Investment Opportunity

Non-Confidential Status UpdateJune, 2010

Aestus Therapeutics Inc

Founded in 2005, Aestus is a translational medicine company

focused on the accelerated development of first-in-class

therapeutics for nervous system disorders

The Aestus key proprietary element is our unique systems

biology engine to discover novel targets for the diseases of

interest

Aestus validates these targets using compounds developed for

other indications

Aestus opportunistically in-licenses active compounds from this

target validation for Phase 2 clinical studies

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Management

Tage Honore, President & CEO:

Previously, Vice President at Novo Nordisk, Novartis, and Purdue Pharma.

Brought more than 35 new drug concepts to early clinical studies in multiple disease conditions, of which three were launched.

Managed budgets for a total of $1B, achieving record pipeline productivity in several companies.

Ph D. in Medicinal Chemistry and Doctor of Science in Neurobiology from the Royal Danish School of Pharmacy in Denmark. Business training from European Management Centre and Harvard Business School.

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Management, cont

F. Aaron Dubberley, Director of Intellectual Property:

Previously, McAulay Nissen Goldberg Kiel & Hand (now the New York IP group for Reed Smith), Hoffmann-La Roche, Aventis and senior U.S. patent attorney at Organon International.

Thirteen years of pharma IP experience, including all aspects of patent acquisition, freedom-to-operate, IP due diligence and licensing.

MS. in Biochemistry and Molecular Biology from University of California, Davis, and JD. from Rutgers.

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Management, cont

Dan Lavery, Director, Research and Genomics:

Previously, Director, Molecular Biology, Chromocell Corporation, research and management positions at Glaxo SmithKline and Purdue Pharma

Twenty years of experience in differential gene expression, target ID & validation

Managed $36 million multi-year research collaboration on molecular biology of taste

BA, Johns Hopkins University and PhD., Mt. Sinai Medical School/NYU. Post-doctoral researcher and Lecturer, University of Geneva, Switzerland.

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Status Update

Our most advanced product, ATx08-001, enters clinical phase 2

proof of efficacy studies this quarter for treatment of post-

herpetic neuralgia (PHN) as a first-in-class novel pain

therapeutic.

These studies are funded by a non-dilutive SBIR grant totaling

$2.6 million from NIH.

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Investment Proposition

Aestus is seeking capital to expand our portfolio of products for

neuropathic pain in addition to the current phase 2 pain trial of

ATx08-001.

Proceeds will be used to progress two additional products in

neuropathic pain, ATx09-002 and ATx03-005, which act at

different targets than ATx08-001, in proof-of-concept phase 2

trials on PHN.

Proceeds will also fund pre-clinical and clinical studies on

treatments for schizophrenia and ALS, over the next 2-5 years.

Revenue will be created by sub-license to or collaboration with

pharma in late stage clinical studies, NDA and product launch.

Near-term value milestones identified.7

The Aestus Pipeline

Project Data analysis Compound IDPre-clinical validation

Patent filing, in-licensing

Clinical Proof-of-efficacy

Neuropathic pain

ALS (Lou Gehrig’s

disease)

Schizophrenia

Epilepsy

Other disease areas

ATx08-001, ATx09-002, ATx03-005

4 compounds

30 compounds

~ 1 year ~ 1 year ~ 1.5 – 2 years

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Clinical trial compounds

All three compounds showed robust performance in universally accepted pre-clinical

models of neuropathic pain (Chung, Bennett); excellent safety profile and no serious

adverse events in phase 1 and 2 clinical studies for original indications.

ATx08-001:

• MW: 468.4

• PPAR gamma agonist

• Aestus: Initiating phase 2 trials in PHN this quarter

ATx09-002:

• MW: 481.36

• Glycogen phosphorylase inhibitor

• Aestus: in-license term sheet negotiated

ATx03-005:

• MW 500.54

• Fructose 1,6-bisphosphatase inhibitor

• Aestus: in-license term sheet negotiated

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Investment and Value Creation

$10M investment:

Clinical Phase 2 proof of efficacy of two products (ATx09-002, ATx03-005) for

post-herpetic neuralgia

• Third product, ATx08-001, now beginning Phase 2 clinical trials for PHN,

financed by non-dilutive SBIR grant

Value creation steps:

Out-license of product(s) after successful Phase 2a pain trial (2-3 years)‏

Partnering for full development of product after successful Phase 2 trials (3+

years)‏

Acquisition, trade sale or IPO of Aestus (5+ years)‏

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Five Year Budget

Aestus Therapeutics Inc Five–year Financial Plan (all values in $)

2010 2011 2012 2013 2014

Revenue

SBIR phase 2 grant 1,500,000 1,500,000 0 0 0

Milestone payments to Aestus for ATx08-001 0 0 30,000,000 0 25,000,000

Milestone payments to Aestus for ATx09-002 0 0 30,000,000 0 25,000,000

Milestone payments to Aestus for ATx-Schizo 0 0 0 30,000,000 0

Total Revenue 1,500,000 1,500,000 50,000,000 30,000,000 50,000,000

Product cost

In-license payment for ATx08-001 1,000,000 0 0 0 0

Milestone payment for ATx08-001 0 0 5,000,000 0 5,000,000

In-license payment for ATx09-002 1,000,000 0 0 0 0

Milestone payment for ATx09-002 0 0 15,000,000 12,500,000

In-license payment for ATx-Schizo 0 1,000,000 0 0

Milestone payment for ATx-Schizo 5,000,000 0

Total product cost 2,000,000 1,000,000 20,000,000 5,000,000 17,500,000

Operating expenses

Clinical development costs 3,000,000 4,500,000 1,500,000 0 0

Research to expand portfolio, salaries/ benefits, infrastructure

1,400,000 1,400,000 1,400,000 1,400,000 1,400,000

Total operating expenses 4,400,000 5,900,000 2,900,000 1,400,000 1,400,000

EBIT -4,900,000 -5,400,000 37,100,000 23,600,000 31,100,000

Projections based on terms of comparable pharma license agreements, and assuming successful clinical development and partnering

of three Aestus products.

= milestone payment for entry into Phase 3 trials = milestone payment for NDA filing

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Investment summary

Reduced risk in PHN Phase 2 clinical trials

Exclusive WW license from COM owner in place

Managed by a high-calibre, highly experienced team of industry

executives

Extensive use of out-sourcing to keep burn rate low

Potential sub-licensees already identified and awaiting data

An attractive, balanced portfolio

Products

ATx09-002 ATx08-001 ATx03-005

In-license status Agreed Signed Negotiating

License scope Exclusive Exclusive Exclusive

Field NP Human therapy NP-DN

Territory Worldwide Worldwide Worldwide

Patent life

Composition of matter patent (issued) 2024* 2016* 2019*

Use patent (application) 2027* 2030* 2027*

* = Plus data exclusivity and any available patent term extension

NP = Neuropathic pain

DN = Diabetic neuropathy

ATx In-license and IP Status

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Aestus Core Technology

1. Aestus-proprietary disease-relevant genomics databases

• Also leverage public genomics databases (GEO, EBI)

3. Aestus-proprietary

biologically-informed cluster

analysis

4. Mapping of gene clusters to biological pathways:

a) Known pathways – validate analysis

b) Novel pathways – may be of value for discovery

c) Aestus-proprietary novel association of disease to

well-studied pathways

2. Aestus-proprietary data QC,

statistical meta-analysis across

multiple datasets

a

b

c

The Aestus Engine

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5. Identify Phase 1+ compounds

acting at these pathways,

developed for other indications

4. Mapping of gene clusters to biological pathways:

c) Aestus-proprietary novel association of

disease to well-studied pathways

6. Validate novel pathways using Phase 1+ compounds in

pre-clinical disease models (e.g., pain models above)

- Aestus-proprietary use patents (e.g., Aestus

patent application US2010/0076037)

- In-license for Phase 2 clinical development

The Aestus Engine

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Aestus Discovery & Development Model

Identify novel disease targets through the proprietary Aestus engine for systems biology data-mining

Identify de-risked compounds (Phase 2-ready) developed forother indications, acting at our targets

Validate pathways with these compounds in pre-clinical animal models

Patent active compounds for novel utility (Aestus IP)

Obtain exclusive worldwide license from composition of matter owner

Show proof of efficacy in clinical phase 2 trial

Co-develop/out-license with pharma partner for later-stage development

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Aestus Platform vs. Compound Reprofiling

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Aestus Platform vs. Compound Reprofiling

Aestus has succeeded where compound reprofiling failed:

Using Aestus platform, several novel pain targets were identified and validated with compounds acting at these targets

Aestus approached the composition of matter owner of one compound to negotiate in-licensing agreement for clinical development as pain product

Owner had already engaged a major compound reprofiler to identify other appropriate indications

Six months later and after failure to identify novel indications by reprofiler, owner contacted Aestus to negotiate our proposal

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Third Party Validation

Pain Research collaboration

– (Public traded pharmaceutical company, (name withheld))‏

Small Business Innovation Research Grants

– Phase I and Phase II (National Institute of Neurological Disorders and Stroke (NINDS))‏

– $2.6 million non-dilutive funding for Phase 2 clinical trial of Aestus pain product ATx08-001, initiated this year

Edison Innovation Research and Development Grant

– (New Jersey Commission on Science and Technology (NJCST))‏

– $500K non-dilutive funding

License partners

– (Four publicly traded Pharmaceutical companies, (names withheld))20‏

Intellectual Property

Three provisional and three non-provisional PCT applications filed, including:

– WO2008/057930A2

– WO2008/057933A2

– WO2008/063842A2

– US 2010/0076037

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Infrastructure

Located in Commercialization Centre for Innovative Technologies, New Brunswick, NJ

• Cost effective, state supported, located on US Highway 1

5 full time employees on payroll:

• Tage Honore, President & CEO

• Aaron Dubberley, Director Intellectual Properties

• Daniel Lavery, Director Research & Genomics

• Meredith Prysak, Project management

• Kathy Kerrigan, Administrative Assistant

3 further employees to be employed in the future:

• VP Commercial

• Director Informatics

• VP Clinical

All others are advisors and consultants22

Supplemental information

Selected data from validation of ATx08-001 and ATx09-002 in animal models of neuropathic pain

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Clinically-validated Neuropathic

Pain Models

Confidential

ATx08-001 in chronic pain model

ATx08-001 reverses pain behavior (cold allodynia) in rats in the Bennett chronic constriction model of neuropathic pain. Reversal of pain behavior by ATx08-001 was equal to or greater than equivalent doses of the positive control pain medication, carbamazepine. Error bars, SEM; * = p < 0.05 compared to vehicle.

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ATx09-002 in chronic pain model (I)

ATx09-002 reverses pain behavior (cold allodynia) in rats in the Bennett chronic constriction model in a dose-dependent manner. Reversal of pain behavior by ATx09-002 at 100 mg/kg was equal to that of 100 mg/kg carbamazepine, the positive control. Error bars = SEM; * = p < 0.05 versus vehicle.

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ATx09-002 in chronic pain model (II)

ATx09-002 reverses pain behavior (mechanical allodynia) in rats in the Chung spinal nerve ligation model of neuropathic pain. Reversal of pain behavior by ATx09-002 (30 mg/kg) was greater than that by greater doses of the positive control pain medication, carbamazepine (100 mg/kg; * = p < 0.05, ATx09-002 vs. carbamazepine; error bars = SEM).

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