2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion

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2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
2020

Progressing development of       "We focus on non-VEGF   Researching the dry AMD
therapies for retinal vascular   pathways"               pathway
disorders and diabetic eye
disease
p. 7                             p. 11                   p. 32
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
contents
                                   PROGRESSING DEVELOPMENT
                                   OF THERAPIES FOR RETINAL
                                   VASCULAR DISORDERS AND
                                   DIABETIC EYE DISEASE

                                   Patrik De Haes, M.D., CEO &
                                   Thomas Clay, Chairman of the Board of
                                   Directors

                                   p. 7

"WE FOCUS ON NON-VEGF              THR-149, A HIGHLY POTENT                THR-687, A POTENT PAN-RGD            “OXURION IS WELL-POSITIONED              MAKING A DIFFERENCE                 NEXT GENERATION I/O
PATHWAYS"                          PLASMA KALLIKREIN                       INTEGRIN ANTAGONIST IN               TO DEVELOP PATHWAYS TO                   IN THE GLOBAL RETINA                CANCER THERAPIES
                                   INHIBITOR TO TREAT DME                  DEVELOPMENT FOR DME                  ADDRESS DRY AMD”                         COMMUNITY
                                                                                                                                                                                             Ongoing clinical research
Jean Feyen, PhD., CSO,             Preparing a phase 2 clinical trial      Preparing a phase 2 clinical trial   Prof. Alan Stitt of Queen’s University   Oxurion joins forces with Prevent
and Andy De Deene, M.D., Head of                                                                                in Belfast                               Blindness and Retina Global
Development

p. 11                              p. 16                                   p. 24                                p. 28                                    p. 32                               p. 37
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
6       contents
        Editorial                                                                                                                                       contents
                                                                                                                                                         Editorial    7

                        Interview Patrik De Haes, M.D., CEO of Oxurion & Thomas Clay, Chairman of the Board

                        Progressing development of
                        therapies for retinal vascular
                        disorders and diabetic eye disease
                        2019 has been another transformational year for Oxurion. In this first year after the company's
                        rebranding, we conducted three clinical trials. The results of two were encouraging and promising,
                        those of the third rather mixed. Oxurion then made the strategic decision to focus its research on
                        developing non-VEGF compounds to target an unmet medical need for people with diabetic retinal
                        eye disease.

                        “2019 has been an important year for            Different course, ...                              “Our molecules are
                        our clinical developments. We obtained
                        excellent results from two phase 1 clin-        Thomas Clay, Chairman of the Board,
                                                                                                                        unique, and potentially
                        ical trials evaluating two distinct and         confirms this. “Oxurion had two very                     first in class.”
                        wholly-owned non-VEGF compounds:                successful phase 1 trials. The data from
                        THR-149 and THR-687. These have                 our study evaluating anti-PIGF (THR-317)            Patrik De Haes, M.D., CEO of Oxurion
                        given us a solid basis, a confirmation of       for DME were clinically sound but did not
                        our new focus, and a growth platform for        show the outcome we were hoping for.
                        the company's future development", says         The choice to leave that pathway was            Finally, in 2019 Oxurion also decided
                        Patrik De Haes, M.D., CEO of Oxurion.           obvious so we took that decision.”              to explore and research innovative
                                                                                                                        new therapies for age-related macular
                        “The results from the clinical trials for       “We also decided to stop actively pro-          degeneration (AMD). AMD is a leading
                        our molecules THR-149 and THR-687               moting Jetrea® ourselves and seek a             cause of blindness in the world and
                        are indeed very promising. Both com-            distribution licensee partner", Patrik De       comes in two varieties. There are treat-
                        pounds not only proved to be very safe          Haes adds. "With Inceptua Group we've           ments for wet AMD, but for dry AMD
                        and well-tolerated, they also showed            found such a partner. In March 2020,            there are none. “The focus of the Oxurion
                        a substantial, clinically relevant early        Oxurion and Inceptua Group signed a             preclinical research teams is currently
                        benefit and durability of effect.” This truly   global license agreement for further            almost exclusively on in-vivo and in-vitro
                        ticks all the boxes in developing the next-     commercialization of Jetrea®. With that,        validation of new pathways and com-
                        generation therapy for retinal disease.         we fulfilled our commitment to not              pounds for the treatment of dry AMD.
                                                                        only secure access to Jetrea® for those         We hope to be able to present at least
                                                                        patients we believe can truly benefit from      one preclinical proof of concept in 2020",
                                                                        this first-in-class medicine, but to do it in   Patrik continues. 
                                                                        a cost-neutral manner for the Company.”

    Perspectives 2020                                                                                                                             Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
8       Editorial                                                                                                                                                                                                                                                          Editorial    9

        ... the same commitment                      strategic one. When 40% of DME patients        THR-149 is a plasma kallikrein inhibitor to    “Of course, the data will speak for them-   Oxurion proudly supports Retina            Confidently looking to
                                                     respond poorly to an anti-VEGF therapy,        treat people with DME. This novel therapy      selves, but we feel confident. After all,   Global’s efforts to educate people on      the future
        While Oxurion's strategic course may         common sense says we should look               yielded encouraging results in the phase       the Oxurion team has the important          eye disease and proper eye care and
        have been fine-tuned in 2019, the            at non-VEGF therapies for them. With           1 clinical trial, producing fast and durable   experience of successfully developing       to send retina specialists to remote and   “Oxurion has completed its transfor-
        commitment and focus have remained           THR-149 and THR-687, Oxurion has two           improvement of vision.                         a medicine from the research bench all      less privileged corners of the world to    mation to a full-fledged drug develop-
        unchanged: developing therapies for          unique and wholly owned compounds in                                                          the way to the market. We know the way",    provide specialized eye care to those      ment company with a clear focus.
        people with diabetic eye disease or          clinical development that are very distinct     Read all about the study and clinical         says Patrik.                                in need.
        age-related macular degeneration.            from any of the anti-VEGF therapies now         results of THR-149 on page 16.                                                                                                       It now has two exciting phase 2 clinical
                                                     available or under development. Not only                                                                                                  In the past, we have joined forces with    trials under way evaluating two distinct
                                                     they represent a great opportunity for                                                        Part of a global                            Prevent Blindness in order to boost        and very innovative non-VEGF com-
        "We bring experts and                        many DME patients out there, they also                                                        retina family                               their ‘Diabetic Eye Disease Awareness      pounds for treatment of DME. We've

        investors together, so                       offer our shareholders and investors the
                                                     best chance for future value creation. It is
                                                                                                    The results from the phase 1 evalua-
                                                                                                    tion of THR-687, a pan-RGD integrin            Whilst advancing its retina and vision
                                                                                                                                                                                               Month’-campaigns. Going forward,
                                                                                                                                                                                               we are looking into how we can assist
                                                                                                                                                                                                                                          also taken our first steps into the dry
                                                                                                                                                                                                                                          AMD arena with its large untapped
        the retina experts can                       obvious that should we succeed in craft-       antagonist, are promising. An almost           research, Oxurion seeks to preserve         and support Prevent Blindness while        potential and aim to make a substantial

        explain directly the                         ing a novel pathway towards a therapy
                                                     for dry AMD, we expect this to also see
                                                                                                    immediate, significant and durable
                                                                                                    mean BCVA improvement of vision
                                                                                                                                                   close ties with those in the retina com-
                                                                                                                                                   munity and the patients they serve. Over
                                                                                                                                                                                               staging their brand-new nationwide
                                                                                                                                                                                               patient engagement and advocacy
                                                                                                                                                                                                                                          impact there", Patrik De Haes states.

        need for compounds                           this translated into additional value for      was reported                                   the years it has developed close colla-     training program. At Oxurion, we also      “We view the future with confidence

        we are developing."                          our shareholders.”                                                                            borative ventures with US and global
                                                                                                                                                   organizations such as Prevent Blindness
                                                                                                                                                                                               believe that patients are among the best
                                                                                                                                                                                               placed to help create awareness about
                                                                                                                                                                                                                                          and ambition", Thomas Clay concludes.

        Thomas Clay, Chairman of the Board           "Oxurion does not hesitate to bring             Read all about the study and clinical         and Retina Global.                          vision-threatening conditions, disease
                                                     investors and experts together. We want         results of THR-687 on page 24.                                                            processes and the impact of these
                                                     our shareholders and investors to hear                                                                                                    diseases on daily life.
        “Our therapeutic approach also means         from key opinion leaders familiar with
        focusing resources, time, and energy         our programs why these are innovative
        on compounds we believe have the             and vital for patients”, Thomas continues.     The two compounds target different
        potential to make a life-changing            "Meanwhile, we feel very encouraged to         patient groups. THR-149 will be evaluated
        improvement in a person’s vision. For        see key retina opinion leaders in Europe       in patients who do not or do not optimally
        many DME patients there is still a large     and the US also confirm the potential          react to anti-VEGF treatment (non-
        unmet need. More than 40% of them            of THR-149 and THR-687 for treatment           responders/poor responders), while anti-                                                      In memoriam Claude Sander
        have a suboptimal or zero response to        of DME.”                                       VEGF treatment naïve patients will be                                                         With profound sadness the Board, Management and Staff of Oxurion learned
        treatment with an anti-VEGF, currently                                                      selected in the THR-687 phase 2 study.                                                        about the sudden passing of Dr Claude Sander on December 20th, 2019.
        the standard of care for the bulk of                                                        Both studies will test whether multiple                                                       Claude Sander was Chief Legal Officer and Corporate Secretary to the
        DME patients. For them we need               Recruiting for two phase 2                     doses the compounds can increase and                                                          board. He started his professional career as a Senior Researcher at the
        to find a solution, and we have two          trials                                         prolong the visual improvement observed                                                       Center of European Integration Studies in Bonn. He joined Oxurion in 2011
        validated options in clinical develop-                                                      in the phase 1 studies.                                                                       and oversaw Legal, Corporate Compliance, Corporate Board and selected
        ment", Patrik explains.                      Oxurion is preparing the start of two fully                                                                                                  Market Access related activities at Oxurion.
                                                     powered phase 2 clinical trials, next to       Oxurion believes that if these fully
                                                     the validation of new pathways towards         powered phase 2 trials replicate and                                                          Patrik De Haes, M.D., CEO of Oxurion: “It was a privilege and pleasure to have
        Value creation                               a therapy for dry AMD. Final approvals         maintain the observed benefit from the                                                        known Claude and to have worked with him for almost a decade. Claude
                                                     for the phase 2 clinical trial evaluating      phase 1 studies, both compounds would                                                         always demonstrated exceptional leadership in his role as Chief Legal Officer
        “This strategy is also interesting for our   THR-149 in DME are well underway, and          become very compelling drug candidates                                                        and more recently as Corporate Secretary to the Board, even in challenging
        shareholders and potential investors",       Oxurion is making great headway with the       with clear value to the market.                                                               situations. He was both admired and respected for his relentless commit-
        Thomas Clay points out. "Our choice          prep work for its phase 2 with THR-687                                                                                                       ment, expertise and achievements. Claude will be deeply missed and will
        to develop non-VEGF compounds is a           as well.                                                                                                                                     always have a very special place in our hearts.”

    Perspectives 2020                                                                                                                                                                                                                                               Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
10       A strategic focus                                                                                                                                                    A strategic focus     11

         A strategic focus                                      Interview Jean Feyen, PhD., Chief Scientific Officer and Andy De Deene, M.D., Global Head of Development

         Oxurion rises to the opportunity to address an unmet   "We focus on non-VEGF pathways"
         medical need.
                                                                Oxurion has a mission: to prevent loss of vision loss and blindness by developing solutions for
                                                                retinal diseases generally, and specifically for diabetic macular edema (DME) and age-related
                                                                macular degeneration (AMD). To realize this ambition the company is focusing on non-VEGF
                                                                pathways and compounds. Andy De Deene, M.D., Global Head of Development, and Jean Feyen,
                                                                PhD., Chief Scientific Officer, explain this strategic direction.

                                                                The course may have been fine-             DME, meaning there is no effective           Two compounds, two
                                                                tuned but the goal remains: to find        treatment for the other 40%. Exploring       target groups
                                                                treatments for retinal diseases such as    non-VEGF pathways might provide a
                                                                DME and AMD.                               chance to better address the current         Th e co m p o un ds THR-149 an d
                                                                                                           unmet medical need of those 40%              THR-687 use a different pathway than
                                                                “The change means first and foremost       DME patients."                               anti-VEGF. “Each of these molecules
                                                                leaving the VEGF pathway", Jean says.                                                   has its own target group", Jean con-
                                                                "The decision to stop the development      In parallel with this, Oxurion is seeking    tinues. “THR-149, our plasma kallikrein
                                                                of our THR-317 compound was com-           to lower the burden for patients by          inhibitor, is a VEGF-independent com-
                                                                pletely data-driven. THR-317 was a clin-   developing a treatment requiring less        pound specifically used to treat the
                                                                ically sound compound, but compared        frequent follow-up. “We're looking           accumulation of fluids in the retina.
                                                                to others it made much more sense to       for a way to not just suppress symp-         As such it can improve vision. This
                                                                focus our time, energy and resources       toms but also modify the disease",           compound only tackles some aspects
                                                                on developing non-VEGF pathways".          Andy adds.                                   of DME and is meant for people who
                                                                                                                                                        have no or suboptimal response to
                                                                The importance of non-VEGF path-                                                        anti-VEGF injections". 
                                                                ways cannot be overestimated. “At
                                                                present the standard of care for DME
                                                                is a monthly injection into the eye with
                                                                an anti-VEGF medicine", Andy explains.         "We're a data-driven biotech
                                                                "An anti-VEGF is a good product but
                                                                it only works for 60% of those with
                                                                                                                company. Every decision is
                                                                                                             supported by data. We believe
                                                                                                               this is the best way to select
                                                                                                               which pathways to develop."
                                                                                                                            Jean Feyen, PhD., Chief Scientific Officer

     Perspectives 2020                                                                                                                                                          Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
12       A strategic focus                                                                                                                                                                                                                           A strategic focus     13

         THR- 687 is “a pan -RGD inte g -            these clinical trials we hoped for an      currently, there is no treatment avail-        Once information can be released,             every opportunity. That is the only way
         rin antagonist and a non-VEGF               effect, but were surprised to see these    able. We have the chance to address            it is crucial that it flows easily to the     to give our board well-informed advice
         compound. It has a broad mode               impressive improvements this fast          this problem and improve the lives of          scientific community".                        about molecules and pathways".
         of action and addresses different           after the injection. One injection with    many people. For this we are collab-
         aspects of DME such as permeability,        THR-149 yielded an improvement             orating with, among others, Professor          “And the opposite is also true", Jean         “We're a data-driven biotech company.
         inflammation, angiogenesis, and             in vision with 6.4 letters after three     Alan Stitt and Queen’s University in           adds. “Our team members must know             Every one of our decisions is supported
         fibrosis. Potentially it could treat dia-   months. THR-687 performs even              Belfast", Andy explains. Oxurion aspires       every development, every novelty,             by data. We believe this is the best way
         betic retinopathy (with and without         better. This kind of improvement is too    to bring at least one dry AMD project          every breakthrough in this field. We          to select which pathways to develop",
         DME) and the wet variety of age-            significant to be the result of chance",   to development.                                expect them to be on top of their             Jean concludes.
         related macular degeneration (AMD).         Andy explains.                                                                            game, to test, experiment, and evaluate
         THR-687 does what an anti-VEGF                                                          Read more about this phase 1
         does and more. This allows us to focus       Read more about this phase 1               clinical study of THR-149 on
         on treating naïve patients: those who        clinical study of THR-149 on               page 24.
         have never received treatment for dia-       page 16.
         betic eye disease".                                                                                                                      Leading causes of blindness *
                                                                                                Top team delivering
         Fast &                                      A chance to address                        high-quality work
         durable improvement                         dry AMD                                                                                                1.                       2.                        3.                       4.            5.
                                                                                                Collaborating with universities, both in          Age-related macular             Cataract                 Glaucoma                   Diabetic      Trachoma
         In 2019, Oxurion conducted two              Oxurion is not staking its future on       Europe and the United States, is crucial          degeneration (AMD)                                                            retinopathy (DME)
         phase 1 clinical trials to assess the       these two compounds alone. “We're          for Oxurion. “To put us on the scien-
         safety of both THR-149 and THR-687.         always looking for ways to feed the        tific map we must deliver high-quality
         We are currently preparing for two          pipeline and develop novel therapies       work. Getting articles published in
         phase 2 trials.                             for treating back of the eye diseases",    peer-reviewed scientific journals is one          * Source: World Health Organisation: www.who.int
                                                     Jean says. In 2019, Oxurion made the       measure of quality. We are very lucky
         “In testing treatment for eye diseases      strategic choice to enter the pathway      to work with a team of very talented
         you want to see a fast and durable          of dry AMD.                                people who have excellent success in
         improvement of vision. Already in the                                                  publishing articles in scientific journals",
         phase 1 clinical trials we noticed signs    “This past year our R&D teams have         Andy observes. “Exchanging know-
         of efficacy even with the limited group     been working on dry AMD. This              ledge is critical in scientific research.
         of test subjects. When we started           disease affects many people and

            “Exchanging knowledge is critical in scientific research.
              Once information can be released, it is crucial that it
          flows easily to the scientific community. We are lucky to
              work with a team of talented people who succeed in
                                                    sharing results."
                                                            Andy De Deene, M.D., Global Head of Development

     Perspectives 2020                                                                                                                                                                                                                                 Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
14       THR-149                                                                                                                                                                                                   THR-149       15

         THR-149
         In its drive to find solutions to treat diabetic eye disease
         and prevent loss of vision and blindness, Oxurion is
         developing and testing several compounds. One of
         these compounds for treating diabetic macular
         edema is THR-149.

         What is THR-149?                                                 Whom is THR-149 for?                                        What is retinal inflammation?
                                                                                                                                      Inflammation is a biological response of the body. Retinal inflammation is
         THR-149 is a plasma kallikrein inhibitor. It’s a non-VEGF that   PKal inhibition could be an interesting proposition as      an eye condition that causes vision impairment or, in the most severe cases,
         inhibits DME independent of the VEGF pathway.                    a monotherapy in VEGF poor-responding patients or           vision loss. Symptoms include blurred vision, sensitivity to light, and floaters in
                                                                          in combo therapy with VEGF as an effective target for       the eye, which may occur in one or both eyes.
         Plasma kallikrein (PKal) is an enzyme crucial in the forma-      treating DME.
         tion of bradykinins. Increased bradykinin levels result in the
         formation of edema and inflammation.                             Over 40% of people with DME have little or no benefit       What is vascular permeability?
                                                                          from anti-VEGF treatment: their vision or the swelling of
                                                                          the retina does not improve. For them, non-VEGF therapies   Vascular permeability means the blood vessel wall is disrupted, causing fluids
         How does THR-149 work against DME?                               might make a big difference.                                to penetrate the retina. Abnormal permeability causes edema in the retina,
                                                                                                                                      causing vision impairment or even vision loss. Symptoms include increasing
         Literature data show that patients with DME have both ele-                                                                   number of floaters, floaters with flashes, shadows in peripheral vision, grey
         vated levels of plasma kallikrein and VEGF in the vitreous                                                                   curtain over vision and sudden decrease in vision.
         compartment. The elevated plasma kallikrein levels occur
         in a wide concentration range of VEGF varying from
         undetectable to high levels.

         Inhibiting plasma kallikrein, as THR-149 does, can stop                                                                      Collaboration with Bicycle Therapeutics
         inflammation, permeability and the formation of micro-
         hemorrhages in DME patients. As such it improves eyesight.                                                                   THR-149 has been developed in partnership with Bicycle Therapeutics
                                                                                                                                      (Nasdaq: BCYC). Oxurion holds the exclusive license to the PKal inhibitor
                                                                                                                                      portfolio originating from this partnership.

     Perspectives 2020                                                                                                                                                                                       Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
16       THR-149                                                                                                                                                                                                                                      THR-149        17

         Clinical update THR-149
                                                                                                                                           One adverse event was deemed
                                                                                                                                           related to study treatment (likely injec-

         THR-149, a highly potent plasma                                                                                                   tion procedure). All ocular adverse
                                                                                                                                           events were likely due to the injection
                                                                                                                                           procedure, underlying disease pro-

         kallikrein inhibitor to treat DME                                                                                                 gression or concomitant diseases.

                                                                                                                                           Signs of efficacy
         In 2019, Oxurion announced positive topline data for the compound THR-149, a highly potent plasma
         kallikrein inhibitor to treat diabetic macular edema (DME). Not only was THR-149 safe and well-tolerated,                         Signs of efficacy were also observed in
         the phase 1 clinical trial also showed fast onset of action in BCVA from day 1, following a single injection. “I                  this clinical trial. Efficacy of treatments   THR-149-001: Mean Change in BCVA From Baseline (Accounted for Rescue)
         am very encouraged to see signs of efficacy so early post-treatment, and to observe a clear durable benefit                       for diabetic macular edema (DME)              All Treated Subjects, Overall
         to the patient’s vision as measured by BCVA”, explains Dr. Pravin Dugel, M.D.                                                     is determined by measuring best
                                                                                                                                           corrected visual acuity (BCVA), mean              15

                                                                                                                                           central subfield of thickness (CST), and                                 7.5
                                                                                                                                                                                                                                                         6.4
                                                                                                                                                                                             10              6.4
         Anti-VEGF is the standard of care for                                                                                             macular volume (MV). BCVA relates                                               4.8        5.2
                                                                                                                                                                                                       3.9
         DME patients at the moment, but 40%                The macula is a very                                                           directly to vision, while CST and MV               5

                                                            small, sensitive spot at
         has little or no benefit of these treat-                                                                                          measure the edema level.                               0
                                                            the center of the                                                                                                                 0
         ments. By targeting a VEGF independ-               retina. It is responsible                                                                                                             DL D1      D7     D14    M1        M2                  M3

                                                            for our central vision
         ent pathway, an alternative treatment              and color sight.
                                                                                                                                           Impressively, a single injection with
         can be developed for poor or non-                                                                                                 THR-149 improved BCVA from day 1
         responders to anti-VEGF treatment.                                                                                                with 3.9 letters.
                                                                                                                                                                                         THR-149-001: Mean Change in CST From Baseline (Accounted for Rescue)
         THR-149 is a plasma kallikrein (PKal)                                                                                             The mean improvement in BCVA was              All Treated Subjects, Overall
         inhibitor, a preclinically well validated                                                                                         highest at day 14 (7.5), and improve-
         compound to prevent the induction of                                                                                              ment was maintained at 6.4 letters               100
                                                                                                                                                                                                                                      30.4
                                                                                                                                                                                                                    26.4                                   30
         retinal vascular permeability (leading                                                                                            after 90 days.                                    50              10.5
                                                                                                                                                                                                                           20.4

         to edema), inflammation and the                    Vitreous chamber is                           The retina is a thin layer                                                          0
                                                                                                                                                                                                   0

                                                            located behind the lens                       of tissue on the inside of
         prevention of microhemorrhages.                    and before the optic                          the back of the eye. It
                                                                                                                                           Impact on swelling
                                                                                                                                                                                            -50        -18
         Literature data show that patients with            nerve. It is filled with a                    absorbs light and sends
                                                            thick, clear gel-like                         visual signals to the                                                            -100
         DME have elevated levels of plasma                 substance called the                          brain, which processes                                                                  DL D1      D7     D14    M1          M2                  M3

         kallikrein and that the vitreous level             vitreous body.                                them into images.                Changes in CST were marginal on day
         of plasma kallikrein varies less com-                                                                                             1, followed by increase until study end.
         pared to VEGF, making it a potentially                                                                                            Mean CST change was minimal and
         more effective target for the treatment                                                                                           within the variability of measurement.
         of DME.                                     patients with visual impairment due       Safety confirmed                            This means that changes in BCVA
                                                     to center-involved DME. Three doses                                                   seem to be unrelated to changes in
                                                     were tested: 3 patients were injected     In the phase 1 clinical trial for THR-149   CST. 
         Study set-up                                with 0.005 mg (‘low dose’), 3 with the    no dose-limiting toxicities and no
                                                     middle dose (0.021 mg), and 6 with a      serious adverse events were reported,
         The phase 1 clinical trial for THR-149      high dose (0.125 mg). All 12 completed    indicating THR-149 is safe to use and
         evaluated the safety of a single            the study and attended all study visits   well-tolerated. This means THR-149 is
         intravitreal injection of THR-149 in 12     from day 0 to day 90.                     safe to use and well-tolerated.

     Perspectives 2020                                                                                                                                                                                                                           Perspectives 2020
2020 p. 7 Progressing development of therapies for retinal vascular disorders and diabetic eye disease - Oxurion
18       THR-149                                                                                                                                                                                           THR-149         19

         This clinical trial also linked macular    treatment seems to be very good at           the next stage of THR-149’s clinical
         volume with BCVA improvement: lower        stopping permeability but doesn’t work       development. They also demonstrate
         macular volume is apparently indica-       on inflammation. Preclinical models of       that THR-149 has the clinical profile to
         tive of better BCVA response. Macular      diabetes show that PKal mediates vas-        potentially become the best-in-class
         volume was maintained over time in         cular hyperpermeability, leukocytosis,       PKal inhibitor and VEGF-independent
         patients defined as BCVA responders        inflammation, and microhemorrhages.          therapy for treatment of DME”, says
         among patients with 10 or more letters     As a Pkal inhibitor, THR-149 is very pro-    Patrik De Haes, M.D., CEO of Oxurion.
         improvement in at least two con-           mising because it allows us to possibly
         secutive visits. “Macular volume could     find a different mechanism of action”,       THR-149 could become a stand-alone
         potentially become a new anatomical        Dr. Dugel explains.                          therapy for suboptimal responders to
         predictor for BCVA improvement”,                                                        the current standard of care (anti-VEGF
         Pravin Dugel, M.D. notes.                                                               injections). Or it could potentially be a
                                                    Potentially best-in-class                    therapy for all DME patients in com-
                                                                                                 bination with anti-VEGF treatment. As
         Very promising                             The results of the phase 1 study             such, it could improve the vision (and
                                                    take THR-149 to a phase 2 clinical           lives) of millions of DME patients.
         “Diabetic macular edema evolves from       study with multiple injections. “These
         being driven by permeability to being      positive findings give us the informa-
         driven by inflammation. Anti-VEGF          tion and confidence needed to plan

            Measuring CST or BCVA?                                            BCVA                                                           Preparing a phase 2 study
            Diabetic macular edema is measured primarily by                   Best corrected vision acuity (BCVA) is the measurement         Oxurion is currently preparing a phase 2 trial for THR-
            macular thickness (CST) or macular volume (MV).                   of the best vision correction achievable with tools like       149 evaluating whether multiple doses of the com-
            It is thought that for BCVA to improve CST must                   glasses or lenses. Vision acuity is measured on the            pound can increase and prolong the visual improve-
            come down. THR-149 indicates it is more compli-                   standard Snellen eye chart. 20/20 vision is the aim:           ment observed in the phase 1 study. THR-149 will be
            cated than this. In this trial, one injection with THR-           if you can pass that with your glasses, your BCVA is           evaluated in patients who do not or do not optimally
            149 did not improve CST, but it did enhance vision                20/20. There are many conditions that can cause bad            react to anti-VEGF treatment (non-responders/poor
            with more than 6 letters for at least 90 days with a              vision, the most common being myopia (nearsighted-             responders). Oxurion believes that if the phase 2 trial
            single injection.                                                 ness) or hyperopia (farsightedness). Retinal disorders like    replicates and maintains the observed benefit from
                                                                              diabetic macular edema (DME) or age-related macular            the phase 1 study, the compound can become a com-
                                                                              degeneration (AMD) are also a leading cause of bad             pelling drug candidate with clear value to the market.
                                                                              visual acuity, so Oxurion is working to solve them.

     Perspectives 2020                                                                                                                                                                                 Perspectives 2020
20       THR-149                                                                                                                                                                                                                                                          THR-149        21

         Interview Pravin Dugel, M.D.
                                                                                                                                           Diabetic macular edema

         “Biological signal for efficacy of                                                                                                What is DME?
                                                                                                                                           Diabetic macular edema (DME) is a diabetic eye disease
                                                                                                                                           caused by high glucose (blood sugar) levels. It damages and
                                                                                                                                                                                                                     Current Treatment of DME
                                                                                                                                                                                                                     DME can be treated with lasers, surgery, or medications
                                                                                                                                                                                                                     injected into the eye to decrease or stop swelling of

         THR-149”                                                                                                                          weakens the blood vessels in the eye, causing them to leak
                                                                                                                                           fluids. The result is swelling of the macula and eventually
                                                                                                                                           diabetic retinopathy.
                                                                                                                                                                                                                     the macula.

                                                                                                                                                                                                                     Anti-VEGF injections block the protein that can make
                                                                                                                                                                                                                     abnormal blood vessels grow and leak fluid. Injections of
         “As an investigator of THR-149, I was encouraged to see the results from its clinical phase 1 trial.                              The macula is responsible for sharp detailed vision, so these             corticosteroid are also a possible treatment for DME. This
         The molecule was found to be safe, very safe even, and we got a biological signal that it worked,"                                leaks can seriously degrade vision and in extreme cases                   medication reduces inflammation and swelling of the mac-
         Pravin Dugel, M.D. says.                                                                                                          even cause blindness.                                                     ula, but its side effects include pain and bruising around the
                                                                                                                                                                                                                     injection site, face flushing, thin or pale skin, and insomnia.
                                                                                                                                           Prevalence of DME                                                         At present, anti-VEGF medications are the first choice
         The improvement in vision                   Why do we need a                           What is the future                         Diabetes affects some 415 million people worldwide. Of                    of treatment.
         was measured only by BCVA,                  VEGF-independent pathway?                  of THR-149?                                these, 21 million (4.6%) were diagnosed with DME in the
         not in OCT. Why is that?                                                                                                          period 2015 to 2019. DME levels are highest in Africa                     Why are new therapies needed?
                                                     “Because a significant part of DME         “THR-149 holds the potential to be         (21.5%) and lowest in the USA.                                            The medications currently used to treat DME yield sub-
         “That’s a question we get a lot. OCT,       patients cannot be treated success-        the different method of action that                                                                                  optimal results. Some 40% of patients do not respond to
         or optical coherence tomography,            fully at the moment. We know that          poor- or non-responders to anti-VEGF       A third of people with diabetes do not know they have it, so              anti-VEGF injections or have a less than ideal response. The
         measures permeability, the amount of        DME progresses from being driven           treatment are waiting for. But first, a    these numbers may be underreported. *                                     treatment burden is quite heavy: injections must be given
         fluids the retina lets through. As of now   by permeability to being driven by         clinical phase 2 study will have to be                                                                               every month, for at least a while, making the treatment
         it is the main biomarker to assess effi-    inflammation. Anti-VEGF drugs work         designed to assess efficacy. Overall,      Symptoms of DME                                                           time-consuming and costly.
         cacy of DME treatment. For anti-VEGF        for patients in the permeability phase     the phase 1 study's data clearly warrant   DME can cause blurriness in the center of vision, appear-
         drugs this is perfect. Anti-VEGF drugs      but not for those in the inflammation      further clinical research with multiple    ance of dark spots or patches in the field of vision, dulling of          New therapies are needed in order to successfully treat a
         stop permeability, so this marker can       phase. The problem is that we can’t        injections of THR-149."                    colors, and difficulty in looking at bright light or glare. Objects       larger number of patients.
         measure how well they work.                 tell which phase a patient is in because                                              might appear to change shape, size or color, or to disappear.
                                                     we have no biomarkers to test this.                                                   These symptoms can affect the ability to read, write, drive,
         “VEGF-independent medicine possibly         Because of this, all patients with DME                                                and recognize faces.
         has a different method of action, for       get anti-VEGF injections in the eye
         which there is no good biomarker at         but about 40 percent respond poorly
         the moment. The next best thing is          or not at all. A different approach is
         measuring vision improvement in the         necessary to address these patients'                                                  20% of people with diabetes were diagnosed with DED
         patients. And even in this small trial      need. For them a VEGF-independent                                                     (diabetic eye disease)*
         of only 12 patients, after 1 injection      pathway might be the solution.”
         we found quick and maintained vision                                                                                              7.6% have been diagnosed with DME*
         improvement from day 1 to day 90.
         This improvement was bigger than
         could be expected through normal
         variability, so that is very promising.”
                                                        Pravin Dugel, M.D. is a clinical pro-
                                                        fessor of ophthalmology and retinal
                                                        specialist and works with Oxurion
                                                        as an investigator and consultant.                                                 * Source: https: www.diabetesresearchclinicalpractice.com/article/S0168-8227(19)31257-4/fulltext#secst035)
                                                                                                                                           https://www.diabetesresearchclinicalpractice.com/article/S0168-8227(19)31257-4/fulltext#secst030

     Perspectives 2020                                                                                                                                                                                                                                               Perspectives 2020
22       THR-687                                                                                                                                                                                                               THR-687        23

         THR-687
         The second target Oxurion has identified to treat diabetic
         macular edema and age-related macular degeneration,
         is integrin. To inhibit this target, Oxurion is currently
         clinically developing the molecule THR-687, a
         compound with a broad potential.

         What is THR-687?                                                      THR-687 has therefore the potential to attenuate different disease      What is angiogenesis?
                                                                               processes such as vascular leakage, inflammation, neovascu-             Angiogenesis is a process by which new blood vessels are formed from
         THR-687 is a small molecule pan RGD integrin antagonist.              larization and fibrosis induced by multiple stress factors (including   pre-existing vessels. Pathological angiogenesis is associated with retinal
         Integrins play an important role in various biological processes      but not limited to VEGF, cytokines,.….).                                diseases such as Diabetic Macular Edema, (Proliferative-) Diabetic Retinopathy
         including cell differentiation, adhesion, migration, invasion                                                                                 and wet Age-related Macular Degeneration, leading to vision impairment or
         and proliferation.                                                    Therefore, THR-687 has a broader biological effect than anti-           even blindness.
                                                                               VEGF therapy, the current golden standard of care for patients
         Given their broad function, integrins are associated with various     with DME or wet-AMD.                                                    What is retinal fibrosis?
         eye diseases such as diabetic macular edema (DME) and wet
         age-related macular degeneration (wet-AMD). Integrins are                                                                                     When retinal fibrosis occurs, abundant tissue (‘scar’) forms in the retina. It
         implicated in main pathologic hallmarks like neovascularization,      Whom is THR-687 for?                                                    is a reparative process in response to retinal injury, which can be caused
         inflammation, fibrosis and vascular leakage.                                                                                                  by inflammation. Excessive fibrotic scarring can lead to vision impairment or
                                                                               There is a large unmet medical need in the DME market, since            even blindness.
         By targeting integrins, THR-687 could attenuate all these             a significant proportion of these patients do not respond well to
         vision-threatening processes given its broad therapeutic potential.   current standard of care therapies.

                                                                               Given the fact that THR-687 affects multiple signaling pathways
         How does THR-687 work?                                                simultaneously (including the VEGF pathway), it has the poten-          In-licensed from Galapagos
                                                                               tial for treating all patients, including naïve patients and patients
         THR-687 antagonizes RGD-binding integrin receptors in the low         sub-optimally responding to anti-VEGF therapy.                          THR-687 is derived from the small molecule integrin inhibitor library gen-
         nanomolar range. The integrins are involved in the activation of                                                                              erated and owned by Galapagos, for which Oxurion has an exclusive
         multiple pathological pathways of DME and wet-AMD, by interact-       Besides DME, THR-687 has also the potential to be very pro-             worldwide license.
         ing with multiple growth factors or cytokine receptors in a direct    mising in wet AMD and other ocular indications.
         or indirect manner.

     Perspectives 2020                                                                                                                                                                                                    Perspectives 2020
24       THR-687                                                                                                                                                                                                                                                                                             THR-687       25

         Clinical update THR-687
                                                                                                                                               A mean CST decrease of 106 µm
                                                                                                                                               was reported at day 14 in the highest

         THR-687, a potent pan-RGD integrin                                                                                                    dose group.

                                                                                                                                               This makes THR-687 a promising can-
                                                                                                                                                                                                 THR-687-001: Mean Change in BCVA From Day 0 (Accounted for Rescue)
                                                                                                                                                                                                 All Treated Subjects, Overall

         antagonist in development for DME                                                                                                     didate for treatment of vision-threatening
                                                                                                                                               eye diseases such as DME and wet
                                                                                                                                               AMD. Potentially, it could become a
                                                                                                                                                                                                     20

                                                                                                                                                                                                      15
                                                                                                                                                                                                                                                  9.2                            8.8                                8.3
                                                                                                                                                                                                                                  7.7
                                                                                                                                               standard of care for all DR patients, with            10               7.2

         Oxurion kick-started 2020 with positive topline data from phase 1 clinical trial evaluating THR-687                                   or without DME, and wet AMD patients                   5
                                                                                                                                                                                                            0.0
                                                                                                                                                                                                                3.1

         for treatment of DME. This molecule showed a rapid onset of action across all doses after just one                                    based on its broader biological effect than            0
                                                                                                                                                                                                            D0 D1     D7       D14               M1                              M2                                 M3
         injection. Improvement was observed in vision, measured by best corrected visual acuity (BCVA),                                       anti-VEGF therapy.
         and macular swelling, measured by central subfield thickness (CST) on OCT (optical coherence
         tomography). “The positive phase 1 data indicates that THR-687 could potentially be an effective
         therapy for patients with DME”, notes Arshad Khanani, M.D., M.A.                                                                      On track to start phase 2
                                                                                                                                               clinical trial                                      THR-687-001: Mean Change in CST From Day 1 (Accounted for Rescue)
                                                                                                                                                                                                   All Treated Subjects, Overall
         T H R- 6 87, a p a n - R GD i nte g r i n   Each patient received one of three          with 9.2 letters gained. Most impressively,   “I am very encouraged to see excellent
         antagonist, has a broad therapeutic         doses: 0.4 mg (3 patients), 1 mg (3         this improvement was mostly maintained        signs of efficacy so quickly post-treat-                120

         potential. This compound can target         patients) and 2.5 mg (6 patients). All      post-single injection at month 3 with a       ment. The study also demonstrated that                      80
                                                                                                                                                                                                                                                                                                                    4.1
                                                                                                                                                                                                           40
         multiple disease hallmarks of diabetic      12 patients completed the study, with       mean overall gain of 8.3 letters.             THR-687 had a rapid positive effect on
                                                                                                                                                                                                           0
         retinopathy (DR), with and without          no dose limiting toxicities or serious                                                    best corrected visual acuity (BCVA) that
                                                                                                                                                                                                       -40
                                                                                                                                                                                                                                                                                               -3.8
         DME, and also with wet age-related          adverse effects reported.                   Overall, a marginal impact on mean CST        was durable for up to 3 months after just               -80                  -43.9                         -35.8
                                                                                                                                                                                                                                        -38.9
         macular degeneration (AMD).                                                             was noted up to month 1, followed by an       a single injection. This promising initial data        -120
                                                                                                                                                                                                                  D0 D1      D7          D14               M1                                   M2                  M3
                                                     In each dose group, there was one           increase until month 3.                       indicate that THR-687 could potentially be
         Preclinical models show that THR-687        subject with a non-serious adverse                                                        an effective monotherapy for patients with
         is a potent inhibitor of angiogenesis-      event that was deemed to be related                                                       DME”, says Dr. Arshad Khanani.
         induce d vascular leakag e. The             probably to the injection procedure.
         inhibition of integrins targets multiple    Otherwise, there were a few other                   “THR-687 could                        Patrik De Haes, M.D., CEO of Oxurion, said:
                                                                                                                                                                                                 THR-687-001: Mean Change in BCVA From Day 0 (Accounted for Rescue)
         processes involved in pathological
         angiogenesis and vascular leakage
                                                     side effects likely due to disease pro-
                                                     gression or concomitant diseases. In
                                                                                                         potentially be an                     “These encouraging findings from our
                                                                                                                                               phase 1 clinical trial with THR-687, along
                                                                                                                                                                                                 All Treated Subjects, Overall

         for common retina pathologies. An           total, 9 adverse events were reported           effective therapy for                     with the very positive feedback we have               20                             THR-687 0.4mg (N=3)    THR-687 1.0mg (N=3)         THR-687 2.5mg (N=6)
         integrin antagonist drug has the poten-
         tial to block several pathways, and as
                                                     in 5 subjects. Three of them received
                                                     rescue therapy.
                                                                                                      patients with DME.”                      received from the retinal community, high-
                                                                                                                                               light the significant potential of this novel
                                                                                                                                                                                                     15
                                                                                                                                                                                                                                                                                                                    12.5
                                                                                                                                                                                                     10
         such reduces the expression of growth                                                                 Arshad Khanani, M.D., M.A.      integrin antagonist. We are on track to start                                                                                                                        6.7
         factors as well.                                                                                                                      a phase 2 clinical study with THR-687 in               5

                                                     Immediate
                                                                                                                                                                                                                                                                                                                    1.7
                                                                                                                                               treatment-naïve DME patients in H1 2021.”              0
                                                                                                                                                                                                           D0 D1      D7      D14               M1                          M2                                 M3

                                                     vision improvement                          Dose response
         Set-up & safety
                                                     At day 1 an immediate improvement           A pronounced dose response is observed
         The phase 1 study evaluated safety          in vision was found. The overall mean       for this single injection of THR-687.
         and tolerance of a single injection of      change in BCVA was rather modest at         Patients receiving the highest dose (2.5
         THR-687 in 12 patients with DME with        day 1 with 3.1 letters gained, but at day   mg) noted an improvement in BCVA of
         a history of response to prior anti-        7 it was already 7.2 letters. The highest   12.3/12.5 letters at month 3.
         VEGF, corticosteroid treatment or laser.    mean change was reported at month 1

     Perspectives 2020                                                                                                                                                                                                                                                                             Perspectives 2020
26       THR-687                                                                                                                                                                                                                                                     THR-687        27

         Interview Arshad Khanani, M.D., M.A.
                                                                                                                                             Diabetic retinopathy

         “Initial data point to clinical                                                                                                     What is DR?
                                                                                                                                             Diabetic retinopathy (DR) is a consequence of too much
                                                                                                                                             blood sugar, which damages and weakens blood vessels
                                                                                                                                                                                                               Prevalence of DR
                                                                                                                                                                                                               At present, an estimated 146 million people are affected by
                                                                                                                                                                                                               DR and anyone with diabetes is at risk of developing it. Up

         efficacy”                                                                                                                           in the retina. The vessels can swell, leak or clog, or new
                                                                                                                                             vessels can start to grow. DR is a very common eye disease
                                                                                                                                             for people with diabetes and can cause vision impairment
                                                                                                                                                                                                               to one third of diabetes sufferers will eventually develop DR.

                                                                                                                                                                                                               Symptoms of DR
                                                                                                                                             or, at worst, vision loss. DR is the most common cause of         Symptoms are blurriness, floating spots, dark areas of vision,
         “The study was phase 1 and designed to assess safety. From evaluating a small number of                                             preventable blindness in the world.                               and difficulty perceiving colors or contrast. These are typically
         subjects, THR-687 showed a signal of clinical efficacy based on best corrected visual acuity," noted                                                                                                  absent in the disease's early stages.
         Arshad Khanani, M.D., M.A., an investigator in the study.                                                                           There are two main stages in diabetic retinopathy: early
                                                                                                                                             (non-proliferative diabetic retinopathy, NPDR); and more          Treatment of DR
                                                                                                                                             advanced (proliferative diabetic retinopathy, PDR).               Current treatment of DR consists of laser treatment, surgery
         Dr. Khanani presented the topline            What is the future                                                                                                                                       or anti-VEGF injections. These reduce the swelling of the
         re s u lt s at t h e Fe b r u a r y 2 02 0   of THR-687?                                                                            NDPR causes damaged blood vessels and blurred vision.             retina and slow vision loss.
         Angiogenesis, Exudation and                                                                                                         When these vessels start to leak fluids this is called diabetic
         Degeneration meeting in Miami,               “Preclinical studies show that integrins                                               macular edema (DME). The reverse is also a possibility:           Why are new therapies needed?
         Florida. “I was very pleased to present      work on several pathways linked to                                                     blood vessels in the retina close off so blood cannot reach       About 40% of patients do not respond to anti-VEGF injec-
         the data of the phase 1 clinical trial of    diabetic eye disease. As THR-687 is                                                    the retina. This is called macular ischemia.                      tions, or reaction is suboptimal. The treatment burden is also
         THR-687. They were well received by          a pan-RGD integrin antagonist, it can                                                                                                                    quite heavy: the injections must be given every month for
         my colleagues,” he reported.                 block these pathways and improve                                                       PDR is the more advanced stage of DR and happens when             at least a while. This makes treatment time-consuming and
                                                      vision. The result of the phase 1 clinical                                             new blood vessels start to grow in response to ischemia. This     costly. Lastly, anti-VEGF only suppresses symptoms and
                                                      trial argues in favor of a phase 2 study                                               is called neovascularization.                                     does not get at the cause.
         Why were you pleased with                    in naive DME patients to establish
         the data?                                    the efficacy and safety of THR-687.                                                    In a survey, 79% of respondents said their vision impair-         New therapies need to be developed to successfully treat a
                                                      These initial data show that THR-687                                                   ment due to DR or DME made everyday activities - driving,         larger number of patients.
         “The primary endpoint of the study           can potentially be an effective mono-                                                  working, cooking, cleaning their home - difficult and in some
         was safety, and THR-687 was found            therapy or adjunctive therapy for                                                      cases impossible.
         to be safe without any dose-limiting         patients with DME."
         toxicities. The patients received prior                                                                                             * Source: DR Barometer: https://drbarometer.com
         treatment with either anti-VEGF or
         steroid injections and we still saw
         visual acuity improvements. These
         were relatively difficult patients to
         treat. The high-dose group showed                                                         Dr. Arshad Khanani, M.D., M.A. is an
         clinically meaningful gains in vision                                                     ophthalmologist and vitreo-retinal spe-
         and improvements in OCT, which is                                                         cialist and the managing partner and
         very encouraging.”                                                                        director of clinical research at Sierra
                                                                                                   Eye Associates, Reno, Nevada, USA.
                                                                                                   He is a consultant to the company and
                                                                                                   an investigator for both THR-149 and
                                                                                                   THR-687 clinical trials.

     Perspectives 2020                                                                                                                                                                                                                                          Perspectives 2020
28       Researching the AMD pathway                                                                                                                          Researching the AMD pathway          29

         Researching the                                     Interview Alan Stitt

         AMD pathway                                         “Oxurion is well-positioned to develop
                                                             pathways to address dry AMD”
         The focus of the Oxurion research and preclinical
         development teams was in 2019 almost                In 2019, Oxurion made the strategic decision to also focus on research and development in dry
                                                             age-related macular degeneration (AMD): a major cause of vision loss worldwide, but one with no
         exclusively on in-vivo and in-vitro validation      effective treatment. This represents a huge challenge but Oxurion feels equal to the task. “The
         of new pathways and compounds for                   number of patients affected by dry AMD continues to increase and there is considerable research
                                                             effort being channeled into better understanding the disease and, of course, developing an effective
         treatment of dry AMD. We hope to be                 treatment”, explains Professor Alan Stitt, McCauley Chair of Experimental Ophthalmology at
         able to present preclinical proof of                Queen’s University in Belfast.
         concepts in 2020.
                                                             Prof. Stitt: “Age-related macular          Challenging &                                  with dry AMD although we know this
                                                             degeneration occurs as two types,          complex disease                                is influenced by factors like genetics,
                                                             often referred to as wet or dry AMD.                                                      gender, ethnicity and tobacco smoking.
                                                             The vision loss associated with wet        An effective treatment for dry AMD             There is much work under way to
                                                             AMD (also called neovascular AMD)          could change many lives, but arriving          understand the drivers for this disease,
                                                             can be addressed using regular intra-      there means navigating a long and              especially in the early stages”.
                                                             vitreal delivery of drugs called anti-     challenging path.
                                                             VEGFs. There are efforts to improve                                                       “It would be ideal to intervene early
                                                             such treatments, such as with Oxurion's    “Dry AMD is a very complex disease to          when people still see reasonably
                                                             THR-687 molecule. Dry AMD (also            tackle”, Prof. Stitt points out. “Scientists   well. Stopping dry AMD in its tracks
                                                             called geographic atrophy) affects a       are still trying to get a handle on what       will prevent progression to the late,
                                                             much greater proportion of patients,       causes the onset of dry AMD and we             sight-threatening stages of the disease.
                                                             and unfortunately today their disease      still cannot reliably predict who will         Once cells in the retina have died it is
                                                             is largely untreatable.”                   develop the condition and how rapidly          hard to replace them”, he adds. 
                                                                                                        it will progress. There can be distinct
                                                             “Dr y AMD is a slow, progressive           differences between patients diagnosed
                                                             degeneration in the macular region
                                                             of the retina causing central vision
                                                             deficits. For sufferers this greatly                        “We want to develop a treatment that
                                                             diminishes their everyday life by
                                                             reducing the ability to do normal
                                                                                                                       addresses the underlying causes of dry
                                                             activities like reading, driving or even                  AMD so that progression of the disease
                                                             recognizing faces. In the worst-case
                                                             scenario it can become impossible to
                                                                                                                          is stopped or at least slowed down.”
                                                             live an independent life.”                                                                                     Professor Alan Stitt

     Perspectives 2020                                                                                                                                                         Perspectives 2020
30       Researching the AMD pathway                                                                                                                                                                                                                Researching the AMD pathway            31

         Tackling the cause of                       regularly for an injection into the        The company's research teams are             Age-related macular degeneration
         the disease                                 eye which, of course, is unpleasant        working on preclinical models in dry
                                                     and inconvenient. The recurring            AMD. “I believe the basic knowledge          What is AMD?
         Regarding treatment, Prof. Stitt is opti-   costs are also a burden for health         Oxurion has already developed with           Age-related macular degeneration (AMD) is a progres-                   It is not known what causes AMD, although hereditary and
         mistic. “Our goal for both wet and dry      service providers”.                        THR-149 and THR-687 in DME and               sive eye disease associated with aging. It is caused by                environmental factors are thought to play a role. Smoking
         AMD is to prevent the disease early                                                    wet AMD is very transferable to dry          degeneration or deterioration of cells in the macula, the              is a known risk factor: it doubles the chance of developing
         when the retina's cells are not too         While still committed to finding better    AMD. Its combination of established          region at the back of the eye responsible for central vision           AMD. With wet AMD being female, over 60 and Caucasian
         badly damaged. Many researchers             treatments for DME and wet AMD,            expertise in both retinal disease and        and critical for activities like reading, writing and driving. AMD     also increase the risk.
         across the world are seeking to tackle      Oxurion recently announced that it is      therapeutic target development, plus         is the leading cause of blindness is the United States.
         the underlying causes of AMD so its         exploring new pathways for dry AMD.        translation into clinical results, posi-                                                                            Symptoms of AMD
         progression can be stopped or at            Since he shares Oxurion’s interest         tions Oxurion very well to do this”, Prof.   There are two types of AMD: wet and dry.                               •   Reduced central vision in one or both eyes
         least slowed. While they have been          in these important diseases and its        Stitt concludes                                                                                                     •   Blurry or blind spots in the field of vision
         extraordinarily successful, anti-VEGF       commitment to improve patients'                                                         About 85 to 90 percent of people with AMD have dry AMD.                •   Decreased intensity or brightness of colors (‘grayness’)
         treatment for diabetic macular edema        lives, Prof. Stitt was happy to accept     .                                            This back of the eye disease occurs when the retina thins              •   Distortions of center frame of vision (straight lines
         (DME) or wet AMD can prevent vision         an official partial consultancy role in                                                 as part of the aging process. Dry AMD worsens over time,                   seem bent)
         loss but they only suppress symp-           the company.                                                                            although much slower than the wet variety. Dry AMD usually
         toms and don’t resolve the underlying                                                                                               affects both eyes.                                                     A common early sign of dry AMD is large and numerous
         cause. Therefore, patients must return                                                                                                                                                                     drusen: tiny yellow or white deposits under the retina.
                                                                                                                                             Wet AMD is a more advanced stage of AMD and develops
                                                                                                                                             when abnormal blood vessels grow into the macula and                   Treatment of AMD
                                                                                                                                             start to leak fluids or blood, leading to formation of scar            For dry AMD there is currently no treatment. Wet AMD is
                                                                                                                                             tissue in the macula. The main consequence is rapid loss               treated the same way as diabetic retinopathy and diabetic
                                                     Alan Stitt is an academic researcher at Queen’s                                         of central vision.                                                     macular edema. A complicating factor is that most people
                                                     University in Belfast (Northern Ireland). He researches                                                                                                        only know they have AMD when they experience vision loss,
                                                     diabetic retinopathy, age-related macular degeneration                                  The disease has three stages: early, intermediate, and late. It        by which time it is usually too late to effectively treat it. It is
                                                     and regenerative medicine, and is internationally recog-                                is only in late-stage AMD that vision loss becomes noticeable.         also very hard to predict the disease's progression.
                                                     nized for his research in ophthalmology. In September
                                                     2019 he took a partial consultant position at Oxurion.                                  Prevalence of AMD                                                      Going on a diet, exercising, wearing sunglasses, and quitting
                                                     His role is to advise on target preclinical development                                 Worldwide, 170 million people suffer from AMD. Wet AMD                 smoking might help in halting the development or pro-
                                                     related to macular degeneration, diabetic edema and                                     only affects 10 percent of AMD patients but is responsible             gression of AMD.
                                                     retinal disease.                                                                        for 90 percent of all AMD-related vision loss.

                                                                                                                                             * Source: https://yoursightmatters.com/what-is-amd-and-what-are-the-symptoms/

            Ambitious plan for dry AMD in 2020
            “Oxurion aims at delivering at least one dry AMD pre-         Patrik De Haes, M.D., CEO of Oxurion, says. “It must be
            clinical proof of concept. In collaboration with top retina   clear that as soon as we can craft a value path for those
            experts such as Prof. Stitt, we are identifying the most      patients, we expect this will automatically translate into
            promising pathways for treating dry AMD. Our goal             value creation for our shareholders as well”, Thomas Clay,
            is to make a difference in the life of these patients”,       Chairman of the Board, adds. .

     Perspectives 2020                                                                                                                                                                                                                                                 Perspectives 2020
32       Part of the global eye community                                                                                                         Part of the global eye community          33

         Part of the global                              Prevent blindness

         eye community                                   “By partnering with Oxurion we
                                                         reach more people”
         Oxurion joins forces with NGOs and patient
         advocacy organizations like Prevent Blindness   For the second year in a row, the American non-profit organization Prevent Blindness has
                                                         partnered with Oxurion to encourage people to make their eye health a priority. “Partnerships with
         and Retina Global to prevent vision loss and    companies like Oxurion help us spread the important message to take care of yourself and your
         fight blindness worldwide.                      eyes. And it’s working: each year we notice much more traffic to our website and more requests for
                                                         information on eye diseases related to diabetes,” notes Jeff Todd, president & CEO of
                                                         Prevent Blindness.

                                                         Prevent Blindness has been a patient              “Through awareness and
                                                         advocate for healthy vision for over
                                                         a century. “Through awareness and
                                                                                                   education, our goal is to minimize
                                                         education, our goal is to minimize the           the damaging effects that
                                                         damaging effects that diabetes can
                                                         have on vision,” Jeff says.
                                                                                                       diabetes can have on vision.”
                                                                                                         Jeff Todd, President and CEO of Prevent Blindness
                                                         Diabetic retinopathy (DR), diabetic
                                                         macular edema (DME), and age-
                                                         related macular degeneration (AMD)       “Our partnership with Oxurion during       Empowering patients
                                                         are among the eye diseases Prevent       Diabetes-Related Eye Disease Awareness
                                                         Blindness is working to prevent.         Month in November allows us to spread      To reach more people and educate them
                                                         Oxurion is seeking solutions for these   the message, to promote on social media    about serious eye diseases that can cause
                                                         eye diseases, so the collaboration is    and lead more people to our website for    significant vision loss and even blindness,
                                                         only natural.                            education,” Jeff concludes.                Prevent Blindness will continue to work to
                                                                                                                                             empower patients in 2020.

                                                                                                                                             Jeff Todd: “We want to get patients
                                                                                                                                             involved; we want to hear their voices.
                                                                                                                                             Prevent Blindness has always been
                                                                                                                                             about representing patients with
                                                                                                                                             eye disease. Now we want to also
                                                                                                                                             empower them and their caregivers to
                                                                                                                                             advocate for themselves. By sharing
                                                                                                                                             real life stories we're certain we can
                                                                                                                                             reach more people and educate them
                                                                                                                                             on eye diseases, how to prevent and
                                                                                                                                             treat them.” 

     Perspectives 2020                                                                                                                                                  Perspectives 2020
Part of the global eye community        35

                                           Retina global
Diabetes-related
eye disease

For people with diabetes, preventing
damage to their eyes starts with con-
                                           “Our goal is to train the people on the
trolling blood sugar levels. That means
taking diabetes medication, eating
healthy, exercising, and getting eye
                                           ground to obtain a sustainable outcome”
exams at least yearly. “We cannot stress
enough how important it is for those       Retina Global sends retina specialists to parts of the world having a great need for expert eye care. “These
living with diabetes to see their eye      specialists volunteer their time, effort and expertise to areas that lack retina specialists. They perform eye
doctor at least once a year. The earlier   checks, provide treatment, or do surgery. On top of that they also train medical staff on the ground so they
we can detect these eye diseases, the      can work independently”, explains Rajat Agrawal, M.D., CEO of Retina Global. “It is always our goal to have
more successful treatment can be,”         a sustainable outcome.”
Jeff emphasizes.

But of course, before they can see         Retina Global currently operates in
an eye doctor to check for diabetes-       Belize, the Bahamas, Burundi and Bolivia.                                     “Everywhere we go we see
related eye disease people must know
they have diabetes. This isn’t always
                                           Projects in Haiti, Mexico and Ethiopia will
                                           start soon. “In these underserved areas
                                                                                                                         people with DR. Treatment is
the case. They may not recognize           there is a great need to treat diabetic                                       often not available for them.”
the symptoms or realize that their         retinopathy (DR). Everywhere we go we
problems are serious. Making people        see people with DR, and often treatment                                       Rajat Agrawal, M.D.,
aware of diabetes symptoms is also an      is unaffordable or there simply isn’t a retina                                CEO of Retina Global
important goal.                            specialist available. Doctors in these coun-
                                           tries don’t always have the knowledge or
                                           the tools to diagnose these eye diseases.”       “We are currently focusing our efforts in     Public Awareness
                                                                                            Bolivia on the city of Cochabamba, the
                                                                                            country's fourth largest city with some       Not only doctors and nurses need
                                           The BOLDR project                                650,000 inhabitants. There were no            information on these diseases: patients
   Frequent    Abnormally
                 hungry
                                                                                            trained retina specialists in public health   and patient groups do as well. “Raising
   urination
                            Abnormally     Retina Global plans to change that. With         care. Most patients with diabetes go to       public awareness of diabetic eye disease
                              thirsty      the support of Oxurion it started the            a primary care physician, but these don't     is another of our goals. People need to
     Experiencing                          BOLDR (Bolivian Diabetic Retinopathy)            always know they need to also screen for      know they need regular eye screening
     blurred vision Tingling feet
     or hearing loss and itchy skin
                                           project. BOLDR is committed to reducing          eye diseases as. Courses and lectures for     and how to recognize the symptoms. By
                                           the number of people going blind due             medical staff supported by Oxurion will       providing information to patient groups
                                           to the increasing prevalence of diabetic         change that”, Rajat Agrawal explains.         and running campaigns, we are confi-
                                           retinopathy in Bolivia, and to combating                                                       dent we can make people aware of DR
                                           the rising incidence of age-related                                                            and get them to turn to their doctors and
                                           macular degeneration (AMD) in this South                                                       seek treatment. Of course, we also need
                                           American country.                                                                              to train doctors and medical staff so they
                                                                                                                                          can do the necessary eye checks and
                                                                                                                                          give treatments.”

                                                                                                                                                                    Perspectives 2020
36       Oncurious                                                                                                                           Oncurious       37

         Oncurious       Next-generation I/O cancer
                         treatments
                         Oncurious is preparing a preclinical proof of concept from its portfolio of immuno-oncology assets
                         acquired from VIB, the Flemish Institute of Biotechnology. The ambition is to develop next-
                         generation immunotherapies targeting a very broad spectrum of cancers.

                         Im m u n o - o n co lo g y i s a ra p i d ly   combined expertise pursues a single      tumor that is the most common
                         evolving branch of science. It’s a             goal: to develop innovative therapies    malignant brain tumor in children.
                         specific type of immunotherapy that            targeting a very broad spectrum of       TB-403, an anti-PIGF, blocks the
                         stimulates the immune system to                cancers, thus benefiting a large group   PIGF signals and stops the tumor
                         fight cancer cells and tumors. It could        of patients.                             cell s f ro m g row in g . Pre clinic al
                         offer an alternative or complementary                                                   studies suggest this anti-PIGF leads
                         treatment to chemotherapy, radiation,          Research groups are working on           to tumor regression, decreased
                         and surgical removal of tumors.                a preclinical proof of concept for       metastasis, and higher survival rates.
                                                                        a portfolio of innovative immuno-        At the same time, anti-PIGF therapy
                         Unfortunately, the first generation of         oncology assets that the company         will probably be much less toxic
                         immunotherapies brought to market              plans to present in I/O in 2020.         than chemotherapy.
                         only helps a minority of patients.
                         Many do not respond to them, and                                                        Oncurious is still recruiting patients
                         for multiple types of cancer they are          Clinical trial                           with relapsed or refractory medullo-
                         not effective at all. Research on new          researching treatment                    blastoma to conduct a phase 1/
                         ones is thus urgently needed.                  of medulloblastoma                       phase 2a clinical trial to evaluate the
                                                                                                                 safety of different doses of TB-403.
                         Oncurious joined forces with VIB two           One project Oncurious is to develop
                         years ago to take immuno-oncology              an alternative treatment for medullo-
                         research to the next level. Their              blastoma, a rare life-threatening

     Perspectives 2020                                                                                                                   Perspectives 2020
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