investor meeting - ergomed · 7/4/2017 · continuing to out-pace the market with global solutions...

www.ergomedplc.comwww.ergomedplc.com

TRANSFORMING DRUG DEVELOPMENT

1

INVESTOR MEETING

Guildford

4 July 2017

www.ergomedplc.comwww.ergomedplc.comwww.ergomedplc.com

DISCLAIMER

The information contained in this confidential document (“Presentation”) has been prepared by Ergomed plc (the “Company”). It has not been independently verified and is subject to

material updating, revision and further amendment. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets

Act 2000 (“FSMA”) and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience

in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the

“Order”) or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation

should not rely or act upon it. By accepting this Presentation and not immediately returning it, the recipient represents and warrants that they are a person who falls within the above

description of persons entitled to receive the Presentation. This Presentation is not to be disclosed to any other person or used for any other purpose.

Please note that the information in this Presentation has yet to be announced or otherwise made public and as such constitutes relevant information for the purposes of section 118 of

FSMA and non-public price sensitive information for the purposes of the Criminal Justice Act 1993. You should not therefore deal in any way in the securities of the Company until after the

formal release of an announcement by the Company as to do so may result in civil and/or criminal liability.

Numis Securities Limited ("Numis") and Nplus1 Singer Advisory LLP(“Singer”) are each acting in the provision of corporate finance business to the Company, within the meaning of the

Financial Conduct Authority’s Conduct of Business Sourcebook (“COBS”), and no-one else in connection with the proposals contained in this Presentation. Accordingly, recipients should

note that neither Singer nor Numis is either advising or treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections

afforded to clients of Singer or Numis under the COBS nor for providing advice in relation to the proposals contained in this Presentation.

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have

given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation,

or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as

“Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any

responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the

Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed

or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the

Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks

and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this

Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of

this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is

reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in

connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with

access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular,

this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any

contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations

and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective

judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of

America (each a “Restricted Territory”), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as

amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or

subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable

exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform

themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

| 2


AGENDA

| 3

1. Introductions Miroslav Reljanović, MD

2. Ergomed Overview Miroslav Reljanović, MD

3. PrimeVigilance Jan Petracek, MD

4. BREAK

5. PrimeVigilance CONTD. Jan Petracek, MD

6. Co-development Andrew Mackie

7. Haemostatix Andrew Mackie

8. Summary Financials Stephen Stamp

9. LUNCH

10. Futura Medical


DAN WENG M.D.

| 4

EDUCATION:

Tongji Medical University (MD)

Leeds University (MA, Health Planning, Policy and Management)

Strathclyde University (PhD, Bio-engineering)

Psychology Institute of Sino-Academy of Sciences (Diploma, Human Psychology)

PROFESSIONAL:

85-88 Ministry of Health, PRC

91-93 Massachusetts General, Harvard Medical School

93-94 University of California

94-96 Institute of Pharmaceutics, Beijing

97-99 Quintiles, PRC

99-02 PharmaNet

02-09 ICON Clinical Research

10-11 MedPace

11-17 EPS Holding Inc.

Jul 17 CEO of Ergomed PLC


Building a profitable services business

combined with

sustainable product development

for significant shareholder value.

OUR MISSION

| 5

www.ergomedplc.comwww.ergomedplc.comwww.ergomedplc.com | 6

Organic Growth combined with targeted acquisitions

20 YEARS OF GROWTH AND PROFITABILITY

1997

Ergomed CRO

formed

2006

First

Co-development deal

2008

PrimeVigilance

formed

2014

Ergomed Plc

IPO

Haemostatix

acquired

2015 2016

O+P, GASD

acquired

Sound Opinion

acquired

2017

PharmInvent

acquired


Balanced downside protection and upside potential

HYBRID BUSINESS MODEL

| 7

PROFITABLE, FAST GROWING,

PREDICTABLE

BREAK-OUT UPSIDE

POTENTIAL

SERVICES PRODUCTS

Global platform

Full range of services

EBITDA accretive acquisition opportunities

Diversified portfolio

Multiple shots on goal

Managed risk approach


All clinical phases and post-approval

SERVICES – COMPREHENSIVE RANGE

| 8

SERVICES

CRO ServicesPharmacovigilance /

Medical Information

Phases I – III Phase IV Drug SafetyMedical

Information

Project management

Patient recruitment

Medical writing

Data management / statistics

Regulatory affairs

Quality assurance

Adverse event case processing

Medical safety review / reports

Consulting / audit

Medical information

QPPV / Qualified person


Continuing to out-pace the market with global solutions

SERVICES – FAST-GROWING

| 9

* Source: Transparency Market Research

**Source: Global Data

£39.2m

2016 Revenue

£13.4m

£25.8m

+18% GROWTH

Clinical Research

ServicesDrug Safety &

Medical Information+63% GROWTH

CRO Services

Industry Growth

+7.5%**

PV Industry Growth

+17%*


Efficient management and control of complex trial protocols

ERGOMED CRO SERVICES: KEY DIFFERENTIATORS

| 10

ALL CROs

STUDY PHYSICIAN

TEAM

SITE MANAGEMENT

TEAM

PROJECT MANAGER

STUDY MONITOR(S)

HOSPITAL

INVESTIGATOR

NURSES/ SITE STAFF

• Peer-to-peer support

• Develops best practice across treating centres

• Provides expertise for particular study designs

• Enhanced recruitment

• Increased retention

• More evaluable patients


RESULTS VALIDATE OUR STRATEGY

11

UNIQUE SITE MANAGEMENT MODEL

ENHANCED RECRUITMENT

INCREASED RETENTION

600

400

200

02

month4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

762 patients recruited 5 months prior

to scheduled end of recruitment

571 patients included through

Site Management Model

Ergomed start Ergomed12 sites

CRO ´X´15 sites

Enrolled

Withdrawn

60

40

20

0

MS Study 1

Patients

120

80

40

0

MS Study 2

Patients

Drop out rate:

Ergomed 3.4%

Global 8.9%

Drop out rate:

Ergomed 4.1%

Global 6.0%


20 year track record of performance and execution

PROFITABLE SERVICES – GLOBAL PLATFORM

| 12

65,000+adverse event

cases p.a.

£39m+revenue

50,000+patients studied

Ergomed Offices Longstanding Partners

500+employees

300+studies

150+active clients

Clinical trials

in 56 countries

Supporting

products in

100+countries


QUESTIONS?

| 13


JAN PETRACEK M.D.

CHIEF EXECUTIVE OFFICER, PRIMEVIGILANCE

| 14


EMERGING PATIENT SAFETY SCIENCE HAS CHANGED PHARMACOVIGILANCE

| 15


ORIGINS OF MODERN PHARMACOVIGILANCE

| 16

Withdrawal of cerivastatin

(August 2001)

HMA WG G10 InitiativeEMEA

RM strategy

FDA

RM strategy

European Risk

Management Strategy

New legislationStrengthening

EudraVigilanceENCePPICH E2E

CHMP Guideline on RMS

In force since November 2005

Withdrawal of rofecoxib

(September 2004)


EU GOOD PHARMACOVIGILANCE PRACTICE (SINCE JUNE 2012)

| 17


PHARMACOVIGILANCE IN A LIFECYCLE OF A MEDICINAL PRODUCT

| 18

Authorisation

Market Surveillance

Research Development

New

effects

Post-authorisation

lessons

Withdrawal

Reference

Information

Updates

Pre-authorisation PV

Post-authorisation PV

Medical Information

Audits

Risk Management

Plan


ESSENTIAL PHARMACOVIGILANCE PROCESSALL COVERED BY PRIMEVIGILANCE

| 19


COMPREHENSIVE PHARMACOVIGILANCE SYSTEM

| 20


Extremely sensitive and regulated area

• High barrier to changes => stable long term contracts

• Long term relationship => stable cashflow

• Highly demanding 24/7 job and quickly changing environment => limited

competition

• Restructuring of Pharma and Biotech => growing outsourcing approach

• Increasingly demanding => growing market – both existing and new

clients, as well as new territories with stronger regulation

WHY IS PHARMACOVIGILANCE COMMERCIALLY ATTRACTIVE?

| 21


Year 2015 $2.2 BnForecast for 2022 $5.9 BnCAGR (2016 – 2022) 15.8 %

GLOBAL PHARMACOVIGILANCE MARKET GROWTH

| 22

Forecast for 2022 over $8.2 Bn


Established 2008, Pharmacovigilance and Medical Information Specialists

PRIMEVIGILANCE

| 23

High customer retention leads to strong

backlog of contracts

Queens Award for Enterprise in 2014

Offices in 6 countries (Guildford, Zagreb, Prague,

Waltham, Belgrade and Frankfurt)

300+ employees supporting 100+ customers with

products marketed in 100+ countries


PRIMEVIGILANCE KEY STATISTICS

• Process over 65,800 per year

• Review over 380,000 per year

• Review over 9,000 per year

• Write over 800 PSURs, DSURs, PADERs, ACOs per year

• Over 140 written per year • 22 managed in-house, 30 developed

MI Enquiries

• Enquiries handled across all therapeutic areas for over 1,500 products across 20+ companies

• Prepare over 500 signal reports each year

Periodic Safety Reports

RMPs

Full Articles

PSMFs

Signal Evaluations

Periodic Safety Reports

RMPs

ICSRs/SAEs Full Articles

Literature Abstracts


PRIMEVIGILANCE ORGANIC GROWTH

| 25

5,59

8,27

13,46

0,65

2,10

3,59

-

2,00

4,00

6,00

8,00

10,00

12,00

14,00

16,00

2014 2015 2016

GB

P M

n

Revenue

EBITDA


PHARMINVENT ORGANIC GROWTH

| 26

1,87

2,71

3,92

0,550,66

0,94

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

2014 2015 2016

GB

P M

n(E

x.

Rate

30 J

une 2

017)

Revenue

EBITDA


PV Providers: ProPharma, PharmaLex, PV Ashfield, PharSafer, Xendo, Sciformix…

• PrimeVigilance has full PV services, expanding geographical presence and

access to resources for a quick scale up

Full service CROs with add on PV: Quintiles, Parexel, PPD, PRA, ICON…

PrimeVigilance offers value for money, specialised services, and personal

long-term relationship with customers

Business process outsourcing: Accenture, IBM, Deloitte, Oracle, Aris Global…

PrimeVigilance can offer the same tools used with higher PV expertise

COMPETITORS

| 27


Best People• PrimeVigilance employs some of the best people in industry• Leadership in understanding and influencing regulations and standards• High proportion of physicians and pharmacists

Best Tools• PrimeVigilance is platform independent, adopting the best tools available

Access to Resources• Quick scale up and deployment of new teams• Investment to the best technology – intelligent automation• Growth through M&A

Established Brand

• Early entry to the market, well known experts in leadership

Unique QPPV Coverage

• Ahead of all competitors

UNIQUE SELLING POINTS OF PRIMEVIGILANCE

| 28


UNIQUE PHARMACOVIGILANCE QP COVERAGE

| 29


Call centre

• Pharmacists answer any queries about medicinal products of our clients

coming from healthcare professionals/(patients)

• They cover medical queries, product quality complaints, as well as

reports of suspected adverse drug reactions

• Multilingual and Multichannel Call Handling services

• Includes phones, emails, fax, letters, and social media

• Development of FQA and Standard Response Documents

• Design of systems, validation, audits

MEDICAL INFORMATION LINE OF BUSINESS

| 30


MEDICAL INFORMATION IN PRIMEVIGILANCE

| 31

• PrimeVigilance Medical Information has 25+ customers already

• Acquisition of Sound Opinion in 2015 strengthened the position

• PrimeVigilance has won a milestone contract in the UK for medical

information recently

• Scale-up for technology, space and people is ongoing to meet the new

demand

• Medical Information is the usual entry point for pharmacovigilance

services


• PrimeVigilance is ready for any outcome of Brexit negotiation in our

lines of business (press statement released)

• We can move EU QPPVs to our offices in Frankfurt, Prague and Zagreb

• We can ensure continuous support in UK as well as remaining 28

Member States

• There should be no negative impact on PrimeVigilance business

BREXIT UNCERTAINTY

| 32

www.ergomedplc.comwww.ergomedplc.comwww.ergomedplc.com | 33

THANK YOU

FOR YOUR

ATTENTION

QUESTIONS?


ANDREW MACKIECHIEF BUSINESS OFFICER

| 34


Full and Partial Ownership of Products to generate SHV

PRODUCT DEVELOPMENT @ ERGOMED

Objective

Building Higher Shareholder Return with

limited risk

Balance of Product

Reward and risk

Ownership and exposure

Stage of development

Field of medicine

Technology

Risk

Reward

| 35


Rationale for Partners

CO DEVELOPMENT

Operational Skills

Funding

Development Strategy

Commercial Skills or Partner

http://www.biopharmadive.com/news/3-major-trends-driving-layoffs-in-biotech-and-pharma/399484/

https://www.scientificamerican.com/article/cost-to-develop-new-pharmaceutical-drug-now-exceeds-2-5b/


Rationale for Ergomed and How it works

CO DEVELOPMENT

30-50%

Clinical Costs

50-70%

Clinical Costs

Non Clinical

CMC & PC

Leveraging our knowledge of 20 years drug

development

Overall division stays cost neutral to the company

Forego profit on some projects in exchange for

the chance of turning it into LT revenue

Illustrative Numbers:

Discount of 30% to 50%

Share of revenue 5-15%

Investment cycle 2 years, Product launch 3 years

Probability of Success 10-20%

Returns could be >£3m per year

Ten projects will give us one or two successes with a

positive NPV for the division


100Reviews

CDA / Due Diligence

Advanced Negotiations

DEALS

50

12

2

Co-development leverages services expertise

FINDING OPPORTUNITIES

| 38

Desktop review by BD analysts annually

• Medically led

• Therapeutic expert

reviews

Comprehensive review covering:

• IP

• Legal

• Finance

Deals per year

• Regulation

• Clinical

• CMC

• Confidential package

• Focus on clinical need

• Commercialisation


Building a portfolio with significant upside potential

OUR DIVERSIFIED PRODUCT PIPELINE

| 39

COMPOUND PARTNERNEXT

MILESTONE

PRE-

CLINICALPHASE I PHASE II PHASE III

Partnership

Multikine Cel-Sci TBD

Lorediplon Ferrer TBD

SevuparinModus

Therapeutics1H 2018

SepranoloneAsarina

Pharma EoY 2017

Multikine Cel-Sci TBD

Ownership

PeproStat 1H 2018

ReadyFlow 2H 2017

Evaluate 100+ deal opportunities per year, aim to sign two per year

Head & Neck Cancer

Insomnia

Sickle-Cell Disease

Premenstrual Dysphoric Disorder

Haemostasis

Haemostasis

Perianal warts


Lorediplon with Ferrer

CO DEVELOPMENT

Phase II POC vs

Comparator

145 patients included

Share of Revenue

Low double digit share

Study Positive

Partnership with US development

partner and Phase II

$500m Peak Sales

Revenues from milestones,

royalties and sales

• Sleeping Tablet

• Market 2bn but many

patients dissatisfied with

current treatments, need

something to maintain

sleep longer

• New chemical with longer

duration of effect


Sevuparin with Modus

CO DEVELOPMENT

Phase II POC vs

Comparator

120 evaluable patients

EquityHigh single digit share of company

Study ongoing

Recruitment Target H1

2018

>$1bn Peak Sales

Previous Pfizer Deal

>$300m

• Cardiac crises in Sickle

Cell Anaemia

• Orphan Disease in high

unmet need population

• Modified heparin


Sepranalone with Asarina

CO DEVELOPMENT

Phase II POC Protocol

under development

EquityHigh single

digit share of company

Study in planning

Recruitment to begin H2

2017

>$500m Peak Sales

No disease addressing treatments

• PMDD – an extreme form

of PMT

• 3% of women believed to

suffer

• Modified natural steroid

which modifies the

woman’s response to

GABAa


Multikine with Cel-Sci

CO DEVELOPMENT

Phase III 928 patients included

Share of revenue

Single digit share; capped

Recruitment completed

In follow up; FDA

discussion

>$2bn Peak Sales

Revenue across several

indications

• Immuno-oncology

therapy for multiple

cancer types and viral

infections

• Potential for a large

number of cancers and

patients

• Combination of

chemokines and

cytokines (natural small

proteins naturally

involved in the immune

system)


THE SURGICAL BLEEDING MARKET AND LIMITATIONSOF THROMBIN HAEMOSTATS

| 44

THROMBIN ON SPONGES GELS

LIQUIDS

multiple preparation -slow mode of action-

needs to be

re-constituted- Animal Blood

Human Blood

$2.5bn


Mode of Action and Advantages

OUR NEW GENERATION OF HAEMOSTAT PRODUCTS

| 45

PATENTED FIBRINOGEN-BINDING

PEPTIDE TECHNOLOGY

PeprostatAccessible

wounds

Uneven

wounds,

puncture

wounds

Readyflow

Blood-free source

Ready-to-use liquid

Rapid, effective action

PRODUCT USP´S


The Opportunity

OUR NEW GENERATION OF HAEMOSTAT PRODUCTS

| 46

SALES POTENTIAL

Mix up fronts and LT Royalties

Control supply chain

Hospital Products are regional

COMMERCIALISATION STRATEGY

PEPROSTAT $150-200M

• Competes with liquid

haemostats that sell up to

$100m each in the US and

has additional potential in EU

and Asia

• Analysts suggest $150m

potential

READYFLOW >$300M

• Compete with the flowables,

market predicted to exceed

$1.0 Bn in 2025

• Strong competitive

advantage

TIMING AT END OF PHASE II

Capture value inflection

FAST TO SECURE MARKET

Potential launch in 2020

Strong IP position up to 2036

Study to report H2 2017


PROGRAMME UPDATE

| 47

PEPROSTAT PHASE I COMPLETED IN 20 LIVER

SURGERY PATIENTS• Faster, no safety concerns and easy to use

PEPROSTAT PHASE II IN 4 SURGICAL INDICATIONS• Recruitment ahead of schedule – Results in Q4 2017

• 126 evaluable patients

READYFLOW• Pre Clinical – peptide in HA gel formulation being tested

• Phase I in 2018

1.4 min(PeprostatTM)

3 to 6 min (Competitors)

vs

3 years

2020 market

entry

Combined

$500m peak

sales potential

PEPROSTAT PHASE III• Repeat of phase II design in more patients (600)

• Planned for 2018


QUESTIONS?

| 48


STEPHEN STAMPCHIEF FINANCIAL OFFICER

| 49


Revenue and EBITDA (adjusted) ahead of expectations

2016 FINANCIAL HIGHLIGHTS

| 50

2015 2016

Revenue (£m)

3,4 3,0

2015 2016

EBITDA (£m)

4.1

• Revenue up 30% to £39.2 million (2015: £30.2 million)• Excluding acquisitions, revenue up 27%

• Gross profit up 43% to £12.0 million (2015: £8.4 million)

• EBITDA (adjusted) before R&D £4.1 million (2015: £3.4 million)• After R&D (Haemostatix) £3.0 million

• Cash at bank £4.4 million at 31 December 2016 (2015: £4.0 million)

+30%

R&D


Exceeded target revenue and EBITDA (adjusted)

PROFIT AND LOSS ACCOUNT

| 51

£000s FY 2016 FY 2015

REVENUE 39,233 30,178

GROSS PROFIT 11,994 8,370

Administrative expenses (10,483) (6,379)

Other administrative expenses (8,323) (5,186)

Amortisation of acquired fair valued intangible assets (771) (596)

Share-based payment charge (398) (288)

Deferred consideration for acquisition (690) –

Write-back of deferred consideration for acquisition 460 –

Acquisition costs (584) (272)

Exceptional items (177) (37)

Research and development (1,040) –

Other operating income 127 81

OPERATING PROFIT 598 2,072

Finance costs (net) (272) –

PROFIT BEFORE TAXATION 326 2,072

Taxation 153 (520)

PROFIT FOR THE PERIOD 479 1,552

EBITDA (adjusted) 3,014 3,382


BALANCE SHEET

| 52

£000s31 December

2016

31 December

2015

Goodwill 12,285 7,488

Intangibles 19,842 2,819

Other non-current assets 2,436 883

NON-CURRENT ASSETS 34,563 11,190

Trade and other receivables 14,958 9,528

Clinical trial inventory 450 –

Cash and cash equivalents 4,424 3,974

CURRENT ASSETS 19,832 13,502

TOTAL ASSETS 54,395 24,692

CURRENT LIABILITIES (8,592) (7,233)

NET CURRENT ASSETS 11,240 6,269

NON-CURRENT LIABILITIES (11,195) (523)

TOTAL LIABILITIES (19,787) (7,756)

NET ASSETS 34,608 16,936

£m

2015 7.5

Haemostatix 2.1

O+P / GASD 0.5

PharmInvent 2.2

2016 12.3

£m

2015 2.8

PeproStat 13.1

ReadyFlow 2.1

OPVERDI 0.4

GASD cust. lists 0.2

PharmInvent cust. lists 1.3

Software 0.7

20.6

Amortisation (0.8)

2016 19.8


Multiple value inflection opportunities near term

NEWSFLOW

| 53

Co-development deals – target two p.a.

Services acquisitions

PeproStat™ / ReadyFlow™ out- licensing opportunities

2017 2018

• Ferrer: Phase II insomnia results

• Haemostatix: PeproStat™

Phase IIb initiated

• Aeterna Zentaris: Zoptrex™

Phase III results


Phase IIb completion

• Initiation of Asarina PMDD trial


Phase III start

• Modus Therapeutics: Sevuparin

Phase II top line results

• Haemostatix: ReadyFlow™

Phase I ready


Profitable Services with break-out potential from Product Portfolio

BUILDING SIGNIFICANT SHAREHOLDER VALUE

| 54

5 Year Shareholder

value drivers

Services:

Stable profitable growth

Products:

Breakout potential

Commitment to remain overall EBITDA positive

E B

I T

D A


STRATEGY FOR ACCELERATED GROWTH

| 55

ACQUISITIONS

30% top line growth

STRATEGY

• Build on 20 years profitable

organic growth

• Continue to outpace the market

Pharmacovigilance

2016 DELIVERY

CRO • Build out global infrastructure

• Add specialist skills:

• Eg. orphan diseases, PMS

• Consolidate European leadership

• Establish global leadership:

• N. America

• Japan / China

• Monetize Haemostatix technology

• Expand development portfolio to

+/- 10 partnerships


QUESTIONS?

| 56