Company Presentation March 2019 1 | FORWARD LOOKING STATMENTS This - - PowerPoint PPT Presentation

1 |

Company Presentation March 2019

2 | 2 |

This presentation contains forward-looking statements that provide Saniona’s expectations or forecasts of future events such as new product developments, regulatory approvals and financial performance. Such forward looking statements are subject to risks, uncertainties and may be impacted by inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of Saniona’s forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, breaches or terminations of contracts, government-mandated or market driven price decreases, introduction of competing products, exposure to product liability claims and other lawsuits, changes in reimbursement rules, changes of laws regulations or interpretation thereof, and unexpected cost

• increases. Saniona undertakes no obligation to update forward looking

statements.

FORWARD LOOKING STATMENTS

3 | 3 |

Investment highlights

Experienced management team with a globally recognized track record of developing product candidates for CNS related disorders and conditions An advanced-stage pipeline in the drug tesofensine Tesofensine is progressing toward regulatory approval in the $250M obesity market in Mexico. Other markets are being evaluated Tesomet (a combination of tesofensine and metoprolol) has demonstrated dramatic reductions in craving for food and weight in the rare genetic eating disorder Prader Willi Syndrome and will be progressed to Phase 2b targeting a billion dollar market Tesomet is also being studied in patients with Hypothalamic Obesity, another rare eating disorder with limited treatment options representing a billion dollar market opportunity Discovered and is advancing four first in class ion channel modulators through early clinical and late preclinical development Two internally addressing large market segments as well as rare diseases with high medical need Two with partners for treatment of schizophrenia and ataxia respectively Continue to look for strategic partners where shareholder value can be accelerated

“Saniona has two drugs that work!”

4 | 4 |

2018 2019 2020 2021 2022 Prader Willi Syndrome Hypothalamic

• besity

Open label

Tesomet: Go-2-Market opportunity in orphan indications

Prader Willi Syndrome

Positive Phase 2a in PWS adults Phase 2a in adolescent patients ongoing Life-threatening hyperphagia and obesity Prevalence: 1/40.000 Estimated market size: ~3B USD

Hypothalamic Obesity

Phase 2 study preparations Life-threatening hyperphagia and obesity Prevalence: 1/(50.000-100,000) Estimated market size: >1B USD

Phase 2a Phase 2b Phase 3 FDA filing Phase 2a Phase 3 FDA filing

Potential for market entry within 4 years – Total investment of $30-40M - >$4B opportunity Conclusion from Phase 2a study in PWS

Tesomet a promising highly effective treatment option for control of hyperphagia and weight in PWS patients The optimal dose is expected to be between 0.25 mg and 0.5 mg per day

5 | 5 |

Proprietary Pipeline

Near term news flow and value generation

5 |

Product Indication Preclinical Phase 1 Phase 2 Milestone

Tesomet tesofensine + metoprolol

(monoamine reuptake inhibitor + beta blocker)

Prader Willi Syndrome Ph2a data Q1 19 Ph2b/3 start 2019/20 Hypothalamic

• besity

Ph2a start Q1 19 SAN711

(GABA α3 PAM)

Neuropathic pain Itching Ph1 ready IK Program Inflammation, IBD Candidate selection H1 19

6 | 6 |

Partnered pipeline

Near term news flow and non-dilutive cash

6 |

Product Indication Preclinical Phase 1 Phase 2 Phase 3

Tesofensine Obesity CAD-1883 Essential tremor Ataxia Not disclosed Schizophrenia NS2359 Cocaine Addiction

Upfront: 5M € Milestones: 85M € Royalties Spinout Minority stake Royalties NS2359 off patent; financed by US grants

7 |

Tesomet – packs all benefits of tesofensine & controls for heart rate

8 | 8 |

Medix partnership

Regional deal structure

Medix holds the rights to tesofensine & Tesomet in Mexico & Argentina Medix finances clinical studies and commercialization Saniona receives double digit royalties Saniona retains rights to rest of the world including exclusive rights to Medix’ clinical data

Medix could be on the market in Mexico in 2020 and in Argentina one year later With ~50% market share, Medix is market leader in the $250M Rx Obesity Market in Mexico 2018 2019 2020 2021 2022 Mexico Argentina

Phase 3 Cofepris review Commercialization Argentina NDA Commercialization

9 | 9 |

Tesofensine: Successful Phase 3 Study in Mexico by Partner Medix

Medix to file for registration in Mexico and Argentina Phase 3 Study Design Randomized, double-blind, placebo controlled trial in Mexico 372 patients enrolled:

• N=124: placebo
• N=124: 0.25mg tesofensine
• N=124: 0.50mg tesofensine
• 24 weeks treatment period and 12

week follow up

• All patients prescribed an energy

restricted diet of 1,500-2,000 kcal and physical activity of 20-40 minutes All endpoints met: Primary endpoint: percent change in bodyweight compared to baseline at 24 weeks Secondary endpoints include:

• Proportions of patients achieving a

weight loss of >5 and 10 percent, respectively

• Metabolic including glycemic

endpoints

• Quality of life

10 |

Tesofensine: Phase 2 Study

Study methodology & results

Methodology

Randomized, double-blind, placebo controlled trial in five Danish

• besity management centers

Enrolled 203 patients Energy restricted diet with a daily energy deficit of 300kcal in addition to physical activity of 30-60 minutes Primary endpoint: percentage change in bodyweight compared to baseline at 24 weeks

Results

At 24 weeks patients had lost 11.2 % in bodyweight at 0.5 mg per day compared to 2.0% for placebo Tesofensine well tolerated Adverse effects similar to placebo with an increase in heart rate compared to baseline

11 |

Tesofensine strong efficacy in bodyweight and appetite

Phase 2b study comprising 200 obese subjects in Denmark Reduction in appetite/craving for food

Change from baseline (total score)

Reduction in bodyweight

compared to baseline

2.0% reduction 6.5% reduction 11.2% reduction 12.6% reduction

• 80
• 60
• 40
• 20

20 Placebo 0.25 mg 4 ng/ml 0.5 mg 9 ng/ml 1.0 mg 18 ng/ml

Appetite reduction Reduction in craving for sweet and fat

12 |

Tesofensine could double weight loss compared to competitors

Results at 48 weeks suggest tesofensine could be used as an alternative to surgery

2.4% 3.1% 5.2% 6.0% 6.6% 9.2%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Xenical, 3x120mg, 4 years Belvig, 2x10mg, 1 year Contrave, 2x360/32mg, 56 weeks Victoza, 3mg, 56 weeks Qsymnia, 7.5/46mg, 56 weeks Tesofensine, 0,50mg, 24 weeks

Weight loss treated vs placbo

“Apples to oranges” comparison of reduction in bodyweight versus competing drugs*

48 weeks open label

*Results from competing drugs taken from their respective studies and have been adjusted for their respective placebo results. Results from competing trials are not directly comparable.

̴ 14%

Tesofensine 0,50 mg, 48 weeks

• pen label extension

13 |

Dramatic weight loss directly related to tesofensine blood concentrations

Additional weight loss in open label extension up to 48 weeks with drug holiday of 10 weeks

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58

Time (weeks)

9

• 5
• 10
• 15

Weight loss in kg vs baseline

Drug holiday 0.5 mg tesofensine 0.5 mg tesofensine 0.5 mg tesofensine Placebo

TIPO-1 TIPO-4 (open label extension)

14 |

Tesofensine and Tesomet are supported by a large safety database

Tesofensine, the key active ingredient in Tesomet, is well studied and has been safe and well tolerated

Eight Phase 2 studies, N = 1310 (1000 tesofensine) One Phase 3 study, N= 372 (248 tesofensine) Two Phase 2 studies* (one ongoing), N=78

More than 1700 subjects treated to date.

Eighteen Phase 1 studies, N = 391 (325 tesofensine) Three Phase 1 studies* (one ongoing), N=105

*Indications include Type 2 diabetes and Prader Willi syndrome

15 |

Tesomet: tesofensine + metoprolol

Tesofensine, in preclinical models and clinical trials, has shown efficacy and safety

• Reduction in food intake
• Weight loss efficacy
• Effects on glycemic parameters relevant for type 2 diabetes
• Excellent safety and tolerability

Tesomet = tesofensine + beta blocker (metroprolol)

• Neutralizes slight heart rate increase observed with tesofensine
• Allows for strong intellectual property protection through 2036

TESOFENSINE METOPROLOL

Effective weight loss drug Beta blocker to control slight increase in heart rate COMPOSITION

16 |

Tesomet: Pipeline in a drug blockcbuster

Potential “best-in-class” profile for weight related metabolic diseases via unmatched weight loss and benign side effect profile MoA creates multiple opportunities within metabolic diseases and eating disorders

17 |

Tesomet/tesofensine development strategy: Geographies

EU & US: PWS and HO Rest of the world: Metabolic disease

18 | 18 |

Tesomet: Go-2-Market opportunity in orphan indications

Prader Willi Syndrome

Positive Phase 2a in PWS adults Phase 2a in adolescent patients ongoing Life-threatening hyperphagia and obesity Prevalence: 1/40.000 Estimated market size: ~3B USD

Hypothalamic Obesity

Phase 2 study preparations Life-threatening hyperphagia and obesity Prevalence: 1/(50.000-100,000) Estimated market size: >1B USD

Potential for market entry within 4 years – Total investment of $30-40M - >$4B opportunity 2018 2019 2020 2021 2022 Prader Willi Syndrome Hypothalamic

• besity

Open label Phase 2a Phase 2b Phase 3 FDA filing Phase 2a Phase 3 FDA filing

19 | 19 |

Tesomet - lead indication: Prader-Willi syndrome

Genetic disease caused by mutations/deletion of genes on chromosome 15 Chronic feeling of extreme hunger (hyperphagia) no matter how much the patient eats Other symptoms and characteristics Mental retardation and behavioural problems Low metabolic rate (50% of normal) Sensitive to some medicines (½ dose prescribed) Medical need Acute life-threating hyperphagia (choking, bowel rupture) Life-threatening obesity Economic and social costs Quality of life for patients and families Family stress and loss of income Care and medical costs (USD 100-300K per year) Short life expectation (average in 30s) No effective treatment available today

}

20 |

Causes of death among 312 individuals with PWS

Respiratory Failure 31% Cardiac 16% GI 10% Infection 9% Obesity 7% Pulmonary Embolism 7% Choking 6% Accident 6% Renal Failure 2% Neurologic 2% Hypothermia 1% Drug Reaction 1% Cancer 2%

Source: HHS Public Access, Merlin G. Butler et al

Category N Mean Age SD Respiratory Failure 94 24.6 16 Cardiac 50 32.1 14 GI 30 21.4 16 Infection 29 35.7 16 Obesity 22 30.7 12 Pulmonary Embolism 19 34.1 12 Choking 18 30.1 17 Accident 17 25.0 16 Renal Failure 7 34.2 11 Neurologic 6 18.0 21 Hypothermia 3 30.8 14 Drug Reaction 3 25.1 9 Cancer 4 39.7 27

Merlin G. Butler et al: “individuals with PWS show high rates of choking, accidents and GI-perforation presumably related to uncontrolled hyperphagia and food seeking behaviors contributing to about one third of all reported deaths and about one half of the deaths in childhood”

21 |

PWS opportunity has blockbuster potential

Accessible market value equals 3 Billion USD (Analyst estimates)

Premium pricing potential

Orphan drug status will ensure premium pricing Majority of drugs with less that 10,000 patients in the US tend to be priced above 200K USD per year

Large commercial opportunity

No drugs approved for treating hyperphagia

Low investment

Clear endpoint with short studies (Phase 3: 100 patients / 6 months) Straightforward commercialization (most patients are managed by specialists in central centers)

22 |

Tesomet: Phase 2a Study in PWS adults

Study set up Exploratory randomized, double-blind, placebo- controlled 12 weeks study in 9 patients

• Tesomet 6
• Placebo 3

Positive effect on key efficacy endpoints

• Reduced craving for

food

• Weight loss

PK and Safety

• No SAE
• AE mainly CNS related
• Half-life longer than

expected in PWS patients

Results from Phase 2a study in February 2018 (0.5 mg per day) Conclusion: Second part of Phase 2a study to be conducted at quarter of dose (0.125 mg per day)

23 |

Tesomet: Phase 2a Study in PWS adults

Results

PWS hyperphagia score

(data show mean and SD)

Week 8 Week 13 Tesomet 5.00 % (n=5) 6.75 % (n=2) Placebo 0.46 % (n=2) 0.75 % (n=2)

20 40 60 80 100 5 10 15 20

days of treatment Hyperphagia score

placebo treatment

PWS weight loss

24 |

Tesomet: Phase 2a Study in PWS adolescents

Study set up Exploratory randomized, double-blind, placebo- controlled 12 weeks study in 9 adolescents

• Tesomet 5
• Placebo 4

Reduction in hyperphagia in both treatment and placebo group

• No significant difference

in hyperphagia and weight PK and Safety

• Well tolerated
• -Long half-life in PWS

patients confirmed

• Plasma level did not

reach target

Second part of Phase 2a study conducted at quarter of dose (0.125 mg per day) Study continued to open label extension at higher dose (0.25 mg per day)

25 |

Tesofensine plasma concentration in Ph2 PWS studies

28d 56d 90d 20 40 10 30 Tesofensine plasma conc. (ng/ml) CNS adverse effects Well tolerated (obesity study 0.5 mg) PWS adults 0.5 mg PWS adolescents 0.125 mg

26 |

Key learnings from PWS studies

Tesomet provides strong reduction in both hyperphagia and weight at 0.5 mg per day, but dose may be too high in some patients Tesofensine’s long half-life in PWS patients leads to very high plasma level when given at 0.5 mg per day (optimal dose for obese patients) Early onset of both hyperphagia and weight reduction suggests that Tesomet will be effective at lower doses where tesofensine has a plasma level similar to the optimal doses in obese patients The optimal dose in obesity is 0.5 mg per day, where the optimal plasma concentration is about 10 ng / ml Tesomet at 0.125 mg per day does not reach the target plasma level where tesofensine reduces appetite and significant weight loss A dose of 0.25 mg per day is estimated to provide the target plasma level of 10 ng / ml Conclusion Tesomet a promising highly effective treatment option for control of hyperphagia and weight in PWS patients The optimal dose is expected to be between 0.25 mg and 0.5 mg per day The results provide sufficient information to start a Phase 2b study

27 |

Hypothalamic Obesity (HO)

CHOP Pituitary Brain Tumor Day March 16, 2019

Cause: Benign tumor formation on the pituitary and hypothalamus Diagnosis: Histological examination of a surgical specimen Prevalence: 1 in 50000 Symptoms: Post-surgical obesity and behavioral problems (hyperphagia, memory, attention, impulse control, motivation, and socialization) Treatment: Surgical ablation of tumors; no approved treatments post-surgery

Craniopharyngioma

HO: Acquired rare disease as a consequence of damage to “appetite center” (hypothalamus)

Sibutramine was effective: Zafgen received EU orphan designation for Beloranib

Program now abandoned

Combined Dietary and Pharmacological Weight Management in Obese Hypopituitary Patients

Henriette Mersebach,* Marianne Klose,* Ole L. Svendsen,* Arne Astrup,† and Ulla Feldt-Rasmussen*

28 | 28 |

Tesomet: Phase 2a study in hypothalamic obesity

One centre at Rigshospitalet, Copenhagen Phase 2 Study Design Randomized, double-blind, placebo controlled trial Up to 25 patients:

• placebo
• Tesomet: (0.50mg tesofensine + 50

mg metoprolol)

• 24 weeks treatment period
• 24 weeks open label study where all

patients are offered Tesomet Clinical endpoints: Primary endpoint: Safety Secondary endpoints include:

• Change in bodyweight compared to

baseline at 24 weeks

• Appetite score
• Metabolic including glycemic

endpoints

• Quality of life

29 |

Ion channel platform is rapidly fuelling early stage pipeline

Leverage research platform through partnerships and develop at least one candidate to Phase 2 internally

Product/Target Indication Preclinical Research Preclinical Development Phase 1 Phase 2 CAD-1883 Essential tremor Ataxia SAN711 Neuropathic pain Itching Not disclosed Schizophrenia IK Program Inflammation, IBD Kv7 program Pain, epilepsy, UI Nicotine α6 Program Parkinson’s Disease Upfront: 5M € Milestones: 85M € Royalties Spinout Minority stake Royalties

30 | 30 |

Cadent reached important milestones and raised 40 MUSD

“Curtis says the new funding will support clinical development of both Cadent drugs through 2020. The company plans to start two Phase 2 studies of CAD-1883. The first, in essential tremor, should begin by the end of the year, with preliminary results expected in the first quarter. The second Phase 2 trial, in SCA, is expected to start in mid-

• 2019. Data from that study are expected in 2020”

“The compound was originally discovered by Saniona, a Copenhagen, Denmark-based drug company” “Saniona holds a minority stake in the combined company, and is entitled to royalties from sales if Cadent is able to bring CAD-1883 to the market”

31 |

SAN711 for neuropathic pain and Itching with orphan potential

Class GABA Modulator (selective α3, first in class, small molecule) Status Phase 1 ready Indication Neuropathic pain: +10 million patients Itching: e.g. chronic kidney disease associated pruritus 4.5 million patients in the US Orphan itch indications: prurigo nodularis; brachioradial pruritus Market Neuropathic pain: USD 6 billion

• Standard pain killers not working
• Narcotic analgesics only used in cancer due to tolerance

development and abuse liability

• Antiepileptic and antidepressants have some effect
• Experimental drugs

Medical Need Efficacy and reduction of adverse effects

• 50 % achieves no pain relief and the rest obtains partial response
• nly
• Only 25 % obtains a pain reduction of 50 % or more (score)

MoA Restores the endogenous pain control system in the spinal cord Patent Until 2038

Phase 1 ready in Q1 2019

Neuropathic pain Itching Prurigo Nodularis

32 |

SAN711 mode-of-action

SAN711 increases the efficacy of dysfunctional inhibitory GABAergic neurons in spinal cord, which control relay of pain signals to the brain

Regulates spinal cord neurons’ pain and itch signalling to the brain

32

Injury – spinal disinhibition Normal

33 |

SAN711 effective in neuropathic pain model

SAN711 reduces sciatic nerve lesion induced mechanical hypersensitivity in rats with an effect similar to morphine The analgesic effect of SAN711 is maintained after prolonged treatment for 7 days while the analgesic effect of morphine is completely lost due to development of tolerance SAN711 does not lead to sedative effects in rats exploring a novel environment

Efficacy maintained after prolonged treatment

Veh 3 mg/kg 10 mg/kg 30 mg/kg

Total dist. (30 min.)

20 40 60 80 100

SAN711 alleviate nerve-injury induced neuropathic pain in rats SAN711 does not lead to sedation in rats

34 |

SAN903 for inflammation and fibrosis in IBD with orphan potential

Class KCa3.1 inhibitor (first in class, small molecule) Status: Preclinical to be initiated (Phase 1 in 2020) Indications Colitis: 1 million patients in 7 MM Crohn’s disease: 1.5 million patients in 7 MM Heriditary xerocytosis (orphan): 40,000 patients in USA Market Colitis/Chron’s: USD 5 billion (2018)

• Sulfasalazine, ASA, mAbs

Medical need:

• Current treatment insufficient to control flare ups, disease progression,

and prevention of fibrosis

• +30 % of colitis patients and 80 % of Crohns develop chronic changes

needing surgical intervention to resolve potentially life-threatening intestinal obstructions MoA: Downregulates immune response by inhibiting calcium entry to immune cells IP: 2039

Candidate selection

Crohns disease Colitis

• Hered. xerocytosis

35 |

SAN903 mode-of-action

KCa3.1 is expressed in all major immunological and reactive cell types involved in IBD KCa3.1 strengthens calcium-signalling via a positive control loop SAN903 inhibits KCa3.1, dampens pathological responses, and acts on acute/chronic symptoms

Downregulates immune response by inhibiting calcium entry to immune cells

Cell types Basic mechanism Cellular effect Therapeutic effect

T-cells, macrophages T-cells, B-cells, macrophages T-cells, B-cells, macrophages Fibroblasts, myofibroblasts Epithelial cells

Cytokine release ↓ Proliferation ↓ Migration ↓ Collagen release ↓ Salt and H20 transport ↓

Anti-inflammatory Anti-fibrotic Anti-diarrhetic

KCa3.1 Orai, Trp, etc.

Ca2+ channel K+ channel Effector cell

36 |

SAN903 effective in IBD models

Healthy large intestines Inflamed large intestines SAN903-treated large intestines

37 | 37 |

Financial statements - million SEK

2018, 2017 and accumulated since the company became operations in 2012

Income statement MSEK 2018 2017 2012 - 2018 Net sales 54.9 20.7 207.1 Operating expenses

• 109.1
• 77.9
• 354.6

Operating profit/loss

• 54.2
• 57.2
• 147.5

Financial items 5.9 0.9 6.9 Tax on net profit 7.2 7.1 20.7 Profit/loss

• 41.1
• 49.2
• 119.8

Other comprehensive income 0.6

• 1.0
• 1.2

Total comprehensive income

• 40.4
• 50.2
• 121.0

Balance sheet MSEK Dec/18 Dec/17 Non-current assets 12.4 7.8 Current receivables 16.0 18.3 Cash and cash equivalent 54.7 22.3 Total assets 83.1 48.4 Equity 39.5 37.6 Total liabilities 43.6 10.7 Total equity and liabilities 83.1 48.4 Cash flows MSEK 2018 2017 2012 - 2018 Operating activities

• 22.9
• 57.3
• 105.8

Investing activities 0.9

• 6.0
• 10.1

Financing activities 46.7 33.2 164.3 Cash flow 24.7

• 30.1

48.4

38 | 38 |

Major milestones 2018/Q1 2019 – all achieved

Dec 2017 Dec 2017 Apr 2018 Jan 2018 Jun 2018 Jul 2018 Mar 2018 Feb 2018 NEWS/activity SAN711: selection of new candidate Scandion spin out PWS Ph2 initiated PWS Ph2 second part initiated Tesomet extended tox study Tesomet tablet Ph1 study init. Tesomet – teso+met combi Ph1 init. Boehringer milestone schizophrenia Cadent Ph1 initiation Tesofensine Medix Ph3 recruitment NS2359 Cocaine addiction ongoing STATUS March 2019 Preclinical devl. complete - Ph1 ready IPO completed Nov 2018 Part 1 successfully reported Part 2 double blind completed Successfully completed Successfully completed Last cohort recruited Preclinical devl. Ongoing Cadent 40MUSD finance + Ph2 init. Successful completion of Ph3 Interim conclusion – continue Ph2 MILESTONE

√ √ √ √ √ √ √ √ √ √ √

39 |

Near term value inflection points

Go-2-Market opportunity with Tesomet in orphan indications Data from open label extension studies of Phase 2a in adolescents with PWS Initiate Phase 2b/3 PWS study Data from Phase 2a in hypothalamic obesity Additional value drivers from Medix tesofensine collaboration Tesofensine NDA filing in Mexico Approval and launch in Mexico Tesofensine NDA filing in Argentina Research platform and early stage pipeline SAN711: Initiation of Phase 1 for chronic pain and itching IK program: Candidate selection Potential new collaborations

1 3 2

40 | 40 |

Investment Highlights

Go-2-Market opportunity with Tesomet in orphan indications

1

• Tesomet may be Phase 3-ready in 2020, with potential market approval in 2022
• Phase 2a Prader Willi Syndrome (PWS) results
• Phase 2a for Hypothalamic Obesity initiation

3

Additional value driver from late stage partnership with Medix

2

• Tesofensine Phase 3 successfully completed for obesity – developed by Medix in Mexico
• Expected launch in 2020
• Medix owns rights for Mexico and Argentina
• Saniona eligible for low double-digit royalties
• Validating for Tesomet
• Significant interest from RoW markets
• Tesofensine is an off-patent compound that has been clinically tested in multiple indications

Unique platform fuels early stage pipeline and generates cash for the company

• SAN711 in preclinical development for Neuropathic pain & Itching
• CAD-1883 in Phase 1 for ataxia and tremor – Cadent partnership
• Boehringer Ingelheim program in preclinical development for Schizophrenia

41 |

Management Team

Jørgen Drejer, Ph.D.

CEO, Co-Founder and Board Member

Thomas Feldthus, M.Sc., MBA

CFO and Co-Founder

Palle Christophersen, Ph.D.

CSO and Co-Founder

Previously, Executive Vice President, Research Director and co-founder of NeuroSearch A/S. Board member of 2Curex AB Formerly board member of NSGene A/S, Origio A/S, Delta and Zgene A/S. Previously, CFO and co-founder of Symphogen A/S, Investment manager of Novo A/S, Corporate Development manager of Novo Nordisk A/S Previously, Vice President and member of the NeuroSearch A/S VP management group. Director of in Vitro Pharmacology, NeuroSearch A/S

42 |

Board of Directors

Carl Johan Sundberg

Board Member Carl currently serves as a Professor at the Department of Physiology & Pharmacology at Karolinska Institutet, Sweden. He also serves as a Board member of Cobra Biologics Holding AB. Previously, he served as a Board member of Alfta Rehab Holding AB, Karolinska Development AB, KI Management AB, and KI Management Partners AB.

Claus Braestrup

Board Member, Former Chairman of the Board Claus currently serves as a Board member of Bavarian Nordic A/S and Evotec AG. Previously, he was the CEO of H. Lundbeck A/S, CEO of Nordic Biotech General Partner II ApS, Chairman of the Board of Directors of Probiodrug AG, and member of the Board of Santaris Pharma A/S, Ataxion Inc., Evolva Holding SA and Gyros AB.

• J. Donald deBethizy

Chairman of the Board Don currently serves as Board member of Albumedix A/S, Argenx N.V., Newron Pharmaceuticals SpA, Noxxon Pharma NV and Proterris, Inc. Previously, he served as President and CEO of Santaris Pharma A/S, Executive Chairman of Contera Pharma ApS, CEO of Targacept, Inc. He previously served as Board member of Asceneuron SA, Biosource Inc., Enbiotix Inc., LigoCyte Pharmaceuticals Inc., Rigontec GmbH, Serendex Pharmaceuticals A/S and Targacept Inc.

Anna Ljung

Board Member Anna currently serves as as the CFO of Moberg Pharma AB where she prepared the company for its 2011 initial public

• ffering onto the OMX Small Cap list. She previously served as CFO of Athera Biotechnologies AB and Lipopeptide AB

and has worked as an independent consultant in the field of technology licensing

Jørgen Drejer, Ph.D.

CEO, Co-Founder and Board Member Previously, Executive Vice President, Research Director and co-founder of NeuroSearch A/S. Board member of 2Curex AB and Ellegaard Göttingen Minipigs ApS Formerly board member of NSGene A/S, Origio A/S, Delta and Zgene A/S.

43 |

Saniona AB Baltorpvej 154 DK-2750 Ballerup Denmark Tel: +45 70705225 Web: saniona.com