Confidential Corporate presentation, April 2012

Confidential Adenium Biotech Management: - Peter Nordkild, MD, CEO, ex Novo Nordisk, Ferring, Egalet - Søren Neve, PhD, project director, ex Lundbeck, Novozymes Board of Directors: - Khalid Islam, PhD, ex Arpida, chairman - Stephan Christgau, PhD, Novo A/S - Andreas Segerros, Sunstone Capital - Anker Lundemose, MD, ex Novo Nordisk, OSI Pharmaceuticals - Ejner Bech Jensen, MSc, VP R&D Novozymes A/S - Casper Tind Hansen, MSc, Novo A/S Current Investor: - Novo A/S Special advisor: professor Brad Spellberg

Confidential Bad Bugs – No Drugs (IDSA, 2004) The total US market of hospital acquired infections was in 2006 estimated at USD 7.9 billion. 65% of hospital acquired infections are caused by Gram-negative bacteria (Clin Infect Dis 2005;41:848–854) Resistance

Confidential ESKAPE pathogens Enterococcus faecium Staphylococcus aureus  Klebsiella species  Acinetobacter baumannii  Pseudomonas aeruginosa  Enterobacter  E.coli  E. aerogenes  E. cloacae

Confidential Nosocomial indications - volume/value Source : Datamonitor 03/2007

Confidential Key antibacterial needs 2011 Source: Datamonitor 02/2011.

Confidential Competitive Gram-negative antibiotics in development CompanyDevelopmentCompound Spectrum E.coliKlebsiellaPseudomonasAcinetobacter Avibactam (Ceftatroline) Forest/AstraZe neca/Novexel PhII/IIICephalosporin CAZ104AstraZeneca /Novexel PhIIβ-lactamase inhibitor ( ) TP434TetraphasePhIIFluorocycline ÷ GSK Anacor/GSKPhII On hold Novel ÷ Plazomicin (ACH490) AchaogenPhIAminoglycoside ÷÷ BAl30072Basilea Pharmaceutica PhIβ-lactam antibiotic MC1PfizerPreclinicalβ-lactam antibiotic ÷ RX04SanofiPreclinicalNovel RecA inhibitorsSynercaDiscoveryNovel ???? ME1070Meiji SeikaDiscoveryβ-lactamase inhibitor ?

Confidential Arenicin-3 NZ17000 Isolated from lugworm (Arenicola marina) 21 amino acids Very stable beta-hairpin structure MW kDa pI ~ 11.27

Confidential Arenicin program highlights Novel mode of action, no cross resistance to existing antibiotics Bactericidal on broad range of multidrug resistant Gram-negative bacteria Wide therapeutic window established in mice and pigs No novel bactericidal Gram-negative antibiotics in clinical development Strong lead/back up product candidates Stable IV formulations Strong IP ( ) Addresses significant unmet Gram-negative clinical need Large, growing and non-generic hospital market of USD 8 billion Hospital and primarily ICU based specialist target group requiring small sales force

Confidential Wildtype has broad spectrum in vitro activity against clinical isolates Minimal inhibitory concentration (µg/ml) for NZ17000 Bacterial Strains # Pseudomonas Stenotrophomonas Citrobacter 725 Enterobacter 5131 Escherichia coli Hafnia alvei 11 Klebsiella 9441 Proteus mirabilis 3111 Salmonella enterica 826 Serratia marcescens 22 Shigella 22 Achromobacter 321 Acinetobacter 421 Aeromonas Alcaligenes 5221

Confidential MIC and protein binding of selected variants E.coli KlebsiellaEnterobacter Pseudo monas Vibrio Stenotropho monas AcinetobacterMoraxellaNeisseria% Binding ATCC ATCC wt0,250, , , > ,25 0,125110,5 2210, ,060,250,125110,512 0,250, ,1250,50,125110,5122 0, ,250,50,125120,5121 0, ,1250,50,125210,5 210,25 897

Confidential MoA - localization of Arenicin A. E. coli exposed for 30 min to NZ17000 and stained with TRITC. Treatment with NZ17000 results in influx of TRITC into the E. coli B. E. coli exposed for 30 min with TRITC labelled NZ Clusters of NZ17000 were localized in the bacterial membrane Extracellular ATP after 10 min x MIC Fold change Arenicin-3 (Ar), colistin (col), and piperacillin (pip) induced release of ATP from E. coli. Exponential cells were incubated with drug for 10 minutes and ATP measured. y-axis is fold change relative to untreated (0xmic) and x-axis is fold MIC applied. Perturbs the membrane potential increasing the permeability of the bacterial membrane. Inhibits the protein synthesis.

Confidential Wildtype has low hemolytic and low cytotoxic activity

Confidential Wildtype time to kill vs E.coli and Pseudomonas

Confidential Effect of NZ17143 in a 24 hour mouse pneumonia model against Klebsiella pneumoniae (ATCC 43816)

Confidential Efficacy of NZ17143/NZ17211 against MDR E. coli in the murine Urinary Tract Infection model Kidney 3 days post infectionBladder 3 days post infectionUrine 2 day post infection

Confidential Dose response of NZ17211 in the UTI mouse model ED 50 ~0.2 mg/kg in urine and the bladder

Confidential Pharmacokinetic properties after IV administration Arenicin-3 variant Protein binding (%) T ½ (min) AUC (min*ug/ml) C max (ug/ml) Bioavailability (%, SC vs IV) NZ17000> NZ NZ

Confidential In vivo toxicological overview after 7 days of multiple dosing in pigs and mice VariantNZ17000NZ17143NZ17211 MTD iv (mg/kg)2550 NOAEL iv (mg/kg) HED (mg/kg)9,528,538 E. coli ED50 Bladder (mg/kg) 1,80,40,2 NOAEL/ED50 Bladder Protein binding998580

Confidential Intellectual property NZ family WO # TypeDescriptionIssued/priorityExpires WO Composition of matter Arenicin WO154525A1 Composition of matter Arenicin-3 variants WO070032A1 Medical useTreatment of UTI with Arenicin

Confidential Arenicin summary New mode of action Spontaneous mutational frequency for E. coli is 3X10 -9 and P. aeruginosa <10 -8 Potent in vitro activity against a wide spectrum of MDR Gram- negative bacteria Rapidly bactericidal – MBCs ~ MICs No cross resistance to known antibiotics No or little inoculum effect Favorable efficacy in experimental animal models of infection: –Pneumonia against Klebsiella –UTI against E. coli –Septicemia against E. coli and P. aeruginosa –Thigh infections against E. coli.