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The Crowded Competitive Landscape Raises Significant Questions About DARPin's Market Potential That Are Amplified By Program Delays And Marginal Phase 2 Data Marketed anti-VEGF Ab for wet AMD Efficacy Loss of 15 letters in Gain of 16 letters in VA at 52 weeks VA at 52 weeks Product Lucentis Eylea Avastin Product AGN 160998 (Anti-VEGF DARPIN) Fovista ESBA-1008 ALG-1001 Ava-101 Company Rocher Novartis DE-120 Regenerov Bayer Santen Roche Company Alergary Molecular Paters "Avason usage for wet AMD is off-label Key pipeline product candidates for wet AMD Developeriavitat Combo With VEGF? Novartal Oprenotech Alcon Avalanche Phase 20 Sarten Phase 3 Allegro Ophthalmics Phase 1/2 Phase 2 Phase 1/2 91% Phase 1/2 90% MOA Panant-VEGF DARP Art-POGF aptamer Pan-VEGF inhibitor integrin nhibitor Are-VEGF Dual VEGF/POGF inhibitor Source: Company filings, Clinical publications and Wall Street equity research (1) Duta taken from Phase 3 ANCHOR study involving O4W Lucentis No Yes No No No 31% No 31% Mean change in VA from baseline at 52 weeks +6.3 letters +80 letters (vs 9.4 letters wf Lucents) +80 letters (vs+85 letters w Lucents) Efficacy 20mg dose 82 ters at 10 works 10mg done +63 eters at 16 weeks (vs+53 ters / Lucer 24 weeks (vs 65 letters w/ Lucents alone) Phase 2 efficacy data expected in 402014 5 letters sustained for 3-4 months demonstrated in subset of 15 wAMD Dosing regimen Prase 1/2 efficacy data expected in 202014 Once a month (2) 72 (3) Once a month for first 3 months then every 2 months thereafter Once a month and PRN Cumenty investigating once a month No imbalances in AES or SAEs (ocular 1.5mg FovistaLucents +10 6 letters at regimen for first 12 months, followed by, or systemic) and no difference in once every two months regimen for next intraocular pressure between arms 12 months Low dose +87 letters after 52 weeks High dose 6.3 letters after 52 weeks Safety profile Arterothromboc: 47% Death 1.4% Currently investigating injections vs injections w/ Eylea in Phase 2 study Arterothrombotic: 3.3% (vs 3.2% for Lucents in head-to-head) Dosing regimen Safety profile 8 weeks Doses at the start of tral and after 4 and 20 mg dose Ocular inflammation in 8% of patients 10 mg dose Ocular inflammation in 13% of patents vs additional doses after 12 and 16 Artenothrombotic 2.1% vs 23% for Lucentis in head-to-head) Death 1.4% (vs 1.3% for Lucents in head-to-head) Cumenty investigating safety and efficacy of a single injection in dose escalating study Cumenty investigating regimen of three monthly injections in six-morth dose ranging study Phase 1/2 trial showed that doses were well tolerated as assessed by the absence of adverse events within 7 days of injection No serious or significant adverse events reported in Phase 1 human safety study with DME patients Phase 2a top-line data expected in mid 2015 Cumenty investigating in dose escalating sequential-cohort Phase 1/2 Phase 1/2 safety data expected in 202014 Data taken from Phase 3 VIEW-2 study comparing Q4W Eylea with Q4W Lucentis Data taken from 2011 CATT study that was conducted by the NEI comparing Q4W Awastin with 04W Lucentis

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