”We aim to be the preferred life sciences investment company in Northern Europe…” “We have the people, the differentiation, the mind-set, and the structure to deliver better investment returns…”

Vanadis Capital unique offer: 1. Partnership with TFS International, the largest private and independent clinical research organization (CRO) in Europe 2. Team experience and background is aligned with business demands, fund management, and exit opportunities 3. Small size fund by design and strongly committed GP 4. Already screened and identified investment opportunities to bring momentum to the investment cycle right after first close 3

Complementary, unique, and differentiated deal flow from exclusive TFS partnership 400+ potential target companies across Europe –Pre-validate by TFS management according to Vanadis Capital investment criteria –40% within the Nordic region –50% are either medtech, diagnostics, or medical services companies 4

“Getting the right mix of people in the team is a determinant factor to our future success as a venture firm, our competences and capabilities all put together contribute to what makes Vanadis Capital very unique and well set to deliver strong returns” 5

Unique mix of competences and capabilities 6 Background Pascal Van Peborgh Partner Daniel Spasic Partner Per Carendi Chairman Magnus Persson Partner Alexande r Mata Analyst Entrepreneurial ✓✓✓✓✓ People management (> 10 years) ✓✓✓✓ Corporate management and governance (> 10 years) ✓✓✓✓ Finance, M&A, exits ✓✓✓✓ Fund management ✓✓ Medical / Biomedical ✓✓✓✓ Product development ✓✓✓✓✓ Market developement ✓✓✓✓✓

A smaller fund is advantageous compared to larger funds: Better alignment between the GP and LP incentives Better leverage on specialized industry expertise Opportunity to complement larger funds at good financial conditions Needs fewer home runs to secure high fund returns 7 Source: Silicon Valley Bank, VC report may 2010

Vanadis Capital partners are strongly committed and aligned with LP incentives –GP 6% of the fund –Cap on management fees with a focus to operate with predictable fixed costs –Transparency on GP budget –Readiness to offer deal on carries provided that GP incentives remain solid 8

Identified Investment Opportunities Case 1Case 2Case 3Case 4 Geography Sweden Nordic and Baltics Technology / Services Device Pharma Proof of concept Yes, humanAnimalYes, human Stage Early growthEarly stageEarly growthEarly growth / growth Management Serial entrepreneurs Commercial - Serial entrepreneursExpertise +++ Commercial - Hire new team Affordability yes Innovation Monitor last insulin injection Gum glue for dental disease Joint / thumb prosthesisSeize opportunities out of OTC market and the pharmacy deregulation Customers DiabetesPeriodontitisRheumatoid/Osteoarthri tis, thumb amputation Pain, inflammation Development cycle Market LaunchAnimal studiesMarket LaunchRe-launch Financials Revenue positiveResearch investmentDebt freeCash cow Exit strategy Big corporate Large OTC corp. 9

Vanadis value creation summary Accelerate product development Accelerate product adoption Strategic and operational expertise Management reviews (including staffing) Well prepared and executed exits 10

Conclusion Vanadis Capital has access to a unique pre-validated and differentiated deal flow Vanadis Capital team is competent, experienced, and strongly committed Vanadis Capital has a unique opportunity to create value in life sciences for the benefit of patients, society, and its investors! 11