SoftOx Solutions AS — Investor Presentation 2024

Jan 11, 2024

Helping the world fighting infections

SoftOx Solutions AS

Norwegian medtech and pharmaceutical company

January 2024

Disclaimer

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SoftOx – a potentially break through fighting infections

• Virucidal and bacterial infections in the respiratory track

• A major challenge for the healthcare system (Covid 19), the yearly influenza epidemy, pneumonia, incl hospital acquired pneumonia, which is the most common cause of death among hospital acquired infections.

• Infections in chronic wounds

• Wound which does not heal within 3 months are considered to become chronic. More that 40 million people got it worldwide and considered as a hotbed for creation of superbugs.

• Periodontitis

• Periodontitis or gum disease can develop to a severe infection of gum that can destroy the bone that support the teeth and you lose the teeth. Nearly half of the adult population in the US is affected. 538 million people WW. A biofilm infection. Biofilms in plaque can contribute to cause stroke and hearth attack if it spreads to the veins.

• Antibiotic resistant infection

• Infections in wounds and in the respiratory track is the cause of more than 50% of the death from antibiotic resistance. SoftOx shall be an alternative in treatment of does infections

• Biological- and chemical warfare agents

▪ Developing an inhalation solution to counter biological warfare agents spread through the airways. There are also indications that SoftOx technology is effective against chemical warfare agents on the skin.

An important alternative to antibiotics and novel first line treatment of virucidal infections

A breakthrough fighting infections

Next Generation SoftOx

Stable solutions at higher concentrations

Results achieved:

• Developing second generation SoftOx
  • Market leader on efficacy
  • Unique environmental profile
  • Efficient business model
• Abstract presented US Military Health System Research Symposium Aug 23

Respiratory Care

Next step: Proof of Concept in

humans

Results achieved

• Human safety proved
• Repeated studies in mice documented
• Prophylactic and curative effects towards virucidal infections
• Lead partner in EDF/Counteract*
• Partnership with University of Copenhagen

Wound Care

Results achieved

• Proof of concept (PoC) in humans
• Reduction in bacterial load
• Decreased wound size

*EDF/Counteract (European Defense Fund)

Overview development of SoftOx the next 2 – 3 years

Platform technology

Reinforcing nature's own ability to eradicate unwanted microbes

HYPOCHLOROUS ACID Documented broad antimicrobial effect

Picture of HOCl in action within human immune cells

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

5. Stabilized formulation

Synergistic properties give unique ability to eradicate biofilm infections in wounds

Unrivalled combination effect on bacterial biofilms

Outperforming market leading competitors

SoftOx with increased amount of Acetic Acid

SoftOx in brief SoftOx technology Wound care Commercial development Way forward

SoftOx Antimicrobial Technology

Next Generation SoftOx technology even better

• Final product is the same as todays SoftOx
• Stability, less than 5% degradation over 2 years
• Different acids to different needs
  • Including possibility to remove scent of acetic acid
  • Concentrations up to 1.000 ppm tested in human wounds
• Remain time for patents pending 19 years
• When double the amount of active substance
  • Increase the effect with 100 times (>log 5 vs >log 3)
  • Half the time required for disinfection

The Combination effect together with Second generation gives SoftOx a unique position

SoftOx in brief SoftOx technology Wound care Commercial development Way forward

Wound and Skin care

Chronic wounds, biofilms and antibiotic resistance – a major treath

• Chronic wounds impact the quality of life (QoL) of nearly 2.5% of the total population in the United States
• Diabetic foot ulcers (DFUs) (30.5%) have a comparable 5-year mortality rate to cancer (31%)
• Induces tolerant biofilms to induce new resistances
• Due to poor blood circulation, antibiotics often do not even reach the infection
• Due to dormant bacteria, the doses with antibiotics needed to be a to high to be safe

The global advanced wound care market is projected to reach \$18.7 billion by 2027

The cost drivers in wound care – infections and lack of wound healing

Cost of wound care – Medicare²

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

Results in treatment of leg ulcers (SBE-01) show >98% 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 several clinical studies

Observed dose dependent trend in reduction of wound size*

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

SoftOx Dental: Unique ability to remove oral biofilm and treat periodontitis

SoftOx Mouthwash

Aiding in the preventing disease development steps 2-4

A new penetrative mouthwash against sub-gingival biofilms in the fight against periodontitis

Goal: To replace/remove cosmetic competitors through dental professional market sales

- Clinical significance of periodontitis:

• Over 538 million affected globally
• 276 million afflicted with tooth loss
• Affects 46% of US adults over the age of 30
• 8 of 10 Europeans over 30 show signs of gum disease[3]

- The Oral Healthcare Market:

• Global market valued at \$30 50 billion
• Cosmetic mouthwash valued at \$1,5 bn

SoftOx Mouthwash can help ensure the complete removal of plaque*

*in conjunction with daily toothbrushing

Animal care – very similar to a human product portfolio

Pets – ~220 million household dogs and cats in US and Europe

Veterinarian pet market

Wound care, ears wash, eye cleansers and tooth wash SoftOx disinfectant will improve indoor climate

Production animals – ~31 billion animals worldwide

Surface disinfectant

Unique on decontamination of facilities, specially under disease outbreak; swine fever, mad cow decease and others

Other potential products

• Mastitis treatment and udder disinfectant with color
• Claw treatment and claw bath with color
• Disinfection of drinking- and milk systems
• Disinfectant of carcass in US

Regulatory fast track to market – large potential with the right partner

The Wound and skin care drop down 2-3 years plan

• Finance the new company with a separate funding of Euro 10 million.
• Achieve regulatory approval of Medical Device wound cleanser in Europe and US.
• Perform Phase 2 for SoftOx Biofilm Eradicator (SBE):
  • The estimated probability of success is statistically over 80%.
  • External valuation report estimated that the value will increase up to 100% after successful phase 2.
• Establish an outsourced production for both first- and second-generation technology.
• Through partners and distributors, bring products to market within animal health care, human wound health care, oral health care and skin disinfection.
• Within two to three years list/sell the Wound and Skin care company on a relevant international market. If successful, Wound and Skin care can finance further development of SIS or be used to pay dividends to shareholders.

Exit strategy wound care

• External fair market valuation February 2023 MUSD 200 PE 13 on yearly expected net licence fee
• Expect market value to increase significantly after successful phase 2
• Summer 2023 Coloplast acquire Kerecis for USDbn 1,3, Turnover USDM 75, EBITA <30%, only US market, PEG 36

Why haven't we sold wound care already

• International advisers, market value is too small
• Venture Capital lack of plan for commercialization
• Industry too little data
• Merger with NY listed company Board too early
  • Valuation wound care fair market value estimate USD 200
  • 85% ownership in the merge company

Turnover potential in the US Valuation and market trends

Assumptions Turnover Potential US

• Avg price per patient is \$2,280, which equates to 35% of est. saving per patient in MedValue model
• Distributors are responsible for sale and take 50% of end user price
• Estimated EBITA 35%/COGS 20%

Exit - Sale of applications or technology platform or separate listing

Respiratory care

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
• 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/

Respiratory care - Treatment and prevention

In vivo Proof of Concept - Post-exposure prophylaxis

Respiratory care - dose dependent treatment effect in mice infected at day 0 with Influenza A virus

Twice daily treatment resulted in lower viral titres on post-infections days 1 to 3 … and correspondingly higher qPCR cycle threshold values (day 3)

OP: Oropharyngeal swob, NF: Nasal flush Data on file. Mann-Whitney test, *(p < 0.01), ** (p < 0.0001).

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.

EDF/COUNTERACT project (*) Financed Phase I study (EDF/MOD) Progressing according to plan (2023-2025)

Key deliveries:

• Optimization of Next generation API (Active Pharmaceutical Ingredient)
  • o Main partner: CR Competence
• Testing SIS 2.0 in vitro, in vivo and through different nebulizers and fogging systems
  • o Main partners: University of Tous, University of Galway, University of Copenhagen, FFI (Forsvarets Forskningsinstitutt)
• Regulatory toxicology studies
  • o Main partners: University of Tous, University of Galway, University of Copenhagen
• Phase Ib in healthy volunteers – Maximum Tolerated Dose Study (Phase I)
  • o Main Partner: University of Galway
• CMO production of SIS 2.0
  • o Main Partner: CMO and CR Competence

(*) European agile network for medical COUNTERmeasures Against CBRN Threats

The COUNTERACT project will also benefit the civilian development of SIS

Exit - Sale of applications or technology platform after phase 2 or separate listing

Key takeaways

Unique solution for eradicating infections and fighting antimicrobial resistance

Contact Information: ir@soft-ox.com

Euronext Growth ticker: SOFTX

Appendix

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

• Former 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

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)

Elin Jørgensen, DVM, PhD International Senior Project Manager

• DVM with broad clinical experience and profound research experience with infection models, especially wound models, including biofilm infected wounds
• Lead on SoftOx' commitment in the EDF project COUNTERACT (9 WPs) with development of SoftOx inhalation solution
• SoftOx R&D expert and veterinary advisor

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

• 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

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