PANEL Presentation

4 October 2004

Dr Mark HeffernanCEO

                           

Opsona’s Rationale

Focused on the development of therapeutics and preventatives for autoimmune and inflammatory diseases

Biopharmaceutical Program: Two lead drugs:

OPN-101: Preventative and therapeutic for autoimmune diseases

OPN-201: Preventative and therapeutic for autoimmune diseases

Toll-Like Receptor (TLR) Program: in discussion with Pharma/Biotech re drug discovery agreement

Small molecules: including orally available molecules for treatment of immune-mediated diseases

Exclusive option agreement to future technology

Founded in March 2004 with three leading immunologists from Trinity College Dublin

                           

The Opsona Model

The Opsona model: Mark Heffernan, the University and 3

Academics agree to pursue an idea for biotechnology start-up

Idea shows success and company in negotiations to raise ~€5m A-round finance

ALL WITHIN 9 MONTHS

The Founders

Dr Mark Heffernan (Co-Founder and CEO): – Senior management at Metabolic Pharmaceuticals Ltd and Antisense

Therapeutics Ltd (Australia) –– R&D and BD background

Dr Cormac Kilty (Chairman)– CEO Biotrin International– Chairman Irish BioIndustry Association

Prof Kingston Mills (Co-founder and Director): – Professor of Experimental Immunology, TCD, – International reputation in Immune regulation– Product commercialisation with Elan and Chiron

Prof Luke O’Neill (Co-founder and Director): – Director of the Biotechnology Institute, TCD– International expert in Toll receptor biology

Prof Dermot Kelleher (Co-founder and Director): – Director Dept Clin Med. TCD, – Gastroenterologist/Clinical Trials Expertise, – Technology licensing to Chiron Corp

Outstanding Science

Founders are international opinion leaders in basic and clinical research.

Over 500 papers - Nature, Science, J. Exp Med., JBC, Lancet, NEJM, Scientific American

Extensive industry collaborations

>€15m in funding and > 40 lab staff

Intellectual property and proprietary skills in immunomodulation - Hot area!

Two lead drugs – with proof of principle animal experiments established

Rich Pipeline of drugs and novel therapeutic approaches

Significant partnering interest from Pharma and Biotech companies

Company Development

                           

2005 2006 2007 2008 2009 2010

OPN-101 Pre-Clinical Phase I Phase II Clinical Trials Phase III Clinical Trials

OPN-201 Research Pre-Clinical Phase I Phase II Clinical Trials Phase III

Toll receptor Target ID..Target Screening…In vivo Pre-Clinical Phase I Phase II

Partnership

Pipeline Research Pre-Clinical Phase I Phase II

The Model Flow-Chart

November/December 2003: MH talks with three key academics

December 15th 2003: TCD agrees to undertake feasibility study with MH

January 2004: Feasibility Commences

MH appoints Bus Dev Consultants

February 2004: Receive €30k grant from EI (50% cost of study)

Technology Assessment begins

March 2004: Opsona Incorporates as a Pvt Ltdcompany in Ireland

Business Plan commenced

April 2004: Chairman appointed – Irish Industry Leader

June 2004: BPlan complete, VC approached. MH attends major International Biotech Conference, meets with key Industry players

The Model Flow-Chart

July 2004: International VCs Approached

Syndicate taking shape

August 2004: Clinical plan commences – contract key clinicians and consulting companies

Negotiations with TCD over License/Option commence

October 2004: Development of investor syndicate Clinical plan complete

December 2004: Close fundraising & commence operations

Summary

Opsona:

start-up company with: world-leading technology key scientific founders rich pipeline

complete proof-of-principle animal experiemts with

outstanding data with lead compound, OPN-101

Clinical trial to commence in 2005

Program to partner with Biotech/Pharma in 2004/2005 To succeed:

Get to know everyone fast! Surround yourself with experienced opinion leaders and advisors Have story right before approaching VCs Have access to enough funds for feasibility Set tight milestones and deadlines

Contact

For investment and general enquiries contact:Dr Mark Heffernan, CEOOpsona Therapeutics Ltd,The O’Reilly Institute, Trinity College Dublin, Dublin 2 email: heffernan@opsona.com

Ph:+353 (0) 876 434 766,Fax: +353 1 679 8039