Allergy Therapeutics. Corporate Presentation. Proactive Investors 28th January 2016 Ian Postlethwaite, Finance Director

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1 Allergy Therapeutics Corporate Presentation January 2016

2 Introduction We treat people with Allergic disorders Focused on the moderate to severe patients Providing treatments that cure the disease, not just treat symptoms Robust revenue growth and successful M&A delivered c.420 employees Spun-out from Smith Kline Beecham 1999 Headquarters and manufacturing base in Worthing, West Sussex AIM listed: ticker AGY 2

3 Strategy Strong European business European market share increased from 8.7% to 10.1% over last 2 years US opportunity Poised to execute a pivotal clinical trial programme to enable access to US estimated $2bn market size New therapeutic areas Strong new product pipeline expanding the addressable markets: Peanut allergy- estimated $8bn market size House Dust Mite allergy- estimated $3bn market size 3

4 Global presence Sales and marketing network comprising c.120 European sales force Canada Portugal UK Austria & Switzerland Netherlands & Germany Spain Italy Latvia, Estonia & Lithuania Poland Czech Republic & Slovakia Greece South Korea Venezuela & Columbia Peru Chile Argentina Subsidiaries Distributors New Markets Subsidiaries in 9 countries and distribution agreements in additional 10 countries 4

5 Sales breakdown 1.Sales breakdown based on gross sales at budget exchange rates (before freight, discounts, rebates and exchange) : 49.3 million. After deducting discounts, rebates, freight charges and foreign exchange adjustments, total sales for FY2015 is 43.2 million 5

6 The Peanut Allergy Opportunity November exclusive right to develop Virus Like Particles (VLP) technology for allergy vaccines Carrier system to present allergens to the immune system First development will be for peanut allergy Currently no established and safe treatment available Commencing an R&D investment programme of c. 3m to progress the programme through to the start of Phase I trials over a 2-3 year period Peanut represents a new opportunity into the $8bn worldwide food allergy market 6

7 The US opportunity Immunotherapy is expected to grow at a CAGR of 11% to 2020* Estimated market: cost to payer $2 billion** Currently no registered injected products Clinical Development Plan for PQ Grass on track Opportunity fully funded Estimated launch 2019 Estimated peak grass sales US$300- US$400 million *Visiongain, AR forecast 2014 **Piper Jaffray Update on the AR market, Sept Datamonitor 7

8 PQ product opportunity Current US SCIT market Home made preparation Allergy Therapeutics entry in the US Standardised dose vaccine Non GMP manufacturing Non registered No clinical evidence GMP manufactured FDA submission planned in 2018 Multiple clinical studies Long courses of treatment: 50 to 100 injections Slow to act: 6 to 12 months Low compliance Ultra- short course treatment: 4 injections Efficacy in 3 weeks High compliance 8

9 Keys to Success for PQ in the US Proprietary Technology IP Protected De-risked opportunity Treated more than 250,000 patients and marketed in 7 countries Building on Progress to date in the US: US$ 100 million invested in clinical studies to date 14 clinical trials completed to date, including Phase I, II & III successful studies Investigated in over 3,000 patients worldwide, mainly in the US Strategic fit for US market* Pollinex Quattro is an injected product for an injected market First mover advantage First to market in the seasonal injected segment High entry barriers: regulatory requirements for extensive trials on efficacy and safety Source: *The Current States of Therapy for Allergic Rhinitis in the United States. Lawrence Du Buske, MD. 9

10 Competitive Landscape Four listed companies compete to lead the market in Europe and the US ALK Grastek: SLIT-Pill for grass allergy. Launched in the US Ragwitek: SLIT-Pill for ragweed allergy. Launched in the US Stallergenes Oralair: SLIT-Pill for grass allergy. Launched in the US Allergy Therapeutics Pollinex Quattro: ultra-short SCIT for grass allergy. US launch expected in 2019 Circassia ToleroMune: ultra-short SCIT for cat allergy. In clinical development 10

11 2016 Expected News flow Q US- PQ Grass 204- recruitment update 8 March Interims Q Q Q Europe- PQ Birch 204- headline results US- PQ Grass 204- headline results US- Initiate G306 study recruitment Q Europe- Clinical Trial Approval for PQ Birch

12 Summary Immunotherapy is expected to be the fastest growing segment in the allergic rhinitis treatment market Raised 20m March 2015 (21p) to fund US opportunity for Pollinex Quattro Grass Planned launch in 2019 Raised 11m November 2015 (28p) to Accelerate core business growth Open peanut allergy opportunity Strong trading in the first half of the financial year: +12% growth at constant currency We are delivering on all aspects of our growth strategy 12

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