BOTANIX PHARMACEUTICALS LTD — Investor Presentation 2018

Apr 8, 2018

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ASX/Media Release

9 April 2018

Investor Presentation

Philadelphia PA and Sydney Australia, 9 April 2018 : Medical dermatology company Botanix Pharmaceuticals Limited (ASX:BOT, “Botanix” or the “Company”) is pleased to release an updated investor presentation to be used in meetings with investors and brokers as part of a non-deal roadshow across Australia in the coming weeks. This investor presentation is being used to provide an update on the Company’s key activities including its acne clinical program (BTX 1503), atopic dermatitis clinical program (BTX 1204) and key milestones over the near to medium term.

About Botanix Pharmaceuticals

Botanix Pharmaceuticals is a clinical stage medical dermatology company, which is dedicated to developing next generation therapeutics for the treatment of serious skin diseases. Our mission is to improve the lives of patients battling acne, atopic dermatitis and other skin diseases, by providing new treatment options for conditions that currently are inadequately addressed, or are treated with therapeutics that are burdened with side effects profiles. Botanix is harnessing the potential of a synthetic form of a natural compound, which has a well-established safety profile and has been studied successfully in a range of other therapeutic areas. Botanix has now successfully completed its first acne patient studies with BTX 1503 and is preparing for a Phase 2 study in Q2 2018, while concurrently completing a Phase 1b study for BTX 1204 in atopic dermatitis patients. The Company has an exclusive license to use a proprietary drug delivery system (Permetrex[TM] ) for direct skin delivery of active pharmaceuticals in all skin diseases and plans to progress the development of BTX 1503, BTX 1204 and its pipeline of other Permetrex[TM ] enabled products alone, or in collaboration with partners.

For more information on Botanix, please visit www.botanixpharma.com or follow us on Twitter @Botanixpharma.

For more information, please contact:

General enquiries Investor Relations Matt Callahan Joel Seah Botanix Pharmaceuticals Vesparum Capital Executive Director P: +61 3 8582 4800 P: +1 215 767 4184 E: botanixpharma@vesparum.com E: mcallahan@botanixpharma.com

Media

Julia Maguire The Capital Network P: +61 419 815 386 E: julia@thecapitalnetwork.com.au

Investor update April 2018

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1

Investment highlights

Botanix is an emerging global dermatology company with advanced clinical programs

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Dermatology Targeting multi-billion dollar prescription markets for acne (with no new products approved

Focused in the last 20 years) and atopic dermatitis Successful clinical data from acne patient study shows industry leading reduction in Clinical Stage inflammatory lesions, after 4 weeks of treatment Novel Products use a synthetic form of a widely studied natural product, greatly enhances the Approach probability of clinical and regulatory success

Experienced Predominantly US based leadership team with 20+ FDA approvals between them and

Team extensive dermatology industry experience

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Investor Update

2

Corporate overview

Medical dermatology company with a clear path to commercialisation and a highly aligned Board and management team

Trading information

Share price performance

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Share price (as at 6-Apr-2018) A$0.125 Share price (A$) Volume (m)
52 week low / high A$0.04 / A$0.16 0.20 60
Shares outstanding [1] 681.9m
50
Market capitalisation [2] A$85.2m 0.16
Cash (as at 31-Jan-2018) A$17.1m
40
-
Debt (as at 31-Jan-2018) 0.12
Enterprise value A$68.1m
30
0.08
20
Top shareholders (April 2018)
0.04
10
Shareholder %
Matthew Callahan – Executive Director 10.4
0.00 0
Caperi Pty Ltd – Co-founder 10.4 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18
Board and management (excl. shareholders above) 3.0 BOT Vol. (RHS) BOT S&P/ASX 300 Health Care Index (rebased)
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1. Includes 156.5m full paid ordinary shares subject to escrow until 15 July 2018 and excludes 44.5m options

2. Cash includes A$14.9m (before costs) received from capital raising announced in February 2018

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3 Investor Update

Clinical programs with near term milestones

Rapidly advancing acne and atopic dermatitis programs, with deeper pipeline in development and Permetrex™ collaborations to augment revenue and news flow

Product candidate	Product candidate	Indication	Pre-Clin	Ph 1	Ph 1b	Ph 2	Next milestones
Synthetic form of natural product extract – cannabidiol	BTX 1503	Moderate to Severe Acne					IND filing for Phase 2 2Q CY2018
	BTX 1204	Atopic Dermatitis					Phase 1b patient data available 2Q CY2018
	BTX 1308	Psoriasis					Patient study 3Q CY2018
	BTX 1801	Undisclosed					Pre-clinical testing 2Q CY2018
Permetrex™ programs	Internal/ External	Various		Collabo	rations		Ongoing

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Investor Update

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US$5,200m

Botanix’s product portfolio value considerations

Licensing and partnering transactions are potential monetisation options before FDA approval

Recent dermatology transactions (licensing, asset and corporate)

Licensing deals

US$445m US$790m US$90m US$150m US$639m US$770m Licensing deals Total upfront and milestone payments could exceed these figures in aggregate	US$445m US$790m US$90m US$150m US$639m US$770m Licensing deals Total upfront and milestone payments could exceed these figures in aggregate
Deal date	Sep 2015 Dec 2016 Jan 2016 Dec 2016 Oct 2016 Apr 2016 May 2016
Deal type	License License Corporate Corporate Corporate Asset/business Corporate
Licensee/Acquirer	Allergan
Licensor/Target	(rights) (global dermatology business)
Asset	Psoriasis Psoriasis Botulinum Pruritis/Psoriasis Psoriasis/AD Multiple AD
Phase	In Phase III Completed Phase I In pre-clinical development In pre-clinical development / Phase IIb In Phase II On market Completing Phase III

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Investor Update

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BTX 1503 moderate to severe acne

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Investor Update

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How does BTX 1503 work to treat acne?

BTX 1503 potentially address all 3 key pathologies of acne with a very safe side effect profile

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Attacks P. Acnes
Reduces Inflammation
bacteria
Retards formation of
sebum “plugs”
Switches off excess
production of sebum
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Source: Cannabidiol exerts sebostatic and anti inflammatory effects on human sebocytes (2014).The Journal of Clinical Investigation

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Investor Update

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Why are we focused first on acne?

In 2016, the global acne prescription market was worth ~US$4.9bn, with the potential to grow to ~US$7.3bn by 2025

Global acne market size (US$m)

Topical acne products revenue in 2016 (US$m)

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7,350
4,920
Value of the global acne
prescription market is expected to
reach ~US$7.3bn by 2025
2016 2025
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The top two leading topical branded acne products (containing only generic drugs) achieve revenues of >US$450m p.a.

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494
456 products (containing only generic drugs)
achieve revenues of >US$450m p.a.
225
211
102
Epiduo®/ Aczone® Onexton®/ Retin-A® Ziana®
Epiduo®/ Aczone® Onexton®/ Retin-A® Ziana®
Epiduo® Forte Acanya®
Epiduo® Forte Acanya®
Galderma Allergan Valeant Valeant Valeant
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Large demand with limited recent product development

No new chemical entities have been approved by the FDA in the last 20 years for the treatment of acne Only “new” products launched were combinations of old drugs in new formulations or packaging

Source: Symphony Health Services (PHAST) 2017

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Investor Update

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Leading US branded topical acne products

Leading topical branded acne products generated ~3m prescriptions in 2016

Topical acne products prescriptions in 2016 (‘000s)

2016 list price and cost of topical acne products

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1,179
947
504
273
151
Epiduo®/Epiduo®/ Aczone®Aczone® Onexton®/Onexton®/ Retin-A®Retin-A® Ziana®Ziana®
Epiduo® ForteEpiduo® Forte Acanya®Acanya®
Galderma Allergan Valeant Valeant Valeant
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1. Estimated cost assuming 1 unit per month for 12 months Source: Symphony Health Services (PHAST) 2017; The Medical Letter Vol. 58 (1487)

	Drug	List price (US$)	Annual cost (US$)1
Branded / Branded Generic	Epiduo® / Epiduo® Forte $398.10 $3,185
	Aczone® $258.90 $3,107
	Onexton® Acanya® $444.00 $3,197
	Retin-A® $249.20 $1,994
	Azelex® $344.70 $4,136
Generic	Clindamycin / Benzoyl Peroxide $162.80 (low strength) $340.30 (high strength) $1,302 (low strength) $4,900 (high strength)
	Tretinoin $128.00 (low strength) $158.50 (high strength) $1,024 (low strength) $1,268 (high strength)

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Investor Update

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BTX 1503 outperformed leading acne products

Study data resulted in a reduction in inflammatory lesions greater than any other FDA approved topical acne product at 4 weeks

Lesion count reduction (%)

Comparison of other FDA approved products

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Inflammatory lesions Non-inflammatory lesions
(5.4%)
(22.5%)
Day 28 Day 35
Day 35 results indicates the
reduction effect persists 7 days
(47.0%) (45.0%) after the last treatment
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Product Owner Lesion count reduction (%)[1] 2016 annual revenue[2] Epiduo® Galderma ~42% US$494m • Combination of two drugs – benzoyl peroxide and adapalene  Common side effects include redness, skin peeling mild burning / stinging and dryness Aczone® Allergan ~38% US$456m

• Few side effects

• Studies showed large placebo / vehicle effect – i.e. at 12 weeks Aczone reduced inflammatory lesions by 54% while vehicle achieved 48% reduction -

• BTX 1503 Botanix ~47%

1. Lesion count reduction based on average inflammatory lesion reduction at 4 weeks 2. Based on 2016 annual revenue in the US

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Investor Update

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Phase 1b acne patient study data

Patient satisfaction high due to the rapid onset of improvement and significant effect on inflammatory lesions

Photographs of acne study patient before and after treatment[1]

Patient result

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Baseline

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Day 28

reduction in inflammatory lesions 57% reduction in non-Inflammatory lesions 15% Patient satisfaction report was “Much Better”

1. Patient demographics: 21 year old female

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Investor Update

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BTX 1503 Phase 2 study design

12-week randomised, treatment-blinded, vehicle controlled study to evaluate the safety and efficacy of BTX 1503 in patients with moderate to severe acne

• 5 dose groups: ~360 subjects

• High Dose twice a day: ~90 subjects

• High Dose once a day: ~90 subjects

• Low Dose once a day: ~90 subjects

• Vehicle/Control: ~90 subjects

• ~25 US and Australian dermatology sites

• Moderate to severe acne patients

• Primary endpoints:

• Absolute change from Baseline to Week 12 in inflammatory lesions

• Secondary endpoints:

• Absolute change from Baseline to Week 12 in noninflammatory lesions

• Percent change from Baseline to Week 12 in inflammatory and non-inflammatory lesions

• Proportion of patients with IGA success

• Safety

• Adverse events and local tolerability

Commences mid-CY2018 (~12 months duration)

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Investor Update

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BTX 1503 development timeline overview

Botanix is pursuing a rapid clinical development strategy to accelerate product commercialisation and timing to first revenues

• IND in final stages of preparation for filing with FDA to enable commencement of Phase 2 clinical trial in the US and Australia

• Phase 2 clinical trial to commence late 2Q CY2018 and take approximately 12 months to complete

• Trial designed to deliver data that allows licensing and other corporate opportunities

BTX 1503 indicative clinical timeline (CY)

Phase 1b acne pilot study File IND for FDA regulated Phase 2 trial IND ‘approval’ for Phase 2 First patient enrolled in Phase 2 trial Phase 2 multi-centre acne patient trial

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2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019
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Milestones

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Investor Update

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BTX 1204 mild to moderate atopic dermatitis

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Investor Update

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BTX 1204 for atopic dermatitis

Atopic dermatitis shares many of the same pathologies as acne, but has an immune response element and itch side effect that cannabidiol can address

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Treatment
Topical
ATP crisaborole
cAMP
Treatment
Topical calcineurin
inhibitors PDE4 ✖
INSIDE CELL
PKA-c AMP
Treatment
Treatment
Oral
NFAT NF-kB
Topical
ciclosporin
corticosteroids
IL-4 IL-1β
IL-5 IL-6
Treatment
Inflammatory cascade
+ T-cell activation BTX 1204 synthetic Immune response
IL-31 IL-23
cannabidiol cascade
TNF-α TNF-α
IFN-ϒ
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Investor Update

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BTX 1204 for atopic dermatitis

Atopic dermatitis (severe eczema) shares many of the same pathologies as acne, but has an immune response element and itch side effect that cannabidiol can address

Market overview BTX 1204: atopic dermatitis

• Target market: US patient incidence estimated to be 25m people (10% to 18% of children)

• Market size: estimated annual cost of treating atopic dermatitis in the US is ~US$8bn p.a.

• Current issues: steroids only address the symptoms and biologics are expensive and carry safety risks

• Unmet needs: safe and effective topical products

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Atopic dermatitis

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Cannabidiol is prospective for atopic dermatitis, and has potential to: Reduce inflammation Prevent deterioration of skin barrier

Attack aureus staphyloccus bacteria Reduce pruritus (itch) Reduce skin cell proliferation

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Investor Update

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Global atopic dermatitis market

The global atopic dermatitis market is forecasted to grow at a CAGR of 12.8% from ~US$7bn in 2017 to ~US$24bn by 2027

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Projected AD market by revenue (US$bn) Leading topical branded AD products by revenue (US$m)
$25 $400 PROTOPIC® (0.1% & 0.03%) ELIDEL® EUCRISA™
$300
$20
$200
$15
$100
$10
-
$5 2012 2013 2014 2015 2016 2017
2017 2019 2021 2023 2025 2027
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Limited innovation and significant remaining unmet needs Minimal innovation in atopic dermatitis for 15 years before the 2016 approval of Eucrisa® Eucrisa® does not affect itch and has been a launch failure

Source: Symphony Health Services (PHAST) 2017

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Investor Update

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Leading US branded atopic dermatitis products

Leading topical branded atopic dermatitis products generated >550k prescriptions in 2017

Leading topical AD products by prescription (‘000s)

2016 list price and cost of topical AD products

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PROTOPIC® (0.1% & 0.03%) ELIDEL® EUCRISA™
800
600
400
200
-
2012 2013 2014 2015 2016 2017
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		Drug	List price (US$)	Annual cost (US$)1
Branded / Branded Generic		Topicort® $540 $9,720
		Protopic® $850 $10,200
		Elidel® $275 $3,300
		Eucrisa® $580 $6,955
Generic		Triamcinolone $24 $384
		Hydrocortisone $22 $405
		Desoximetasone $120 $2,160
		Clobetasol $170 $3,056

1. Estimated annual cost

Source: Symphony Health Services (PHAST) 2017; The Medical Letter Vol. 58 (1487)

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Investor Update

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BTX 1204 Phase 1b atopic dermatitis study

4-week randomised, double-blind, vehicle controlled patient study – NOW FULLY ENROLLED

• ~36 subjects 18 years and older (24 active / 12 vehicle)

• 4 Australian dermatology sites

• At least 1 lesion (25 to 200 cm2), on the trunk upper or lower extremities

• Signs of AD score ≥6 and ≤ 12

• Investigator’s Static Global Assessment (ISGA) of mild (2) or moderate (3)

• Primary endpoints: safety – AEs, labs, local tolerability and signs of atopic dermatitis

• Exploratory endpoints:

• ISGA

• Target lesion size

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Data available in 2Q CY2018

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Investor Update

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BTX 1204 for atopic dermatitis

Phase 1b patient study commenced in 4Q CY2017, with expected study completion and data planned for 2Q CY2018

BTX 1204 indicative clinical timeline (CY)

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1Q 2018 2Q 2018 3Q 2018 4Q 2018
Ethics approval
•
Expected study completion
Phase 1b dermatitis
and data announcement in
patient trial
2Q CY2018
•
Opportunity to accelerate
Data announcement
into Phase 2 FDA regulated
study in 2018
File US IND
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Easy to accelerate the addition of clinical programs by leveraging previous clinical data from acne program

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Investor Update

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Development pipeline, Permetrex™, key milestones and next steps

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Investor Update

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Development pipeline

Development pipeline also includes other synthetic cannabidiol and Permetrex™ enabled products targeting key dermatology markets

BTX 1308: psoriasis

• Target market: ~7.5m Americans have psoriasis (note: most have plaque psoriasis)

• Market size: estimated annual costs of injectable biologic treatments in the US is ~US$20bn p.a.

• Current issues: biologic drugs are very expensive and have serious side effect issues (including lymphoma)

• Unmet needs: safe and effective topical product

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Psoriasis

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BTX 1308 leverages prior data from: BTX 1503 acne clinical program Permetrex[TM] delivery system studies With no need to repeat early studies

Botanix expects pre-clinical skin Data in 2Q CY2018

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Investor Update

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Permetrex™ skin delivery technology

Permetrex™ delivers high doses of drug into the layers of the skin – oral administration only delivers ~6% to the blood stream and even less to the skin

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Unmodified Drug With Permetrex™
Formulation technology
drives drug into the skin
Drug sits on the skin and
is eventually wiped off
Epidermis
Dermis
Botanix holds the exclusive rights to utilise Permetrex [TM] for all drugs that treat skin diseases
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23 Investor Update

Permetrex™ opportunities

Range of opportunities to utilise Permetrex™ technology for internal product development and partnered programs

Early collaborations leading to license discussions

• Botanix is working with multiple parties to test application of Permetrex™ to solve formulation problems

• Engagement generally starts as fee-for-service by Botanix

• License trigger is generally successful proof of concept human study

• Traditional license structure likely (upfront payments, milestones, royalties)

Other pipeline products can be developed

• Due to the safety and growing efficacy data for Permetrex™, new pipeline products can be added without repeating pre-clinical safety

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Investor Update

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Upcoming milestones

Significant clinical and operational milestones expected over the next 12 months

Indicative activities and milestones 2Q CY2018 3Q CY2018 4Q CY2018 BTX 1503 Acne Phase Ib acne study data announcement IND (FDA) submission for Phase 2 trial First patient enrolled in Phase 2 trial Phase 2 multi-centre acne patient study BTX 1204 Atopic Dermatitis Phase 1b study in dermatitis patients Phase 1b study data announcement BTX 1308 Psoriasis Pre-clinical studies Phase 1b study in psoriasis patients BTX 1801 Pre-clinical studies PermetrexTM Research collaborations and partnership discussions 1Q CY2019 2Q CY2019	Indicative activities and milestones 2Q CY2018 3Q CY2018 4Q CY2018 BTX 1503 Acne Phase Ib acne study data announcement IND (FDA) submission for Phase 2 trial First patient enrolled in Phase 2 trial Phase 2 multi-centre acne patient study BTX 1204 Atopic Dermatitis Phase 1b study in dermatitis patients Phase 1b study data announcement BTX 1308 Psoriasis Pre-clinical studies Phase 1b study in psoriasis patients BTX 1801 Pre-clinical studies PermetrexTM Research collaborations and partnership discussions 1Q CY2019 2Q CY2019
BTX 1503 Acne	Phase Ib acne study data announcement
	IND (FDA) submission for Phase 2 trial
	First patient enrolled in Phase 2 trial
	Phase 2 multi-centre acne patient study
BTX 1204 Atopic Dermatitis	Phase 1b study in dermatitis patients
	Phase 1b study data announcement
BTX 1308 Psoriasis	Pre-clinical studies
	Phase 1b study in psoriasis patients
BTX 1801	Pre-clinical studies
PermetrexTM	Research collaborations and partnership discussions

Milestones

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Investor Update

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Appendix: additional information

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Senior leadership: proven track record of success

Proven industry professionals with experience in rapid development of pharmaceuticals

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Mr Matthew Callahan

Executive Director

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Dr Michael Thurn Chief Operating Officer

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Mr Mark Davis VP Clinical and Regulatory

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Dr Bill Bosch Executive Director

• • • •

• Developed 3 products to date Extensive start up life sciences 30 years clinical experience 6 FDA approved products and that have received FDA experience across a range of with 19 FDA approved products inventor of the iCeutica approval, 1 pending approval technology platforms across dermatology SoluMatrix Technology

• • • • • Previous investment director of Previous MD of Spinifex Former clinical lead with Founder of NanoSystems 2 venture capital firms Pharmaceutical, which sold to Medicis and Connetics and FDA and co-inventor of drug delivery investing in life sciences Novartis for A$700m experience with cannabidiol technology NanoCrystal Corporate + IP Operations + Regulatory Regulatory + Clinical Manufacturing + IP

20+ FDA approved products

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Investor Update

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BTX 1503 Phase 1b acne patient study

The 4-week open-label acne study, which concluded in December 2017, indicated that BTX 1503 was safe and well tolerated in subjects with moderate to severe acne

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• 21 subjects enrolled – Female: 18; Male: 3

• – Mean age: 23.3 years (range: 18 to 35 years)

• – 76% White; 19% Asian, 5% Other

• Baseline lesion counts (average and range) – Inflammatory: 34.6 (range: 20 to 46)

• – Non-Inflammatory: 36.9 (range: 20 to 80)

  • 18 subjects completed the study – Lost to follow-up: 2; Withdrawal: 1

  • No serious adverse events (AEs)

  • No subjects discontinued due to an AE – Total of 7 AEs reported (not related)

  • – Of the 7 AEs only 1 AE was deemed to be possibly related (mild sore eyes)

• Baseline IGA Scores

• Moderate (3): 81%

• – Severe (4): 19%

• Tolerability – Slight burning / stinging in 4 subjects

• – Slight dryness in 2 subjects

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Investor Update

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BTX 1204 positioning and opportunity

Botanix is targeting efficacy improvements with much better safety profile than monoclonal antibodies and high potency steroids

BTX 1204 has potential to meet a number of “The potent medications have too many side effects” - GP unmet needs…. Monoclonal Ideal profile: antibodies  Non-steroidal treatment option • Efficacy similar to mid-potency High-potency topical steroids steroids  Increased impact of pruritus • Safety profile that allows long Mid-potency topical steroids term use  Improved safety profile and elimination of severe adverse side effects Topical calcineurin inhibitors  Ability to use long term (>12 weeks)  Address underlying inflammation Low-potency topical steroids  Correct skin barrier dysfunction “I still have a lot of patients that complain about itch and rash  Greater cost effectiveness persisting” - Pediatrician Less More Perceived Safety Favorable Favorable

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Investor Update

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Disclaimer

This presentation prepared by Botanix Pharmaceuticals Limited ("Company") does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial advisor.

This document is confidential and has been made available in confidence. It may not be reproduced, disclosed to third parties or made public in any way or used for any purpose other than in connection with the proposed investment opportunity without the express written permission of the Company.

This presentation should not be relied upon as a representation of any matter that an advisor or potential investor should consider in evaluating the Company. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements or representations contained in this presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation. This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward looking statements. The Company makes no representation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representations contained in this presentation with respect to the Company.

It is acknowledged that the Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.

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Investor Update

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