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Corporate Presentation

January 2020

(AIM:REDX)

Compelling opportunity to take targeted oncology and fibrosis medicines into the clinic

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Redx Pharma Corporate Presentation - January 2020

General Use Disclaimer updated Jan 2020

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• Targeting compelling opportunities in commercially attractive areas with strong scientific rationale

− Rigorous selection of validated cancer and fibrosis targets – Wnt and ROCK

− Value generation through advancing internally developed assets to clinical Proof of Concept (PoC)

− Highly experienced in-house research team with excellence in scientific capability and drug design validated by:

• 2017 Sale to Loxo Oncology (now Eli Lilly) of preclinical oncology asset (BTK inhibitor LOXO-305 / RXC005) for $40M cash; promising Ph 1/2 results

• 2019 Sale to Jazz Pharmaceuticals of preclinical oncology asset (pan-RAF inhibitor) for $3.5M with up to $203M in milestones, plus royalties

• Lead oncology asset RXC004 has opportunity to unlock potential of the Wnt pathway in genetically selected patients

− RXC004 Phase I monotherapy dose-escalation study1 completing in H1 2020 building on compelling animal efficacy data

− Targeted at tumours driven by Wnt pathway in multiple oncology indications – as both monotherapy and Wnt-targeted immuno-oncology combination designed to address 8% of patients with microsatellite stable metastatic colorectal cancer (MSS mCRC)2

− Wnt pathway inhibitors WNT974 (Novartis) and ETC159 (A*STAR) have reported dosing in 120+ patients in clinical trials, with early signs of efficacy in selected patients and immuno-oncology pharmacodynamic (PD) effects

• ROCK2 is an exciting fibrosis target with lead asset RXC007 planned to enter clinic in 2021

− Promising preclinical efficacy and targets significant commercial markets (IPF, NASH), with limited competition in ROCK2 pathway

− ROCK2 inhibitor KD025 (Kadmon) safe in >450 patients, with early signs of clinical anti-fibrotic activity in IPF and cGvHD3 patients

3

1) NCT03447470; 2) 8% of MSS mCRC patients genetically selected with upstream Wnt pathway aberrations; 3) cGvHD = chronic graft versus host disease

Redx PharmaBiotech focused on Small Molecule, Precision Medicines in Oncology and Fibrosis


https://clinicaltrials.gov/ct2/show/NCT03447470

Redx Executive Management TeamAmbitious Management Team in place with strong Scientific, Clinical and Commercial Experience

Lisa Anson, Chief Executive Officer20 year career at AstraZeneca plc. Significant leadership experience including President of AstraZeneca UK, President of the Association of British Pharmaceutical Industry

Dr Richard Armer, Chief Scientific OfficerSignificant experience in both small biotech and large pharmaceutical companies through roles in Pfizer, Organon, Ardana, Oxagen & Lectus Therapeutics. Successful in generating and progressing multiple clinical candidates

Dr Andrew Saunders, Chief Medical OfficerOncology focus since 1992 both in clinical practice and pharmaceutical/ biotech industry. Including senior roles at Eli-Lilly and Roche (Rituximab)

Jan2018

2014June2018

4

Feb 2019

Dr James Mead, Chief Financial OfficerFinance leadership roles with 16 years at AstraZeneca, including CFO AstraZeneca Netherlands and Investor Relations;PhD in molecular biology


Redx PipelineHighly selected, targeted Small Molecules for Oncology and Fibrosis

Focus Area Target / Product Indication Research Preclinical Clinical Targeted Milestones

OncologyPorcupine Inhibitor

(RXC004)

Monotherapy in solid

tumours (colorectal and

pancreatic cancer)

Combination with anti-

PD-1/PD-L1 in MSS mCRC

Phase 1 mono safety

completion - H1 20

Phase 2 start - H2 20

Fibrosis

ROCK2 Selective

Inhibitor

(RXC007)

IPF / cGvHD / NASH /

Kidney disease

Preclinical development

candidate – H1 20

Entering clinic - 2021

Porcupine

(RXC006)IPF Entering clinic – 2021

GI-targeted ROCKCrohn’s disease -

associated fibrosisPartnering candidate

Discovery

Research

Validated Research

TargetsOncology and Fibrosis

Partnered pan-RAF inhibitor

programme with Jazz

Pharmaceuticals (ongoing

milestones)

5Redx Pharma Corporate Presentation - January 2020

REDX Pipeline as of Jan 2020

• RXC004 is a potent, oral porcupine inhibitor (PORCNi)

− Significant tumour growth inhibition in preclinical models. Phase 1/2 clinical trial ongoing with first two patient cohorts completed

− Composition of matter patent granted in US, EU, China & Australia

• PORCN is a validated drug target

− PORCN regulates secretion of Wnt ligands

− Wnt pathway is key driver of tumour cell proliferation and increasingly implicated in tumour cell immune evasion

• RXC004 has dual tumour targeting and immuno-oncology combination potential, in genetically selected tumours

− RXC004 has demonstrated robust direct tumour targeting efficacy as a monotherapy in preclinical models (human tumour cell lines with upstream Wnt pathway aberrations)

− In patients where Wnt drives tumour growth and dampens host immune response, RXC004 will have a dual effect by halting tumour growth and stimulating the immune system

Redx Pharma Corporate Presentation - January 2020 6

The Wnt signalling pathway

RNF43

RSPOPORCNi

RXC004

Oncology: RXC004 (Porcupine Inhibitor)Potentially a best-in-class drug against a validated cancer target in Phase 1/2 clinical development

“Evidence of RXC004 safety combined with immune cell changes will command interest” - Immuno-oncology Advisor – Prof. Aurélien Marabelle, Gustave Roussy

• Approval of Immune Checkpoint Inhibitors (ICIs) has revolutionised the treatment of cancer

− Yet high population (~90%)1 of eligible patients do not benefit from treatment with ICI

• Exciting potential for RXC004 in combination with ICIs

− ICIs are ineffective in MSS CRC but combination with RXC004 has potential to reverse this innate resistance

− Novartis PORCNi in ongoing clinical phase 1/2a in combination with an ICI (three other PORCNi also in clinical development by A*STAR, Curegenix and Sinovent)

• Significant commercial opportunity for RXC004

− mCRC has large incidence (~150,000 Stage IV cases across 8 major markets worldwide in 2020)2 with high mortality (5-year survival rate only 14%)

− Attractive market for RXC004 in solid tumours with actionable Wnt pathway alterations (e.g. RSPO and RNF43 loss-of-function mutations found in 8% of MSS mCRC patients3)

1.Haslam et al, JAMA New Open. 2019; 2. GlobalData Colorectal Cancer Epidemiology Forecast published November 2019, Ref. code GDHCEM220-19; 3. Predicted RNF43 LoF mutations taken from multiple studies in cBioPortal (Gao et al . Sci. Signal. 2013 & Cerami et al. Cancer Discov. 2012.) RSPO fusion prevalence in CRC is a combination of studies (Shesagiri 2012: Shinmura, 2014: Kleeman, 2019)

RXC004 in combination with anti-PD1 results in a more tumour-fighting microenvironment*

*Flow cytometry analysis of day 14 tumour infiltrate from CT26 colorectal cancer mouse model


Oncology: RXC004 (Porcupine Inhibitor)Early RXC004 evidence suggests development strategy to exploit potential in immuno-oncology

Starting Dose, 0.5mg

CohortN=3

1.0mg

Cohort 3N=3-6

1.5mg

2.0mg

2.5mg

3.0mg

RXC004 - Phase 1 - Dose EscalationMonotherapy, Single Ascending Dose/Multiple Ascending Dose (3+3 design)

Multiple decision points (expand/escalate) based on

• Emerging safety data (Dose Limiting Toxicity, DLT)

• Pharmacodynamic markers

• Clinical efficacy

Phase 1

Dose escalation cohorts:To assess the safety and tolerability of RXC004 in an

all-comers cohorts ofadvanced cancer patients. 5

UK sites; 12-18 months

Phase 2To assess the efficacy of RXC004 monotherapy in

biomarker selected MSS mCRC patient and Pancreatic

cohorts in approximately 20 sites (UK & Europe).

Phase 2To assess the safety, tolerability and efficacy of

RXC004 in combination with an Immuno-Oncology

agent to establish a combination dose

Lead PrincipaI Investigator - Dr Natalie Cook, Christie Hospital, Manchester, UK

- 4 further UK-based centres at The Marsden (london), Guys (London), Oxford and Newcastle

Cohort2 N=3

Cohort 4N=3-6

Cohort 5N=3-6

Cohort 6N=3-6

8

[Ongoing]*

*At Dec 2019


Oncology: RXC004 (Porcupine Inhibitor)Phase 1/2 clinical trial ongoing with first two cohorts completed as of December 2019

• ROCK2 inhibition is a promising approach to a validated target involved in fibroblast activation

− RXC007 nominated as a development candidate (January 2020), a novel and orally active selective ROCK2 inhibitor demonstratingrobust preclinical efficacy in murine liver, kidney and lung fibrosis models

− ROCK2i composition of matter patent published August 2019

• Potential for ROCK2i programme to address significant commercial markets (e.g. NASH, IPF or diabetic kidney disease)

− No therapies currently approved for NASH, despite crowded development space, but few are targeting underlying fibrosis, which isincreasingly important for treatment of late-stage disease – estimated 10.5m1 patients

• RXC007 shows a good preclinical profile with improved CYP inhibition profile vs. ROCK2 inhibitor KD025 (Kadmon)2

• REDX aim to take RXC007 into clinical trials in H1 2021

1. Calculated from GlobalData Opportunity Analyser Report, Hagstrom et al (2017), Jnl of Hepatology based on patients at F3/F4 stage, “GlobalData: NASH – Current and Future Trends, October 2018”; 2. Kadmon’s ROCK inhibitor in phase 2

Anti-Fibrotics: RXC007 (ROCK2 Selective Inhibitor)ROCK2 selective inhibition is an exciting approach with potential to treat multiple fibrotic diseases


• IPF is a fatal lung disease with no effective therapy

− Median survival 2-5 years1, resulting in up to 40,0002 annual deaths in US

− Only Esbriet® (Roche) and Ofev® (BI) approved for mild to moderate IPF, but both caveated due to significant side effects and limited efficacy

• Scientific evidence suggests porcupine inhibition may be effective in patients with advanced fibrosis

− Both canonical and non-canonical Wnt pathways involved in fibrosis – suggesting that universal suppression of Wnt will be effective

− Wnt pathway involvement increases with the severity of disease

• PORCNi show robust preclinical efficacy in murine kidney, liver and lung fibrosis models

− RXC006 nominated as development candidate (November 2018)

− Manufacturing and preclinical development studies during 2019-2020 with first in man during 2021

− Composition of matter patent granted in US, Japan and China (distinct from RXC004)

1. Clinical Estimates from Hyun 2015, Ley 2012, Raghu 2006.; 2. GlobalData Opportunity Analyser IPF 2015-2025

Normal lung IPF lung


Fibroblast activation

RXC006 (REDX)

Anti-Fibrotics: RXC006 (Porcupine Inhibitor)First in class PORCNi in development for Idiopathic Pulmonary Fibrosis (IPF)

10

• Crohn’s disease affects 1.5m1 people globally, of which 50%2 will develop strictures or complications leading to fibrostenosis

− No treatment is currently available except for invasive surgery, representing considerable unmet medical need

− No experimental therapies have progressed beyond preclinical development for underlying fibrosis

• REDX series is a potent, small molecule ROCK 1/2 inhibitor with potential to be first-in-class

− ROCK (Rho-associated Kinase) is a target involved in fibroblast activation

− Minimal absorption profile makes it highly and selectively active in gut without risking systemic exposure

− Blocks pro-fibrotic signals and has shown in-vivo efficacy in models and ex-vivo using tissue from Crohn’s patients

− Composition of matter patents granted

• REDX is seeking a partner to develop this molecule into the clinic

1. GlobalData: Crohn’s Disease 2016; 2. Chan et al, 2018


Anti-Fibrotics: GI-targeted ROCKGI-targeted ROCK inhibitor programme is a unique proposition in Crohn’s diseaseassociated fibrosis

(fibrostenosis), with potential to be first-in-class

Redx Key Milestones and Value Drivers to 2021

PORCN/RXC004

✓ H1 Phase 1 re-initiated

✓ H1 AACR Wnt pathway updates

✓ H2 Phase 1 initial cohort safety data

H1 Phase 1 monotherapy safety data readout

H2 Phase 1 IO combo safety start

H2 Phase 2 monotherapy expansion start

PORCN/RXC006

ROCK2/ RXC007

GI-targeted

ROCK

2019 2020 2021

An

ti-F

ibro

tics

On

colo

gy


✓ H2 Lead compounds selected in Crohn’s-fibrosis

Development Candidate package

H1 GLP toxicity

H2 CTA Submission

✓ H1 Development Candidate selected

H2 GLP toxicity

H2 CTA Submission

✓ H1 In vivo data

✓ H2 In vivo data completed

✓ H2 Non-GMP manufacturing

H1 Phase 2 IO combo MSS CRC start

H1 AACR/ASCO Phase 2 mono expansion update

H2 ESMO Phase 2 IO Combo update

H1 Phase 1 startH2 Phase 1 interim update

H1 Phase 1 start

H2 Phase 1 interim update

Preclinical Development with partner

REDX Milestones as of Jan 2020

Summary

• Biotech Company focused on developing novel targeted medicines in oncology and fibrosis

− Ambitious management team with strong scientific, clinical and commercial experience

− Excellence in drug design validated by asset sales to Loxo Oncology and Jazz Pharmaceuticals

• Lead oncology asset is opportunity to unlock Wnt pathway potential by targeting Wnt-driven tumours in monotherapy and combination

− Phase 1 monotherapy safety completion in H1 2020

− Phase 1 IO combo safety start in H2 2020

• Fibrosis treatments target significant commercial markets including IPF and NASH

− ROCK2 selective inhibitor for fibrosis, ready to enter clinic in H1 2021

− IPF asset (first in pathway), ready to enter clinic in H1 2021

− Preclinical GI-targeted ROCK programme – seeking partner to progress to clinic


Lisa Anson, CEO

[email protected]

Tel: +44 (0)1625 469 920

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