Pitch deck for Antikor Biopharma Ltd

1. Non Confidential Investor Information
Breakthrough cancer therapy:
Next-generation Antibody Fragment Drug Conjugates
(FDCs)

2. Background
• Antikor Biopharma Ltd is a young, dynamic company located on the
Stevenage BioScience Catalyst Innovation Campus, UK
• Experienced R&D team, originally spun out of Imperial College, London,
UK. Retains links and access to resources
• Whole Antibody Drug Conjugates (ADCs) are an established cancer therapy
where cytotoxic drugs (payloads) are targeted to tumours
• New generation, highly potent, smaller FDCs penetrate deeper into
tumours and clear faster from normal organs, whilst retaining high potency
• Require ~£1.5M funding (now), ~£3-5M (in 2019) to strengthen platform
and develop our first product for gastric cancer
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3. Why invest in Antikor?
• Antikor has a unique, differentiated delivery platform for FDCs (OptiLinkTM)
– “Way ahead of Crescendo in applying fragments as ADCs…” (ex-CEO in antibody industry)
– Potential to increase the therapeutic window, unlike ADCs, small molecule drugs and IO
• Strong and broad IP to protect platform and products (to 2034)
• Recently awarded a valuable UK Government grant for gastric cancer product
– Independent experts peer review and validation
• Significant valuation uplift within 2 years. Emerging, valuable area
– Crescendo-Takeda deal $790m; Bicycle-Astra-Zeneca deal, $1bn, Bicycle series B, $52m (all 2017)
• >15 years of experience, cash-efficient, dedicated & committed team
3

4. 4
= direct
kill
= Change
signaling
Immune
Cell
Tumour
killing
Cancer Cell
= direct
kill
Immuno-oncology
Antibody switches on
the immune system to
kill cancer. Only works
for limited cancers with
inflammation side-effects
ADCs/FDCs
Tumour-specific delivery
of ultra-potent payload
that kills directly, kills
neighboring cells and can
activate immune system
Antibodies
Tumour-specific delivery
that switches off cancer
signaling, no bystander
effect and subject to
resistance mutations
Small molecule drugs
Moderately potent drugs
which kill cancer but have
major side-effects due to
lack of targeting
• Global cancer market set to be worth >$150bn by 2019*
• ADC market set to be worth >$18bn by 2022**
• Many advantages over other cancer therapy modalities
Cancer therapy landscape
*IMS Health Report, 2016; **Research & Markets Report, Feb 2017
Cancer Cell Cancer Cell Cancer Cell
Antibody
Cytotoxic
drug
FDC

5. Antibody Drug Conjugates (ADCs)
• Antibody Drug Conjugates
– Antibodies with highly potent cytotoxic payload for direct tumour killing
– Adcetris (2011), Kadcyla (2012), Besponsa & Mylotarg (2017)
– >60 in clinical development
• The 6 Intrinsic ADC problems
– Very bulky conjugate
– Slow, uneven tumour penetration
– Long residence time > off target toxicity
– Poor potency
– Drug instability
– Low therapeutic index (TI)
Whole MAb
IgG (ADC)
5

6. Fragment Drug Conjugates (FDCs)
Antikor’s solution
• The 6 intrinsic ADC problems
Very bulky conjugates
Slow, uneven tumour penetration
Long residence time > off target toxicity
Poor potency
Drug instability
Low therapeutic index (TI)
FDCs are tiny ü
Fast, even penetration ü
Clear fast from normal organs ü
High cytotoxic payload content ü
Simple, stable linkage ü
Well tolerated & effective = high TI ü
Antikor’s FDC – OptiLinkTM technology
Antibody fragments optimized for high payload
loading whilst retaining key benefits (binding,
solubility, manufacturing, etc. Patent WO 2016/046574 6

7. FDCs penetrate tumours much
faster than ADCs
FDCADC
2 8 48 hours
• FDCs: Rapid, deep and even
uptake into tumours
• ADC: Slow and patchy uptake
• Early and more potent ‘hit’ to the
tumour
• Kills more cells earlier
2 8 48
2 8 48
FDC
ADC
7

8. FDCs clear much faster than
ADCs from the body
• 0.1mg injected IV and
both antibody (bold) &
payload (dotted)
tracked
• FDCs: 40% of the
exposure of a whole
ADC over first 5 hours
• FDCs: 5% of the
exposure of a whole
ADC over 3 days
• FDCs are stable, exhibit
favourable pharmaco-
kinetics with poten-
tially lower side-effects
0 5 10 15 20 2570 75
0
20
40
60
80
Time (hours)
Concentrationinplasma
(micrograms/ml)
IgG-ADC
FDC
Rapid early
exposure
IgG-ADC: long residence >> Toxicity
FDC: shorter residence >> More tolerable
Conc. in
Plasma
(µg/ml)
8

9. Antikor FDCs out-perform ADCs in
difficult solid tumours (gastric)*
Human gastric cancer model
• Antikor FDC (1mg/kg) outperforms
equivalent ADC (5mg/kg)
• Lower dosing needed with FDC
• Equivalent amount of payload to
tumour
• Challenging model (patchy target)
• FDC is better tolerated than ADC
* Independent study by CRO Charles River Labs
OptiLinked FDC
Anti-HER2 scFv DAR 8
vs ADC DAR 4
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10. ADC or FDC Drug injected into rats
Organ
Markers
Result
Conclusion
Liver
• AST, ALT, Bilirubin
• Up to 10x higher in ADC
• ADC shows liver tissue
damage, FDC none
• ADC is 10x more toxic
• At least 3-times more
payload can be admin-
istered as an FDC with
no signs of toxicity
Haematological
• Red BC, White BC, Platelets
• 10x lower platelets in ADC
• ADCs are known to cause
thrombocytopenia
• No signs of thrombo-
cytopenia in FDC at similar
or higher payload doses
Kidney/renal
• Urea, creatinine
• Significant increase in ADC
• ADC shows kidney tissue
damage, FDC none
• No signs of renal toxicity
in FDC
Non-GLP, single-dose toxicology
FDC is better tolerated than ADC
10

11. Dose
x1
1- and 4-day serum
Clinical Chemistry
7-day Haematology
(if enough blood)
21-day Haematology
Clin. Chem & Pathology
SE <10%, n=3, Study run by Covance Ltd and monitored by Apconix Ltd
ADC 30mg/kg group
terminated (d3) due to toxicity
• ADC2=trastuzumab DAR4 with
clinical payload
• FDC2=OptiLinked scFv DAR8 with
same payload
• 1mg/kg FDC2=20mg/kg ADC2 as
they both carry the same
amount of payload
• The FDC2 payload is ‘more
concentrated’
• Body weight plots show ADC2 (5-
20mg/kg) and FDC2 (1-4mg/kg)
well tolerated
• 30mg/kg ADC2 is toxic similar to
data in literature
• FDC2 is therefore better
tolerated by bodyweight
• Full Liver and kidney clinical
chemistry data available
• Full haematology data available
• Tissue pathology data available
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Non-GLP, single-dose toxicology
Design and available data

12. £1.5m Funding and strategy
Platform technology development (£0.5m)
• More formats and payloads
• Toxicology & manufacturing
• IP prosecution
• Partnerships and collaborations
Gastric cancer product (£1m)
• Validated target selected
• Commercial and technical
diligence complete
• £810k raised by Antikor
(Innovate-UK grant)
• R&D started in 2017 with
existing investors’ funding
Antikor
Platform
First product
opportunity
Fund-raising in 2019 for further development (expected ~£3m+)
Significant increase in valuation, major upside potential
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Further product
opportunities
(other solid cancers)

13. FDC discovery engine
Use our optimised framework
OptiLinkTM FDC
Discovery Engine
• Binding site library
• Selections on targets
• Screen for ideal FDC
properties
Target-1
Target-2
Target-3
OptiLinked FDC framework
Novel products
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• 3 large libraries now made
• All have high DAR potential
• Multiple leads generated <1
month for in-house target
• Other targets now possible

14. Unique product for major clinical need – Gastric cancer (GaCa)
• Market = $1.7b (2015), double by 2020 and reach $4.4b by 2025*
• Driven by the major markets (esp. SE Asia) and premium therapies**
• Technical PoC of FDC vs ADC shown in GaCa animal model
• GaCa clinicians engaged (UCL)
• Commercially-attractive, validated target
• R&D in progress, leads already identified
• Other competitors=ADCs, Immunotherapy, SM/combinations
• Poorly addressed by current pipeline (ADCs, MAbs & chemo)
• FDCs can work in combination with immuno-oncology
The Product Opportunity
14*GlobalData, 2017; **BCC Research, 2016

15. Tasks 2017 2018 2019
Period Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Gastric cancer FDC programme (ANT-045)
Platform development (IP, non-GLP tox, etc)
Future product opportunities (other cancers
Establish and progress 1st biopharma collaboration
1st Bio-pharma licence deal/potential M&A or exit
Series A fundraising ~£2.5m (based on meeting 4 m’stones)
Use of £1m funds (£000’s) 0.15 0.15 0.20 0.25 0.25 0.25 0.25
Value-enhancing milestones (e.g. lead product, deal, patent grant…)
Plan and use of funds
15
Joint project
Discovery
Lead
Opt. Pre-clinical
Fund-raising
Tox
Non-GLP
Tox
IP prosecution
In vitro R&D Lead opt.Discovery engine P.Cl
IND
enabling
Item £ 000’s Item £ 000’s
Management (board, CEO, advisory) 310 Travel & business development 45
R&D staff 500 G&A, patents, legal, rent and services 270
Materials 240
Out-sourced/contracted 135 TOTAL 1500
Use of
funds

16. Antikor’s technology is unique
and clearly differentiated…
Large
MAb
Small Ab
Low Drug
Loading
High Drug
Loading
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17. Dr Till Medinger
NED, Chairman. Former SVP AstraZeneca, Formerly Director at Domantis
Dr Mahendra Deonarain
CEO, CSO and Founder. Formerly at Imperial College, Antibody expert
Dr Gokhan Yahioglu
Director of Chemistry and Founder/Director. Synthetic chemistry expert
Dr Carlos Pittol
NED, Business Development Director. Director at Clubb Capital Ltd
Dr Elizabeth Rollinson
NED. Formerly Commercial Director of NASDAQ/LSE listed biotech
R&D Team: 7 doctoral scientists, great experience & skill set in all areas of ADCs
Investors: A mixture of HNWs/angels (~90%) and Imperial College (5%). Major
holder has ~41% so eligible for EIS-scheme
Antikor is looking to strengthen management with senior commercial appointments
when funding is successful
The Team that has made it happen
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18. Summary
• Dynamic and experienced company with a novel, breakthrough and
proprietary fragment-ADC (FDC) delivery technology
• Increased efficacy with reduced off-target effects
• Actively seeking funding and partnering opportunities to widen
OptiLink’s applicability and add value to partners’ products
• Antibody fragment space is gaining wider interest
• Excellent opportunity for investors to make a significant return
during this pivotal stage in Antikor’s growth
• Please contact Dr Deonarain (m.deonarain@antikor.co.uk)
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