SoftOx Solutions AS — Investor Presentation 2023

Mar 13, 2023

Helping the world fighting infections

SoftOx Solutions AS

Norwegian medtech and pharmaceutical company

March 2023

Disclaimer

This Presentation has been produced by SoftOx Solutions AS (the "Company" or "SoftOx"), solely for use at the presentation to investors held by the Company. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and no facts have been omitted that would render the reproduced information to be inaccurate or misleading, as far as the Company is aware and able to ascertain from the information published by these third parties. This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company does not assume any obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

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Helping the world fighting infections

Respiratory infectious diseases are among the leading causes of death [1

BIOFILM RESISTANCE

1-2% of the population are projected to experience a chronic wound during their lifetime in developed countries [2

VIRUSES ANTIMICROBIAL RESISTANCE

AMR is regarded as one of the largest threats to global health [3

Our goal is to become a world-leading developer of antimicrobial technology

• 1) World Health Organization. https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death.
• 2) Sen, C.K. et al. (2009) Human Skin Wounds, Wound Repair Regen, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2810192/
• 3) IACG (2019). No Time to Wait, WHO. https://www.who.int/antimicrobial-resistance/interagency-coordination-group/IACG_final_report_EN.pdf?ua=1

New ways of eradicating infections and fighting antimicrobial resistance

Team of top scientists and supported by an international KOL network

• Experienced R&D team with the top biofilm researchers and several medical professionals
• Support from US Naval Medical Research Center, European Defence Fund and leading European universities and medical centres
• Global network of influential researchers and key opinion leaders

Excellent clinical results

• All completed clinical studies have confirmed safety and tolerability
• Accumulated in vitro, in vivo and clinical evidence of broad spectrum antiviral and antimicrobial effects.
• Patented technology platform based on hypochlorous acid, a critical component of the human innate immune defence

Pathway to market

• Targeting market opportunities to address unmet needs for millions worldwide
• Versatile technology platform with many possibilities for further development
• Products designed with input from payers, patients and healthcare professionals to minimize risk for market adoption

SoftOx overview

Public company dedicated to developing a new class of antimicrobials restructuring into two companies to secure focus and answer on different investor needs

Opportunity:

Leveraging exciting clinical data to accelerate development of wound care products in a standalone entity providing unique partnering and investment opportunities.

Opportunity:

Leveraging exciting clinical and preclinical data to accelerate development of respiratory care products in a stand-alone entity providing unique partnering and investment opportunities.

Technology co-developed with key players in wound care

SCIENTIFIC & RESEARCH TEAM COLLABORATION PARTNERS

Chief Medical Officer Dr Christopher Burton, MD , PhD

MA (Cambridge University); MD (Imperial College London) PhD (University of Copenhagen) MRCP (Royal College of Physicians London) 15+ years' Pharmaceutical & Clinical Development Experience

Chief Scientific Officer Prof Thomas Bjarnsholt, PhD, Dr. Med.

MSc (Danish Technical University); PhD (Danish Technical University) Doctor of Medical Science (University of Copenhagen) Professor of Microbiology 245+ peer reviewed publications

Director of Research Development Mustafa Fazli, PhD

MSc (Technical University of Denmark) MSc (Copenhagen Business School) PhD (University of Copenhagen) 15+ years' experience in biofilm research

Co-inventor/ Scientific Advisory Board Member Klaus Kirketerp Møller, MD, PhD

Medical Doctor, PhD at Copenhagen Wound Healing Center, Bispebjerg Hospital Denmark Co-inventor of the SoftOx technology 15+ years' research focus on chronic wounds and bacterial biofilms

EDF funds research and development of state-of-the-art defence technology

December 2022 – Granted approx. €4.1 million to SoftOx and €4.2 million to consortium partners develop a military medical inhalation countermeasure. The Norwegian Ministry of Defence has pledged approx.€1 million in co-financing

MTEC collaborating with the U.S. Naval Medical Research Center

November 2020 - Awarded \$1.97 million from the Naval Medical Research Center (NMRC) under the Medical Technology Enterprise Consortium (MTEC) for phase 1 & 2 development of a chronic wound treatment

Collaborations with leading universities and medical centers in Europe

Patented and well protected technology

Broad and extensive patent portfolio covering:

• formulation
• production
• storage
• route of administration
• antimicrobial indications

A unique and protected technology for achieving an acceptable regulatory profile

• Two years shelf life in active substance
• Avoid building up non-acceptable impurities

72 granted and 77 pending patents worldwide and addressing formulations, uses, methods and devices

Platform technology

The chemical solution: Reinforcing nature's own ability to eradicate unwanted microbes

Synergistic properties give unique ability to eradicate biofilm infections in wounds

		SoftOx in brief

HOCl has direct and indirect antimicrobial MoA:

independent of biological processes and unreliant on a metabolic target or receptor

Stabilised formulations of hypochlorous acid (HOCl)

are pre-requisite for developing HOCl based pharmacotherapeutics and enhancing commercial viability

SoftOx in brief SoftOx technology Chronic wounds Respiratory infections

Targeting the chronic wound market in the US

UNMET NEED¹ :

6.5 million

chronic wound patients in the US annually¹

• Patient population drivers:
• Obesity
• Diabetes
• Population over 65 years of age

\$25 billion

Annual treatment costs of chronic wounds in US¹

WANTED PRODUCT PROFILE

According to FDA Wound Care Conference 2022² and EXCITE International

• A small molecule drugs for treatment of chronic wounds
• An effective antimicrobial enhancing wound closure
• Easy to use in outpatient and inpatient facilities
• Does not induce antimicrobial resistance
• Large RCT study proofing clinical efficacy in chronic wounds

• Regulatory approval

• 1. Verma, K. D, et al. (2022). Food and Drug Administration perspective... Wound repair and regeneration , 30(3), 299–302. https://doi.org/10.1111/wrr.13008
• 1. FDA Healing Workshop (2022). https://carolinefifemd.com/2022/05/16/watch-the-excellent-fdawound-healing-workshop-for-free/

The unmet need for treatment of chronic wounds

40-70% of venous leg ulcers are colonized by multiple (~5 to 6) bacterial species²which often cluster in biofilms with variable distance to the wound surface Representative CLSM images of S. aureus (A and B), P. aeruginosa

Reaching microbes where they are

(C and D). Arrows point to the wound surfaces.1

Today's antibiotics and antiseptics does not answer on this need

1. Gødsbøl et al, Copenhagen Wound Healing Center; 2.. Fazli et al. J Clin Microbiol 2009 Dec;47(12):4084-9

SoftOx target positioning fits well with current consensus guidelines

Topical antiseptics are recommended as first-line therapy in wounds

Consensus guidelines for the identification and treatment of biofilms in chronic nonhealing wounds. Schultz G, Bjarnsholt T, et al., 2017. Wound Repair Regeneration, 2017, Vol. 25 (5), p.744-757

Phase 1 results in treatment of leg ulcers (SBE-01) show >99% reduction in bacterial bioburden

Topline results

• Safe and well tolerated
• SBE formulations reduced the absolute number of bacteria (bacterial burden) in the wound compared with pre-dose (baseline)
• A dose dependent reduction in wound size was observed in multiple dose treatment groups

SoftOx answers on the unmet need for reduction in bioburden to promote wound healing*

*) SBE-01 trial pooled & multiple dosing groups. Data on file. Means ± standard deviation

Wound healing observed in three clinical studies

Observed dose dependent trend in reduction of wound size*

*) SBE-01 trial multiple dosing groups. Data on file. Means ± standard deviation

Technology platform: Different concentrations offers possibility to designing products for different indications and wounds

1. Effects of stabilized hypochlorous acid on re-epithelialization and bacterial bioburden in acute wounds, Ewa A Burian et al. Acta Derm Venereaol 5/2022

2. An Economic Evaluation of the Impact, Cost, and Medicare Policy Implications of Chronic Nonhealing Wounds, Samuel R. Nussbaum, MD et al. 2018

Target market selection in advanced wound care

High cost-saving potential for leg ulcer treatment

Independent health market analyses Excite International and University of Radboud

• Cost of care based on literature and interview with KOL/Payers
• Median age of patients: 72 years
• Focus on the US market
• Estimate value of faster wound closure and prophylactic treatment of infections in VLU
• Based on value-based prescription drug pricing

Assumed wound healing rate in third party valuation model

MedValue & Radboud University (2019). Decision Modeling Assessment.

Potential profit in US – given assumptions1)

Assumptions

• Number of patients in the US: 2,323,804
• Avg price per patient is \$2,280, which equates to 50% of est. saving per patient in MedValue model
• Distributors are responsible for sale and take 50% of end user price
• Treatment according to standard of care2) and set up planned for phase 2 (slide 19)
• COGS \$10 per unit, according to estimated price per unit from CMO
• Replacing many of todays advanced wound care products – representing a USD 7 bn market in the US with CAGR of 5.4%3)

POTENTIAL PROFIT SBE

1) See attached slide no. 39 for further details

• 2) Consensus guidelines for the identification and treatment of biofilms in chronic nonhealing wounds. Schultz G, Bjarnsholt T, et al., 2017.
• 3) https://www.researchandmarkets.com

SBE-02 - US Phase 2 follow-up study

Blinded, randomised, placebo-controlled, study comparing SBE vs. Normal Sterile Saline (NSS) in patients with venous leg ulcers (VLU)

End points:

• Change in bacterial burden
• Percentage wound closure
• Clinical evaluation of wound
• Safety and tolerability

Co-funded by US Medical Technology Enterprise Consortium

FDA	U.S. FOOD & DRUG
	ADMINISTRATION
PIND 160
SoftOx S c/o MCR/	58 802 Study Services
Attention
Associate	As outlined in paragraph 3.3.1 and Table 1, at visits 1, 3, and 6, a Z-shape swab of the wound for
803 7 th S	determination of the bacterial burden will be made before and after treatment of the wound. With wounds smaller than 2 cm 2 , a centre rotation technique should be applied for microbial sampling. A flow diagram
Washingt	outlining a standardised patient visit can be found in Figure 2.
Dear Ms
	START Cover wound area in cling film
Please re
(SBE 1.0)	Assess wound pain at
We also i	Assess wound pain 15 miles
purpose	с.,
	ove cling film wrap ne dressing
Further ri	(20 mins after 849 applicab) 2. Intigate with NSS 3. Pat dry with starbe gauze Detaile wound ī Inteste wound with NSS
agreed th	4. Pat dry with sterile gaux 5. Swab for biobarden (sp with visite
The enck	Inigate wound with NSS Pat dry with sterile gaum Take photograph of wour Apply SoC dressing $\frac{1}{2}$ Singabe wound with Nos Pat dry with storike gauze Take photograph of wou ×
January
	ess wound pain at
If you has 301-796-	Assess wound pain
	after dressing applica
	Apply gouze sooked in IMP to wound (t = 0) END
	BAR O SOFT OX
	Figure 2: Schedule of standardised IMP opplication visit
	4. STATISTICAL METHODS
	The data gathered during this clinical study can be summarised as: General patient health status data, e.g. medical history, physical examination, weight, height, vitals,
	ECG, ABI (Table 1). These standard patient data will be analysed descriptively.
	Wound assessment score (BWAT): Since scoring of the lesions with the help of the Bates-Jensen Wound
Enclosure M	Assessment Tool is based on an ordinal means of measurement, expectation is that the resulting data set
٠	will not be distributed normally. Therefore, the study's wound assessment scoring data will be analysed
	for differences between the treatment and placebo group with distribution free methods (e.g. Wilcoxon, Mann-Whitney).
	CFU data of bacterial swab: The bacterial data of SBE02 is expected to be distributed normally. After
	study completion, the normal distribution shall be determined through appropriate analysis (e.g. visual
	plot and Shapiro Wilk). Upon normal distribution, the bacterial data will be analysed:
	1. ANOVA, MANOVA, or t-test for two groups for detecting potential significant differences between
	the SBE (IMP) and NNS (placebo) group. 2. ANOVA or MANOVA to detect significant differences within the same patient after various
	treatments during the course of the clinical study.
	Percentage wound closure: During the SBE02 study, the wound of subjects will be photographed (Figure
1-4045404	2, Table 1). These data will be quantified with the use of image analysis, focussing primarily on the
	variable of wound circumference and wound area, generating quantified data which can be analysed
	statistically. These data can indicate, given normal distribution:
	1. any potential significant differences in wound closure between the SBE and placebo group at the start of the study;

Timeline development of SoftOx wound care technology

PoC: Proof of concept

Respiratory infections

SARS-CoV-2 pandemic & preparedness for Disease X:

Consequences of exceeding healthcare system capacity

Vaccines are virus species/strain specific and require repeated inoculation

SARS-CoV-2 Vaccination Rates²

Mass population testing and vaccine roll out required significant healthcare restructuring, and is a strategy limited to High Income Countries.

National Population (%)

Days since 1st Jan 2020

Under-reporting, and limited vaccination programs in Low Income Countries provides protection to selected individuals rather than achieving herd immunity.

1. https://www.cdc.gov/nchs/nvss/vsrr/covid19/excess_deaths.htm#dashboard

2. COVID-19 Map - Johns Hopkins Coronavirus Resource Center (jhu.edu)

US and EU military priority: Medical readiness for emerging infectious diseases and bioterrorism

Military Infectious Diseases Research Program Portfolio Overview and Strategy. COL Stuart D. Tyner, PhD. 07 November 2022

12% of the EU/US population experiences flu-like symptoms annually

Currently available treatment options provide limited clinical efficacy in uncomplicated influenza OR do not address the underlying microbial cause at all

Early intervention treatment: potential to impact peak viral load, time of viral peak and infection duration¹

Because SS0330/1 is directly virucidal, it is delivered directly to upper respiratory tract mucosal surfaces (sites of viral replication), and has the potential to reduce further disease transmission, the target population are pre-symptomatic and early symptomatic patients

Early intervention and direct virucidal activity is expected to:

• reduce peak viral load
• reduce time of viral peak
• reduce infection duration

• and improve symptoms and/or avert severe illness as a result of a reduced viral AUC 1,2

1. Epidemiologia 2020, 1(1), 5-15; https://doi.org/10.3390/epidemiologia1010003 2. BMJ 2020; 371 doi: https://doi.org/10.1136/bmj.m3862/

Pre-clinical proof of concept in infectious disease:

Mice exposed to index mouse infected with Sendai virus at day 0

Data on file.

SIS-01: Nebulized formulation safe and well tolerated at all dose levels

Randomized, placebo controlled, first in human trial in healthy volunteers

Abstract presented to ERS 2022

SIS-01 trial (NCT05188638). Burton et al. ERS Congress 2022. Abstract #36474.

SoftOx in brief SoftOx technology Chronic wounds Respiratory infections

Ongoing clinical development plans (CDP) addresses feedback received from European and US Regulatory Authorities

In context of clinical ILI indication In context of SARS-CoV-2 indication

Protecting the soldier and the population from respiratory infectious disease & biological threats

European Defence Fund (EDF)

COUNTERACT aims to develop and deploy medical countermeasures against major Chemical, Biological, Radiological, and Nuclear (CBRN) threats such as terror plots, nuclear accidents, weapon developments and epidemics caused by emerging or reemerging high-consequence pathogens.

COUNTERACT will increase EU preparedness for immediate response to such threats.

Biological Warfare Agents

Influenza-like Illness (Pandemics)

SoftOx summary

SoftOx Solutions AS Non-toxic and highly

effective anti-infective technology

Wound Care

Anti- infective Technology

Opportunity:

• Aim to cover a large unmet need
• Well tolerated in humans
• Achieved early clinical proof of concept
• High demand and willingness to pay identified
• Easy to use and fits well into standard of care
• Well protected IP
• Developed and supported by world leading scientists

Respiratory Care

Anti-infective Technology

Opportunity:

• Aim to cover a large unmet need
• Achieved early proof of concept in animals
• Well tolerated in humans
• High demand and willingness to pay identified
• Easy to use
• Well protected IP
• Developed and supported by world leading scientists

Unique solution for eradicating infections and fighting antimicrobial resistance

Contact Information: ir@soft-ox.com

Euronext Growth ticker: SOFTX

Appendix

CONFIDENTIAL AND NOT FOR DISTRIBUTION

Board of directors

Board of Directors SIS Project Leads

Geir H. Almås Executive Chairman

• Extensive experience from business development in Norway and Poland
• Previously PwC and KLP Asset Management
• MSc in business administration (BI) and Chartered Accountant (NHH)

Olav Jarlsby Non-Executive Director

• General Counsel & Attorneyat-law, Elopak AS
• LL.M. law (UiO)

Henrik Nielsen Non-Executive Director

• Founder & CEO at CAP Partner
• Director of the European Wound Management Association
• Advisory Council Member for EXCITE International
• Expertise in association management, advocacy, fundraising and organization as well as many years of experience in the medical device industry

Dr Kari Myren Non-Executive Director

• 10+ years in biotech & pharma industries
• Specialist in medical affairs management and drug development
• Cand.med. (UiO)

Jørgen Berggrav Non-Executive Director

• Many diverse roles in Armed Forces as submarine commanding officer, Defence attaché, Director General in the Ministry of Defence, representative to the Supreme Allied Commander Transformation and¨NATO's operational command, SHAPE.
• Royal Norwegian Naval Academy; German Command and General Staff Academy; Norwegian Defence University College

Adrian Bignami Non-Executive Director

• Early co-inventor of the SoftOx technology
• Vice President of Finance, Business Planning and Analysis at C4 Therapeutics, Inc
• Over 20 years of experience in management consulting, investment banking, entrepreneurship, business development and corporate finance across pharmaceutical and biotechnology sectors
• SM, Biomedical Enterprise Program, Harvard-MIT Health Sciences and Technology & MBA, (MIT Sloan School of Management)

Management and financial team

Organization leadership

Johan Christian Harstad Chief Executive Officer

• Former submarine commander and deputy leader in the Norwegian Special Operation Forces with rank of Commodore
• Experience with US Special Operations Command, Norwegian Armed Forces central staff, and Ministry of Defence
• Security policy and foreign relations studies at the US Naval War College

Harald Saetvedt Chief Financial Officer

• Extensive experience as senior executive, capital market advisor and board director with more than 20 years of experience
• Previously Clarksons Platou Securities and Pareto Securities
• MSc in financial economics (BI)

Ingrid Juven Chief Operating Officer

• 25+ years of consulting and management expertise within a variety of industries
• Previously Director at EY and Partner at Frost Nordic
• MBA in management and marketing (BI)

Dr Christopher Burton Chief Medical Officer

• Experienced pharmaceutical industry physician with 15+ years of work experience in pharmaceutical companies
• Previously Sr Clinical Director at Savara Pharmaceuticals and Medical Director at ALK
• MA in medicine (Cambridge University); MD in medicine (Imperial College); PhD (Copenhagen University)

Dr Thomas Bjarnsholt Chief Scientific Officer

• Expert in the role of bacterial and fungal biofilms in chronic infections with over 245 peer-reviewed publications
• Co-inventor of the technology with financial rights
• Professor at the Costerton Biofilm Center, Department of Immunology and Microbiology (University of Copenhagen)
• Member of the Global Wound Biofilm Expert Panel

SoftOx Biofilm Eradicator background calculations

	SoftOx Biofilm Eradiactor backrground calculations
Leg Ulcer Treatment (Annual US Revenues & Profitability)			Comments
	Total Pts/Yr	2 323 804
	Peak Market Share	40 %	Market insight on which patients more likely to use -> According to standard of care it shall be a first line treatment on all stalled wounds
	Pts with SoftOx	929 522
	Avg. Tx Duration (months)	1	Avg. duration and range with current therapies -> 4 weeks according to standard of care
	Units/Pt (2unit = 1day)	24	Two treatments per day 3 days per week
	Total Units	22 308 518
	\$/Unit (2unit=1day)		\$95 Competitors on a 510k ask for \$24 for similar unit
	\$/Pt		\$2 280 Total treatment cost, treated according to standard of care as planed in phase 2
	Product Revenues/ Yr (\$)	\$2 119 309 248
	Sales Parnership (% sales)	50 %	Expect 50%, Large US distributor ask for 67% on a private branded 510k wound cleanser. Branded drugs is expected to have 50/50
	Net Revenues (\$)	\$1 059 654 624
	COGS (\$/unit)		\$10,0 According to production cost establised for sterile 510k production
	COGS (% revenues)	11 %
	Total COGS (\$)	\$223 085 184
	Profit (\$)	\$836 569 440