Management presentation

March 2021 Disclaimer

This presentation is strictly confidential and may not be copied, published, distributed or transmitted in whole or in part, by any medium or in any form for any purpose. The information in this presentation is being provided by Biosergen AS (referred to as the “Company” or “Biosergen”) and is subject to change without any notice. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the presentation and the information contained herein and no reliance should be placed on such information. No responsibility is accepted for any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents. This presentation has been prepared for information purposes only and is not an offer or invitation to buy or sell any securities, nor shall any part, or all, of this presentation form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward- looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. By receiving this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company.

2 The transaction Biosergen is going public to raise EUR 10-12 million to send its potential blockbuster antifungal into clinical development in the second half of 2021

Transaction overview Investment highlights

Listing on NASDAQ First North Stockholm in Q2 2021 Lead program with blockbuster potential

All proceeds used for clinical development Tremendous unmet medical need

Leveraged by public funding and support from High Return on Investment key investors

Pre-IPO commitments sought, including underwriting Near term highly value accretive news flow

3 Biosergen addresses one of the worst unmet medical needs With more than 1.5 million deaths per year fungal infection is the overlooked health crisis

Majority of systemic fungal infection-related deaths are Opportunistic fungal infections caused by four fungal pathogens: Candida, Aspergillus, Are increasing because the number of people with Cryptococcus and Pneumocystis weakened immune systems continues to increase

Hospital acquired infections Emerging multidrug resistant (MDR) fungal pathogens Has multiple causes, including inadequate sanitation protocols and the routine use of antifungal drugs in hospital settings that creates a selection pressure for the emergence of resistant strains Big-pharma has been pulling out of infectious diseases

Community acquired infections

These outbreaks are almost certainly linked to This situation is now recognized by the WHO, CDC and demographic changes and climate change others as a global health threat

4 Pipeline leading to first product approval by 2026 Biosergen’s lead compound BSG005 is about to enter clinical phase trials. Additional formulations to further increase the utility of the drug are close behind

Pre- cGMP/ Phase Phase Phase Discovery clinical Tox 1 2 3

BSG005 2021 2022-23 2024-25

BSG005 Nano 2021-22 2023

BSG005 Oral 2022

. Phase I in Australia followed by ambitious multi-trial Phase II program leading to broad labeling against invasive fungal infection Please enhance this part a bit more . Applied for Orphan drug status with the FDA to obtain expedited clinical development and post approval market exclusivity . New formulations in the pipeline . BSG005 Nano to specifically target the lung . BSG005 Nano Oral which allows for oral delivery

5 Contents

BSG005

Pre-clinical data

Clinical program and market positioning

Financials, ownership and management

Appendix

6 BSG005 is a unique new antifungal BSG005 belongs to the Polyene macrolide class of drugs but has been genetically improved

Based on two decades of scientific work at Norwegian University of Original discovery from the Norwegian Science and Technology (NTNU) in Trondheim in collaboration with the University of Science and Technology Department of Biotechnology and at SINTEF, originally funded by the Research Council of Norway Technology platform developed in partnership with Karolinska Development and SINTEF Research.

Using state-of-art gene editing techniques to develop an improved version of Nystatin, a naturally occurring fungicidal chemical in the Polyenes are fungicidal, causing fungus bacterial strain Streptomyces noursei death. Most of the other antifungal products are fungistatic and therefore only inhibit fungal growth

The researchers modified several gene clusters in an attempt to retain Polyenes are known for their low or even improve the efficacy of Amphotericin B while removing well- resistance development known dose limiting toxicity Polyenes have been the “last line of defense” for antifungal for more than 50 years They eventually expressed and evaluated in various in vitro and in vivo models more than 20 drug candidates Contrary to other Polyenes BSG005 has no nephrotoxicity

7 Excellent scientific validation The decades long research effort behind BSG005 has been published in 23 peer reviewed publications

1. Sekurova O, Sletta H, Ellingsen TE, Valla S, Zotchev S: Molecular cloning and analysis of a pleiotropic regulatory gene locus from the nystatin producer Streptomyces noursei ATCC11455. Fems Microbiology Letters 1999, 177(2):297-304. 2. Brautaset T, Sekurova ON, Sletta H, Ellingsen TE, Strom AR, Valla S, Zotchev SB: Biosynthesis of the polyene antifungal antibiotic nystatin in Streptomyces noursei ATCC 11455: analysis of the gene cluster and deduction of the biosynthetic pathway. Chemistry & Biology 2000, 7(6):395-403. 3. Zotchev S, Haugan K, Sekurova O, Sletta H, Ellingsen TE, Valla S: Identification of a gene cluster for antibacterial polyketide-derived antibiotic biosynthesis in the nystatin producer Streptomyces noursei ATCC 11455. Microbiology-Uk 2000, 146:611-619. 4. Brautaset T, Bruheim P, Sletta H, Hagen L, Ellingsen TE, Strom AR, Valla S, Zotchev SB: Hexaene derivatives of nystatin produced as a result of an induced rearrangement within the nysC polyketide synthase gene in S. noursei ATCC 11455. Chemistry & Biology 2002, 9(3):367-373. 5. Aparicio JF, Caffrey P, Gil JA, Zotchev SB: Polyene antibiotic biosynthesis gene clusters. Applied Microbiology and Biotechnology 2003, 61(3):179-188. 6. Brautaset T, Borgos SEF, Sletta H, Ellingsen TE, Zotchev SB: Site-specific mutagenesis and domain substitutions in the loading module of the nystatin polyketide synthase, and their effects on nystatin biosynthesis in Streptomyces noursei. Journal of Biological Chemistry 2003, 278(17):14913-14919. 7. Bruheim P, Borgos SEF, Tsan P, Sletta H, Ellingsen TE, Lancelin JM, Zotchev SB: Chemical diversity of polyene macrolides produced by Streptomyces noursei ATCC 11455 and recombinant strain ERD44 with genetically altered polyketide synthase NysC. Antimicrobial Agents and Chemotherapy 2004, 48(11):4120-4129. 8. Sekurova ON, Brautaset T, Sletta H, Borgos SEF, Jakobsen OM, Ellingsen TE, Strom AR, Valla S, Zotchev SB: In vivo analysis of the regulatory genes in the nystatin biosynthetic gene cluster of Streptomyces noursei ATCC 11455 reveals their differential control over antibiotic biosynthesis. Journal of Bacteriology 2004, 186(5):1345-1354. 9. Fjaervik E, Zotchev SB: Biosynthesis of the polyene macrolide antibiotic nystatin in Streptomyces noursei. Applied Microbiology and Biotechnology 2005, 67(4):436-443. 10. Sletta H, Borgos SEF, Bruheim P, Sekurova ON, Grasdalen H, Aune R, Ellingsen TE, Zotchev SB: Nystatin biosynthesis and transport: nysH and nysG genes encoding a putative ABC transporter system in Streptomyces noursei ATCC 11455 are required for efficient conversion of 10-deoxynystatin to nystatin. Antimicrobial Agents and Chemotherapy 2005, 49(11):4576-4583. 11. Volokhan O, Sletta H, Sekurova ON, Ellingsen TE, Zotchev SB: An unexpected role for the putative 4 '-phosphopantetheinyl transferase-encoding gene nysF in the regulation of nystatin blosynthesis in Streptomyces noursei ATCC 11455. Fems Microbiology Letters 2005, 249(1):57-64. The genetic modification to 12. Borgos SEF, Sletta H, Fjaervik E, Brautaset T, Ellingsen TE, Gulliksen OM, Zotchev SB: Effect of glucose limitation and specific mutations in the module 5 enoyl reductase domains in the nystatin and amphotericin polyketide synthases on polyene macrolide biosynthesis. Archives of Microbiology 2006, 185(3):165-171. 13. Borgos SEF, Tsan P, Sletta H, Ellingsen TE, Lancelin JM, Zotchev SB: Probing the structure-function relationship of polyene macrolides: Engineered biosynthesis the carboxyl group of soluble nystatin analogues. Journal of Medicinal Chemistry 2006, 49(8):2431-2439. 14. Volokhan O, Sletta H, Ellingsen TE, Zotchev SB: Characterization of the P450 monooxygenase NysL, responsible for C-10 hydroxylation during biosynthesis of the polyene macrolide antibiotic nystatin in Streptomyces noursei. Applied and Environmental Microbiology 2006, 72(4):2514-2519. characteristic to both 15. Nedal A, Sletta H, Brautaset T, Borgos SEF, Sekurova ON, Ellingsen TE, Zotchev SB: Analysis of the mycosamine biosynthesis and attachment genes in the nystatin Biosynthetic gene cluster of Streptomyces noursei ATCC 11455. Applied and Environmental Microbiology 2007, 73(22):7400-7407. 16. Brautaset T, Sletta H, Nedal A, Borgos SEF, Degnes KF, Bakke I, Volokhan O, Sekurova ON, Treshalin ID, Mirchink EP et al: Improved Antifungal Polyene Amphotericin B and Nystatin Macrolides via Engineering of the Nystatin Biosynthetic Genes in Streptomyces noursei. Chemistry & Biology 2008, 15(11):1198-1206. 17. Caffrey P, Aparicio JF, Malpartida F, Zotchev SB: Biosynthetic engineering of polyene macrolides towards generation of improved antifungal and antiparasitic agents. Current Topics in Medicinal Chemistry 2008, 8(8):639-653. has been shown to 18. Preobrazhenskaya MN, Olsufyeva EN, Solovieva SE, Tevyashova AN, Reznikova MI, Luzikov YN, Terekhova LP, Trenin AS, Galatenko OA, Treshalin ID et al: Chemical Modification and Biological Evaluation of New Semisynthetic Derivatives of 28,29-Didehydronystatin A(1) (S44HP), a Genetically Engineered Antifungal Polyene Macrolide Antibiotic. Journal of Medicinal Chemistry 2009, 52(1):189-196. significantly reduce BSG005’s 19. Zotchev S, Caffrey P: GENETIC ANALYSIS OF NYSTATIN AND AMPHOTERICIN BIOSYNTHESIS. In: Complex Enzymes in Microbial Natural Product Biosynthesis, Part B: Polyketides, Aminocoumarins and Carbohydrates. Edited by Hopwood DA, vol. 459; 2009: 243-258. 20. Preobrazhenskaya MN, Olsufyeva EN, Tevyashova AN, Printsevskaya SS, Solovieva SE, Reznikova MI, Trenin AS, Galatenko OA, Treshalin ID, Pereverzeva ER et al: toxicity Synthesis and study of the antifungal activity of new mono- and disubstituted derivatives of a genetically engineered polyene antibiotic 28,29- didehydronystatin A(1) (S44HP). Journal of Antibiotics 2010, 63(2):55-64. 21. Brautaset T, Sletta H, Degnes KF, Sekurova ON, Bakke I, Volokhan O, Andreassen T, Ellingsen TE, Zotchev SB: New Nystatin-Related Antifungal Polyene Macrolides with Altered Polyol Region Generated via Biosynthetic Engineering of Streptomyces noursei. Applied and Environmental Microbiology 2011, 77(18):6636-6643. 22. Heia S, Borgos SEF, Sletta H, Escudero L, Seco EM, Malpartida F, Ellingsen TE, Zotchev SB: Initiation of Polyene Macrolide Biosynthesis: Interplay between The re-formation of the covalent bond in the Polyketide Synthase Domains and Modules as Revealed via Domain Swapping, Mutagenesis, and Heterologous Complementation. Applied and Environmental Microbiology 2011, 77(19):6982-6990. 23. Tevyashova AN, Olsufyeva EN, Solovieva SE, Printsevskaya SS, Reznikova MI, Trenin AS, Galatenko OA, Treshalin ID, Pereverzeva ER, Mirchink EP et al: Structure- Antifungal Activity Relationships of Polyene Antibiotics of the Amphotericin B Group. Antimicrobial Agents and Chemotherapy 2013, 57(8):3815-3822. third position re-establishes AmB level of fungicidal efficacy

8 BSG005 has strong patent protection Additional market exclusivity may be afforded by orphan and GAIN status

Region IP protection (incl. extensions) Exclusivity protection after launch

. Composition of matter patent: 2033 . Orphan drug protection**: 7 years USA . New formulation patent*: 2041 . GAIN protection**: plus 5 years

. Composition of matter patent: 2028 . Orphan drug data exclusivity**: 10 years EU . New formulation patent*: 2041 . Market exclusivity: plus 2 years

. Composition of matter patent: 2033 Japan . Market exclusivity: 8 years . New Formulation patent*: 2041

. Composition of matter patent: 2028 China . Market exclusivity: 6 years . New Formulation patent*: 2041

9 Contents

BSG005

Pre-clinical data

Clinical program and market positioning

Financials, ownership and management

Appendix

10 Pre-clinical data: An overview

BSG005 has been In vitro fungal strain Immunocompromised BSG005 showed at BSG005 has no through an extensive test showed broad mouse model showed equal dose levels a 3 nephrotoxicity, the in vitro and in vivo spectrum action, and excellent effects on – 4 times higher main limitation of all pharmacology test a particular effect on candida and potency than other Polyenes program azole resistant aspergillus systemic Amphotericin B, the Aspergillus strains infections with high current standard of survival rates of the care for patients not mice responding to Azole treatment

11 Efficacy against resistant strains BSG005 shows broad activity even against difficult-to-treat strains

Candida Aspergillus

C. Glabrata C. Albicans C. Albicans C. Glabrata (increased (fluconazole- (fluconazole- A. flavus A. fumigatus A. niger A. terreus (sensitive) MIC Antifungals susceptible) resistant) Antifungals capsofungin) (MIC90) (MFC90) (µG/ML) (µG/ML) n=13 n=7 n=14 n=6 n=20 n=20 n=20 n=10

Amphotericin B 0.5 0.5 0.5 0.5 Amphotericin B >32 >8 >8 >32

Caspofungin 0.25 1 0.5 2 Caspofungin >32 >32 >32 >32

Fluconazole 0.25 >32 64 64 Fluconazole >64 64 >64 >64

Voriconazole 0.06 0.5 4 4 Voriconazole >16 >8 >8 >4

BSG005 0.5 1 2 1 BSG005 >4 >4 4 >4

Higher activity against azole resistant Aspergillus than liposomal Amphotericin B

12 Superior performance at equal dose Outperforms liposomal Amphotericin B in Aspergillosis and Candidiasis

BSG005 vs ambisome against Candidiasis BSG005 vs ambisome against Aspergillosis

100 100 90 90 80 80 70 70 60 60 50 50 Survival (%) 40 Survival (%) 40 30 30 20 20 10 10 0 0 1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627282930 1 2 3 4 5 6 7 8 9 1011121314151617181920212223242526272829

Days post infection Days post infection

BSG005 (0.7 mg/kg) BSG005 (0.35 mg/kg) AmBisome (0.7 mg/kg) BSG005 (1.0 mg/kg) BSG005 (0.5 mg/kg) AmBisome (1.0 mg/kg)

AmBisome (0.35 mg/kg) Untreated AmBisome (0.5 mg/kg) Untreated

13 Higher Potency in candidiasis in Immunocompromised Mice (clinical dose)

Survival Data

100 N=50 90 80 70 60 50

Survival (%) 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Days after infection

BSG005 (0.7 mg/kg) BSG005 (0.35 mg/kg) AmBisome (5.4 mg/kg) AmBisome (2.7 mg/kg) Fluconazole (6 mg/kg)

Voriconazole (4 mg/kg) Caspofungin (0.35 mg/kg) Vehicle Untreated

AmBisome dose as amphotericin B

14 Comparison of Toxicology in Mice

BSG005 shows more than 5 times lower toxicity than Amphotericin B BSG005 shows significantly less toxicity in mice kidneys

Enzyme marker: Urinary N-Acetyl-β-(D)- Acute toxicity in mice Glucosaminidase (NAG)

20 250 18 ] 200 * 16 Crea 14 150 12

/mmol U - /mmol * 10 100 mg/kg *

nkat * 8 * 50 6 NAG [

4 U- Δ 0 2 0 -50 MTD LD50 0 2 4 6 8 10 Dose (μmol/kg) x 2 AmpB BSG005 Vehicle control Amphotericin B BSG005

MTD – Maximum Tolerated Dose NAG is a sensitive indicator of early renal tubular injury. LD50 - Lethal Dose, 50%. It is the amount of the substance required to kill 50% of the test population.

15 Safety BSG005 has superior safety data over other Polyenes, including liposomal Amphotericin B

No genotoxicity

Free of cardiovascular, central nervous and respiratory adverse effects

No kidney toxicity

16 Contents

BSG005

Pre-clinical data

Clinical program and market positioning

Financials, ownership and management

Appendix

17 Clinical program designed to lead to NDA filing by end 2025 The company will file for orphan status for BSG005 to achieve expedited regulatory revue and prolonged market exclusivity

The Company has applied for orphan drug status with the FDA and will shortly apply with the EMA

Phase I The phase I trial of BSG005 will take place in Australia as a dose . Orphan drug status provides a number of benefits including expedited underway escalation trial with 60 healthy human volunteers regulatory approval . Another benefit is guaranteed market exclusivity for a period of time following market approval

BSG005 will likely also be awarded GAIN status Phase II programme The phase II clinical program is planned to include several trials . The United States Congress created GAIN in 2012 (Generating consisting of to document the clinical efficacy and create full indication Antibiotic Incentives Now) to provide incentives for the development three/four profile of BSG005 trials of antibacterial and antifungal drugs for human use

. Under GAIN, a drug may be designated as a qualified infectious disease product (QIDP) if it meets the criteria outlined in the statute

. QIDP designated drugs are eligible for fast-track designation and The Company expects to be able to report the top line date priority review, as well as additional market exclusivity from the first phase II trial by [Q2] 2023 and present the data Phase III and the phase III plans to achieve a first line treatment status at an End of Phase II meeting with the FDA in Q3 2023

18 Early clinical study design The clinical program is designed to secure full indication profile of BSG005

Phase I trial design Phase II trial design - Still in planning

The study is designed as a placebo-controlled, double-blinded The phase II program will have 3 to 4 studies: study. Up to sixty (60) healthy adult male subjects will . Neutropenic patients with clinical symptoms of invasive fungal participate infection, but with or without a diagnosis of the specific fungal strain . Patients with a secured diagnosis of invasive aspergillosis with Study design Study design single or multi-resistant strains . Patients with chronic aspergillosis with a secured diagnosis of resistant strains . Patient with invasive fungus disease, diagnosed and not diagnosed microbiologically under ECMO

Primary To evaluate the safety and tolerability of BSG005 and establish Phase II To document the clinical efficacy and to secure the full indication objective the maximum tolerated dose in healthy adult male subjects objective profile of BSG005 in invasive fungal infections

To assess the pharmacokinetics of BSG005 after single and . First trial subject recruited in Q2 2022 Secondary multiple dosing in healthy male subjects, to assess any plasma . First top line date from the first trial by Q2 2023 objective accumulation and the excretion of BSG005 . Discuss phase III program for first line treatment status with the in urine FDA in Q3 2023 Timing

First trial subjects recruited in Q3 2021 Timing First top line results from the trial by Q1 2022

19 Development and value milestones Upcoming BSG005 key milestones

Upcoming BSG005 key milestones

2021 2022 2023

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

1 2 3 4 5 6 7

The approval of an Initiate BSG005 A successful outcome Top line results from Initiate BSG005 Report the first top line Present the data and the Orphan Drug Phase I, First patient of the pre-IND meeting BSG005 Phase I Phase II, First patient date from Ph II phase III plans to achieve Designation by the with the FDA without a first line treatment status FDA serious negative at an End of Phase II feedback meeting with the FDA

20 Four pathogens are responsible for the majority of life threatening invasive fungal infections worldwide These are the fungal species targeted by Biosergen’s clinical program

Pathogen Disease Incidence Share of market

. Systemic Candidiasis affect over . Approximately 52%of all . Candida causes infections in individuals with deficient immune systems. 90,000 people in the US per year. antifungal sales are Candida . People with diabetes and HIV are particularly susceptible to Candidiasis. . 750,000 people worldwide directed against the develop invasive Candidiasis Candida pathogen. every year.

. Aspergillosis develops in people with weakened immune systems or lung . Approximately 21% of all . More than 300,000 people diseases. Several aspergillus species also cause allergic reactions. antifungal sales are Aspergillus worldwide develop Aspergillosis . Types of aspergillosis include allergic bronchopulmonary aspergillosis and directed against the every year. invasive aspergillosis. Aspergillus pathogen.

. It is estimated that . Approximately 7% of all . Cryptococcus is rare in healthy people but in patients suffering from HIV approximately 200,000 antifungal sales are Cryptococcus infections and AIDS it can cause life threatening forms of meningitis and HIV/AIDS patients develop life directed against the meningo-encephalitis. threatening Cryptococcosis Cryptococcus pathogen. every year. . Pneumocystis is a frequent source of opportunistic lung infections in the . It is estimated that immunocompromised, such as HIV and AIDS patients. . <5% of all antifungal sales approximately 500,000 people Pneumocystis . It is also found in patients using immunosuppressing medications and are directed against the develop pneumocystis patients with cancer, autoimmune or inflammatory conditions and chronic Pneumocystis pathogen. lung disease. pneumonia every year.

Sources: Bongomin et al. Journal of Fungi, October 2017 Market Research Future. Global Antifungal Treatment Market forecast to 2027

21 The market global antifungal drug market is approx. USD 16 billion The three main classes of drugs – the Polyenes, the Azoles and the Echinocandins which together comprise more than 80% of the market - all focus on the fungal cell wall

Antifungal 2019 sales Share of Projected annual Drugs in this class include class (USD billion) market growth rate

Polyenes Amphotericin B, Candidicin, Nystatin 1.6 10% 6.6%

Fluconazole, Ketoconazole, Miconazole, Azoles 6.6 42% 6.3% Voriconazole

Echinocandins Caspofungin, Micafungin, Anidulafungin 5.0 32% 6.8%

Allylamines, pyri Naftifine, Terbinafine, Bacimethrin, Flucy midines and 2.6 16% ≈5% tosin others Total 15.8 100% 6.4%

Sources: Market Research Future. Global Antifungal Treatment Market forecast to 2027

22 Contents

BSG005

Pre-clinical data

Clinical program and market positioning

Financials, ownership and management

Appendix

23 Financials Low burn rate with revenue from public grants

P&L (SEKth) 2018 2019 Biosergen is a No-Research-Development-Only company Revenue - 4,843 that uses the vast majority of its financial researches on Other operating income 1,158 4,944 clinical development Total operating revenue 1,158 9,787 Other operating expenses (4,756) (11,368) The company finances its operations, including its Total operating expenses (4,756) (11,368) expanding research and development activities from Operating profit or loss (3,598) (1,582) public grants, new share issues and loans Financial income 142 129 Financial expenses (595) (3,872) The Company has historically been very successful in Net financial income or expenses (453) (3,743) attracting public funding for its activities. Since the Ordinary result before tax (4,051) (5,325) Company’s inception in 2004 Biosergen has received the Tax on ordinary result - - equivalent of more than NOK 28 million in public grants Profit/loss for the period (4,051) (5,325) The Company currently has one research program partially funded. In December 2019, the Balance Sheet (SEKth) 2018 2019 Research Council of Norway awarded Biosergen a Total current assets 12,779 11,896 NOK 9.3 million grant for the project Nanoformulated anti-fungals Total fixed assets - - Total Assets 12,779 11,896 Total equity 2,436 (1,615) The grant covers approximately half of the NOK 20 million Total liabilities 10,343 13,511 budgeted for the project Total shareholder equity and liabilities 12,779 11,896

24 Management has led listed companies before

Peder M. Andersen MD, Chief Executive Officer Niels Laursen, MBA, Chief Financial Officer Richard Forster, PhD, Chief Technical Officer

Professional experience Professional experience Professional experience

. Chief Executive Officer at Biosergen AS since 2017 . Currently Owner at Dwork, offering Strategic consulting and business . 17 years with Glaxo (UK) in Senior Clinical Development Production and Quality Assurance roles . As CEO at Forward Pharma from 2012-2017, he was development heading all development and IP activities and was . Formerly CFO at Venture A/S (Nasdaq First North Growth . 3 years with Fisons (UK), Senior role in Clinical Trial Supply and Quality instrumental in the IPO on the NY Nasdaq (USD 235m) Market Stockholm) Assurance . Managing director at Forward Pharma GmbH from . CFO at Medical Prognosis Institute A/S . Independent Pharmaceutical Quality Assurance consultant since 1996. 2009-2016 Key areas of expertise include Technology Transfer Strategies, Clinical . Healthcare Innovation Manager at Blue Ocean Robotics Supply Planning and Delivery, Regulatory Strategy and . Vice President of clinical development at Astion Pharma . Compliance, Good Manufacturing Practices and more from 2010-2012 Director HR at TopoTarget A/S (Nasdaq First North Copenhagen)

Educational background Educational background Educational background

. Doctor of (MD) from Copenhagen University . MBA, cand.merc from Copenhagen Business School . PhD from London University, Chemistry thesis . BSc (Chemistry) from London University, Imperial College

25 Board with international late-stage clinical and commercial experience

Torsten Goesch MD, MBA. PhD, Lena Degling Wikingsson, MD, Board member Achim Kaufhold, MD, Board member Chairman of the board

Professional experience Professional experience Professional experience

. Dr. Torsten Goesch has been director of Rosetta Capital’s secondary life . Currently serves as CEO of Dilafor . Has previously served as CEO of Affitech and Pharmexa (both CPH listed companies) science investments . since 2002 Board member of the Swedish companies, Simplexia, XNK Therapeutics and Alzinova. . CMO Basilea Pharmaceutica, Chiron (acquired by Novartis) . Has served as the General Manager for the German Speaking Countries . Former CEO of Independent Pharmaceutica and Avaris . CMO of Berna Biotech (now Johnson & Johnson) at Biogen . Non-executive Director of Next Cell Pharma, Avaris and Eurocine . Commercial Head of Merck KGaA’s worldwide generics drug business Vaccines Merck Generics

Educational background Educational background Educational background

. (MD) and Ph.D. from Heinrich Heine University . Lena Degling Wikingsson holds a Ph.D. in Pharmaceutical Science and a . Doctor of Medicine from the University of Cologne Düsseldorf Master of Science (MSc) in , both from Uppsula . Professorship in and Infectious Diseases at the . Master of Management (MBA) from Northwestern University’s University, Sweden University of Aachen, Germany J.L. Kellogg Graduate School of Management

26 Board with international late-stage clinical and commercial experience

Henrik Moltke, MSc (econ), Board member Mattias Klintemar, Board member Marianne Kock, Board member Hanne Mette Kristensen, Board member

Professional experience Professional experience Professional experience Professional experience

. Currently serves as CFO of FluoGuide A/S . Currently serves as Director of Investments . General Manager at Ferring Pharmaceuticals’ IPC . Currently serves as CEO, The Life Science Cluster . Chairman of the Board at Hartmanns A/S at Östersjöstiftelsen Development Unit in Copenhagen. . Founder, Oslo Life Science Advisors AS . . . Board member at Initiator Pharma Has served as CEO at Morphic Technologies AB, Board member of Ferring Pharmaceutical . Has served as Special advisor, responsible for Life . CFO at Hexaformer (DK), Syntese (DK), Izvarino Pharma Sciences / Health, Invest In Norway & Innovation . Former CFO at Oncology Venture (Nasdaq First (Rus), NanoPharm (Rus) and Asarina (SE) North Growth Market Stockholm) . Chairman of the board at Dilafor Norway . Previously, board member of Fertin Pharma . . Former CFO of NeuroSearch A/S . Board member at Oatly, Phoniro, Pharmanest Member of the Board of Regionale (DK), Bionor Pharma (NO), Egalet (DK), Forward Forskningsfond, RFF Viken AB, Cell impact and Axelar Pharma (DK) and Gastrotech Pharma (DK) . CEO of Targovax AS

Educational background Educational background Educational background Educational background

. Msc (Econ) – cand.merc., Strategy and . Bachelor of Business Administration . Master’s degree in Pharmacy from Danish . Master of Technology Management (MTM) from International Economics at Copenhagen Business (B.B.A.), Accounting and Finance from Karlstad University of Pharmacy Norwegian University of Science and Technology School University . and MIT, Sloan School of Management, Boston Executive Master’s degree in Business . Administration from Scandinavian International Cand. Scient. in Chemistry, specialization in Management Institute Biochemistry at University of Oslo

27 Business model and vision The company will file for orphan status for BSG005 to achieve expedited regulatory review and prolonged market exclusivity US/EU

Business model To develop BSG005, including any derivatives and novel formulations of this compound, into the new first line treatment choice for invasive fungal infection, to save thousands of lives Biosergen is a No-Research-Development-Only every year while generating significant returns to the company’s biopharmaceutical company, meaning that the Mission shareholders. The company intends to achieve its mission Company intends to employ the vast majority of its through a combination of academic and commercial financial and organisational resources on clinical excellence, strategic partnerships and highly experienced development leadership

The Company’s continuing research activities will be conducted in collaboration with its academic partners and will be sought funded whenever possible through public grants from Norwegian, European or other international sources, whereas most of its general To emerge over the next five years as a leading international and administrative functions are outsourced biotechnology company in the global fight against fungal infections, building its own commercial infrastructure and Vision In time, the Company will establish the limited sales strong partnerships with pharmaceutical companies, key and marketing infrastructure necessary to cover opinion leaders, NGOs and government agencies all over specific regions, first and foremost the United States the world and Europe, and otherwise form strategic partnerships with pharmaceutical and biotechnology companies when relevant to commercialise its products

28 Supportive and knowledgeable shareholders Management with skin in the game

Name Number of shares held Share of votes and capital

Östersjöstiftelsen 44,983,666 41%

Rosetta Capital1 44,323,098 41%

SINTEF Venture 9,364,145 9%

Fred Management2 5,699,525 5%

Karolinska Development 4,506,669 4%

Total 108,877,103 100%

1. Torsten Goesch – the Chairman – is a partner in Rosetta Capital 2. Fred Management is the holding company of the Company CEO, Peder M. Andersen

29

Contents

BSG005

Pre-clinical data

Clinical program and market positioning

Financials, ownership and management

Appendix

31 Comparison of Kidney Toxicology in 30 days GLP Studies in Rats BSG005 shows no signs of nephrotoxicity in rats after 30 days

BSG005 * AmBisome ** (Liposomal Amphotericin-B)

In doses of 0.25, 1 and 2 mg/kg/d A NOAEL could not be BSG005 administration was not determined since urinary associated with alterations in transitional cell hyperplasia was kidney function parameters observed even at 1.0 mg/kg/day

No Observed Adverse Effect Elevations in BUN concentrations Level (NOAEL) was considered were consistent with renal at 1.0 mg/kg/day changes: transitional cell hyperplasia, hyalin and granular casts and tubular vacuolation, necrosis and dilatation

* 30 days GLP study of BSG005 ** Pharmacological review of AmBisome 32 Comparison of Kidney Toxicology in 30 days GLP Studies in Dogs BSG005 shows no signs of nephrotoxicity in dogs after 30 days

BSG005 * AmBisome ** (Liposomal Amphotericin-B)

In doses of 0.3, 1 and 3 mg/kg/d A NOAEL of AmBisome BSG005 administration was not administered to dogs for 30 days associated with alterations in was 0.25 mg/kg/day kidney parameters At 1.0 mg/kg/day renal lesions No Observed Adverse Effect were mild and generally Level (NOAEL) was considered consisted only of tubular at 1.0 mg/kg/day in this study regeneration and nephrocalcinosis

* 30 days GLP study of BSG005 ** Pharmacological review of AmBisome 33