VICORE PHARMA AB

A Rare Disease Company with a Focus on Patients with Fibrotic Lung Disease

FORWARD LOOKING STATEMENT

This presentation may contain certain forward-looking statements and forecasts based onuncertainty, since they relate to events and depend on circumstances that will occur in the futureand which, by their nature, will have an impact on Vicore Pharma’s business, financial conditionand results of operations. The terms “anticipates”, “assumes”, “believes”, “can”, “could”,“estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “should”, “projects”, “will”,“would” or, in each case, their negative, or other variations or comparable terminology are usedto identify forward-looking statement. There are a number of factors that could cause actualresults and developments to differ materially from those expressed or implied in a forward-looking statement or affect the extent to which a particular projection is realized. Factors thatcould cause these differences include, but are not limited to, implementation of Vicore Pharma’sstrategy and its ability to further grow, risks associated with the development and/or approval ofVicore Pharma’s products candidates, ongoing clinical trials and expected trial results, the abilityto commercialize C21, technology changes and new products in Vicore Pharma’s potential marketand industry, the ability to develop new products and enhance existing products, the impact ofcompetition, changes in general economy and industry conditions and legislative, regulatory andpolitical factors.

No assurance can be given that such expectations will prove to have been correct. Vicore Pharmadisclaims any obligation to update or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.

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Patients with fibrotic lung diseaseFOCUS

Addressing fibrosis and vasculopathy; improving cough and QoLDIFFERENTIATION

Two clinical stage differentiated and complementary assetsPIPELINE

Listed on Nasdaq First NorthSHARE

Team of experienced drug developersPEOPLE

IPF, IPF cough and systemic sclerosisINDICATIONS

Unmet medical needs – every day mattersGUIDING PRINCIPLE

VICORE – AT A GLANCE

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CARL-JOHAN DALSGAARD, CEOMD, PhD, Karolinska Institute with post-doc experience from Harvard Former Head of Therapy Area Pain Control, AstraZeneca R&D10 years of experience from senior management, AstraZeneca18 years of experience as Venture Partner at HealthCap

OLA CAMBER, CMC MSc, PhD, Uppsala UniversityFormer Director Pharmaceutics & Biopharmaceuticals, PharmaciaFormer Director Astra Zeneca, Pre-formulation & BiopharmaceuticalsMore than 30 years of experience in drug development

KICKI JOHANSSON, HEAD OF DRUG DEVELOPMENTMSc Pharm, PhD Former Senior Project Leader/VP AstraZenecaAccountable for the development of over 40 new compoundsApproximately 30 years’ experience of drug development

JOHANNA GRÄNS, REGULATORY AFFAIRS MANAGERMSc, PhD, University of Gothenburg Extensive experience in preclinical R&DResearch experience in drug metabolism

HANS JEPPSSON, CFOPhD, Finance with post-doc research at UC BerkeleyCross-disciplinary background in finance and medicineFormer equity research analyst at Danske BankProfessor in Finance at Gothenburg School of Economics and Law

ROHIT BATTA, CMO MBBS, King’s College London, MFPMMedical doctor with extensive industry experience in Rare DiseasesJoins us from GSK, where he led the global medical and clinical development of the world’s first paediatric gene therapy

GÖRAN TORNLING, SENIOR MEDICAL ADVISORMD, PhD, Karolinska InstitutetMedical doctor and Pulmonologist with more than 20 years of clinical experienceFormer Director Clinical Strategy, AZ and responsible for IPF study designs

JOHAN RAUD, CSO MD, PhD, Karolinska InstitutetFormer Director Inflammation research AstraZenecaInvestment Manager KIF25 years of experience in drug development

EXPERIENCED TEAM

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NINA CARLÈN, CHIEF ADMINISTRATIVE OFFICEREducation from Berghs School of CommunicationMore than 15 years of marketing and communicationsResponsible for HR and company administration

CHRISTIAN HALL, INVESOR RELATIONSMSc, Stockholm School of Economics Experience as sell side analyst at SwedbankIR consultant at Oxenstierna & Partners

MIMI FLENSBURG, CLINICAL OPERATIONSDMV PhD Experience from Novo, Lundbeck and biotechSuccessfully leading drug candidates through phase I-IV

FIBROTIC Lung Disease

FIBROTIC LUNG DISEASE – CLINICAL PICTURE

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This leads to dyspnoea and cough, as the main symptoms

In the fibrotic lung, vasculopathy and tissue scarring dominate the pathology

As disease progresses, some patients develop increased pulmonary artery pressure, which aggravates hypoxia

Pulmonary hypertension (PH) is the leading cause of death in fibrotic lung disease

PATHOPHYSIOLOGY – FIBROTIC LUNG DISEASE

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IMPAIRED GAS EXCHANGE

COUGH

HYPOXIA

FIBROTICMEDIATORS

IMPAIRED QoL

DEATH

LUNG TISSUE INTERSTITIAL FIBROSIS

DYSPNOEA

PH/HEART FAILURE

LUNGRESISTANCE

VESSEL VASCULOPATHY

FIBROTICMEDIATORS

STRETCH ACTIVATION

VASOCONSTRICTION

Vasculopathy and interstitial fibrosis are the drivers of disease

IDIOPATHIC PULMONARY FIBROSIS (IPF)

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IPF is a severe and devastating disease, often with a 3-5 year survival after diagnosis

Prevalence is about 250,000 patients in the US and EU

Symptoms include dyspnoea and a severe dry cough

There is a strong correlation between cough and progression

30-80% also have PH

SYSTEMIC SCLEROSIS WITH PULMONARY FIBROSIS

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Systemic sclerosis (SSc) is a chronic, progressive autoimmune disease leading to vasomotor disturbances, fibrosis, and subsequent atrophy of small arteries of the skin and internal organs

Interstitial lung disease (ILD) develops in 50% of patients after 5 years and PH in 25%, and is the leading cause of death

SSc-ILD is considered to be a result of both alveolar and vascular damage

*Noble 2016**Richeldi 2016

FVC

(ml)

n=624 n=623 n=624 n=623 n=475 n=664 n=408 n=580

SIDE EFFECT PROFILE OF PIRFENIDONE AND NINTEDANIBPirfenidone – GI, skin, liverNintedanib – GI, liver

TWO DRUGS AVAILABLE FOR IPF

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Efficacy of pirfenidone and nintedanib

Uptake of pirfenidone since2011 in a Swedish cohort

-500

-400

-300

-200

-100

0

Pirfenidone6 months*

Pirfenidone12 months*

Nintedanib6 months**

Nintedanib12 months**

PLACEBO

Approved drugs have had a low uptake due to suboptimal efficacy/side effect profile

Ferrara ERS 2018

No drug

On drug <12 months

On drug

VP01 (C21)

VP01 (C21)

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Phase I; 100 mg OD safe and well tolerated in man

Well tolerated in toxicology studies

Strong preclinical fibrosis data, pulmonary hypertension data and dilatation of resistance vessels

Oral with 20-30% bioavailability

10,000 x higher affinity for AT2r compared with AT1r

First in class small molecule angiotensin II type 2 receptor (AT2r) agonist with ODD for IPF (EU, US)CLASS

SAFETY

PRESENTATION

CLINICAL

PRECLINICAL

SELECTIVITY

Phase I extension ongoing and Phase II IPF and SSc expected to commence H2 2019STATUS

AT2r IN FIBROTIC LUNG DISEASE

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AT1r AT2r

FIBROSISInduces TGF-β

and procollagenVASOCONSTRICTIONCapacitance vessels

SUBACUTE FIBROPROLIFERATIVE PHASE

ANTIFIBROTICReduces TGF-β

and procollagenVASODILATION

Resistance vessels

PROGRESSIVE OBLITERATION OF INTERSTITIAL, ALVEOLAR, AND VASCULAR COMPARTMENTS

TISSUE INJURY

REPAIR

ANGII C21

Right Ventricular systolic pressure

The monocrotaline model is a chemically induced lung fibrosis model regarded as the standard model for pulmonary hypertension

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Effect on pulmonary hypertension is important for outcome and has not been shown for existing therapies

#

0

20

40

60

80

100

Control MCT MCT+C21 MCT+C21+PD

RVSP

(mm

Hg)

$

Right Ventricular diastolic pressure

Bruce 2015

#

0

2

4

6

8

10

Control MCT MCT+C21 MCT+C21+PDRV

DP (m

mHg

)

C21 REDUCES PH IN A FIBROTIC LUNG DISEASE MODEL

Wollin 2014Heckmann 2016Rathinasabapathy 2018

Esbriet PamrevlumabOfev C21

C21 REDUCES FIBROSIS IN LUNGS OF MICE TREATED WITH BLEOMYCIN

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Reduction of fibrosis score (∆ compared with placebo) when drugs are given as prevention

C21 produces the largest reduction in fibrosis score in the bleomycin model when given as prevention

-23%-38% -41%

-65%

-100%

-80%

-60%

-40%

-20%

0%

PirfenidoneRoche

50mg/kg

NintedanibB-I

60mg/kg

anti-CTGFFibroGen30mg/kg 0.03mg/kg

Parra 2014

Vessels

IPF

SSc

Control

AT2r IS UPREGULATED IN HUMAN FIBROTIC LUNG

Septal areasTotal AT2r quantification

0%

2%

4%

6%

8%

10%

Control IPF SSc

AT2r is increased in IPF and SSc

Vascular AT2r negatively correlates with DLCO and mortality Parra 2014

0.02%

6.4%

9.9%

Effect of AT1r- and AT2r-blockadeon ANG II contraction

Effect of AT1r- and AT2r-blockadeon ANG II relaxation ofprecontracted vessels

Batenburg 2004 Savoia 2007

AT2r STIMULATION DILATES HUMAN RESISTANCE VESSELS

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Coronary microvessels Fat tissue microvessels in T2DM

AT2r induces endothelial-dependent, nitric oxide mediated, vasodilatation in human resistance vessels

AT1r antagonist

AT2r antagonist

p<0.05

C21 - PHASE II IPF – DRAFT SYNOPSIS

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Double-blind placebo controlled 3 month studyDESIGN

Primary endpoint-difference in forced vital capacity (FVC)ENDPOINT

Diagnosis based on high-resolution computed tomography (HRCT)INCLUSION

Once or twice daily, dose to be decided after the phase I dose escalationDOSE

100 patients with a 1:1 distribution (active: placebo)NUMBERS

Treatment naïve mild IPF – feasibility at UK sitesPOPULATION

Principal investigator: Joanna Porter, London – sites in UK and possibly Eastern EuropeSITES

VP02 (IMiD)

IMiD (IMMUNOMODULATORY DRUG)

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Includes pomalidomide, lenalidomide, and thalidomideCLASS

Clinical systemic side effects include sedation, sensory neuropathy and gastrointestinal (GI) effectsSAFETY

Local pulmonary deliveryPRESENTATION

Systemic IMiDs show dramatic effects on IPF and IPF cough, QoL, and steroid-resistant sarcoidosisCLINICAL

Strong preclinical fibrosis data and a potent TNF inhibitorPRECLINICAL

Broad anti-inflammatory and antifibrotic actionSELECTIVITY

Heckmann 2016Rathinasabapathy 2018

Esbriet PamrevlumabOfev C21

THALIDOMIDE REDUCES FIBROSIS IN THE LUNGS OF MICE TREATED WITH BLEOMYCIN

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Thalidomide is comparable to the best drugs in reducing the fibrosis score in the bleomycin model

Reduction of fibrosis score (∆ compared with placebo) when drugs are given as treatment

Heckmann 2016Rathinasabapathy 2018Choe 2010

-1%-10%

-41% -45% -50%

-100%

-80%

-60%

-40%

-20%

0%

PirfenidoneRoche

50mg/kg

NintedanibB-I

60mg/kg

anti-CTGFFibroGen30mg/kg 0.03mg/kg 4mg/kg

Esbriet PamrevlumabOfev C21 Thalidomide

IMiDs ARE EFFECTIVE IN IPF COUGH

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Reduction of cough is a unique feature of IMiDS

In a double-blind crossover study, thalidomide had a dramatic effect on cough frequency

Unlike other chronic cough, IPF do not respond to placebo treatment

0

20

40

60

80

100

End ofPeriod 1…

End ofPeriod 2…

Coug

h VA

S

p<0.001

0

20

40

60

80

100

End ofPeriod 1…

End ofPeriod 2…

Coug

h VA

S

2012

IMiDS IMPROVE QUALITY OF LIFE IN IPF

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IMiDS are the only drug class that improves quality of life

Quality of life, as measured by the specificSt George’s Respiratory Questionnaire (SGRQ), is improved by IMiD treatment

An absolute change of 4 is considered clinically relevant

No other approved or investigational drug even shows stabilization of SGRQ

Change in SGRQ scores

Thalidomide12 w; n=20

∆=11.2; p=0.001

Nintedanib52 w; n=700 and 500∆=2.05; p=0.0095

0

10

10

Δ Improvement

Δ Deterioration

2012

DRUG FORMULATION

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By loading biodegradable microspheres, IMiDs can be delivered in solution to the lung tissuePulmonary delivery is expected to reduce systemic exposure by 50-85%

IMiDs in amorphous form are loaded in nanopores of biodegradable microspheres

After lung deposition there is an immediate release of 30% and a sustained release of the remaining 70% as the microspheres degrade

MARKET

Price for one year’s treatment is close to $100,000

Combined global sales surpassed US $2.3 billion in 2018

75% of the sales are in the US

Allied Market Research estimates annual sales of US $3.6 billion in 2023

THE MARKET

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Global IPF sales by brand

$0

$250

$500

$750

$1 000

$1 250

2014 2015 2016 2017 2018

Mill

ion

Esbriet Ofev

Company reports, Bloomberg

No drugs are available for dSSC, typically steroids and cyclophosphamide are used

Global dSSc sales by brand

SUMMARY

NEW CHEMISTRY

Exploratory Preclinical Phase I Phase II

cvSYSTEMIC SCLEROSIS

IPF

VICORE PIPELINE

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VP01 (C21)

VP02 (IMiD)

FOLLOW-ON MOLECULES (AT2R)

IPF

FINANCIAL INFORMATION

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First North, up-listing to Nasdaq Stockholm main market planned for H2 2019STOCK

HealthCap VII L.P. 27.8%Göran Wessman 8.3%Swedbank Robur 6.3%Fourth Swedish National Pension Fund 4.9%HBM Healthcare Investments (Cayman) Ltd 4.6%Kjell Stenberg 3.6%Unionen 3.4%Pomona-gruppen AB 2.5%Shaps Capital 2.3%Alfred Berg 2.2%Handelsbanken Funds 2.1%Other 31.8%

LARGEST SHAREHOLDERS

June 30, 2019

SEK720 million (approx. €67 million)MARKET CAPAug 1, 2019

SEK193 million (approx. €18 million) CASH

June 30, 2019

SUMMARY

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FOCUS ON PATIENTS WITH FIBROTIC LUNG DISEASE

TWO UNIQUE AND DIFFERENTIATED DEVELOPMENT PROGRAMMES

CAN ADDRESS SEVERAL ILDs IN PARALLEL

ORAL AND LOCAL DELIVERY TREATMENTS

HIGHLY EXPERIENCED TEAM