Oasmia Pharmaceutical : Erik Penser Investor Event Presentation

ERIK PENSER INVESTOR EVENT

F.R. Martelet, M.D., CEO

24th September 2020

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Forward-looking statement

IMPORTANT NOTICE

The information in this presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of further prospectuses or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

No representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinion contained herein.

The information in this presentation may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Although Oasmia believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors.

Important factors that may cause such a difference for Oasmia include but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate and (iii) change in interest rate level.

This presentation does not imply that Oasmia has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.

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Oasmia - an innovation-focused specialty pharmaceutical company

Founded in 1999

Based in Uppsala, Sweden 26* employees

XR-17™ technology platform

Allowing micelle formulations of APIs, to be soluble in water

A growing pipeline, focused on Oncology but with potential in other therapeutic areas

NASDAQ Stockholm 2010 Market Cap approx. SEK 2,0 B

R&D-focused Production

Facility in Uppsala, Sweden

New Leadership

since March 2020

3	*By end of Q1 2021

The new team leading Oasmia's transformation

FRANCOIS MARTELET, M.D., Master's

Degree Business

Chief Executive Officer

Previous experience:

CEO in Biotechnology/ BioPharma in UK, DNK, US and senior executive global roles at Novartis Oncology, Merck & Co., Inc with large P&L responsibility

ANDERS HÄRFSTRAND, M.D., PhD.

Non-executive Chairman

Previous experience: Experienced

Pharma BoD, M&A experience, former executive positions in Pfizer, Pharmacia.

Pharmacia & Upjohn

FREDRIK JÄRRSTEN*

Chief Finance Officer

REINHARD KOENIG, M.D.

Acting Chief Medical

Officer

HEGE HELLSTRÖM,

B.A.

Board Member

PETER ZONABEND,

LL.M, EMLE

Board Member

ELIN TRAMPE,

Chief Technical

Officer

PETER SELIN*

Chief Business

Officer

BIRGIT STATTIN

NORINDER, MSc.

Board Member

4 *Start date TBC

Meeting the challenges of poor drug solubility

POOR API1

SOLUBILITY

Major challenge in drug development

Critical to drug bioavailability

c.40% OF APPROVED

DRUGS AFFECTED2

70-90% of pipeline

drugs classed as poorly soluble2

Leading cause of

project

termination

A FACTOR IN SERIOUS ADVERSE EVENTS (SAEs)

Solubility enhancers can cause SAEs and

• or require use of further drugs

An accepted trade

off in cancer

therapy

$180 bn

SPENT ON

PHARMA R&D EVERY YEAR 3

69%

OF DRUGS

FAIL DUE TO

LOW

SOLUBILITY 3

	1)	API = Active Pharmaceutical Ingredient - the ingredient in a pharmaceutical drug that is biologically active
5	2)	Nikolakakis & Partheniadis
3)	GlobalData

XR-17™ powerful platform that can increase solubility of insoluble compounds

Active Pharmaceutical Ingredient

(API)

XR-17™

XR-17™ + API

WATER INSOLUBLE

Hydrophilic head Hydrophobic chain

WATER SOLUBLE

XR-17™ increases small molecule solubility and potentially

improves safety and efficacy of new formulations

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XR-17™ - validated platform applicable in many therapeutic areas

Drug load capacity, enabling high drug delivery capability

Shorter infusion time1,2

Superior solubility compared with other platforms and technologies, enhances bioavailability of API

Strong, validated safety in cancer indication1

No mandatory or limited need for pre- medication1

Free from alcohol, Cremophor EL, Polysorbate-80 and Human albumin, which can cause numerous side effects

7	1)	Apealea Summary of Product Characteristics. www.ema.europa.eu
2)	Paclitaxel 6 mg/ml Summary of Product Characteristics. https://products.mhra.gov.uk

XR-17™ - broad IP protection up to 2036

PROCESS

WATER-INSOLUBLE

ANTICANCER COMPOSITIONS

Protects the

manufacturing process

for XR-17™

PCT applicationgranted

4	patents granted
In USA, ZAF

Application pending in Eurasia, European Patent Office, AUS, BRA, CAN, CHN, IND, IDN, JPN, MYS, MEX, NZL, KOR, SGP and

UKR

Protects poorly water-

soluble APIs1 in combination

with XR-17™

56 patents granted

across Eurasia, European Patent Office, AUS, CAN, CHN, HKG, JPN, KOR, MEX, MYS, NZL,

UKR, USA, ZAF

SPC applied for in

(5-year the EU, pending

extension)

Protects XR-17™ in combination with chemotherapeutic agents

6 patents granted

In USA, FRA,

GBR, DEU, CHN

and HKG

1) active pharmaceutical ingredient

8PCT, Patent Cooperation Treaty

SPC, Supplementary Protection Certificates

Building a diverse portfolio based on XR-17™ platform technology

							Registration /
Product	Indication	Pre-clinical	Phase I	Phase II	Phase III		approval	Geography
Human Health Portfolio
Apealea® /	Ovarian cancer					Pre-NDA meeting	USA
Paclical®
Ovarian cancer							EU / EEA
(paclitaxel)
Docetaxel	Prostate cancer		Planned					Global
micellar
New API	Undisclosed							Global
XR-19	Assessments in							Global
(combination)	various cancers
Animal Health Portfolio
Paccal vet	Mammary
Carcinoma							USA
(paclitaxel)
(Canines)
Doxophos vet	Lymphoma							USA
(doxorubicin)	(Canines)

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The growing taxane market for ovarian and other cancers

Taxol®	Taxotere®
•	Paclitaxel - cremophor EL	•	Docetaxel - polysorbate 80
•	Ovarian, breast, lung and	•	Breast, lung, prostate and
	Kaposi Sarcoma cancers		head & neck cancers

Abraxane®	Jevtana®
•	Paclitaxel - albumin bound	•	Cabazitaxel - polysorbate 80
•	Breast, lung and pancreatic	•	Prostate cancer
	cancers

The 2018 global injectable taxane market was valued at $2.18B

This market is expected to grow $4.56B by the end of 2025 (CAGR 11% 2019 - 2025)

Apealea® is the only non-

cremophor drug approved for use in advanced stage ovarian cancer in the EU

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Apealea® - offering an improved treatment option

Approved in EU/EEA for treatment of first relapse ovarian cancer1 and in Russia for first line and relapsed ovarian cancer2

Current standard of care in Ovarian cancer is carboplatin + paclitaxel

A subset of patients cannot tolerate solvent-based paclitaxel

Apealea® is a solvent-free IV formulation of paclitaxel using XR-17™

• Free from polyoxyethylated castor oil and dehydrated alcohol
• No need for mandatory glucocorticosteroids pre-medication
• Shorter infusion and overall 'chair' time

1) Apealea® Summary of Product Characteristics. www.ema.europa.eu

11 2) Paclical® Instructions for medical use. https://grls.rosminzdrav.ru

Apealea® - multiple benefits compared to the competition

Company

		Ovarian Cancer		Ovarian Cancer	Ovarian Cancer
Indication	Ovarian Cancer	Breast Cancer	Breast Cancer	Breast Cancer	Breast Cancer
		NSCLC		NSCLC	NSCLC
Infusion Solution	Micellar Solution	Emulsion	Colloidal Suspension	Liposome	Micellar Solution
Particle Size
25nm	10-22nm	130nm	400nm	~25nm
Excipient
XR-17™	Cremophor EL	Human Albumin	Lecithin/Cholesterol	PEG-PDLLA
Dose	250mg/m2	175mg/m2	260mg/m2	175mg/m2	260mg/m2
Ratio	1.3:1.0	88.0:1.0	9.0:1.0	-	5.0:1.0
（Excipient：API）
Infusion Time
1h	3h	<1h	3h	0.5h
Pre-medication	Not mandatory	Yes	No	Yes	No
Hypersensitivity	No	Yes	No	Yes	No

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Apealea® - large market opportunity in ovarian cancer

OVARIAN CANCER INCIDENCE1

	70000	66300
	60000
	50000
Incidence	40000
30000		26600
		24500
	20000
	10000
	0
		Main Asia *	EU Top 5	US

295,000 women diagnosed in

2018 - 8th most common cancer in women1

70% of women have a relapse three years after diagnosis2

Platinumanalogs used alone

or in combination with paclitaxel are the most used therapeutic agents3

*) China, Japan and South Korea 1) Global Cancer Observatory

13 2) Springerplus. 2016; 5(1): 1197. Published online 2016 Jul 28. doi: 10.1186/s40064-016-2660-0

3) ESMO guidelines: Annals of Oncology 30: 672-705, 2019 doi:10.1093/annonc/mdz062 Published online 2 May 2019

Apealea® - global partnership worth up to $698m + royalties

$20M

%

$678M

Agreement with US-based Elevar

Therapeutics, subsidiary of South

Korea's HLB

Upfront payment

Double digit royalties on global

Apealea® sales

Milestones based on regulatory and sales achievements

Oasmia retains sole control over development of XR-17TM in other APIs

Named patient program initiated with Tanner Pharma Group ex US Elevar considering European and Asian partners for commercial sales

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Docetaxel micellar poised for clinical development

1 in 7		1.3m
men will be		men were newly
diagnosed with		diagnosed with
prostate		prostate cancer
cancer		in 20181

• Docetaxel is approved for wide range of solid malignancies and standard of care for advanced prostate cancer
• Docetaxel micellar uses XR-17™, enabling IV administration of docetaxel without traditional solubility enhancers
• Poised to start a Phase Ib clinical trial in advanced prostate cancer with the Swiss Group for Clinical Cancer Research (SAKK)

151. World Cancer Research Fund www.wcrf.org/

Q1 2020/2021 Consolidated Income Statement in brief

	2020	2019	2019/20
TSEK	May - Jul	May - Jul May - Apr
Net sales	208	182	201,843
Other operating income	421	70	427
Change in inventories of products in progress and finished goods	1,886	2,291	20,904
Capitalized development costs	-	1,085	4,356
Operating expenses2,3	-51,735	-39,392	-257,616
Operating loss4	-49,220	-35,764	-30,086
Income for the period5	-53,105	-39,783	-10,533
Earnings per share, before and after dilution in SEK1,6	-0.12	-0.13	-0.03

1. The key figures for the comparison periods have been adjusted for the bonus issue component in the rights issue carried out in 2019/2020.
2. Operating expenses excluding change in inventories and capitalized development costs.
3. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was TSEK -39,537.
4. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was TSEK -39,909.
5. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was TSEK -39,928.
6. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was SEK -0.17.

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Key metrics and other information

	2020	2019	2019/20
	May - Jul	May - Jul	May - Apr
Cash and Cash equivalents, TSEK*	354,000	435,000	201,018
Number of shares at the end of the period, before and after	448,370	326,313	448,370
dilution, in thousands1
Weighted average number of shares, before and after dilution, in	448,370	303,577	398,395
thousands1
Earnings per share, before and after dilution, SEK1,2	-0.12	-0.13	-0.03
Equity per share, SEK1,3	1.71	1.28	1.83
Equity/assets ratio, %4	82	63	82
Net debt, TSEK	neg.	32,001	neg.
Net debt/equity ratio, %5	neg.	8	neg.
Return on total assets, %	neg.	neg.	neg.
Return on equity, %	neg.	neg.	neg.
Number of employees at the end of the period	59	55	63

* Includes short term investments

1. The key figures for the comparison periods have been adjusted for the bonus issue component in the rights issue carried out in 2019/2020.
2. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was SEK -0.17.
3. The figures for the first quarter of 2019 have been restated after error correction for 2019/2020 compared with the interim report on July 31, 2019, in which the amount was SEK 1.72..

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Oasmia - a strong investment case

• Commercial stage company - proven ability to bring promising new products to market
• XR-17™- a validated technology platform, applicable across range of therapeutic areas
• Growing oncology pipeline - addressing large markets
• Transformational global partnership with Elevar Therapeutics - lucrative milestones and revenues
• Strong cash position - well placed to pursue high value M&A and licensing opportunities
• Strong and experienced management team - focused on delivering growth

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Multiple potential near and mid-term

catalysts & value drivers…

• Elevar partnering for Apealea® in Europe, Asia
• Apealea® royalties
• Docetaxel micellar Phase Ib initiation / Phase II initiation
• Review of Animal Health assets
• XR-17™partnering
• M&A and in-licensing opportunities to build critical mass
• XR-19value assessment

Building a sustainable, profitable specialty pharma company

APEALEA® APPROVED	A GLOBAL	A GROWING	WELL POSITIONED FOR
IN EUROPE	PARTNERSHIP	ONCOLOGY PIPELINE	PARTNERING / M&A

Lead product	Elevar Apealea® deal	Underpinned by	Proven development,
launched for	worth up to $678	strong IP protection	regulatory and BD
advanced ovarian	million plus royalties		skills
cancer		Docetaxel micellar
	Elevar evaluating	poised for the clinic	Solid cash position
Opportunity in	European and Asian
develop in several	commercial partners	XR-19 and a new API
other cancer
	in preclinical
indications
	development

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