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Late stage development of two first-in-category wound care products Stockholm, November 2019 Disclaimer Impo Important ant infor informat mation ion You must read the following before continuing. The following applies to this document and


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SLIDE 1

Late stage development of two first-in-category wound care products

Stockholm, November 2019

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SLIDE 2

Disclaimer

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Impo Important ant infor informat mation ion You must read the following before continuing. The following applies to this document and the information provided in this presentation by Promore Pharma AB (publ) (the “Company”) or any person on behalf of the Company and any other material distributed or statements made in connection with such presentation (the “Information”), and you are therefore advised to carefully read the statements below before reading, accessing or making any other use of the Information. In accessing the Information, you agree to be bound by the following terms and conditions. The Information does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The Information may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation

  • r which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in the United States, Australia, Canada or Japan, or any other

jurisdiction in which the distribution or release would be unlawful. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States absent registration under the Securities Act or exemption from the registration requirement thereof. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. Any securities referred to herein cannot be offered, sold, pledged

  • r otherwise transferred, directly or indirectly, within or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This

presentation does not constitute a “prospectus” within the meaning of the Securities Act or the Swedish Financial Instruments Trading Act. This presentation is only being provided to persons that are (i) “Qualified Institutional Buyers”, as defined in Rule 144A under the U.S. Securities Act, or (ii) outside the United States. By attending this presentation or by reading the presentation slides, you warrant and acknowledge that you fall within one of the categories (i) and (ii) above. Any securities referred to herein have not been and will not be registered under the applicable securities laws of Canada, Australia or Japan and may not be offered or sold within Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan. All of the Information herein has been prepared by the Company solely for use in this presentation. The Information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained herein. The Information contained in this presentation should be considered in the context of the circumstances prevailing at that time and will not be updated to reflect material developments which may occur after the date of the presentation. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may contain certain forward-looking statements and forecasts which relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on the Company’s operations, financial position and earnings. The terms “anticipates”, “assumes”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “should”, “projects”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology are used to identify forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. The Company does not undertake, and specifically decline, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

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SLIDE 3

Management Team

3 Jonas s Ekb Ekblom, lom, CE CEO

▪ Over 25 years of experience from the life science sector, with a focus in pharmacology and drug development. ▪ Experience from Bows Pharmaceuticals AG, Pharmacia, Biovitrum, Sequenom and Invitrogen ▪ Ekblom has published over 60 peer-reviewed articles ▪ Joined 2010

Jenni i Björ Björnulfson lfson, , CF CFO

▪ More than 20 years of experience from the financial markets with a strong focus on the health care sector. ▪ Experience from Handelsbanken Markets, Alfred Berg/ABN AMRO, S&P, ABG Sundal Collier, GHP ▪ Joined 2016

Margit it Mahla lapuu, , CSO CSO

▪ Close to 20 years of experience in discovery and development of novel pharmaceuticals from the biotech and pharma industry. ▪ Experience from Arexis, AstraZeneca, Biovitrum ▪ Authored 50 articles in peer-reviewed scientific journals and inventor on 7 pending patent applications.Professor in Molecular Medicine at Sahlgrenska Academy ▪ Joined 2007

Ulr lrika ika Wennberg, , COO COO

▪ Over 20 years of business experience as an entrepreneur, project manager, management consultant and business leader. ▪ Experience from Axelar, Jederström, Accenture ▪ Joined 2009

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SLIDE 4

Promore Pharma in Brief

▪ Two late stage, first-in-category products ▪ Human peptides for local administration with extraordinary safety

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Vision

To solve the global problems of scarring, adhesions and chronic wounds

Phase IIb – LL-37

▪ Preventing adhesions after tendon repair surgery ▪ No prescription drugs ▪ 1 million patients in EU, NA & JP ▪ Addressable EU market 300 MUSD ▪ Indication broadening opportunities

Phase III – PXL01

▪ Treating chronic wounds, mainly VLUs ▪ No prescription drugs ▪ 6 million patients in EU, NA & JP ▪ Addressable global market 3 BUSD ▪ Indication broadening opportunities

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SLIDE 5

Company Background

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LL-37 Technology

2003; Stockholm

PXL Technology

2005; Gothenburg

DPK-060 Technology

2004; Lund

  • Merged under Pergamum in 2010
  • ~ 20 programs
  • ~ 30 employees
  • Part of the Karolinska

Development group until 2015

2010 - 2016 2017 - 2003 - 2010 Omniohealer BioCis Pharma

  • Two late stage clinical programs
  • Cost-effective organization
  • No in-house laboratories
  • Network of high-quality

CROs and CMOs

  • Listed on Nasdaq First North

Growth Market since 2017

Herantis Pharma shares

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SLIDE 6

Peptides: A Unique Class of Therapeutics

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Molecular weight (Da)

Biolog Biology Ch Chemis mistry

Peptides present a combination

  • f advantages compared to the

most common drug classes 102 103 104 105 106

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SLIDE 7

Local Delivery of Peptides: The Way to Go

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SAFE SAFETY TY Rapid degradation of peptides in the bloodstream: very low systemic exposure DOSI DOSING Flexible dosing by choice of injection volume DURA DURATI TION Temporal exposure can readily be controlled through choice of formulation BIO BIOAVAIL AILABIL ILIT ITY Drug available at site of action in a medically relevant amount

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SLIDE 8

Trauma Has the Third Largest Spend

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CNS Cardiovascular Trauma Oncology patients in the world, will contract a hard-to-heal wound, a dermal scar or a complication due to a post-surgical adhesion every year

60

million

>600

USD billion1)

600

USD billion1)

400

USD billion1)

300

USD billion1)

27%

  • f clinical studies2)

10%

  • f clinical studies2)

15%

  • f clinical studies2)

18%

  • f clinical studies2)

Wounds, trauma and amputations account for the third largest area of healthcare spending in the world

1) World Health Organization (WHO) 2018 2) Clinicaltrials.gov; an estimate of number of planned and ongoing clinical studies

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SLIDE 9

PXL01

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SLIDE 10

Adhesions and Scars

Adhesions form after almost any type of surgery and are a significant cause of post-surgical complications ▪ Cause need for secondary surgery ▪ Constitute considerable burden on healthcare systems

Tendon repair surgery Spinal surgery, including DDD Total knee arthroplasty Numerous abdominal surgical procedures, e.g. colorectal cancer Thyroid surgery Dermal scarring, following plastic surgery

  • r burn wounds/trauma

▪ Derivative of naturally occurring peptide (lactoferricin)

– Unique anti-inflammatory action: prevents fibroblastic adhesions without interfering with wound healing – Pro-fibrinolytic properties

▪ First indication: Prevention of adhesions after tendon repair surgery (hand, arm and foot) ▪ Other indications

– Prevention of fibrosis in conjunction with spinal surgery (corporate partnership) – Clinical feasibility testing of PXL01 in dermal scar prevention

Adhesions

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Promore Pharma and PXL01

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SLIDE 11

Tendon Injuries: The Medical Need

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Ne Nerve da e dama mage ge

Tendon transections are often accompanied by nerve damage resulting in pain or sensory loss In 2015, U2’s singer had a bicycle accident with a hand injury resulting in impaired ability to play guitar ▪ 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

  • f the hand never recover full mobility and finger

strength post-surgery ▪ There are currently no pharmaceutically active products on the market for anti-adhesion ▪ 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 The medical need Criteria for effective clinical documentation

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SLIDE 12

PXL01: Product Concept

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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

Sing Single le-injection injection of

  • f lubrica

lubricating hy ting hyalur aluron

  • nate

te-ba based sed ge gel l co conta ntaining PX ining PXL0 L01

PRE-FILLED SYRINGE

Sterile solution, 0.5 ml with stability of >12m

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SLIDE 13

A Large Phase IIb Trial is Completed

Study Basics PHSU02

  • 138 patients with accidental transection of flexor tendon in zone II of the hand
  • One single administration in conjunction with surgery of PXL01 in HA vs. placebo (saline) (1:1)
  • Efficacy and safety followed until 12 months post-surgery
  • Study centers in Sweden, Denmark and Germany

13 Visit 3 2 w Visit 1 Day 0 (Screen, Surgery) Visit 2 1-5 days post surgery Visit 4 4 w Visit 5 6 w Visit 6 8 w Visit 7 12 w Follow up visit 1 6 months Follow up visit 2 12 months

Administration Trial Product Randomization (Active or Placebo) Post-Operative Assessment Visits End of Trial

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SLIDE 14

A Large Phase IIb Trial Completed

Endpoint PXL01 Placebo P-Value Comments Mobil ilit ity y in i in injur jured fi finger DIPAM (the most distal finger joint) 6 months post-surgery 60 degrees 41 degrees P<0.05 Primary endpoint Phase III

  • Medically relevant improvement 10 degrees

Nerve fu function ion Patients with optimal nerve recovery (normal or diminished light touch) 12 weeks post-surgery 76% 35% P<0.05 Important secondary value of product Need f for s secondary y sur surgery Frequency of recommendation for tenolysis during first 12 months post-surgery 12% 30% P<0.10 Large health economic value

Large medical benefits of PXL01

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SLIDE 15

Phase III Study planned in EU

Stud Study y Basics asics PHSU0 PHSU03

▪ ~600 patients with accidental transection of flexor tendon in zone II of the hand ▪ Single administration in conjunction with surgery of PXL01 (two doses) vs. placebo (saline) (1:1:1) ▪ Efficacy and safety followed until 12 months post-surgery ▪ Study centers in Sweden, Germany, Poland, Italy and India 420 Patients Completing Protocol Randomization (Active or Placebo) End of Trial

Visit 3 2 w Visit 1 Day 0 (Screen, Surgery) Visit 2 1-5 days post surgery Visit 4 4 w Visit 5 6 w Visit 6 8 w Visit 7 12 w Follow up visit 1 6 months Follow up visit 2 12 months

Administration Trial Product Post-Operative Assessment Visits

Planned to initiate patient enrolment in H1 2020

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SLIDE 16

Comparing Phase III Costs and Success Rates

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Lower Phase III costs for PXL01 program Musculoskeletal show with higher success rates

11 17 24 25 52 Promore Endocrine Oncology CVD CNS Phase III cost, USDm1)

1) Martinez, 2016 Driving Drug Innovation and Market Access: Part 1-Clinical Trial Cost Breakdown 2) BIO 2016, Clinical Development Success Rates 2006-2015

70 65 57 55 40 Promore Endocrine CNS CVD Oncology Success rate in Phase III, %2)

High cost-effectiveness in late stage development

Musculoskeletal

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SLIDE 17

Addressable Market of more than USD 600m

Population 370m1)

Europe

335m

North America

Incidence rate 0.1% 0.1% Number of patients 370k 335k Price (USD) 800 1,000 Addressable market (USD) 296m 335m Pricing assumptions Addressable market ▪ Tendon Repair Surgery costs approx. USD 10,000 (in some cases up to USD 14,000) ▪ Tenolysis costs approx. USD 14,000

– Recommended in 30% of cases – Variable compliance (6% - 20% of patients) to undergo secondary surgery

▪ PXL01 can reduce tenolysis by 65% ▪ Full direct economic benefit 20% x 65% x USD 14,000 = USD 1,800 ▪ 50% of full benefit reasonable price according to Curo Ltd, i.e. USD 900 ▪ Assumed price range USD 800 – USD 1,200

1) Europe based on top five largest markets, Benelux and the Nordics

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SLIDE 18

Opportunities to Expand PXL01 Market

Dermal Scarring Degenerative Disc Disease

(Partnership with PRP)

Tendon and nerve injury repair

PXL01 in hyaluronic acid

Potential for expansion of geographies and indications is strong >1 million

procedures globally

1-2 million

procedures globally

>40 million

relevant procedures

18

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SLIDE 19

LL-37

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SLIDE 20

LL-37: Treatment of Chronic Wounds

▪ >15 million patients with challenging wounds on the major pharmaceutical markets ▪ Very few prescription products

▪ Some available for DFUs, but all with limited medical value

▪ Low R&D competition ▪ Costs for treating chronic wounds exceed 10,000 USD per episode

Medical Need and Costs for Society

VLUs DFUs Pus Other

Promore Pharma and LL-37

▪ Naturally occurring peptide (cathelicidin)

Antimicrobial

Angiogenic

Stimulates keratinocyte migration

▪ LL-37 involved in wound biology

▪ Present in acute wounds but not in chronic wounds

▪ First indication VLUs

▪ Largest patient population in major pharmaceutical markets ▪ No pharmaceuticals available ▪ Not as complicated from a development perspective

▪ All chronic wounds could potentially be addressed with LL-37

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SLIDE 21

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

Dosing

  • sing

Flexible dosing by choice of injection volume

Comp

  • mpatibil

tibility ity

Can readily be combined with the most common compression bandages

Film Film

The hydrogel forms a thin local ”film” over the wound area A viscous hydrogel containing the peptide is applied 2-3 times weekly in conjunction with regular dressing changes

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SLIDE 22

A Phase IIa Trial is Completed

Day -30 Day -21 Day 0 Day 60 Screening Run-In Randomization End of study WA WA WA Day 30 End-of-Treatment WA

The subjects were randomized to four groups ▪ Placebo (N=9) ▪ LL-37 0.5 mg/mL (N=8) ▪ LL-37 1.6 mg/mL (N=9) ▪ LL-37 3.2 mg/mL (N=8) Criteria for Evaluation ▪ Adverse events ▪ Local reactions ▪ Immunological reactions ▪ Estimated healing rate ▪ Wound area

Stud Study y Basics asics

▪ 34 patients (completing protocol) ▪ 3 week treatments run-in on placebo (blue line); followed by treatment with active or placebo for 1 month (application every 3:d day (totally 8 doses) ▪ 4 arms with 8-9 subjects in each: 3 doses of LL-37 versus placebo

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SLIDE 23

LL-37 Efficacy: Wound Area Reduction (%)

Optimal dose range for Phase IIb identified

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20 40 60 80 100 120 1 2 3 4 5 6 7 8 9 Series2 Series3 Series4 Series5

Treatment Period Follow-up

Randomization

* ** ** **

Percentage of baseline wound area 120 100 80 60 40 20 1 3 6 8 10 12 14 15 16 Wound Area Reduction (%)

* p<0.05 ** p<0.001

Placebo LL-37 (0.5 mg/ml) LL-37 (1.6 mg/ml) LL-37 (3.2 mg/ml) Optimal dose interval identified (RP2D) ▪ Two doses of LL-37 demonstrated unambiguous efficacy, including healing rate and wound area reduction ▪ LL-37 was considered safe and well tolerated in the two lower doses ▪ The highest dose caused local reactions: MTD was established ▪ Two doses defined for Phase IIb (RP2D) Visit no

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SLIDE 24

HEAL LL-37: Ongoing Phase IIb Trial in VLUs

The subjects are randomized to three groups

▪ Placebo (N=40) ▪ LL-37 0.5 mg/mL (N=40) ▪ LL-37 1.6 mg/mL (N=40)

Criteria for evaluation

▪ Fraction of patients reaching 50%, 70% and 100% healing ▪ Relative wound area reduction and healing rate ▪ Multiple safety and tolerability endpoints Day -30 Day -21 Day 0 7M Screening Run-In Randomization 3M Last Dose Time points for digital wound area assessment End of Study

Stud Study y ba basi sics cs

▪ Recruiting 120 patients (completing protocol) in 2 countries (Sweden, Poland) ▪ 3 week run-in on placebo; followed by treatment with active or placebo for 3 months (application 2 times per week); 4 months follow-up ▪ 3 arms with 40 subjects in each: 2 doses of LL-37 vs. placebo

50% of the patients recruited in June 2019 – readout expected in 2020

24

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SLIDE 25

Addressable Market of USD 3bn

Assumptions ▪ European population is larger for LL-37 compared to PXL01

– Assumption includes traditional pharmaceutical markets

▪ Incidence difficult to estimate

– Many undetected cases

▪ Prices based on an average Regranex treatment episode (for DFUs) Population 470m 470m2)

Europe

335m 335m

North America

Prevalence rate 0.3% 0.3% 0.3% 0.3% Treatments per year 1,410k 1,410k 1,005k 1,005k Price (USD) 1,200 1,200 1,400 1,400 Addressable market (USD) 1,692m 1,407m 1,407m Addressable market

1) Waycaster CR et al, (2016) J Am Podiatr Med Assoc 106: 273-282. 2) Assumption includes traditional pharmaceutical markets in the European Union

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SLIDE 26

Opportunities to Expand LL-37 Market

Diabetic Foot Ulcers (DFU)*

(NA, EU, JP, CN, IN)

Venous leg ulcers (VLU)

(NA, EU, JP)

Potential for expansion of indications is strong

LL-37 in PVA

>6 million1)

patients

>9 million2)

patients

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1) Xie T, et al, (2018) Burns Traum 6:18 2) Zhang et al, (2016) Ann. Med. 49:1-21

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SLIDE 27

Corporate

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SLIDE 28

Business Strategy

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▪ Phase III program (PHSU03) being prepared in EU and India ▪ Market Authorization and Commercialization ▪ Develop PXL01 all the way to market in EU ▪ Either commercialize first indication independently in EU or through partnerships ▪ Seeking partnerships for both other territories (ex-EU) and indications ▪ Phase IIb (LL-37 HEAL) ongoing in EU ▪ Target timeline for completion of the Phase IIb clinical trial is 2020 ▪ After completion, Promore Pharma will seek

  • ne or several partnerships with multi-

national companies for confirmatory trials and MA ▪ Potential for indication broadening to other common types of hard-to-heal wounds Take PXL01 to market in EU Partnering LL-37

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SLIDE 29

Company Milestones

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2020 2019

50% of patients enrolled in HEAL Last-patient-last- dose HEAL LL-37

CTA approval for PHSU03 in EU Clinical study report HEAL LL-37 First-patient-in PHSU03 trial Ongoing Rights Issue Finalize PXL01 supply chain

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SLIDE 30

Use of Proceeds in Ongoing Rights Issue

▪ Issue size: SEK 75m in gross proceeds (net proceeds of SEK 63m) if fully subscribed ▪ Subscription undertakings from existing shareholders of 47 percent of rights issue ▪ Rights issue is guaranteed up to 80 percent from external guarantors

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Transaction overview Use of proceeds Use Amount, SEKm Phase IIb study (HEAL) for LL-37 Preparations for the planned phase III study (PHSU03) for PXL01 IP-related expenses General corporate expenses Total ~20 ~15 ~5 ~23 ~63 1 2 3 4

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SLIDE 31

Executive Summary

Late stage clinical development project with extraordinary safety

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Late stage clinical development phase 1 Unmet medical need – no pharmaceutical products 2 Validated technology with strong IP protection 3 Strong safety profile and low development costs 4 High growth potential – high growth market segment and additional indications 5