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Realizing value from leading Scandinavian life science research

Accelerator - At a glance

A life science group aiming to create and realize value Majority owner in 6 companies Business model aimed at commercialize

life science projects Attractive target areas

Large medical needs Diagnostics, cancer and orthopedics

Late stage portfolio 2 medtech products on the way to market 2 phase II drug development projects in

cancer and cardiology 1 orthopedic drug delivery in clinic

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Portfolio set to unlock value in 2010

Publicly traded share

Owners Capital

Staffan Persson 25%

Peter Lindell 18%

Andreas Bunge 13%

Länsförsäkringar Småbolag 7.3%

UBS (Luxembourg) 3.4%

Others 33.3%

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Listed on AktieTorget Market cap ~ 125 MSEK 1,600 shareholders Remium market maker

Group companies

Company Area Ownership

AddBIO Orthopedics 63%

OptoQ Diagnostics 100%

Optovent / Archea Pharma Drug delivery 100% / 51%

PledPharma Cancer 60%

SPAGO Imaging Imaging / Diagnostics 100%

Synthetic MR MR Imaging 64%

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Leading Scandinavian findings that target large medical needs

Adding skills to reap success

Board of Directors Staffan Persson, chair, Senior

partner ITP Andreas Bunge, CEO Accelerator Thomas Gur, Consultant Peter Lindell, Senior partner ITP Ingemar Lundström, Prof

Linköping UniversityNetwork Prof Lou Ignarro, UCLA, Nobel

Laureate Prof Per Jynge, LITH Steven Lang, ex BD&L Smith &

Nephew Jan Sandström, ex VP BD&L

AstraZeneca

Skilled employees in group 9 Ph D’s employed Dr Oskar Andersson, ex Senior

scientist GE Healthcare Ass Prof Jan Olof Karlsson, ex

Senior scientist GE Healthcare Dr Marcel Warntjes, ex Scientist

Philips Gunnar Strand, ex Sales

manager Kodak/Care Stream

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Academia & Science – Life Science Industry – Entrepreneurs

Financials

9m 2009 9m 2008 FY 2008

Cash flow from operations and investments

-15.5 -10.9 -14.2

Liquid funds 11.8 6.5 26.7

Long term assets 56.1 44.9 48.0

Equity ratio 59.7 62.8 60.0

Equity per share (fully diluted) 0.59 0.70 0.83

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Conservative use of funds

Risk reward in life science areas

Medtech Lower risk / lower reward Shorter development

cycle Drug development

High risk / high reward Long development cycle

Hybrid projects Lower development risk

but may require extensive market authorization procedures

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The birth of a drug

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Portfolio

Key products and projects

Project Area Company Development phase

Medtech Idea Concept Pilots Market

SyMRI Suite Imaging Synthetic MR

OBSQlip Dialysis OptoQ

Biopharma Pre-clin Ph I Ph II Ph III Market

PledOx Cancer PledPharma

Pled-099 Cardiology PledPharma

Skruvcoat Orthopedics AddBIO *

ProtR-C Cancer Optovent

SPAGOEnhanced MR

Imaging/ Diagnostics SPAGO

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* Skruvcoat to follow a different regulatory pathway

SyMRI suite

Market

120 million MR scans annuallyMR system market: 2 BUS$, Major players: GE, Philips, SiemensPACS market: 6 BUS$

Description

Status & IPCE approvedDistribution agreement with Sectra AB, pilots in marketPatent pending

Type Software for MRI

Ownership 100% SyntheticMR AB

Increases efficiency in MRI by • reducing examination time • improving decision support with more data• allows for analysis post scan

Limited throughput in MRI today with examination times averaging 45 min

ObsQlip

Market1.7 million patients regularly undergoes dialysis treatmentHemodialysis: 90% of the dialysis marketHemodialysis market: 10.5 BUS$Fresenius market share in hemodialysis: 38%

Description

Status & IPLicensed to Fresenius Medical Care for worldwide sales, except US/CanadaFinal production series made, Market launch Patent approved

Type Hb detection in dialysis equipment

Ownership& resources 100% OptoQ AB

HemodialysisOnline detection of Hb value in blood for use by patients undergoing dialysis

PledOx

Market

Description

Status & IPClinical phase II study in colon cancer ongoing,expected to be finalized in 2010Partnering 2010/2011Patent licensed, additional patent applications

Type Supportive cancer care drug. Cytoprotective

Ownership 100% PledPharma AB

Supportive cancer care (in connection with cancer treatment) is estimated to 13 BUS$

Est. market for lead-indication (colon cancer): >1.5 BUS$ Est. potential peak year sales for lead-indication : 400 MUS$

PLED derivative and LowMEMs (Low Molecular weight Enzyme Mimetic) with SOD mimetic activity.Increases survival and quality of life for patients receiving chemotherapy. Reduces side effects induced by chemotherapy and selectively protects healthy cells, by mimicking the SOD enzyme which protect cell from damage caused by unstable molecules known as free radicals.

PP-099

Market

Description

Status & IPClinical phase II study in PCI patients approved, expected to start in 2010Patent licensed and patent applications

Type Supportive care therapy for acute heart attack treatment

Ownership 100% PledPharma AB

Increases survival of patients suffering form acute heart infarcts, by reducing injuries and complications.PLED derivative and LowMEMs (Low Molecular weight Enzyme Mimetic) with SODmimetic activity. Reduces side effects induced by reperfusion, by mimicking the SOD enzyme which protect cell from damage caused by unstable molecules known as free radicals.

2 million PCI procedures annually, of which 1 million in USA Rate of death after an acute myocardial infarction approaches 10% Incidence of heart-failure after an acute myocardial infarction is 25%Est. market for lead-indication: >1BUS$ Est. potential peak year sales: 300 MUS$

Skruvcoat/Fibmat

Market

Description

Status & IP

Proof of concept in dental indicationDental clinical program ongoingDevelopment of prototype production, starting clinical program in orthopedicsAiming to partner in 20104 patent applications

Type Drug delivery platform, implant improvements

Ownership 100% AddBIO AB

Local delivery of the established drug BisphosphonatesLowers the risk of implants loosening by improving the holding power of the boneLead-indication: Orthopedic trauma screws

Orthopedic and dental implants: 30 billion US$, CAGR 15%. 100 million screws sold annuallyEst. market lead-indication (orthopedic trauma screws) >300 MUS$ Est. potential peak sales: 60 MUS$

Spago enhanced MRI

Market Est. potential peak year sales for lead indication: 360 MUSD (USA)

Description

Status & IPProof of concept achieved by animal images Prototype product package under developmentPartnering aimed for in 2010/20114 patent applications

Type Contrast agent for MRI using nano particle based molecular imaging

Ownership 100% Spago Imaging AB

Identifying and locating tumors early and precisely to improve the probability of successful treatmentDeveloping nano particle based contrast agent with a unique in signal intensity and safety profile

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TumorTumor

Oedema

MagnevistUrine

Oedema(not

enhanced)

Expected news flow in 2010

Sales revenue from SyMRI suite software First patient included in phase II study of PP-099

in acute PCI Last patient enrolled in phase II study of PledOx in

colon cancer Results from phase II study of PledOx in colon

cancer Start of Skruvcoat study on hip implants and

fixation pins Commercial agreement for Skruvcoat

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Portfolio set to unlock value in 2010

Transaction overview

Structure Preferential share issue (fully guaranteed)

Amount SEK 25 million

Terms 5 shares buys 1 new share for SEK 1.90

Use of proceeds Subsidiaries and project close to commercialisation

Commitments Main owners Persson and Lindell to subscribe pro rata (43%) and underwrite remaining

Time table 26 Nov Record date1 – 10 Dec Trading in rights1 – 15 Dec Subscription period

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100% of the right issues guaranteed