Swedish American Life Science Summit 2009August 2009

Private Equity in Life Science

• Listed private equity company that builds successful life science companies together with inventors

– Select right concepts– Contribute with entrepreneurship and capital– Formed in 1998

• Balanced portfolio currently with 12 companies and 1 wholly owned subsidiary– 4 in drug development and biotechnology– 8 in diagnostics and medical technology/device– 1 sales and distribution company

LinkMed’s goals and objectives are

• To be a preferred partner for innovators and other venture capital investors within the area of life science

• To be a leading listed private equity player within the area of life science in Sweden, thereby providing the opportunity to invest in unlisted R&D life science companies

• To generate a healthy return on shareholders’ equity, sustaining an average return of more than 20 percent per year over a five year period

Investment focus and management owner concept

Market introduction

From new concept, to product development

Building value through active management and capital

Board direction and business

planning

LinkMed’s Expertise

OPERATIONAL FOCUS

STRATEGIC FOCUS

Members of the LinkMed management team have held CEO positions in seven of the portfolio companies

Investment criteria

• Life science sector with product focus, preferably Swedish based

• Ownership potential of over 20%• Large commercial potential• Strong intellectual property• Dedicated

innovators/entrepreneurs • Shared view on long term strategy• Clear exit opportunities• The investment fits with LinkMed’s

portfolio in terms of maturity and risk profile

The management owner concept

Financial information

Largest shareholders (after share issue in June - 2008)− Fast Partner AB 18.7%− Mohammed Al Amoudi 11.6 %− Koncentra Holding AB 7.8%− Mannersons Fastigheter AB 5.4%− Ingemar Lagerlöf (CEO and founder) 5.4%

Investment history (end of March-09)*Invested in portfolio companies by LinkMed– In 2009: SEK 14 Million– in 2008: SEK 31 million– in 2007: SEK 64 million– in 2006: SEK 34 million* Does not include acquisition of Olerup SSP

• Listed on OMX Nordic Exchange Stockholm since December 2006 (LMED)

• Ticker LMED• Market cap > SEK 300 million

SEK M

Co-investors include− Scandinavian Life Science Invest− Koncentra Holding− Karolinska Development− Uminova Invest− Norrlandsfonden

In total SEK 506 million invested in the LinkMed portfolio companies (end of Mar-09)*

Portfolio Companies - overview

Company Focus Stage of DevelopmentInvestment year

AbSorber Transplantation testing Commercialization 1999

BioResonator Diagnostics -Glaucoma Late stage development – commercialization in 2009 2000

Biovator Allergies Late stage development - commercialization in 2009 2000

Likvor Diagnostics – Neuro Late stage development - commercialization in 2009 2007

Olerup International Sales and distribution Sales and distribution company 2010

Olerup SSP Transplantation testing Commercialization 2009

ONCOlog Radiotherapy Commercialization stage 2004

OrtoWay Orthopedics Late stage development- commercialization in 2009 2006

Pharmacolog Chemotherapy Late stage development- commercialization in 2009 2007

Company Focus Stage of DevelopmentInvestment year

AnaMar Medical Joint diseases Phase 1/ commercialization stage/ Out licensing 1998

IMED Monoclonal antibodies Pre-clinical stage 2002

NovaHep Liver stem cells Early discovery / development stage 2005

Recopharma Carbohydrate technology Pre-clinical stage 2004

Diagnostics and Medical Technology and Device

Drug Development and biotech companies

AbSorberXM-ONE® - new transplantation crossmatch test

• XM-ONE® is unique in that it is the first standardized test that can detect antibodies against the cells that line the inside of blood vessels

• These endothelial cells are the first point of contact between the transplanted organ and the recipient’s immune system

• Anti-endothelial cell antibodies have been shown to play a key role in causing post-transplantation rejections

• Focus on kidney transplantation

• CE market for sales in the EU countries

• FDA registered for sales in the US

• First US order in January 2009 from UCLA

World market • 75,000 organs are transplanted annually

and of those 55,000 are kidneys• US market stands for one third of all

organ transplantations

Olerup SSPLeader in HLA typing

• Olerup SSP specializes in rapid and highly specific HLA typing, used in transplantation

• Olerup SSP is a leading global supplier of products for PCR-based HLA tissue typing

– Strong market position– Well-known brand – Strong in-house knowledge base– Updated kits

• Products are mainly used to match patients and donors to avoid rejections in connection with bone marrow transplantation (hematopoietic stem cell transplantation) and organ transplantation

• Continuous growth and exceptional profit margins throughout 17 years of operations

• Acquired from Dr. Olle Olerup in June, 2008

Q1 2009Jan – Dec

2008

Sales, MSEK 23.0 70.3

EBIT, MSEK 12.8 44.8

0

2,000

4,000

6,000

8,000

10,000

12,000

2000 2001 2002 2003 2004 2005 2006

Num

ber

of d

onat

ions

Cord blood units provided

Peripheral Blood StemCells donations

BM donations

Total CAGR 12%

Source: Bone Marrow Transplantation (2008) 41

Transplantations of unrelated hematopoietic stem cells

CAGR 37%

CAGR -3%

CAGR 30%

0

2,000

4,000

6,000

8,000

10,000

12,000

2000 2001 2002 2003 2004 2005 2006

Cord blood units provided

Peripheral Blood StemCells donations

Bone marrow donations

25,000 HSC transplantations p.a. in total, of which almost 50% is with unrelated donor

Market driven by :• Increase of approx. 10% p.a. of transplantations with unrelated donor in

developed markets• Growing demand in emerging economies• HSC market can be divided into high and low resolution typing • Olerup SSP targets the unrelated segment that requires rapid typing with

high resolution• Market opportunities in pharmacogenetics

Olerup SSP - Strong growth in unrelated HSC transplantations

Opportunities to build

Developing companies

Challenges−Cash−Market knowledge and

reachProspect−Growth opportunities

Cash flow generating companies

Challenges−Future sales growth−New products

Prospect−Sustainable cash flow

New identity

- Products on the market

- Steady cash flow

- Strong growth

opportunities

- Opportunities to

acquire new companies

or products

Further growth opportunities

Olerup International – global distribution and sales company recent acquisition and Joint Venture

• Acquired QIAGEN GmbH, Vienna, in June, 2008 now Olerup GmbH

• Take over of key HLA skilled personnel plus infrastructure from NorDiag Inc West Chester, PA, USA – formed Joint Venture with NorDiag a Norwegian biotech company to make this work

• Global sales organization handling sales of Olerup SSP typing kits and Absorbers XM-One® and other products in the transplantation field including product from NorDiag

• Gives full control over sales and products get to a better margin

• Enhance the opportunity to add other products from outside the group

• Olerup International is an global distribution and sales company with two subsidiaries Olerup GmbH and Olerup Inc. Olerup GmbH with an office in Vienna, and Olerup Inc. with an office in West Chester, PA.

Initiative in transplantation testing

• Niche sector: 500 leading clinics globally• Growing sector: 5 – 10 % annually with good margins

• XM-ONE® is the first standardized test to detect antibodies against endothelial cells

• US launch is ongoing

• Specializes in rapid and highly specific HLA typing

• Operating margin over 55 %

• Global distribution company with sales office inStockholm, Vienna and outside Philadelphia, US

+Same end-customers!

+Same distribution!

+Production synergies!

+R&D collaborations!

The portfolio continues to develop and matureBiotechnology and Drug development

At listing on NASDAQ OMX According to plan

Only larger projects from the companies

The portfolio continues to develop and matureMedTech and Diagnostics

According to plan

Only larger projects from the companies

At listing on NASDAQ OMX

Portfolio companies selling on the market

A number ofBiomarkers

XM-ONE® for USA and Europe

More than 300 typing kits

A number of products within radiotherapy

A number of products entering the market

Launch of IOP device

Launch of allergenicity test

Launching Celda for NPH diagnostics

Launching OrtoWell and OrtoMixer

LaunchingDrugLog

High expectations going forward

OrtoWell: Instrumentation system for the controlled separation of vertebrae and accurate placement of artificial spinal implants or other therapies, CE marked in December 2008OrtoMixer: The bone cement preparation and administration system

Likvor’s diagnostic breakthrough instrument for assessment of the CSF dynamics will be ready later in 2009. It will help neurologist and neurosurgeons to diagnose patients with Normal Pressure Hydrocephalus (NPH). It can also be used to check if a patient’s shunt is working properly

AnaMar is currently running clinical phase testing with their compound against rheumatoid arthritis and osteoarthritis, results later in 2009

Biovator’s first test that predicts whether chemical substances may cause allergies will be introduced to the market. It will dramatically reduce the use of animal testing.

Successful launch of XM-ONE in the US and increased sales force in Europe together with Olerup International

Why invest in LinkMed?

• Portfolio of select companies• Strong and dedicated management• Liquidity in the share• Transparency and governance of the company• Less risk • Unique opportunity to reach unlisted Nordic life

science companies• Several companies on the edge of breakthrough

with products ready for the market• Attractive valuation• Strong cash position after a successful share

issue• Leading private equity life science

Swedish American Life Science Summit 2009August 2009www.linkmed.se