Immunity for Life TM

Sven Rohmann

VP Business Development

Disclaimer

This Presentation includes and is based, inter alia, on forward-looking information and statements that aresubject to risks and uncertainties that could cause actual results to differ. These statements and thisPresentation are based on current expectations, estimates and projections, which generally are identifiable bystatements containing words such as ”expects”, ”believes”, ”estimates” or similar expressions. Important factorsthat could cause actual results to differ materially from those expectations include, among others, generaleconomic and industry conditions in markets which are expected to be major markets for Biotec PharmaconASA’s products, as well as risks and uncertainties related to product development, regulatory approvals,commercial partnerships, the outcome of intellectual property rights litigation and the competitive situation.

Although Biotec Pharmacon ASA believes that its expectations and the Presentation are based upon reasonableassumptions, it can give no assurance that those expectations will be achieved or that the actual results will beas set out in the Presentation. Biotec Pharmacon ASA is making no representation or warranty, expressed orimplied, as to the accuracy, reliability or completeness of the Presentation, and neither Biotec Pharmacon ASAnor any of its directors, officers or employees will have any liability to you or any other persons resulting fromyour use of the information contained herein.

This presentation was prepared for the 5th Swiss-Scandinavian Bio-Business Seminar, on 1 October, 2009, andthe information contained within will not be updated in this presentation. The following slides should be read andconsidered in connection with other information provided by the company.

No shares of Biotec Pharmacon are being offered in connection with this presentation and no such shares havebeen registered under the U.S. Securities Act of 1933, as amended (the "Act"), and such shares may not beoffered or sold in the United States absent registration or an applicable exemption from the registrationrequirements of the Act.

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Background, Financials and

Management

Biotec Pharmacon background

Started in animal health in 1990, with particulate

betaglucans against infectious diseases in fish

Based on need for other anti-infectious agents than antibiotics

Established a wealth of data and proof of concept

Divested Animal Health for NOK 37.5 million in 2008

Retained Consumer Health and Marine Biochemicals

Established pharmaceutical operation in 2000, with

the development of soluble beta glucan (SBG)

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Biotec Pharmacon overview

Pharmaceutical R&D

Commercial non-pharma production, marketing and sales

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Pharmaceuticals Non-pharmaceuticals

Ulcers and

Wounds

Immunotherapy

of CancerConsumer Health

Marine

Biochemicals

Beta 1,3/1,6 glucan

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Financial Highlights

Q2 09 Q2 08 H1 09 H1 08 2008 Q1 09

Revenue 11.4 14.3 23.7 26.2 51.7 12.3

EBITDA, non-pharma 0.2 -1.1 -0.6 -3.8 -5.6 -0.8

EBITDA, pharma R&D -20.1 -10.0 -36.0 -21.0 -72.0 -15.9

EBITDA, unallocated -0.9 -3.5 -1.1 -5.1 -10.3 -0.2

EBITDA, total -20.8 -14.6 -37.7 -29.9 -87.9 -16.9

EBIT -21.6 -15.4 -39.2 -31.5 -91.3 -17.6

Net financials 1.0 2.0 2.5 3.9 8.3 1.5

Profit before tax, continued operations -20.6 -13.4 -37.8 -27.7 -83.0 -16.1

Net profit, continued operations -20.6 -13.4 -36.8 -27.7 -78.8 -16.1

Net profit, discontinued operations - 1.0 - 0.7 26.6 -

Net result for the period -20.6 -12.3 -36.8 -26.9 -52.2 -16.1

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Consolidated Balance Sheet Condensed figures

(NOK ’000) 30.06.09 31.12.08

Non-current assets 47 719 47 818

Cash and cash eq. 79 782 124 589

Other current assets 18 044 15 349

Total current assets 97 826 139 938

Assets 145 545 187 757

Equity 123 152 159 264

Liabilities 22 393 28 493

Equity & Liabilities 145 545 187 757

Equity Ratio 85% 85%

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Liabilities

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current

Current

31/12/0830/06/09

Balance Sheet composition

Cash

Current

Cash

Non-

current Equity

Liabilities

Oslo Stock Exchange – share facts

Market Cap of ~NOK 526m

per 31 August 2009

23.6 million shares

10 largest hold 58%

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Main shareholders per 1 Sep 2009 Percent

PARO AS 14.74%

VERDANE PRIVATE EQUITY AS 9.19%

VERDIPAPIRFOND ODIN NORGE 8.50%

LUDWIG MACK AS 7.47%

SUNDT AS 4.15%

HARTVIG WENNBERG AS 3.63%

NORDEA BANK DENMARK AS 3.33%

NORGESINVESTOR PROTO AS 2.96%

GUNNAR RØRSTAD 2.56%

OSLO PENSJONSFORSIKRING AS 2.20%

SUM 10 LARGEST 58.73%

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NOK/share

Biotec Pharmacon(OSE ticker "Biotec")

Management and Board of Directors

Management

Lars Viksmoen - CEO

Jørn Lunde - CFO

Rolf Engstad – CSO

Sven Rohmann – VP Business Development

Britt Olaussen – VP Clinical Development

Kari Skinnemoen – VP Regulatory Affairs

Steinar Børresen – VP Manufacturing

Arvid Vangen – VP Finance & Adm

Arvid Lindberg – Managing Director

Immunocorp Consumer Health

Board of Directors

Svein Mathisen (Chairman)

Jan Gunnar Hartvig

Ingrid Alfheim

Kari Stenersen

Ingrid Wiik

Arne Handeland

Morten Eide (Employee rep.)

Please refer to www.biotec.no for

more information

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Pharmaceutical concept and

drug development pipeline

SBG - Clinical development portfolio

Addressing unresolved medical problems in major disease areas

No well established therapies, few new product candidates in development

Commercial aspects of SBG:

• Innovative products - attractive pricing,

• Underdeveloped market - high growth potential,

• Hospital products - easier market access

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Preclinical Phase I Phase II Phase III NDA

Diabetic ulcers

Oral mucositis

Immunotherapy of cancer

IBD

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Pharmaceutical conceptSBG stimulates the immune system

SBG (Soluble Beta Glucan)

a unique, highly bioactive,

soluble beta-1,3/1,6-glucan

from cell walls of yeast

alien to the human body

How it works:

stimulates the innate immune

system

enhances the efficacy of the

adaptive immune system

addresses a range of diseases

Mechanisms of actionSBG binds to receptors on macrophages

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CR3 (CD11b/CD18)-receptor SBG

Toll like receptor 2/6

AB

C

Dectin-1

“Human b-glucan receptor”

In-vitro resultsSBG stimulates cytokine production in macrophages

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Zykova 2005

0

10

20

30

40

50

60

70

80

0 0.1 0.2 0.5 1 5

TN

F-a

(p

g/m

l)

Concentration of stimulant (mg/ml)

SBG

Placebo

SBG in a mice

study shows

strong effect on

TNF-alpha

A close to linear

increase in cytokine

production (TNF-

alpha) in peritoneal

macrophages with

increasing dose of

SBG

Proof of concept – Ulcers and woundsSBG treatment of ulcers in diabetic mice

Statistically significant

difference in favor of

SBG vs. non-treated

control group at day 15

Methodology;

Wounds established on the

back of diabetic C57NI/KS-

db/db mice under general

anesthesia

Wound treatment with topical

application of SBG in active

group

18%

47%

0%

10%

20%

30%

40%

50%

60%

Non-treated control

SBG

Wound-size reduction (%)

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Toxicology/safety in animalsSBG in in-vitro and in-vivo animal studies

Very favourable toxicity

No potential clinical hazard identified for proposed

human use, for either topical or oral administration

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No potential found for mutagenicity or genotoxicity

Minimal lethal dose could not be found in toxicity studies in

rodents or non-rodents

NOEL dose of 200 mg/kg/day after oral administration for 28

days in rats, 300mg/kg/day in dogs

Demonstrated good local tolerance after topical application

Proof of Concept – Clinical phase IISBG in treatment of diabetic foot ulcers

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SBG

Control

Patient

populations

• First study; n=120, second study; n=130

• Patient enrolment completed

• No changes made after interim analyses

Primary

endpoint

• Proportion of patients with target ulcers that

heal within 8 weeks

Secondary

endpoints

• Proportion that heals within 12 weeks

• Time to healing of target ulcers

• % change in target ulcer area

• Recurrence within 12 weeks after healing

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Clinical phase 2008 2009 2010

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Phase III, Nottingham, UK Phase III, Europe/Eastern Europe

Blue area = periods of patient inclusion, black areas = periods of study completion and reporting

First study

Second study

2 Pivotal Trials in Europe - Phase IIIDiabetic foot ulcers

Diabetic foot ulcers Milestone schedule

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YTD • Completed patient inclusion in both studies

Q3 2009• Completion of treatment and follow-up programs

• Data collection and analysis

Q4 2009 • Final results expected to be ready from both studies

July 2010 • Filing for market approval in July 2010

Proof of Concept – clinical phase IISBG for prevention and treatment of oral mucositis

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SBG

Placebo

Patients developing severe Oral Mucositis (%)

Duration of therapy (days) n=36Source: Sook Bin Woo, eMedicine, Chemotherapy-induced Oral Mucositis

Clinical phase 2008 2009 2010

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Phase III, Europe Phase III, Eastern Europe 2

nd study put on hold awaiting results from the 1

st study

Pivotal Trial in Europe - Phase IIIOral Mucositis

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Patient population

• Number of patients; n=130

• 129 patients enrolled

• No changes made after sample size

reassessment

Primary endpoint

• Incidence of OM CTC grade 3/4 at any time of

commencement of radiotherapy up to 5 days

after radiotherapy ceases.

Secondary endpoints

• Time from commencement of Radiotherapy to

onset of OM CTC grade 3/4 ;

• Duration of OM CTC grade 3/4

• Overall incidence of OM CTC grade 2, 3 and 4

Blue area = periods of patient inclusion, black areas = periods of study completion and reporting

Eligible for orphan drug designation in Europe.

Proof of concept – CancerSBG and monoclonal antibodies in cancer

Significant (p<0.05)

effect of mAb+SBG

versus mAb alone

Methodology: Inoculation of mice with human

neuroblastoma cancer cells,

leading to development of

tumors

Treatment with the mAb 3F8 in

active and control group

SBG in addition to mAb (3F8)

in the active group

Primary end point: Tumor size

(% increase)

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mAB alone

mAB + SBG

+ SBG

Clinical phase 2008 2009 2010

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Phase I/II, Sloan Kettering

Patient populations• First study; n=45

• Patient enrolment completed

Primary endpoint

• Assess the clinical toxicity of SBG in combination

with anti-GD2 antibody 3F8 in stage 4 juvenile

neuroblastoma patients.

Secondary endpoints• Assess the biologic effects of SBG in combination

with anti-CD2 antibody 3F8

Blue area = periods of patient inclusion, black areas = periods of study completion and reporting

Clinical Proof of Concept –

Phase Ib/IIa

Before After

123I-MIBG scan of patient treated with one cycle

of 3F8+SBG (80mg/kg/day)

Marked decrease in neuroblastoma

disease burden

+ SBG

Proof of concept – IBDSBG in the treatment of ulcerative colitis

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*P<0.05, **P<0.01, ***P<0.001, 2-way ANOVA

SBG protects against DSS-induced colitis, and

has effect on epithelial proliferation and

intestinal restitution

Oral SBG treatment stimulates expansion of

Peyer’s patches and mesenteric lymph nodes (not shown) Sandvik et al. 2008 submitted

Partnering opportunities and

Summary

Preclinical Phase I Phase II Phase III NDA

Diabetic ulcers

Oral mucositis

Immunotherapy of cancer

IBD

SBG – Partnering Opportunities

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Open for partnering discussions with both global

and regional partners

Open for partnering opportunities for SBG for all

disease indications

Summary

SBG works

Established Proof of Concept in four indications; Diabetic foot

ulcer, oral mucositis, immunotherapy of cancer, and IBD

Addressing serious unresolved medical problems in major

market segments

Well advanced clinical program

Filing for marketing authorisation in Europe in July 2010 for

diabetic foot ulcer

Initiated partnering discussions

Open to partnerships for all indications in all markets

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Contact:

Sven Rohmann, MD, PhD

Mobile: +41 79 577 8895

E-mail: sven.rohmann@biotec.no

Biotec Pharmacon ASA,

Strandgata 3

N-9008 Tromso, Norway,

or

Biotec Pharmacon ASA,

Drammensveien 149

N-0277 Oslo, Norway

www.biotec.no