PANEL Presentation 4 October 2004 Dr Mark Heffernan CEO

Opsona’s Rationale  Focused on the development of therapeutics and preventatives for autoimmune and inflammatory diseases  Biopharmaceutical Program:  Two lead drugs:  OPN-101: Preventative and therapeutic for autoimmune diseases  OPN-201: Preventative and therapeutic for autoimmune diseases  Toll-Like Receptor (TLR) Program: in discussion with Pharma/Biotech re drug discovery agreement  Small molecules: including orally available molecules for treatment of immune-mediated diseases  Exclusive option agreement to future technology  Founded in March 2004 with three leading immunologists from Trinity College Dublin

The Opsona Model  The Opsona model:  Mark Heffernan, the University and 3 Academics agree to pursue an idea for biotechnology start-up  Idea shows success and company in negotiations to raise ~€5m A-round finance  ALL WITHIN 9 MONTHS

The Founders Dr Mark Heffernan (Co-Founder and CEO): –Senior management at Metabolic Pharmaceuticals Ltd and Antisense Therapeutics Ltd (Australia) – –R&D and BD background Dr Cormac Kilty (Chairman) –CEO Biotrin International –Chairman Irish BioIndustry Association Prof Kingston Mills (Co-founder and Director): –Professor of Experimental Immunology, TCD, –International reputation in Immune regulation –Product commercialisation with Elan and Chiron Prof Luke O’Neill (Co-founder and Director): –Director of the Biotechnology Institute, TCD –International expert in Toll receptor biology Prof Dermot Kelleher (Co-founder and Director): –Director Dept Clin Med. TCD, –Gastroenterologist/Clinical Trials Expertise, –Technology licensing to Chiron Corp

Outstanding Science  Founders are international opinion leaders in basic and clinical research.  Over 500 papers - Nature, Science, J. Exp Med., JBC, Lancet, NEJM, Scientific American  Extensive industry collaborations  >€15m in funding and > 40 lab staff  Intellectual property and proprietary skills in immunomodulation - Hot area!  Two lead drugs – with proof of principle animal experiments established  Rich Pipeline of drugs and novel therapeutic approaches  Significant partnering interest from Pharma and Biotech companies

Company Development

The Model Flow-Chart November/December 2003:MH talks with three key academics December 15 th 2003:TCD agrees to undertake feasibility study with MH January 2004:Feasibility Commences MH appoints Bus Dev Consultants February 2004:Receive €30k grant from EI (50% cost of study) Technology Assessment begins March 2004:Opsona Incorporates as a Pvt Ltd company in Ireland Business Plan commenced April 2004:Chairman appointed – Irish Industry Leader June 2004:BPlan complete, VC approached. MH attends major International Biotech Conference, meets with key Industry players

The Model Flow-Chart July 2004:International VCs Approached Syndicate taking shape August 2004:Clinical plan commences – contract key clinicians and consulting companies Negotiations with TCD over License/Option commence October 2004:Development of investor syndicate Clinical plan complete December 2004:Close fundraising & commence operations

Summary Opsona:  start-up company with:  world-leading technology  key scientific founders  rich pipeline  complete proof-of-principle animal experiemts with outstanding data with lead compound, OPN-101  Clinical trial to commence in 2005  Program to partner with Biotech/Pharma in 2004/2005  To succeed:  Get to know everyone fast!  Surround yourself with experienced opinion leaders and advisors  Have story right before approaching VCs  Have access to enough funds for feasibility  Set tight milestones and deadlines

Contact For investment and general enquiries contact: Dr Mark Heffernan, CEO Opsona Therapeutics Ltd, The O’Reilly Institute, Trinity College Dublin, Dublin 2 Ph:+353 (0) , Fax: