Late stage clinical

development projects with

extraordinary safety

Stockholm, May 2017

CONFIDENTIAL

Promore Pharma at a Glance

2

Strong commercial

potential

2

▪ Bioactive wound care represents the segment within wound care with the highest

projected CAGR (double-digit)

▪ Aiming at segments without any existing prescription products

▪ Post-surgical adhesions and VLU represent indications with limited R&D competition

Future add-on

opportunities

3

▪ Aggregated blockbuster potential with sales exceeding 1 billion USD

▪ Both key programs represent significant opportunities for indication broadening

▪ Opportunities for co-development partnerships that can provide partial future funding

Late-stage programs

with high safety

1

▪ PXL01 for prevention of post-surgical adhesions to enter Phase III in EU, US and India

▪ LL-37 for treatment of VLU to enter Phase IIb in EU

▪ Multi-functional human peptides with extraordinary safety -- low risk for adverse effects

CONFIDENTIAL

Two Main CandidatesFirst-in-category treatments for tendon injuries and leg ulcers

3

PXL01 a therapeutic peptide for prevention of post

surgical adhesions after tendon repair surgery

READY FOR PHASE III READY FOR PHASE IIb

LL-37 a therapeutic peptide for treatment of hard-to-heal

venous leg ulcers

CONFIDENTIAL

Peptides: A Unique Class of Therapeutics

4

Molecular Weight (Da)

102 103 104 105 106

BiologyChemistry

• Standardized mfg process• Low(er) COGs• Low generic erosion

CONFIDENTIAL

Bioactive Wound Care Fastest Growing Market Segment

▪ The global wound care market is expected to reach USD 20.4 billion by 2021 from USD 17.0 billion in 2016

▪ Bioactive wound care is forecasted to be the fastest growing segment in the wound care market

o Expected to reach USD 7.3 billion in 2020, growing from USD 3.8 billion in 2015

▪ Promore is going into Phase III with an extraordinary safety profile in a high growth segment

5

0

1

2

3

4

5

6

7

8

2015 2020

Source: Technavio ”Global bioactive wound care market 2016-2020”

Drivers

▪ Increase in aging population

▪ Escalating prevalence of underlying

chronic disease (CVD and T2D)

▪ Advancement in technology; new non-

pharmaceutical products capturing

premium pricing

▪ Increased recognition of health economics

from reimbursing agents (payers)

Global bioactive wound care market 2015-2020 (USD bn)

CONFIDENTIAL

SURGICAL ADHESIONS

PXL01

6

CONFIDENTIAL

Tendon Injuries: The Medical Need

7

▪ Annual incidence of accidental tendon

injuries corresponds to 0.1% in the

general population

– procedures in the hand account for one third

▪ 20-50% of subjects undergoing surgery of

tendons of the hand never recover full

mobility and finger strength post-surgery

▪ There are currently no pharmaceutically

active products on the market for anti-

adhesion

The need

▪ Tendon transections are often

accompanied by nerve damage resulting

in pain or sensory loss

Nerve damage

Criteria for effective clinical documentation

▪ High incidence of scar formation

▪ Methods for clinical assessment are:

─ Validated

─ Quantitative

─ Standardized

▪ Mainly young and healthy patients

▪ Surgery in a limited number of specialized

centers

In 2015, U2’s singer had a

bicycle accident with a hand

injury resulting in impaired

ability to play guitar.

CONFIDENTIAL

PXL01: Product Concept

8

DOSING: Single

administration at the

surgery

BIOAVAILABILITY: Drug

available at site of action

SAFETY: Rapid

degradation of peptides

in the bloodstream: very

low systemic exposure

ANTI-INFLAMMATORY:

Inhibition of TNF-a and

IL-1

FIBRINOMODULATORY:

Down-regulation of PAI-1

Single-injection of lubricating hyaluronate-based gel containing PXL01 which is a multi-functional anti-inflammatory human peptide

PRE-FILLED SYRINGE:

Sterile solution, 0.5 ml

with stability of >12 mo

CONFIDENTIAL

Phase II Outcome SummaryPatients in Per Protocol Analysis Set (PPAS)

9

Endpoint PXL01 Placebo P-Value

DIPAM (the most distal finger joint) 6 M post-surgery60 degrees 41 degrees P<0.05 ✔

Tip-to-crease distance 6 mo post-surgery5.0 mm 15.5 mm P<0.05

✔

Patients with optimal nerve recovery (normal or

diminished light touch) 12 weeks post-surgery76% 35% P<0.05

✔

Fraction of patients with ”Good” or ”Excellent”

functional score 6 M post-surgery61% 38% P<0.05 ✔

CONFIDENTIAL

Large Health-Economic Benefit of PXL01Reduction of re-surgery

• Secondary endpoint in Per-Protocol Set

• The Investigator or delegated study personnel judged whether it was likely that the patient

would benefit from tenolysis to improve mobility in the treated finger

10

P< 0.10 in PPAS

PXL01 Placebo

12%

30%

At the time of the final follow-up visit, at 12 months post-surgery, there were more patients in

placebo group who were considered to likely benefit from tenolysis, compared to PXL01 group

CONFIDENTIAL

Tendon- and nerve

injury repair

Orthopedic surgery,

e.g. TKA

Opportunities to Expand PXL01 MarketPotential for expansion of geographies and indications is strong

Dermal scarring

>3 million procedures

>4 million TKAs

PXL01 in hyaluronic acid

>40 million relevant

procedures

In 2015, >300 million surgical

procedures conducted world-wide

CONFIDENTIAL

CHRONIC LEG ULCERS

LL-37

12

CONFIDENTIAL

Chronic Wounds: The Medical Need

• There are an estimated 40 million patients

world-wide with challenging wounds

– 15 million on the major pharmaceutical

markets

• There are no prescription products for VLU:s

• The medical value of existing pharmaceutical

products for DFU:s is considered very limited

• There is a major need for effective multi-

functional products that can be used for

curative therapy in all categories of wounds

13

”…Less than 30% of all challenging wounds are

being treated properly…”

BioMedGPS, 2014SmartTRACK Business Intelligence Report

VLU:s

DFU:s

Auxiliary

Pressureulcers

Addressable market for VLU alone is

estimated at 3 bnUSD (EU and US) per year

CONFIDENTIAL

LL-37: Product Concept

• Does not require change of

medical practice

• Application frequency matches

current medical standards

• Can be applied by patient or a

nurse

• Excipients are well characterized

and can be procured at a very

low cost

14

A viscous hydrogel containing the peptide is applied 2-3 times weekly in

conjunction with regular dressing changes

DOSING: Flexible

dosing by choice of

injection volume

COMPATIBLE: Can

readily be combined with

the most common

compression bandages

FILM: The hydrogel

forms a thin local ”film”

over the wound area

CONFIDENTIAL

0

20

40

60

80

100

120

0 3 6 9 12 15 18 21 24

Per

cen

tag

e o

f b

asel

ine

wo

un

d a

rea

Visit No.

Placebo

0.5 mg/ml

1.6 mg/ml

3.2 mg/ml

Randomization

Follow-up PeriodTreatment Period

16

***

* p<0.05

** p<0.001****

LL-37 Efficacy: Wound Area Reduction (%) Optimal dose range for Phase IIb identified

15

Optimal dose

interval identified

(RP2D)

CONFIDENTIAL

Clinical Development ProgramA portfolio of novel therapeutic peptides

16

1st patient

Clinical data

PXL01Tendon Repair

Surgery

LL-37Venous Leg

Ulcers

Diabetic Foot

UlcersLL-37

Phase III EU

Tendon Repair

SurgeryPXL01

Phase IIb

Phase III North America

Phase lIa

Product

candidateIndication 2017

Planning

Project started

2018

Project started

2019 2020

Phase III (with partner)

Planning

▪ Expected market approval of PXL01 in EU and North America in 2021

▪ Expected market launch of PXL01 in 2022

▪ Significant proportion of prospective costs are already secured through alliances and partnerships

Fully funded

Financing with

IPO proceeds

Financing with

IPO proceeds

Financing with

IPO proceeds

Financing

CONFIDENTIAL

Management Team

17

Jonas Ekblom, CEO▪ Dr. Jonas Ekblom has over 25 years of experience from

the life science sector, with a focus in pharmacology and drug development. Dr. Ekblom has served as CEO of Bows Pharmaceuticals AG. Prior to that, he has held senior/executive management positions in Pharmacia, Biovitrum, Sequenom and Invitrogen.

▪ Ekblom has published over 60 peer-reviewed articles

Margit Mahlapuu, CSO▪ Dr. Margit Mahlapuu is an executive with close to 15

years of experience in discovery and development of novel pharmaceuticals from the biotech and pharma industry. Dr. Mahlapuu joined the company in 2007 and has since then been responsible for R&D function and clinical strategy of the programs.

▪ Dr. Mahlapuu has authored 40 articles in peer-reviewed scientific journals and is inventor on 5 pending patent applications

Ulrika Wennberg, COO▪ Ms. Ulrika Wennberg has over 20 years of business

experience as an entrepreneur, project manager, management consultant and business leader. Ms. Wennberg has broad experience from several different industries, e.g. consulting, IT, media and biotech.

Jenni Björnulfson, CFO▪ Mrs. Jenni Björnulfson has close to 15 years of experience

from the financial markets with a strong focus on the health care sector. Mrs. Björnulfson spent the majority of her financial market career within investment banking at Handelsbanken Markets and Alfred Berg/ABN AMRO. Most recently Mrs. Björnulfson held various management positions within GHP, a specialised health care services company.

CONFIDENTIAL

Board of Directors

18

Göran Pettersson, Chairman▪ Mr. Göran Pettersson has served as chairman at Axelar,

Medivir and OxyPharma. Previous positions include board member at Recipharm and CEO and board member at Meda Sverige AB and Pharmacia AB.

Torsten Goesch▪ Dr. Torsten Goesch has been Partner of Rosetta Capital

Limited since 2002. Dr. Goesch is responsible for the management of several Rosetta Capital investments and serves as boardmember of Forward Pharma, Vistagen Pte Ltd, Dilafor AB and Dilaforette AB

Göran Linder▪ Mr. Göran Linder serves as board member and CEO at

Midroc New Technology AB. Mr. Linder is also board member at Powercell Sweden AB (publ), Nilsson Special Vehicles AB (publ), Minesto AB, Crunchfish AB and Heliospectra AB (publ).

Satyendra Kumar▪ Dr. Satyendra Kumar represent Pharmaresearch

Products LTD

▪ Dr. Kumar combines a medical background with years of operational and deal-making experience in the life science sector

Marianne Dicander Alexandersson▪ Mrs. Marianne Dicander Alexandersson is the founder

and chairwoman of MDA Management AB. MrsDicander Alexandersson is also boardmember at Enzymatica AB (publ), Camurus AB (publ), RecipharmAB (publ), Addera Care AB (publ) and Praktiertjänst AB.

CONFIDENTIAL

Investment CaseLate stage clinical development projects with extraordinary safety

19

Late stage clinical development phase

1

Unmet medical need – no pharmaceutical products2

Validated technology with strong IP protection

3

Strong safety profile and low development costs4

Low fixed costs and significant financing secured6

High growth potential 5

Experienced management and Board of Directors7

CONFIDENTIAL

Important Notice and Disclaimer

20

THIS PRESENTATION AND ANY OTHER INFORMATION DISCUSSED AT THE PRESENTATION (THE “PRESENTATION”) IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, WHICH HAS BEEN

PREPARED AND IS ISSUED BY PROMORE PHARMA AB (THE “ISSUER”) IS PRELIMINARY IN NATURE, BASED ON MANAGEMENT BELIEFS AND IS SUBJECT TO UPDATING, REVISION AND AMENDMENT. THIS PRESENTATION MAY

NOT BE REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. ANY FAILURE TO COMPLY

WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.

This Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, (i) any offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any shares, securities or financial

instruments of the Issuer or its parent (the “Securities”), nor shall it, or the fact of its communication, form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment whatsoever with respect

to any Securities; or (ii) any form of financial opinion, recommendation or investment advice with respect to any Securities. This Presentation is not a prospectus. Any decision to purchase Securities in the context of an offering should be made on

the basis of information contained in the offering circular expected to be published by the Issuer in due course in relation to such an offering. The information and opinions contained in this Presentation are provided as at the date of the

Presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Issuer. The information in this presentation is in draft form and has not been independently verified. Neither the

Issuer, nor Redeye AB (“Financial adviser”) or any of their respective partners, directors, officers, advisers, affiliates or representatives undertake or is under any duty to update this Presentation or to correct any inaccuracies in any such information

which may become apparent or to provide you with any additional information. None of the foregoing persons accept any responsibility whatsoever for the contents of this Presentation and no representation or warranty, express or implied, is made

by any such person in relation to the contents of this Presentation, and no reliance should be placed on, fairness, accuracy or completeness of the information and opinions contained in this Presentation. The Issuer and the Financial adviser and

their respective directors, officers, employees, partners, advisers and agents expressly disclaim, to the maximum extent permitted by law, any and all liability, whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise,

in connection with the accuracy or completeness of the information or for any of the opinions contained herein, or any other written or oral information made available in connection with this Presentation, or for any errors, omissions or

misstatements contained in this Presentation or such other information. None of the Issuer and Financial adviser or any of their respective directors, officers, employees, partners, advisers and agents shall have any liability whatsoever (in

negligence or otherwise) for any direct, indirect or consequential loss, damages, costs or prejudices whatsoever arising from the use of this Presentation or its contents or otherwise arising in connection with this Presentation. The information

contained in the Presentation does not constitute and may not be relied on in any manner as legal, tax, investment, accounting, regulatory or other advice on, about or in relation to the Issuer, nor does it constitute a recommendation regarding the

Securities. You should seek independent and professional advice and conduct your own independent investigation and analysis of the information contained in this Presentation and of the business, operations, financial condition, prospects, status

and affairs of the Issuer. This Presentation contains various forward-looking statements that reflect the Issuer’s management’s current views with respect to future events and anticipated financial and operational performance and include, among

other things, changing economic, business or other market conditions, changing regulatory conditions and the prospects for growth. Forward-looking statements as a general matter are all statements other than statements as to historical facts or

present facts or circumstances. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions, identify certain of these forward-looking

statements. Other forward-looking statements can be identified in the context in which the statements are made. Although Promore Pharma AB believes that the expectations reflected in these forward-looking statements are reasonable, it can give

no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in

the forward-looking statements. All statements (including forward looking statements) contained herein are made as of the date of this Presentation. The Issuer expressly undertakes no obligation to update or revise this Presentation in case such

estimates, projections or forward-looking statements do not materialize or change in the future and the parties named above disclaim any such obligation to do so. Accordingly, prospective investors are cautioned not to place undue reliance on any

of the forward-looking statements herein. Certain market and competitive position data contained in this Presentation has been obtained from published and non-published industry publications or reports conducted by third parties. Such

publications or reports generally state that the information they contain has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. Neither the Issuer nor the Financial adviser

have verified and can give no assurances as to the accuracy of such information, market data or other information contained in this Presentation that was extracted or derived from these publications and reports. Certain statements in this

Presentation regarding the market and competitive position data are based on the internal analyses of the Issuer, which may involve certain assumptions and estimates based on the knowledge and experience of its management. Although the

Issuer believes that its internal observations are reliable, its estimates are not reviewed or verified by any external sources. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in

this Presentation. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States, and

may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the

Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Issuer does not intend to make any public offering of Securities in the United States. This presentation and its contents

may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. In the United Kingdom, this Presentation is directed only at persons who are “Qualified Investors” within

the meaning of meaning of Article 2(1)(e) of Directive 2003/71/EC, as amended (the “Prospectus Directive”) (i) who have professional experience in matters relating to investments who fall within the definition of Article 19(5) of the Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”'); and/or (ii) fall within Article 49(2)(a) to (d) of the Order (“high net worth companies, unincorporated associations etc.”); and/or (iii) other persons to whom it may

otherwise lawfully be communicated (all such persons being “Relevant Persons”). In other member states of the European Economic Area, this Presentation is directed only at Qualified Investors. Any investment or investment activity to which this

Presentation may relate would, if made available and engaged in, be made available only to and engaged in only with such persons. This Presentation must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant

Persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. By attending a meeting where this Presentation is made, or by otherwise accessing the

Presentation, you warrant, represent, undertake and acknowledge that: (i) you have read and agree to comply with the foregoing limitations and restrictions, (ii) you are able to receive this Presentation without contravention of any applicable legal

and regulatory restrictions and you understand the sanctions attached to the misuse, disclosure or improper circulation of the Presentation, (iii) if you are in the European Economic Area, you are a Qualified Investor, and (iv) if you are in the United

Kingdom, you are a Relevant Person.