Company presentation. January 2019

Transcription

1 Company presentation January 2019

2 Forward-looking statements This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance. Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases. Camurus undertakes no obligation to update forward-looking statements 2

3 Investment highlights Unique FluidCrystal delivery technology Broad, late-stage R&D pipeline In-house developed with strong IP protection Used in +20 clinical trials and 2 approved products +10 clinical programs in opioid addiction, pain, cancer, obesity, endocrine and CV disease EMA/TGA approvals (Buvidal ) in Nov Tentative US approval (Brixadi ) in Dec 2018 Own commercial organization Strong partnerships Fully operational for 2019 Buvidal launches in Europe and Australia Braeburn Pharmaceuticals, Rhythm, Solasia Pharma Experienced management and dedicated teams Listed on Nasdaq STO (ticker CAMX) Market Cap: USD ~280 million Cash position: USD ~24 million (Q3 2018) Employees: 85 HQ: Lund, Sweden Regional offices: Cambridge, Mannheim, Paris, Sydney 3

4 Broad and diversified product pipeline PRODUCT PRECLINICAL PHASE 1-2 PHASE 3 REGISTRATION MARKET Buvidal (CAM2038) q1w OPIOID DEPENDENCE 1 Buvidal (CAM2038) q4w OPIOID DEPENDENCE 1 APPROVED APPROVED CAM2038 q1w CHRONIC PAIN 1 PHASE 3 CAM2038 q4w CHRONIC PAIN 1 PHASE 3 CAM2029 ACROMEGALY PHASE 1-2 CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2 CAM2032 PROSTATE CANCER PHASE 1-2 CAM2047 CHEMOTHERAPY INDUCED NAUSEA & VOMITING PHASE 1-2 CAM2048/58 POSTOPERATIVE PAIN & PONV 1,2 PHASE 1-2 CAM4072 GENETIC OBESITY DISORDERS 3 PHASE 1-2 CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE Braeburn holds rights to North America; 2. Postoperative nausea and vomiting; 3. Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal 4

5 Broad and diversified product pipeline PRODUCT PRECLINICAL PHASE 1-2 PHASE 3 REGISTRATION MARKET Buvidal (CAM2038) q1w OPIOID DEPENDENCE Buvidal (CAM2038) q4w OPIOID DEPENDENCE APPROVED APPROVED Brixadi (CAM2038) q1w OPIOID DEPENDENCE 1 Brixadi (CAM2038) q4w OPIOID DEPENDENCE 1 TENTATIVELY APPROVED TENTATIVELY APPROVED CAM2038 q1w CHRONIC PAIN 1 PHASE 3 CAM2038 q4w CHRONIC PAIN 1 PHASE 3 CAM2029 ACROMEGALY PHASE 1-2 CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2 CAM2032 PROSTATE CANCER PHASE 1-2 CAM2047 CHEMOTHERAPY INDUCED NAUSEA & VOMITING PHASE 1-2 CAM2048/58 POSTOPERATIVE PAIN & PONV 1,2 PHASE 1-2 CAM4072 GENETIC OBESITY DISORDERS 3 PHASE 1-2 CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE Braeburn holds the rights to North America; 2. Postoperative nausea and vomiting; 3. Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal 5

6 Recent company news flow PRODUCT EVENT TIME CAM2038 Opioid dependence Tentative NDA approval, US MAA approval, Australia MAA approval, EU Positive CHMP opinion recommending EU approval Publication of pivotal Phase 3 results in JAMA Int. Med. Dec Nov Nov Sept May 2018 CAM2038 Chronic pain Positive top-line Phase 3 efficacy results Sept CAM2029 Acromegaly / NET Exclusive rights to CAM2029 regained from Novartis July 2018 CAM2043 PAH / 2 nd indication Positive Phase 1 SAD and MAD results May

7 Long-acting medications address key healthcare challenges 7

8 FluidCrystal in situ gel formation Easy to administer Rapid onset & long-acting release Applicable across substance classes Demonstrated safety and tolerability profile Unique mixtures of endogenous lipids Strong intellectual properties INJECTION WATER ABSORPTION DRUG RELEASE +400 PATENTS & APPLICATIONS >2000 SUBJECTS HAVE RECEIVED LIQUID DRUG PRODUCT FORMULATION BEFORE INJECTION: SPC+GDO+SOLVENT+DRUG SOLVENT RELEASE LIQUID CRYSTAL (LC) DEPOT BIODEGRADATION TO COMPLETE RESOLUTION ~20,000 INJECTIONS IN 20 CLINICAL TRIALS SECONDS HOURS WEEKS / MONTHS Tiberg F, Johnsson M, Jankunec M et al., Chemistry Letters 2012; 41(10): ; Tiberg F, Johnsson M., J. Drug Delivery Science Techn. 2011; 21 (1):

9 FluidCrystal formulated: Long-acting release of pasireotide Phase 1 results Immediate release pasireotide (Signifor ) Pasireotide FluidCrystal (CAM4071) pasireotide plasma concentration (ng/ml) 10 1 Pasireotide IR 600 ug (SC thigh, n = 94) pasireotide plasma concentration (ng/ml) 10 1 Pasireotide FluidCrystal 20 mg (SC thigh, n = 12) 0, Time (days) 0, Time (days) Single dose injection at t=0; clinical Phase 1 data, mean values. Tiberg, F. et al, Poster presentation at ECE, Barcelona, May

10 Clinically documented compounds + FluidCrystal technology 10

11 Buvidal /Brixadi (CAM2038) Weekly and monthly buprenorphine depots Game-changer in opioid dependence treatment

12 Opioid dependence escalating global health crisis Largest society burden of all drugs 1 Public health epidemic in the US Patients need better access to care and new treatment choices Investment in treatment brings significant value Mounting US opioid overdose deaths 2 (thousands) WHITE HOUSE ESTIMATES $504 billion PRICE TAG FOR US OPIOID CRISIS 3 Source: 1. UNODC, World Drug Report 2017; 2. Center for Disease Control & Prevention 2018; 3. The Council of Economic Advisers, November 2017; 4. Frazier at al, 2017, Journal of the American Medical Association; 5. Crow D. Financial Times.com, accessed on March 13, 2018, * Provisional data #1 cause of death for people under 50 in the US 30:1 non-fatal to fatal overdoses 4 Recent US life expectancy decline largely due to opioids 5 12

13 Buvidal has an unique product profile 1 Flexible dosing to match patient needs. Enhanced continuum of care with direct initiation and switching from daily treatments ( dose matching ) Removes burden and stigma of daily medication and increases adherence WEEKLY DOSING MONTHLY DOSING MULTIPLE DOSES CHOICE OF INJECTION SITES HCP administration safeguards against diversion, misuse and pediatric exposure Potential game-changer in opioid dependence treatment SMALL NEEDLE LOW VOLUMES ROOM TEMP. STORAGE 23 gauge ml CLINICAL DATA VS. ACTIVE CONTROL Source: 1. CAM2038 is an investigational medicinal product and is currently not approved in any market 13

14 Strong clinical data for Buvidal versus daily standard treatment Recent publications Non-inferior and superior efficacy shown in pivotal Phase 3 study versus standard daily SL BPN/NX 1 Effective suppression of withdrawal and cravings 1,2,3 Blockade of opioid effects from the first dose 2 Pharmacokinetic profiles for weekly and monthly dosing 4 Safety profile comparable to SL BPN/NX except for mild and moderate injection site reactions 1 No opioid overdoses across clinical studies for participants treated with Buvidal 1,2,3,5 High patient satisfaction including versus SL BPN 6 1 Lofwall et al. JAMA Int. Med. 2018;178(6); ; 2 Walsh et al, JAMA Psychiatry 2017;74(9): ; 3 Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; 4 Albayaty M, et al, Adv Ther (2): ; 5 Lintzeris et al., Drug and alcohol review. 2017;36(S1):47-48, 6 Study HS , data on file. SL BPN sublingual buprenorphine/naloxone 14

15 High satisfaction amongst patients CAM2038 compared to my previously prescribed sublingual buprenorphine treatment Much better H Slightly better About the same N=133 83% POSITIVE Slightly worse Much worse Source: Poster presentation ASAM Phase 3 Long-Term Safety Study HS , data on file. 15

16 Long-acting injectables for ODT on key global markets Long-acting buprenorphine injectables PRECLINICAL PHASE I PHASE II PHASE III REGISTRATION APPROVAL Camurus/ Braeburn CAM2038 Weekly & Monthly US Europe Australia Tentative approval Dec 2018 Approved Nov 2018 Approved Nov 2018 US Approved Nov 2017 Indivior Sublocade Monthly Europe N/A Australia Estimated Q Long-acting naltrexone injectables Alkermes Vivitrol 2017 sales $269M 2 US Approved 2010 Source: 1. Indivior, Q2 Financial Results, May 2, 2018; 2. GlobalData

17 2019 launches of CAM2038 (Buvidal ) prepared for the three largest global markets ESTIMATED 34 million WORLDWIDE OPIOID USERS thousand OPIOID OVERDOSE DEATHS million INJECTION USERS million WITH HEPATATIS C million WITH HIV 1 Camurus 1 st entry markets Camurus Braeburn Braeburn option right Medison (Israel) Source. 1. World drug report

18 Significant market potential estimated for CA M2038 (Buvidal /Brixadi ) Escalating opioid crisis, high unmet need and high disease awareness Pronounced interest from patients, prescribers and payers Opioid dependence market predicted to grow by 10.2% CAGR Sales estimated to US$ 1.4 billion in GlobalData estimates of opioid dependence market (US, CA, DE, AUS) 1 Long-acting injectables Daily medication US$ 1.8 billion $264 m $1.5 billion US$ 4.8 billion $3.4 billion $1.4 billion Long-acting injectables are likely to become the new gold standard of treatment >100,000 US patients estimated to be treated with CAM2038 in Source: 1. Opioid Use Disorder (OUD): Opportunity Analysis and Forecasts to 2027, GlobalData

19 Camurus establishing leading commercialization platform in Europe and Australia Cambridge UK Paris France HQ Lund Sweden Regions Northern Europe Central Europe Southern Europe Australia Experienced international leadership in key markets General managers, market access, medical affairs, marketing Sales teams in early launch markets (UK, DE, Nordics) On-boarded and trained High pre-launch activity Payer access, medical affairs and marketing Distribution and patient access Country operating models Policy and education Phase 4 studies and LCM in progress Mannheim Germany Sydney Australia 19

20 High HCPs willingness to prescribe Buvidal (EU5) 1 86% 94% 96% 96% 86% n=51 n=50 n=50 n=52 n=50 q4w 31% q1w 30% q4w 36% q1w 25% q4w 39% q1w 22% q4w 37% q1w 22% q4w 43% q1w 27% Germany 78,800 patients UK 138,400 patients Italy 62,800 patients Spain 59,200 patients France 169,700patients HCPs willingness to prescribe CAM2038 Anticipated share of patients on CAM2038 q4w if available Anticipated share of patients on CAM2038 q1w if available Source: 1. Market access dynamics in opioid addiction, Decision Resources

21 Patients and users perceive quality of life benefits with Buvidal Perceived benefits of depot medications for UK patients & users not in treatment 1 : Makes life easier No need for daily medication pick up Reduce problem of stigma or privacy related to taking medication Right dose consistently Neutral Disagree strongly Agree strongly 1. Gilman et al Patient Preference and Adherence, Vol. 12, 2018, p

22 Estimated addressable market of ~740,000 patients in EU and Australia Patients on Bup 1 Patients on low dose Methadone 30mg 2 Patients recycling within a year 1 Users out of treatment due to rules & burden 1,3,4 Total addressable market 1. EMCDDA 2018 Drug report 2. Camurus estimate 3. Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): Camurus data on file 2018 Patient qualitative study. 22

23 Market potential of long-acting injectables in opioid dependence in EU and Australia 740,000 1 patients in addressable market in EU and Australia 20 30% suitable for depot medication 2,3, Average length of treatment ~180 days Price point comparable to depot antipsychotic medications Estimated market size m for LAIs at peak 1.See previous slide; 2.Market access dynamics in opioid addiction, Decision Resources 2015; 3. Camurus data Simon Kucher and Partners pricing research 2018; 23

24 Buvidal in EU and Australia: launch ready Opportunity 740,000 addressable patients Buvidal clearly addresses many of the limitations of daily treatments Patients, physician willing to try and prescribe Payers differentiate Buvidal from SoC Payers attribute value in line with other CNS depot products Readiness Wave 1 countries launch ready Subsidiaries established Reimbursement established or in final stage Experience commercial teams in place Wide stakeholder engagement Manufacturing completed Infrastructure and pathways to ensure patient access well advanced Focus on accelerating growth trajectory of Buvidal 24

25 Launch readiness wave 1 distribution chain Manufacture Import/ export licences Delivery to wholesaler Delivery to hospital or retail pharmacy Delivery to Clinic/ HCP Clinic ability to store schedule drug Clinic depot administration capability 4 weeks 3 5 weeks ~24 hours 25

26 US market opportunity for Brixadi (CAM2038) US overdose deaths Strong market dynamics Escalating opioid crisis, high unmet need and high disease awareness 6.9 to to to to to to 52.0 (Deaths per 100,000) Opioid addiction market growing +10% in scripts over 12 months Payers under pressure to increase treatment access due to extreme economic burden $500 billion Strong physician and KOL support for long-acting injections ~11,000 unique patient Rx initiations for injectable buprenorphine ~2,000 prescribing physicians High patient interest in CAM2038 profile AK WA OR NV CA ID UT AZ MT WY CO NM ND SD NE KS OK TX MN IA MO AR LA WI IL ME VT NH NY MA MI CT RI PA NJ IN OH MD DE WV VA KY TN NC SC MS AL GA FL HI 1 Center for Disease Control and Prevention,

27 Camurus US partner Braeburn working to address exclusivity issue for monthly Brixadi Tentative approval received for Brixadi in the US Final approval for monthly depot subject to expiration of Sublocade exclusivity period up to November 2010 Weekly Brixadi not blocked by exclusivity and can be approved with own label Braeburn committed to making both weekly and monthly Brixadi available to US patients as soon as possible Braeburn launch ready Purpose-built infrastructure for specialty pharma Quality payer access from launch Broad specialty pharmacy network for fast and easy market access Reducing Rx process friction Experienced team with over 50 specialty drug launches 27

28 Strong clinical data for CAM2038 in second potential indication of chronic pain Positive phase 3 efficacy results Robust statistical significance demonstrated for primary and key secondary efficacy endpoints Primary endpoint: weekly average pain intensity (p-value < 0.001) Key secondary endpoint: weekly worst pain intensity (p-value < 0.001) Also statistically significant improvements for e.g.: Time to loss of efficacy (p-value = 0.002) Patient Global Impression of Change-Improvement (p-value < 0.001) Work Productivity and Activity Impairment subscale (p = 0.005) Favorable safety profile consistent with the known safety profile of buprenorphine 1 IN 5 INDIVIDUALS SUFFERING FROM CHRONIC PAIN 1 CHRONIC PAIN ESTIMATED ~$ bn ANNUAL COST TO SOCIETY 2 Source: 1. Research N Reports 2018, Chronic Low Back Pain Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, Journal of Pain 2012, 13:

29 Long-acting octreotides for neuroendocrine tumors (NET) and acromegaly CAM2029 update

30 Next generation long-acting somatostatin analogs (SSAs) SOMATOSTATIN ANALOGUE SALES 1 Octreotide SC depot (CAM2029) for acromegaly and neuroendrocrine tumors (NET) FluidCrystal formulated for ease of administration Potential for improved efficacy Phase 3 program to start by mid-2019 (international advisory team in place) Additional FluidCrystal based SSA products under development for rare diseases Preclinical data suggest effective inhibition of tumor growth and hormonal secretion and good tolerability Somatuline (Ipsen) Sandostatin LAR (Novartis) musd years of strong market growth, 12% CAGR - Small concentrated prescriber base - Long-acting SSA US price-range: $51,000 to $146,000 WAC / year 2 Source: 1. GlobalData 2017; 2. US weighted average cost for mid-range doses,

31 Need for improved SSA therapies IM or deep SC dosing with large bore needles No options for self-administration Biochemical control with modest response ~20-60% 1 Tumor control and PFS potential for improved response 2 Symptom control in 50% pts. CS often refractory 3 SSAs are safe and effective, but dose and exposure may be suboptimal Dosing Acromegaly NET NET, Carcinoid Syndrome Activity Significant potential for improvement of first generation long-acting octreotide and lanreotide treatments Source: 1. Colao AM et al, Pituitary 2016; 19: Ferolla P et al. J. Endocrine Inv. 2012, 3. Riechelmann RP et al, Ther Adv Med Oncol Feb; 9(2): SSAs, somatostatin analogs; CS, carcinoid syndrome; PFS: progression-free survival. 31

32 CAM2029 aims to address unmet needs of current long-acting SSA treatments Current drug administration Complex reconstitution prone to handling errors and needle clogging (octreotide and pasireotide) Intramuscular or deep subcutaneous injections with large needles (octreotide, lanreotide, pasireotide) Inconvenient dosing with need for frequent physician office visits No self-administration option for patients Current clinical efficacy and safety Sandostatin LAR has very low bioavailability Increased evidence that higher plasma somatostatin analog levels can improve efficacy Only about half of acromegaly patients are controlled (IGF-1 and GH) 57% and 67% for octreotide LAR 47% and 48% for lanreotide depot Significant room for improvement of symptom and tumor control in patients with GI- NET A majority of patients on pasireotide experience increased glucose levels within the first 2-3 weeks of treatment GI, gastrointestinal; NET, neuroendocrine tumors; GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release 32

33 CAM2029 combines superior ease of administration with potential for improved efficacy CAM , 20 mg/ ml ready-to-use FluidCrystal technology 22G Subcutaneous (12.5mm) NO SMALL THIN RECONSTITUTION VOLUME NEEDLE Sandostatin LAR Octreotide 10, 20, 30 mg/2.5 ml reconstitution/30-60 min reconditioning PLGA microsphere system 20G Intramuscular (40mm) Somatuline Autogel Lanreotide 60, 90, 120 mg/ ml ready-to-use/refrigerated 30 min reconditioning Self-associated gel 18G/19G Deep subcutaneous (20mm) Note: 1) Illustrative. Final product configuration may be different. 33

34 CAM2029 provides enhanced octreotide exposure and a rapid and sustained IGF-1 suppression in healthy subjects Octreotide plasma concentrations IGF-1 concentrations Plasma OCT conc (ng/ml) ,1 CAM mg q4w OCT LAR 30mg q4w IGF-1 conc (ng/ml) CAM2029-BR 30mg q4w OCT LAR 30mg q4w 0, Time (days) Time (days) Source: Tiberg F, Br J Clin Pharmacol Sep;80(3): OCT, octreotide; IGF-1, insulin-like growth factor 1 34

35 Pilot study indicates improved biochemical and symptom control when switching from octreotide LAR to CAM2029 IGF-1 & GH: acromegaly patients, n=5 Flushing and diarrhea: NET patient, n=5 Time weighted average (% of ULN) Oct-LAR CAM2029 Oct-LAR CAM Monthly mean number symptoms/day 1,5 1 0,5 Bowel movements Flushings 0 Day Day 0 Day 0 - Day 28 Day 28 - Day 56 Day 56 - Day 84 0 Day Day 0 Day 0- Day 28 Day 28 - Day 56 Day 56 - Day 84 Patient 1 Patient 2 Patient 3 Patient 4 Patient 5 Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2018 in press. GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 35

36 CAM2029 is supported by data from four clinical studies Dose proportional long-acting octreotide release suitable for once monthly dosing 1 Rapid and sustained suppression of insulin growth factor-1 (IGF-1) in healthy volunteers 1 Well maintained or improved biochemical control indicated in patients with acromegaly 2 Well maintained or improved symptom control indicated in NET patients 2 Good safety profile and local tolerability 1-2 Completed clinical trials Three Phase 1 studies assessing pharmacokinetics (PK), pharmacodynamics (PD) and safety in healthy volunteers (N=249) One Phase 2 study evaluating PK, disease biomarkers and symptoms in acromegaly and NET patients (N=12) Source: 1. Tiberg F, Br J Clin Pharmacol Sep;80(3):460-72; 2. Ferone D. Poster Presentation ENDO 2017, Pavel. 36

37 Plans for continued development of CAM2029 ACRO Phase 3 PC Phase 2, MAD Phase 1, MAD Phase 1, MAD ACRO Phase 3 LTSE Placebo controlled (PC) Phase 3 study in SSA responders (N~80). Open label, long-term safety extension in full/partial responders Phase 1, SAD Four clinical trials completed in healthy subjects and patients characterizing PK, PD and safety profile (N=249) NET Phase 3 AC + LTSE Active controlled (AC) Phase 3 study in patients with metastatic, well or moderately differentiated NET. H

38 Long-acting treprostinil for treatment of PAH CAM2043 update

39 PAH: a progressive and life-threatening disease Normal heart Pulmonary arterial hypertension (PAH) is a rare and severe condition characterized by vascular proliferation and remodeling of the small pulmonary arteries 5 th WSPH 1 consensus definitions Pulmonary hypertension Right ventricle Pulmonary arteries Left ventricle Mean pulmonary artery pressure (mpap) Pulmonary arterial hypertension 25 mm Hg PAH heart Mean pulmonary artery pressure (mpap) Mean pulmonary artery occlusion pressure (PAOP) 25 mm Hg 15 mm Hg Constricted pulmonary arteries Pulmonary vascular resistance (PVR) >3 Wood units Enlarged right ventricle Source: 1. World Symposium on Pulmonary Hypertension; 2. Adapted from: Hill NS. Pulmonary Hypertension Therapy. Summit Communications, LLC; 2006:9. 39

40 Prostacyclin drugs are potent in treating PAH but have several limitations Limitations with current treatments IV and SC infusion pumps Complex programming and error prone filling Infusion system complications (in 28% of patients in controlled clinical studies 1 ) Infusion site pain in 85% of patients, 32% needing opioid painkillers 2 Non-aseptic technique can cause blood stream infection and sepsis which may lead to death Patient inconvenience: Not water resistant Back-up pump needed 24 hours a day Inhaled and oral Not recommended for patients with severe PAH (WHO FC IV) Complex dosing schedules with inhalation 4 x 3 minutes a day Sub-efficacious plasma drug levels during night Patient inconvenience: daily cleaning of nebulizer Source: Adapted from Recent advances in targeting the prostacyclin pathway in pulmonary arterial hypertension Eur Respir Rev 2015; 24:

41 CAM2043 designed as convenient once-weekly subcutaneous treprostinil treatment Key features Predictable long-acting delivery of treprostinil over at least 7 days FluidCrystal injection depot technology Ready-to-use formulation in prefilled syringe Once-weekly subcutaneous dosing No need for complex extracorporal pump systems No risk of infusion site related infections and sepsis Key results from completed clinical Phase 1 study Dose proportional, long-acting release of treprostinil Steady state accumulation factor ~2 Acceptable safety profile with no unexpected or serious adverse events 41

42 CAM2043 gives dose dependent and long-acting pharmacokinetics Phase 1 SAD/MAD study Single dose pharmacokinetic profiles 1 Repeat dose pharmacokinetic profiles 1 Treprostinil plasma concentration (ng/ml) ,1 1 mg 2.5 mg 5 mg 10 mg Treprostinil plasma concentration (ng/ml) 10,0000 1,0000 0,1000 First dose Third dose 0, , Time (days) Time (days) Source: 1. Camurus data on file Maximum dose exposure limited by healthy volunteer study population. Plasma concentration accumulation to steady state =2. 42

43 Safety observations in Phase 1 study 57 out of 60 enrolled subjects completed the study Acceptable safety profile with no serious or unexpected adverse events reported All adverse events were resolved during the study, including injection site reactions (eg pain, swelling and erythema) No clinically relevant changes in vital signs, ECG or pulse oximetry or labs observed 43

44 CAM2043: target PAH population Disease severity WHO FC II WHO FC III WHO FC IV Oral therapy Oral or inhaled therapy Parenteral therapy CAM

45 Planned Phase 2 study of CAM2043 in PAH A 12-week, open label, flexible dose Phase 2 study of weekly CAM2043 in patients with PAH PAH patients (class II-III) switched from oral or inhaled prostacyclin agonist therapy Assessing efficacy, pharmacokinetics, safety and tolerability Endpoints include exercise capacity, treatment satisfaction and PAH symptoms Study to be performed under US IND 45

46 Potential benefits of CAM2043 in PAH 1. CAM2043 may be introduced earlier in treatment with the potential for improved outcomes 1 2. More steady plasma profiles may improve efficacy versus oral and inhaled prostacyclin products 3. Improved convenience for patients with no need for infusion pumps, thus eliminating risks of catheter-related complications and pump user errors 4. No risk of infusion related blood stream infections 5. Enhanced quality of life by not having to worry about pumps and catheters during every day activities like exercising, taking a bath or sleeping 6. Eliminating burdens of pump system management IMPROVED SURVIVAL RATES FOR PATIENTS INITIATING PROSTACYCLIN SC OR IV THERAPY EARLY < 1 YEAR VS > 1 YEAR HR 2.35, P> Bartolome S et al, American Journal of Respiratory and Critical Care Medicine 2018;197:A7587.

47 Selection of expected milestone events to Commercial Buvidal 1 st wave launches in EU and Australia Buvidal 2 nd wave launches in EU Potential early US launch of Brixadi 1 Buvidal 3 rd wave launches in EU and Israel Buvidal geographic expansion Expiry of Sublocade US exclusivity H1 H2 H1 H2 CAM2038 launch in chronic pain R&D Start CAM2029 Phase 3 ACRO study Start CAM2029 Phase 3 NET study Start CAM2043 Phase 2 in PAH MAA submissions for CAM2038 chronic pain Buvidal UNLOC-T study completed MAA approval decision for CAM2038 in EU H1 H2 H1 H2 MAA approval for CAM2038 in EU/AUS Phase 3 results CAM2029 ACRO Corporate Continued pipeline progress New technology licenses Commercial infrastructure built in EU and Australia Out-licensing of own clinical product candidate In licensing of complementing commercial asset Sustained profitability Three commercial stage assets 1 Weekly Brixadi only until expiry of Sublocade product exclusivity November 2020 or other early resolution 47

48 Camurus positioned for significant value creation Leading FluidCrystal technology platform used in house and in multiple partnerships with biotech and pharma partners Broad and de-risked clinical pipeline targeting multibillion dollar specialty markets Multiple levers for value creation including near-term product approvals, partnerships and own commercialization Ready for Buvidal launches after approvals in Europe and Australia Potential for significant near-term milestones, royalty and sales revenues 48

49 Camurus AB, Ideon Science Park, SE Lund, Sweden camurus.com

50 Key Shareholders (30 November 2018) Key financials MSEK Q Q Q1-Q Q1-Q FY 2017 Net Sales Operating result Result after tax Earnings per share SEK before and after dilution Cash position Fjärde AP-fonden 2,3% Catella Fondforvaltning 2,6% Others 30,1% Swedbank Robur Fonder 3,0% Fredrik Tiberg 3,9% Gladiator 4,8% Sandberg Development AB 53,2% Listed on Nasdaq STO (ticker CAMX) Market Cap: USD ~280 million Cash position: USD ~24 million (Q3 2018) Employees: 85 HQ: Lund, Sweden Regional offices: Cambridge, Mannheim, Paris, Sydney 50

51 Experienced and committed management team Fredrik Tiberg, PhD President & CEO In Company since: 2002 Holdings: 1,512,551 shares & 205,000 warrants Education: M.Sc. in Chemical Engineering, PhD in Physical Chemistry, Lund University Previous experience: Professor in Physical Chemistry at Lund University, Institute for Surface Chemistry (Section head), Visiting Professor at Oxford University, Fredrik Joabsson, PhD Vice President, Business Development In Company since: 2001 Holdings: 36,391 shares & 40,000 warrants Torsten Malmström, PhD Vice President, Technical Operations In Company since: 2013 Holdings: 36,391 shares & 28,000 subscription warrants Eva Pinotti-Lindqvist Chief Financial Officer In Company since: 2014 Holdings: 36,391 shares & 33,882 warrants Education: Bachelor s of Science in Economics, Lund University Previous experience: EQL Pharma (CFO), Nordic Drugs (Nordic Market Analyst), Poolia (Finance Consultant) Cecilia Callmer Vice President, Human Resources In Company since: 2017 Holdings: 26,000 warrants Agneta Svedberg Vice President, Clinical & Regulatory Development In Company since: 2015 Holdings: 9,073 shares & 70,000 subscription warrants Richard Jameson Chief Commercial Officer In Company since: 2016 Holdings: 16,395 shares & 120,000 warrants Education: Bachelor s of Science in Applied Biological Sciences from University West of England Previous experience: GM, UK and Nordics for Reckitt Benckiser Pharmaceuticals Ltd ( ) and Area Director Europe, Middle East and Africa for Indivior PLC ( ). Urban Paulsson Vice President Corporate Dev.& General Counsel In Company since: 2017 Holdings: 6,500 shares & 115,000 warrants 51