Opthea Ltd — Investor Presentation 2011

Jan 16, 2011

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Attention ASX Company Announcements Platform
Lodgement of Open Briefing []
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ASX ANNOUNCEMENT: 17 January 2011

VEGF-D Licence Agreement

Open Briefing with CEO & MD Robert Klupacs

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Circadian Technologies Limited Level 1, 10 Wallace Avenue Toorak, Victoria 3142

In this Open Briefing[®] , CEO & MD Robert Klupacs discusses

o Licence agreement with Chugai Pharmaceutical for VEGF-D IP rights

o Circadian now controls the key VEGF-D IP assets worldwide

o Expanded opportunity to develop VEGF-D based products and close VEGF-D deals

Open Briefing interview:

openbriefing.com

Circadian Technologies (ASX:CIR) recently announced that its subsidiary Vegenics Pty Limited had been granted worldwide rights by Chugai Pharmaceutical Co, Ltd. of Japan (Chugai) to its vascular endothelial growth factor D (VEGF-D) intellectual property (IP) estate. What does this licence agreement bring to Circadian’s own VEGF-D portfolio and development strategy?

CEO & MD Robert Klupacs

The VEGF-D licence agreement means we now control the key VEGF-D intellectual property assets around the world, enabling us to develop VEGF-D based products without potentially infringing another party’s rights.

Previously, while we had our own extensive VEGF-D patent portfolio, we were engaging in patent oppositions in Europe and interferences in the US with Chugai regarding overlapping rights between us and them.

The agreement provides us with access to all of Chugai’s VEGF-D rights. The licence is a better outcome than expected as it removes our expenses related to patent opposition and interference around the world and consolidates our dominance over this technology.

openbriefing.com

Are there any new opportunities for early commercialisation of VEGF-D applications potentially arising from this licence agreement?

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CEO & MD Robert Klupacs

We are engaged in ongoing discussions with a number of parties regarding certain aspects of VEGF-D product development and other VEGF-D related opportunities. This agreement makes it easier for us to close those transactions as we can now offer the rights to both our own and Chugai’s VEGF-D IP assets in the one package.

openbriefing.com

What is the benefit to Circadian of being able to sublicense the rights to Chugai’s VEGF-D IP estate? Are there any restrictions on these sublicence rights?

CEO & MD Robert Klupacs

The major benefit for us is that we are now the one-stop shop for anyone wanting to develop a VEGF-D based product. We can provide all the necessary rights to our portfolio as well as a sublicence to the Chugai rights. While there aren’t any restrictions on the sublicence rights Chugai will receive a modest percentage of any commercial returns from any sublicence arrangements we enter into.

openbriefing.com

What are the milestone and royalty payment arrangements of the licence agreement? How will Circadian fund payment of the upfront licence fee? When will the licence agreement expire?

MD Robert Klupacs

While the exact terms of the agreement are confidential, the licence fees are relatively modest and the upfront fee relatively small. We currently hold around A$27 million in cash and so can easily cover the upfront fee out of our existing cash reserves. The licence agreement will expire when the Chugai patents expire on a country-by-country basis.

openbriefing.com

Circadian recently secured a VEGF-D patent in the US for diagnostic applications and has partnered with the Cincinnati Children’s Hospital Medical Centre to develop and market a blood test for the lung disease lymphangioleiomyomatosis (LAM) using VEGF-D. How important is VEGF-D within Circadian’s IP portfolio?

CEO & MD Robert Klupacs

VEGF-D is a very interesting and important molecule for the company. While our VEGF-D antibody programs are not as advanced as our VEGF-C antibody programs, we are very excited about the possibilities for using VEGF-D in a diagnostic setting not just in the respiratory area but also in cancer and related diagnosis. We believe that as we continue to develop all of our assets, the VEGF-D antagonists as well as the diagnostic portfolio will become increasingly important to us.

openbriefing.com

Are there plans to further expand Circadian’s IP portfolio?

CEO & MD Robert Klupacs

Intellectual property is the life blood of biotechnology companies. Although we already have a very significant intellectual property portfolio, we need to continually innovate and add to it in a strategic, cost-efficient and effective manner. At the same time, we also need to

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protect our product development opportunities, inventions and any further discoveries we make.

openbriefing.com

Thank you Robert.

For more information about Circadian Technologies Limited, visit www.circadian.com.au or call Robert Klupacs on +61 3 9826 0399.

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DISCLAIMER: Orient Capital Pty Ltd has taken all reasonable care in publishing the information contained in this Open Briefing®; furthermore, the entirety of this Open Briefing® has been approved for release to the market by the participating company. It is information given in a summary form and does not purport to be complete. The information contained is not intended to be used as the basis for making any investment decision and you are solely responsible for any use you choose to make of the information. We strongly advise that you seek independent professional advice before making any investment decisions. Orient Capital Pty Ltd is not responsible for any consequences of the use you make of the information, including any loss or damage you or a third party might suffer as a result of that use.

Open Briefing® | Circadian Technologies Limited | 17 January 2011

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