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    RESEARCH IS TO SEE WHAT EVERYONE HAS SEEN

    AND TO THINK WHAT NOBODY HAS THOUGHT.

    "Albert Szent-Gyoergyi, nobel prize 1937.

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    Lean genes allow you

    to eat without gaining weight

    Nature did it, ObeTherapy can reproduce it.

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    The Company

    Created by Dr Itzik HAROSH in January 2000

    Strong team of 6 researchers

    5 patents giving a full scientific protection One industry contract with Zambon Group SpA (Milan,

    Italy)

    Several biotech collaborations

    One academic collaboration with INRA (France) Member of the Genopole at Evry, France

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    Core Team

    Itzik HAROSH, PhD, Chairman and Chief ScientistOfficer (CSO)

    Georges GAUDRIAULT, PhD, Scientific Director Sandrine BRAUD, PhD, Project Leader

    Vladimir CHARRON, Engineer

    David SENAC, Engineer Christelle MOUGIN, Laboratory Manager

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    Prof. M. Radman, Hpital Necker, Paris, France; specialist in genetics and evolution;

    member of the "Acadmie des Sciences de l'Institut de France".

    Prof. A. Levy, The Weizmann Institute of Science, Rehovot, Israel; specialist inbiotechnology and genetics.

    Prof. T. Baasov, Chemistry Faculty Technion, Haifa, Israel; specialist in medicinal chemistryand chemical synthesis.

    Prof. B. Peault, McGowan Institute for Regenerative Medicine, Pittsburgh, USA; specialist incellular models and biotechnology, pioneer of Systemix.

    Dr Y. Champey, former Senior Vice President and Executive Medical Director at Rhne-Poulenc Rorer.

    Prof. D. Bensimon, Ecole Normale Suprieure, Paris, France; specialist in biophysics of

    DNA and proteins.

    Prof. M. Rubinstein, Weizmann Institute, Israel; Geneticist, Expert in the obesity field.

    Prof. D. Ricquier, PhD, Director of CEREMOD/CNRS Unit 9078, Hpital Necker-EnfantsMalades, France, Expert in the obesity field in which he is a major contributor; member of the

    "Acadmie des Sciences de l'Institut de France".

    Advisory board

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    6Source: Farrigan C, Nat Rev Drug Discov, 1, 257

    PRIMARY MARKET: OBESITY

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    Mission

    With a completely innovative strategy,

    Obetherapy aims to develop medication forobesity.

    By looking for lean genes or

    expenditure genes in lean phenotype

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    Obesity = imbalance betweenfood intake and energy expenditure

    Food intake

    Energy expenditure(metabolism& physical activity)

    What is Obesity ?

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    9ATP

    Acetyl-CoAAcetyl-CoA

    Metabolic Pathways Involved In Obesity

    Absorption

    ObesityType II diabete

    Metabolism

    Carbohydrate Proteins LipidsLipidsCarbohydrates

    Appetite/Satiety (CNS)

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    Genes linked or associated with obesity

    - Single gene 7

    - Mendelian disorders 41- Associated 90

    - Linkage 322

    - Total 460

    http://obesitygene.pbrc.edu

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    Targets for obesity treatment currently in research and development

    Appetit

    NPY

    Orexin

    PTP-1B

    AGRP

    MG

    Axokine

    CNTF

    Canabinoid(Rimonabant)

    Satiety

    OBDB

    CCKPOMCMCH

    TubbyCART

    AgoutyFAT

    GLP-1MC4RMC4R

    PYY (3-36)

    Energyhomeostasis

    UCP1

    UCP2

    UCP3

    PKA-IIb

    -Adrenergic R-Adrenergic R

    ACC-2

    Adiponectin(Famoxin)

    PTP1B

    S6K1

    Fatmetabolism

    PPAR-SREBP1

    C/EBPs

    FATPs

    PL (Orlistat)MTP

    Fat Absorption

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    Why did we evolve to be obese?

    Is obesity an advantage?

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    Natural selection Darwin's grand idea of evolution by natural selection

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    Natural selection Darwin's grand idea of evolution by natural selection

    Is this an advantage?

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    The thrifty genome theory(James Neel, 1962 Am. J.Hum. Genet.)

    During thousand of years of evolution, when foodwas scare, long periods of famine have selectedindividuals having an efficient organism for foodabsorption and energy metabolism.

    When food supply increased the thrifty genotypebecome a liability rather than an asset.

    On the other hand, individuals with low efficiencyfor food absorption and energy metabolism became

    rare.

    This explains why we are, in the vast majority, veryefficient for food absorption and energy metabolism.

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    Obetherapy strategy

    Using the Lean Genes orExpenditure genesas

    Potential Targets for theTreatment of Obesity andType II diabetes

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    Target Identification

    and Validation

    Hit Identification

    Lead Optimization

    Structure

    Activity

    Relationship

    Medicinal

    Chemistry

    Improved

    Leads

    Selection of a

    Drug Candidate

    Preclinical Development

    Clinical Development

    Registration

    Launch Target n1

    Research & Development Process

    Target n2

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    Our first target:

    Blocking the lipidsabsorption

    in collaboration with Zambon Group SpA

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    ChylomicronsVLDL/LDL

    HDL

    Bile

    Metabolism

    Storage

    Liver

    Absorption

    Intestine

    Adipocytes

    OBETHERAPY Target: The Gateway

    Lipids are transported by chylomicrons (from intestine to liver) andby VLDL/LDL/HDL (from liver to target tissue). OBETHERAPY CAN

    STOP TOTALLY OR PARTIALLY THE PROCESS.

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    Transgenic (F1)

    Control(F1)

    Validation of our first target

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    Status on target n1

    Development collaboration signed in 2004 with ZambonGroup SpA. Zambon Group SpA was founded in Vicenzain 1906. It operates in Europe, South America and Asia.It employs 2,300 employees in 16 countries and hasconsolidated sales in the region around 500m.

    Some scientific data: High throughput screening using ObeTherapys

    proprietary technology was conducted late 2004.

    HIT identification milestone was reached in April

    2005. Lead identification milestone was reached in October2005.

    Next milestone will characterize the Candidate Drugto enter preclinical mid 2007.

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    SOME FACTS

    5 PATENTS:

    First ObeTherapys target on lipids (issued EU and US) Second ObeTherapys target on proteins (PCT application)

    Biochemical in vitroassay: (issued F & US) List of hit compounds (PCT)

    Cellular HTS (PCT)

    2 PATENTS IN PREPARATION WITH ZAMBON GROUP SpA

    OTHER MARKET FOR OBETHRAPY TECHNOLOGY:

    DYSLIPIDEMIA

    TYPE II DIABETESATHEROSCLEROSIS

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    (i) Coinvest with Zambon and share risk on the

    development of the first program.

    (ii) Bring the second program to preclinical stage.

    Investment opportunities

    ObeTherapy is looking to raise

    3 million euros for the next 2 years.

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    Lean genes allow you

    to eat without gaining weight...

    Nature did it, ObeTherapy can reproduce it.