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Capricorn Consilium - Founded 2009 in Vienna, Austria

– Consulting for Life Science companies in Austria and Europe

– Placement of Interim Managers, focus on Life Science

Since mid 2014 a partner of

Ventac Partners

with offices in Boston, Boulder, Basel, Copenhagen, Dusseldorf, Helsinki, Hong

Kong, Lund, London, Madrid, Munich, New York, Shanghai and

Vienna

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Contents

• About Ventac Partners– The Team’s Competitive Edge– Global Presence

• Services– Industry– Government– Universities

• Ventac’s Portfolio Companies• How we work• Focus on China• Appendix

- Ventac’s track record

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About Ventac PartnersExperts in Life Science Business Development

• Global consulting and transaction company

• Dedicated to life science

• Headquartered in Copenhagen, Denmark

• Offices in North America, Europe and Asia

• Grow, among others, our own portfolio of startups

• 21 partners, all experienced executives

• Entered China via merger with Nine Bridges Capital

Our Consultants are located around the WorldWe work where you do

Lund

Copenhagen

BaselMadrid

Hong Kong

BoulderBoston

Munich

Helsinki

ViennaDüsseldorf

ShanghaiNew York

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San Francisco(2016)

London

Our Team’s Competitive EdgeWhere we leave others behind

We can manage all steps from analysis to operations

Analyze

Exe

cute

Analysis

Planning

Implementing

Executing

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Ventac’s Global Business

Strategic Partnerships – Buy and Sell Side

- Pharma, SMEs, Tech-Transfer

- All subsectors of Life Science

- Licensing, JVs, M&A, virtually all deal structures

Venture Capital Fundraising

- Rx, Dx, Medical Devices, Healthcare IT

- All subsectors of Life Science

Ventac Portfolio Companies

- Europe, Asia

Market Research

- Analysis of therapeutic/diagnostic/medtech areas

in various territories

- Mapping of companies/products

- Market opportunity assessments

BD&L Training Workshops

- Life Science Executives

- University Post-graduates / Post-Docs /

Tech Transfer

• Strategic development, board roles, turn-around team

• Due diligence

• Fund raising

• Pre-clinical and clinical development

• Business intelligence, scouting, market analyses and market penetration plans including regulatory and reimbursement aspects

• Business development, licensing and market penetration/expansion

o Asia with China as focus

o Europe

o USA

Services for Industry and GovernmentTailored and Professional

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• Commercial validation of early projects

• Research – commercial interface development plan for early projects

• Training students and tech transfer officers in patent strategy, licensing and company formation

• Founding and driving spin-out businesses with university stakeholders

• Driving out-licensing of projects in collaboration with university stakeholders

Services to Universities and TTOsPractice-oriented and efficient

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We Start and operate new life science CompaniesAppreciated by Investors

University technology

Venture Capital

Management

• Ventac Partners identifies early-stage assets and technologies from universities

• Hundreds of opportunities are reviewed before settling on the best ones with the greatest chance of success

• Ventac Partners creates a new company which licenses the technology from the University

• Ventac Partners prepares the business plan and obtains seed funding from investors

• Ventac Partners creates a 2-4 person management team who work for company for equity and low monthly fees

• Efficient model means investment is focused on product development, not salaries nor expensive labs/offices

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Examples from our PortfolioVentac Partners serves as management in the Companies

• Spin out from Norwegian UST & Oslo University

• Currently in Phase II for psoriasis

• Partnering discussions ongoing

• Developing steroidal small molecules for cancer

• Currently in advanced Preclinical testing

• Currently seeking investors and/or corporate partners

• Spin out from Guangzhou Institute

• Developing drugs to treat diabetes

• Currently seeking investors and/or corporate partners

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For a more comprehensive look on Ventac’s track record please go to back-up slides

Licensing: We efficiently increase the pace of BDFaster business development without major increases in Expenses

Situation

• Management needs to increase in- and out-licensing capabilities and deal flow

• Ample supply of experienced BD professionals available

• Demand for quality assets with attractive commercial potential and a clearly-defined risk profile has never been greater

Challenges

• Investors demand faster BD&L, distracting management from key operational tasks

• Hiring BD talent is expensive, risky, and time-consuming

• Need to emphasize commercial benefits and risks to prospective partners

Our Solution

• We provide the BD services needed, enabling management to focus on the rest of the business

• Outsourced BD led by independent, seasoned professionals

• Materials and processes emphasize commercial benefits to prospective partner, uncluttered by technical details

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Scouting: We take a strategic ApproachHelping companies to source Assets

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• Which therapeutic areas make sense for client?

• What size transaction can client reasonably execute?

• Are there markets outside the core which can be entered?

• Are there some current markets which should be exited?

Understand Plan

• Which are the best approaches to source assets?

• Which conferences?

• Which contacts and consultants?

• Which companies?

• How should they be approached?

• What marketing materials and messages do we need?

Iterate

• Are we generating too many leads?

• Are we generating too few leads?

• What is working well?

• What is not working well?

• What do we need to do to improve the process?

• Do we need to meet more often with client?

Execute

• Marketing of search criteria via multiple channels: conferences, email, Internet

• Initiate contact with asset holders

• Conduct initial due diligence

• Initiate execution of CDAs between asset holder and client

• Due diligence & negotiations

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Ventac’s China Business

Strategic Partnerships – Buy and Sell Side

- Pharma, SMEs, Tech-Transfer

- All subsectors of Life Science

- Licensing, JVs, M&A, virtually all deal structures

Venture Capital Fundraising

- Rx, Dx, Medical Devices, Healthcare IT

- All subsectors of Life Science

Ventac Portfolio Companies

- CASiGEN, Hong Kong

- Shanghai TBD

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ChinaA tremendous Opportunity

• Life Science in China is Booming– 20%+ growth per year – Is expected to continue growing at that

rate in the foreseeable future – Massive government incentives – Large pool of returnees that have come

back to China to start new businesses

• Cross Border Deal Activity in Life Science is Strong– > 85% of all partnerships in China over

the last several years – Flow of technology primarily into China– $538M in partnering deals in 2014– Licensing deals: 50%, – Co-development: 25%

• China is investing in Western Companies – VC investment in China surpassed $1B in

2015 – Deal terms improving rapidly

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Why China? Why Ventac?

The Time for China is Now– Market is growing, deal terms are improving and China is

hungry for good Western technology

China is Not Without Risk– IP, business practices, manufacturing quality, regulatory or

certification processes, rule of law are typical issues– Ventac will guide you to work with the best people and

companies

Ventac Can Help Your Company With Virtually All Cross Border Transactions in China Life Science

– Experience with just about any deal structure you can imagine, including VC funding, licensing, joint ventures, M&A, divestitures tech-transfer agreements, strategic partnerships…

Strong China

Demand

China Is Complex

VentacKnows China

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Ventac’s China Team

Mikael Oerum – Copenhagen

• Founder, Ventac Partners

• Current CEO, Avexxin

• Board Chair, HUNT Biosciences, others

Jonathan Myers – Shanghai

• Former BD, Pain Tx, Onyx, Chiron, Roche

• Numerous transactions worldwide

• MBA, Rotterdam SOM

Stephen Lee – Hong Kong

• Founder, Casigen Pharma

• Financing, business development, licensing

• Ph.D., Oxford

• Ventac Partners currently has 19 partners across North America, Europe and Asia (Shanghai, Hong Kong)

• All with strong industry experience in operations, management, and/or business development

• Partners brought into a project as needed, enabling Ventac to efficiently scale up or down as needed

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China VC RelationshipsAll firms on our “First To Call” list

• We maintain an active database of 100+ life science investor relationships

• Other investors include:– W.I. Harper– Mingly China Growth Fund– DFJ Dragon Fund– Mustang Ventures– Mitsui Global Investment

The International PartnersMikaelØrum Martin

Austin

DedeWillis

RobertBuchanan

AartiKapoor

KostasAlevizopoulos

BengtWestrin

MirkoStange

LarsHedbys

PeterDamsbo

Rolf Ehrnstrom

StephenLee

SeppoMakinen

Scott Woodward

Neil Thomas

DennisHenriksen

MartinGoetting

Pharma – Biotech – Medtech

JonathanMyers

CarlosVelez

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Martin Götting, Partner

Ventac Partners Office Austria

Untere Weissgerberstr. 49/19

A-1030 Vienna

mgoetting@ventac-partners.com

Cell: +43 (0) 676 930 3370

Tel: +43 (0) 1 941 8868

Fax: +43 (0) 1 2533 033 3885

www.ventac-partners.com

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Ventac’s Track Record

Confidential US Medical Devices Co.

Ventac has been retained in China to raise a Series A round for a US based medical device company in the orthopedics space.

Confidential Chinese Drug Dev. Co.

Ventac has been retained to negotiate several licensing agreements for a Chinese drug development company in CNS.

Confidential Japanese Drug Dev. Co.

Ventac has been retained to find licensing partners in China for a Japanese drug development company and has received a term sheet.

CasiGen, a Ventac Portfolio Company (Hong Kong), licensed several diabetes compounds from the Guangzhou Institute of Biomedicine and Health (GIBH).

Fosun (Shanghai) has taken a 37% equity stake in Ventac Portfolio company, MiacomDiagnostics (Germany).

Confidential Korean Drug Dev. Co.

Out-licensing of multiple assets from Korean client in oncology, diabetes, osteoporosis, CVD. Two term sheet discussions underway,

Confidential Indian Drug Dev. Co.

Indian manufacturer of Rx and OTC products seeking US partners. One MOU signed, and product development underway.

bioXell SpA (Italy) raises €17m B Round, €23m C round and €10.5m in Private Financing. bioXell focuses on urological, CNS, and AI drug development.

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Ventac’s Track Record

Cellerix (Spain) (now TiGenix NV, Belgium) Raises a €27.2m B round and €27m C round. Cellerix has a clinical stage pipeline in inflammatory and AI.

Genetrix SL (Spain) sells group company ImbiosisSL (gluten analysis reagents and service) to R-Biopharm AG (Germany).

PTI (USA) out-licenses several pain compounds to King Pharmaceuticals for $400M, including $150M upfront, $150M in milestones and $100M in R&D reimbursement.

Evolva SA (Switzerland)CHF 21.5M pre-A round,

CHF12M A round, CHF44M Series B round Additional CHF5M investment into Evolva’s Indian subsidiary.

Novartis Research Foundation - First right of refusal to $35M annual funding and spin-out of FMI. 5 licenses to enabling technology to top-tier pharmas.

Primex Pharmaceuticals (Finland) – Raises a €4M A round in coordination with Midas equities in 2014.

2014 Merger between GIN Oy, Finland and Sigolis AB, Swedenforming Ginolis Oy, a company focusing on Point of Care disposables and automation

2014 acquisition of JOT Automation Life science business by Ginolis Oy, Finland.

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Ventac’s Track Record

The Norwegian University of Science and Technology out-license therapeutic technology platform for treatment of respiratory diseases to Algipharma AS in 2006

APIM Therapeutics acquired key cancer technology from NTNU

in 2009. Raises Seed, Series A and Series B financing (undisclosed)

In 2008, LEN out-licenses broad host vector technology for research and commercial use to Sigma Aldrich Co. and spin out VectronBiosolutions AS.

In 2012, the Norwegian University of Science and Technology concludes second license with Algipharma AS within animal health.

Etexx BiopharmaceutialsInc.(USA) in-licenses in 2004 bioinformatics platform for drug repurposing from UTSouthwestern Medical Center. Financial terms undisclosed

In 2011, Regenesance BV (Ventac portfolio company) in-licenses therapeutic platform from Academic Medical Center, Amsterdam for neurodegenerative disorders

Avexxin AS, Norway(Ventac portfolio company) raises Seed, Series A, Series B and Series C funding 2010-2014.

2014, Idogen, Swedenraises Series A financing and prepares for listing on Swedish Stock Exchange

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Crafting New Business ModelsDevelopment of a strategy for a Scandinavian Biobank to pivot from

Samples to Information

Situation

• Scandinavian biobank established in 2007 focused on samples

• Trying to monetize sample access to industry for discovery purposes

• Commercial objectives not being met

Challenges

• Biobank industry becoming increasingly competitive

• Client lacked sufficient resources and personnel to execute business plan

• Need to refresh competitive analysis and industry trends analysis

Our Solution

• Conducted detailed study of biobankindustry trends and competitors

• Expanded business into other data-rich products and services

• Expanded business development in out-sourced manner

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