 2022 2023 2024 2025 2026

Patientshare .05% .5% 1.0% 2.5% 5.0% 7.5%

Totaltreatedpatients 17.5K 177.9K 361.3K 916.9K 1,861.1K 2,833.6K

Totaldoses 105,213 1,067,915 2,167,867 5,500,964 11,186,956 17,001,680

Revenueatwholesale $3,077,489 $31,236,313 $63,410,121 $160,903,103 $326,633,461 $497,299,444

Source:NationalEczemaAssociation

StrictlyPrivate&Confidential

11The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

BioLexa FormulationManufacturedusingsimpleprocesscombininggentamicin,DTPAandcreambase

Gentamicinsulfate0.1%

Ca-DTPApowder

GRAS Cream Vehicle BioLexa

• TopicalcreammadeupofGlycerl Stearate/PEG-100Stearate,LanolinAlcohol,MineralOil,Sorbitol70%Solution,andactivecomponents;GentamicinandCa-DTPA,Gentamicin0.1%cream

• Broadspectrumantibioticexhibitingbactericidalactivityagainstbothgram-positiveandgram-negativebacteria

• FDAclearedforbothinternalandexternalapplicationsandprovideshighlyeffectivetopicaltreatmentinprimaryandsecondarybacterialinfectionsoftheskin

StrictlyPrivate&Confidential

12The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Eczemaisageneraltermformanytypesofskininflammationincludingatopicdermatitis,whichisthemostcommon

• Atopicdermatitisisachronicinflammatorydiseaseoftheskin,oftenreferredtoas‘childhoodeczema’involvingthebreakdownoftheskinbarrier

• Atopicdermatitisisthemostcommonformofpediatriceczema

• InastudyconductedbyDr.HerbertAllenofDrexelUniversityskinswabs,scrapings,andbiopsiesfromADpatients’inflamedskinwerecomparedtocontrolsampleswhereskinwasunaffected

– AllsamplestakenfromskinaffectedbyADhadmulti-drugresistantStaph(aureusandepidermidis)andallwerepositiveforbiofilmformation

EczemaDiseaseOverviewBiofilmsandstaphaureusinfectionscontributetoEczema

StrictlyPrivate&Confidential

13The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Staphaureusmakesup20%ofthebacteriaonskinand40%onlesions

• Exposuretowaterorsaltandslightperspirationpromptsbiofilmformationandclogsthesweatductswhichtriggersandimmuneresponse

• Immuneresponsecombinedwithgenedeficiencyresultsinitchingandrash

BiofilmsinEczema

Source:1.http://www.easeeczema.org/erc/symptoms_of_eczema.htm

StrictlyPrivate&Confidential

14The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• ThirtyfivemillioneczemaandatopicdermatitispatientsintheUSand20%arepediatric1

• Currenttreatmentsforeczemaincludetopicalsteroids,OTCmoisturizers,oatmealbaths– Avoidingirritantsandsoapmayalleviatesymptoms

• Currenttreatmentslackefficacyinreducingsymptomsofeczema– Oftenmessyandexpensiveandcauseundesirablesideeffects

• Productsindevelopmenthaveseveralshortcomings– Systemicdeliverythatmayleadtopotentialsystemicsafetyrisks– Intendedtoonlytreatsymptomspostoccurrence– ComplexMOAsandcostly

UnmetMedicalNeedExistingtreatmentsforeczemaaremessy,expensive

Source:1.GrandRoundsNationCMEonReachMD.ThisistheNationalJewishHealthandProva Educationsegment,AssessingtheCurrentTreatmentofAtopicDermatitis:UnmetNeeds.ThefacultyforthisactivityisDonaldLeung,MD,PhD,ProfessorandHeadoftheDivisionofPediatricAllergyand ImmunologyintheDepartmentofPediatricsattheNationalJewishMedicalCenterinDenver,CO2.NationalEczemaInstitute– remainderofbulletsonslide

StrictlyPrivate&Confidential

15The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Topicallocalizeddelivery• Intendedtodelayorpreventflare-upsofsymptoms• Abilitytousejointlywithothertreatmentstomaximizepatientbenefit

BioLexa Solutions

StrictlyPrivate&Confidential

16The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

KeyPeople

Name&Title Background

RobbKniePresidentandCEO,Director

• GeneralpartnerofLifleline Ind.Inc,since1995• 20+yearsofequitymarketsexperience,semiconductorandtelecommunicationsanalystPAWPartners

• BoardpositionswithNASDAQlistedcompaniesandmanagementpositionswithAmericanExpressFinancialAdvisors

VadimMatsDirector

• CFO ofPointCapital,Inc.,andCFOofFWSCapitalLtd.• PreviouslyCFOofWhalehaven GroupofFunds,AssistantControlleratEtonParkCapitalManagement,andSeniorFundAccountantatBankofNewYorkMellon

• B.S.BusinessAdministrationcumlaude,M.S.Accounting,FinancefromZicklinSchoolofBusiness,BernardBaruchCollege

• CAIACharterholder andCPA

KennethRiceDirector

• PresidentandCFOofLikeMinds,Inc.• 25+yearsofexperienceinoperations,finance, marketingandsalesandbusinessdevelopmentinprivateandpubliclifesciencescompanies

• PreviouslyEVP,CFOandinhousecounselofAlseres Pharmaceuticals,Inc.,andwasalsowithAderis Pharmaceuticalsinasimilarcapacity

AnthonyHayesDirector

• President,CEOandDirectorofSpherix,Inc.,(Nasdaq:SPEX)• FounderandmanagingmemberofAtwaterPartnersofTexasLLCandformerpartneratNelsonMullinsRiley&ScarboroughLLP

• B.A.Economics,MaryWashingtonCollege,J.D.TulaneUniversitySchoolofLaw

StrictlyPrivate&Confidential

17The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

KeyPeople

Name&Title Background

Dr.Andrew HerrScientificAdvisoryBoard

• Dr. AndrewHerr,PhD,isanassociateprofessorintheDivisionofImmunobiology andCenterforSystemsImmunology,withanaffiliateappointmentintheDivisionofInfectiousDiseasesatCincinnatiChildren'sHospitalwithintheUCDepartmentofPediatrics.Dr.HerrcompletedhisthesisworkinmolecularbiophysicsfromWashingtonUniversity in St.Louis,andcompletedhispostdoctoralworkinstructuralimmunologyatthe CaliforniaInstituteofTechnology asaDamonRunyonResearchFellow.Hewasrecruitedtothe UniversityofCincinnati CollegeofMedicineasanOhioEminentScholarinStructuralBiologybeforemovingtoCincinnatiChildren'sHospital.

Dr.Richard GransteinScientificAdvisoryBoard

• RichardD.Granstein,M.D.istheGeorgeW.Hambrick,Jr.ProfessorandChairmanoftheDepartmentofDermatology.Dr.Granstein obtainedhisundergraduateeducationatthe MassachusettsInstituteofTechnology andhismedicaleducationattheUCLASchoolofMedicine.Aftercompletinghisinternshipin1979,hetrainedindermatologyatthe Massachusetts GeneralHospital.AsaResearchFellow,Dr.Granstein studiedimmunologyandtumorbiologyattheNationalCancerInstitute-FrederickCancerResearchFacilityandat HarvardMedicalSchool.Dr.Granstein joinedthefacultyoftheDepartmentofDermatologyat HarvardMedicalSchool andthe Massachusetts GeneralHospitalin1984.In1995heleft Harvard tobecomeChairmanoftheDepartmentofDermatologyatthe WeillMedicalCollegeofCornellUniversity andDermatologist-in-ChiefattheNewYork-Presbyterian/WeillCornellMedicalCenter.

StrictlyPrivate&Confidential

18The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

PlatformCompanies

Source:CapitalIQ,August10,2017http://fortune.com/2017/03/28/fda-eczema-drug-sanofi-regeneron/

Company TickerSymbolMarketCap$mm

RegeneronPharmaceuticals,Inc.

NASDAQ:REGN 50,537

Teligent,Inc. NASDAQ:TLGT 361.5

Pfizer,Inc. NYSE:PFE 199,624

Marketprecedentsupportspremiumvaluefordermatologyfocusedcompanies

StrictlyPrivate&Confidential

KeyCompanies • March2017– SanofiandRegeneronwinFDAapprovalfordupilumab(brandnameDupixent)totreatskinrashatopicdermatitis,akaeczema– Dupixent haspotentialfor$3Bin

annualsales• Teligent manufacturesandmarkets

generictopicalproductsintheUSandCanadaforeczema,dermatitis,psoriasis

• PfizeracquiredAnacor andsecuredmarketshareingrowingmarketforeczematreatments

• Limitedpubliccompanyexposuretoeczema,dermatitisindicationspresentsopportunity

StrictlyPrivate&Confidential

19The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

NotableTransactionsAcquisitionactivitycanbeasignificantdriverofvaluecreation

Source(s):1.http://www.pfizer.com/news/press-release/press-release-detail/pfizer_to_acquire_anacor;2.http://www.nytimes.com/2016/05/17/business/dealbook/pfizer-to-acquire-anacor-pharmaceuticals-for-5-2-billion.html;3.http://www.marketwatch.com/story/4-things-to-know-about-pfizers-52-billion-acquisition-target-anacor-2016-05-16;3.http://newsroom.mylan.com/2016-05-13-Mylan-to-Acquire-Renaissances-Leading-Topicals-Focused-Specialty-and-Generics-Business;4.http://www.genengnews.com/gen-news-highlights/allergan-acquires-topokine-therapeutics-for-85m-upfront/81252646/;5.http://www.genengnews.com/gen-news-highlights/leo-pharma-buys-astellas-dermatology-business-for-725m/81251969/

• Large pharmaceutical companies such as Pfizer recognize need for safe and noveltreatments in dermatology indications

• Attractive revenue potential for acquirers that is represented by a large andgrowing patient population with atopic dermatitis and eczema

AcquiredCompany

Acquirer TransactionSize Date TransactionDetails

AnacorPharmaceuticalsInc.

Pfizer,Inc.(NYSE:PFE)

$5.2B 5/13/2016 55% premiumoverAnacor sharepriceAnacor leadproduct,Crisaborole,topicaltreatmentformildtomoderateatopicdermatitis

RenaissanceAcquisitionHoldings,LLC

MylanN.V. $950M pluscontingentpaymentsupto$50M

5/13/2016 Announces acquisitionoftopicals-focusedspecialtyandgenericsbusiness

TopokineTherapeutics,Inc.

Allerganplc(NYSE:AGN)

$85Mupfrontpayment

4/22/2016 Topokine specializesintopicalcosmeticdermatology

Astellas Pharma,Inc. LEOPharma,Inc. $725M 11/12/2015 LEOPharmaacquiresAstellas’dermatologybusiness

StrictlyPrivate&Confidential

20The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

DevelopmentStrategyandRegulatoryPathway505(b)(2)strategyreducesdevelopmenttimeandcost

Regulation Description TimeNeeded Explanation

505(b)(1)NDA Newdrug 8-12years

Extensivenon-clinicalandclinicalstudiestodemonstratesafetyandefficacy ofagivendrugforthetargetindication.Significantdatarequirementsresultinlongdevelopmentcyclesandhighcosts

505(j)ANDA Genericdrug 1-2 years

Anabbreviatedapplicationfora“metoo”drugcontainingonlybioavailability/bioequivalencedatacomparingtheproposedproducttotheinnovatorproduct

505(b)(2)NDA

Newdrugcontaining

similaractiveingredient(s)as

previouslyapproveddrug

3years

Modifiedversionofapreviously approvedproduct(s)thatrequiresadditionalnon-clinicalandclinicaltestingtodemonstratesafetyandefficacy.However,sponsorsareallowedtorelyonFDA”sfindingofsafetyandefficacyforthepreviouslyapprovedreferencedrug(s) therebydramaticallyshorteningtimeframesandloweringcosts

StrictlyPrivate&Confidential

21The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Development stage biopharmaceutical company focused on unique targetedtherapeutics for patients suffering from indications such as atopic dermatitis oreczema

• Proprietary platform technology combines two existing approved drugs enablingreliance on existing safety data for those drugs reducing expected time to marketfrom 10-12 years to 3-4 years

• Strong intellectual property position including issued patents in the United Statesand Europe

• Management team, board of directors and advisors with prominent financialservices and drug development experience

• According to National Eczema Association, estimated U.S. market opportunity foraesthetic dermatology conditions is $2.0 billion

InvestmentHighlights

StrictlyPrivate&Confidential

22The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

APPENDIX

StrictlyPrivate&Confidential

23The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

CompletedIn-VivoStudyOverview

• Demonstrateinarobustporcinedeeppartialthicknesswound“challenge”modelthatwhenCa-DTPAiscombinedwithGentamicin0.1%Staphaureus biofilmformationispreventedandplanktonicbacteriaareeliminated

• StudyconductedatUniversityofMiamiMillerSchoolofMedicineintheLaboratoryofDr.SteveDavisunderthedirectionofDr.RobertKirsner

StrictlyPrivate&Confidential

24The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Two(2)youngfemaleYorkshire/landraceswine• Forty-four(44)woundsperanimal• EachwoundinoculatedwithStaph aureus 106

• Multiplearms:– Vehicle– Untreated– VaryingconcentrationsofDTPAalone– Gentamicin0.1%alone– BioLexa creamwithvaryingdosesofDTPA

• Atconclusion:collectsamples,measurebiofilmandplanktonicbacteria

In-VivoStudyDesign

Time0 Time+24h Time+48h

• CultureStaph• Inoculate• Initialtreatment• occlude

• Secondtreatment

• Collectsamples• Culture• Measure

StrictlyPrivate&Confidential

25The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

In-vivoPorcinepartialthicknesswoundstudy

EitherAloneNotAdequate CombinationWorksBest

DTPA alone

Gentamicin alone Combination reduced

bacteria below LOD

Gentamicin alone marginally effective but combination far more so

SummaryResults

StrictlyPrivate&Confidential

26The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• Non-clinical: • Stability studies from cGMP vendor• Porcine study to include systemic absorption measurements and wound closure rates• Guinea pig study for local irritation

• Clinical: • Two possible programs:

• Flare prevention in eczema• Outcome management in post-laser ablation

• Both initial programs utilize the same drug product• Additional indications to be pursued under sNDA provisions and/or 505(b)(2) depending on label and dosage form

KeyDevelopmentInformation

• FDA determination of safety and efficacy for gentamicin including Basis of Approval

• Published literature documenting safety and toxicity profile of gentamicin

• Published literature documenting safety and toxicity profile of DTPA

Key Data in IND

• Vehicle: GRAS components• DTPA: excipient concentration

limited to FDA levels in inactive ingredient list

• Gentamicin: 0.1% concentration as per long-approved product

Product Composition

• Utilize cGMP master vendor for:• Analytical methods development• Optimizing current cream

formulation• Developing a new and

proprietary cream formulation• Stability and shelf life

optimization• Production of cGMP batches• Full documentation set

Formulation and cGMP

BioLexa Clinical and Non-Clinical Development

StrictlyPrivate&Confidential

27The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

EczemaPhase2Development

Phase2b– Safety

Design • Double-blind,placebocontrolledstudytoevaluatethesafetyandefficacyoftopicalBioLexa Preparationinpatientswithatleasta2yearhistoryofEczemasymptom flare-ups.Allsubjectswillbetheirowncontrol

Sample size • 100pediatric subjects.Eachsubjecttoreceiveactiveproductononebodyareaandplaceboonanother

TreatmentSchedule • Oncedailytopical applicationdirectlyonskin,1mmthicknessfor2weekdurationofstudy

Endpoint 1 • Safety

Endpoint2 • Timetosymptomflare-up

Centers • 3

Inclusion • Pediatricsubjectswithatleast2yearhistoryofeczemasymptomsonmultiplebodyparts

Exclusion • Asperindication

Duration • 14daysactivephase

StrictlyPrivate&Confidential

28The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

EczemaPhase3Development

Phase 3PivotalStudy Phase3 ConfirmatoryStudy

Design • Double-blind,placebocontrolledstudytoevaluatethesafetyandefficacyoftopicalBioLexaPreparation inpatientswithrecurringeczemasymptoms

• Double-blind,placebocontrolledstudytoevaluatethesafetyandefficacyoftopicalBioLexaPreparation inpatientswithrecurringeczemasymptoms

Sample size • 150• 150 placebo• 150 active

• 150• 150 placebo• 150 active

Statisticalhypothesis • Timetosymptomoccurrenceimproved versusplacebo • Timetosymptomoccurrenceimproved versusplacebo

TreatmentSchedule • As perphase2bresults • As perphase2bresults

Endpoint 1 • Timetosymptomoccurrenceimproved versusplacebo • Timetosymptomoccurrenceimproved versusplacebo

Endpoint2 • TBD • TBD

Endpoint3 • TBD • TBD

Centers • 10 • 10

Inclusion • Patientswithatleast2yearhistoryofrecurring eczemasymptoms

• Patientswithatleast2yearhistoryofrecurring eczemasymptoms

Exclusion • Asperindication • Asperindication

Duration • 21daysactivephase • 21daysactivephase

StrictlyPrivate&Confidential

29The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

ECZEMAOPPORTUNITYALONE– PROGRAMVALUATION

$000 2016-20 2021 2022 2023 2024 2025 2026

Revenueatwholesale

n/a $3,077 $31,236 $63,410 $160,903 $326,633 $497,299

CGS n/a ($947) ($9,611) ($19,510) ($49,509) ($100,503) ($153,015)

GrossMargin n/a $2,130 $21,625 $43,900 $111,394 $226,130 $344,284

Royalties n/a ($200) ($2,030) ($4,121) ($10,458) ($21,231) ($32,324)

Development ($9,015)

G&A ($3,160) ($1,000) ($2,186) ($4,438) ($11,263) ($22,864) ($34,811)

Marketing& Sales ($500) ($923) ($9,370) ($19,023) ($48,271) ($97,990) ($149,190)

PTP ($12,675) $7 $8,039 $16,318 $41,402 $84,045 $127,959

Taxes n/a n/a ($3,215) ($6,526) ($16,561) ($33,618) ($51,184)

ATP ($12,675) $7 $4,824 $9,792 $24,841 $50,427 $76,775

Terminal Value(3x) $1,491,898

TotalCashflows ($12,675) $7 $4,824 $9,792 $24,841 $50,427 $1,568,673

Probability 95% 50% 50% 50% 50% 50% 50%

Risk Adjusted ($12,041) $4 $2,412 $4,896 $12,420 $25,213 $784,336

NPVat30% $43,216

StrictlyPrivate&Confidential

30The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

AestheticDermatology

Indication AnnualUSProcedures EstimatedProcedureRevenues(USD)

EstimatedUSBioLexaMarket(USD)

Laserskinresurfacing(laserdermalablation) 2.4M $5.3B $480M

Skincancer 3.0M $4.5B $450M

Acnescar repair 2.0M $2.0B $300M

Cosmeticplasticsurgery 1.4M $7.0B $750M

• Postprocedureinfectionrisk:• 4-6%ofpatientsundergoingaestheticdermatologyproceduresdevelopinfectionsandover40%oftheseinfectionsinvolveStaph

aureus• Forelectiveprocedures,post-procedureinfectiontreatmentisanaddedcosttothepatientthattheirinsurancewilllikelynot

reimburse• Timetohealing:

• Infectionsslowdownskinrepairandthereforeincreasinghealingtime• Infectionsoftenresultinsub-parskinregenerationpotentiallyjeopardizingtheoutcomesoftheaestheticprocedure• Typicaltimetocompleteclosureis10-15dayspost-procedure• Accelerationofcompleteclosureby2-3daysresultsinhighstatisticaldifferencesbetweentreatmentgroups

RevenueDrivers

BioLexa’sabilitytofightbacterialgrowthwillenabletheinnateimmunesystemtofocusonhealingqualityratherthanfightingpost-procedureinfection.

BioLexa willreducepost-procedureinfections,acceleratehealingandimproveclinicaloutcomesforpatientsundergoingaestheticdermatologyprocedures

StrictlyPrivate&Confidential

31The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

• LaserAblationpatientshave4-6%overallpost-procedureinfectionrates.• Infectionsdisruptoverallhealingtimeandimpactcosmeticoutcomes• Typicaltimetocompleteclosureis10-15dayspost-procedure• Accelerationofcompleteclosureby2-3daysresultsinhighstatisticaldifferences

betweentreatmentgroups• BioLexa’s modulationofbacterialgrowthwillenabletheinnateimmunesystemto

focusonhealingqualityinsteadoffightingpost-procedureinfection

LaserDermalAblation

StrictlyPrivate&Confidential

32The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

LaserAblationPhase2DevelopmentProgram:2DistinctTrials

Phase2a– PILOTSTUDY Phase2b– DOSERANGING

Design • Double-blind,placebocontrolledpilotstudytoevaluatethesafetyandefficacyoftopicalBioLexa Preparation inpatientsundergoingcarbondioxidelaserablationoftheface– 2a

• Double-blind,placebocontrolleddose-rangingstudytoevaluatethesafetyandefficacyoftopicalBioLexaPreparationinpatientsundergoingcarbondioxidelaserablationoftheface– 2b

Sample size • 12• 6PLA• 6active

• 60• 20 PLA• 20activeoncedailyfor5days• 20activeeveryotherdayfordurationofstudy

Statisticalhypothesis • Descriptivestatistics • TBD fromphase2a• Deltaintime-to-healing,incidenceofinfection,cosmetic

outcomes

TreatmentSchedule • Oncedailytopical applicationdirectlyoninjuredarea,1mmthicknessfordurationofstudy

• Oncedailytopical applicationdirectlyoninjuredarea,1mmthicknessfordurationofstudy

• Oncedailytopical applicationdirectlyoninjuredarea,1mmthicknessforinitial5daysafterlaserablation

Endpoint 1 • Adverse events • Time-to-healing, cosmeticoutcomes

Endpoint2 • Time-to-healing • Incidenceofinfection

Endpoint3 • Incidence ofinfection • Adverseevents

Centers • 2 • 4-6

Inclusion • Pts.Undergoingcarbon-dioxidelaserablation • Pts.Undergoingcarbon-dioxidelaserablation

Exclusion • Asperindication • Asperindication

Duration • 21daysactivephase• 6weekcontrolvisit(safetyoutcomes)

• 21daysactivephase• 6weekcontrolvisit(cosmeticoutcomes)

StrictlyPrivate&Confidential

33The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

LaserAblationPhase3Development

Phase 3PivotalStudy Phase3 ConfirmatoryStudy

Design • Double-blind,placebocontrolledstudytoevaluatethesafetyandefficacyoftopicalBioLexapreparation inpatientsundergoingcarbondioxidelaserablationoftheface

• Double-blind,placebocontrolledstudytoevaluatethesafetyandefficacyoftopicalBioLexapreparation inpatientsundergoingcarbondioxidelaserablationoftheface

Sample Size • 300• 150 PLA• 150 active

• 300• 150 PLA• 150 active

StatisticalHypothesis

• Cosmetic outcomesimprovedvs.PLAaftermonth3and6(FitzpatrickWrinkleScale)

• Cosmetic outcomesimprovedvs.PLAaftermonth3and6(FitzpatrickWrinkleScale)

TreatmentSchedule

• As perphase2bresults • As perphase2results

Endpoint 1 • Cosmetic outcomesimprovedvs.PLAaftermonth3and6(FitzpatrickWrinkleScale)

• Cosmetic outcomesimprovedvs.PLAaftermonth3and6(FitzpatrickWrinkleScale)

Endpoint2 • TBD • TBD

Endpoint3 • TBD • TBD

Centers • 10-20 • 10-20

Inclusion • Pts.Undergoingcarbon-dioxidelaserablation • Pts.Undergoingcarbon-dioxidelaserablation

Exclusion • Asperindication • Asperindication

Duration • 21daysactivephase• 6weekcontrolvisit(safetyoutcomes)

• 21daysactivephase• 6weekcontrolvisit(cosmeticoutcomes)

StrictlyPrivate&Confidential

34The Offering Documents consist of the Private Placement Memorandum, Unit Purchase Agreement, Subscription Agreement, Form of Warrant and Registration Rights Agreement. This documentdoes not constitute an offering document. Potential investors or shareholders should not rely on the information contained in this document before making an investment decision. Thisdocument has been prepared for informational purposes only. This document, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendationto subscribe for or purchase any security and neither the document, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does notpurport to summarize all information that an investor should consider when making an investment decision. It should be read in conjunction with the Offering Documents.

OverallDevelopmentTimelineandCost:LaserDermalAblation

Activity Cost Partner 1Q 2Q 3Q 4Q Year2 Yr.3 Yr.4

CMC:formulation,cGMP,stability $250K CMO

Pre-INDandIND $125K Legal,CRO

Phase2a PilotStudy $200K CRO

Phase2bdoseranging $500K CRO

CMCforPhase 3 $750K CRO

Phase3trial1 $2M CRO

Phase 3trial2 $2M CRO

NDAprepandsubmission $750K CRO

FDAreviewandapproval $150K Reg,CRO

Totalinvestment* $6.275M

*Costsdonotincludeinternaloverhead

DevelopmentofBioLexainlaserdermalablationwillcostapproximately$6.3M.FDAapprovalinfirstindicationisplannedfor3yearsfromstart.