MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB

 
MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
MANAGEMENT PRESENTATION

            September 2019

                                          SEPTEMBER 2019
                               MANAGEMENT PRESENTATION

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
DISCLAIMER
     Forward-looking statements
     This presentation may contain certain forward-looking statements and forecasts based on uncertainty, since they relate to events and
     depend on circumstances that will occur in the future and which, by their nature, will have an impact on Sedana Medical’s business, financial
     condition and results of operations. The terms “anticipates”, “assumes”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”,
     “intends”, “may”, “might”, “plans”, “should”, “projects”, “will”, “would” or, in each case, their negative, or other variations or comparable
     terminology are used to identify forward-looking statement. There are a number of factors that could cause actual results and developments
     to differ materially from those expressed or implied in a forward-looking statement or affect the extent to which a particular projection is
     realized. Factors that could cause these differences include, but are not limited to, implementation of Sedana Medical’s strategy and its
     ability to further grow, risks associated with the development and/or approval of Sedana Medical’s products candidates, ongoing clinical trials
     and expected trial results, the ability to further commercialize AnaConDa and IsoConDa, technology changes and new products in Sedana
     Medical’s potential market and industry, the ability to develop new products and enhance existing products, the impact of competition,
     changes in general economy and industry conditions and legislative, regulatory and political factors.

     No assurance can be given that such expectations will prove to have been correct. Sedana Medical disclaims any obligation to update or
     revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
ENABLING INHALATION SEDATION                                                              COMPANY IN BRIEF

     1. Current ICU sedation presents many challenges, uncertainties and     • Sedana Medical is a Swedish MedTech company on its way to
        risks.                                                                 becoming a pharmaceutical company.
     2. Inhalation sedation has many inherent benefits, but has not been     • AnConDa enables inhalation sedation of mechanically ventilated
        practically possible in the past.                                      patients in intensive care.
     3. Sedana Medical is uniquely positioned to enable inhalation           • AnaConDa administers the volatile drug IsoConDa (isoflurane) via
        sedation in ICUs globally.                                             the respiratory tract in an efficient, safe, simple and cost-effective
     4. Sedana Medical has demonstrated proof of concept with rapidly          manner.
        growing adoption despite off-label status.                           • AnaConDa is approved in Europe, South Korea, Japan and a
     5. Sedana Medical sees blockbuster potential for AnaConDa &               number of other countries.
        IsoConDa.                                                            • Positive Pre-IND FDA interaction to combination registration of
     6. Phase III clinical trial of IsoConDa ongoing with study completion     AnaConDa and IsoConDa through the 505 (b) (2) pathway.
        estimated for January 2020.                                          • MAA approval expected 2021 and NDA approval expected 2024.

                                                                                    Global market                  Sales                Sales growth

                                                                                 EUR 2-3bn                   EUR 5.5m                     24%
                                                                                 annually (estimated)              2018               RTM June 2019

                                    VISION
                                                                               “Inhalation sedation is a potential paradigm shift in
            Inhaled sedation with AnaConDa & IsoConDa:                         intensive care.”
                A global standard of care therapy for                                                   – Professor Daniel Talmor, anaesthesiologist and
                mechanically ventilated ICU patients.                                                   physician at Beth Israel Deaconess Medical Centre

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
A. Appendix
 History of Sedana Medical

                                                                                                                                                                                                         First cost consequence
                                                                                                                                                                                                           analysis presented
                              AnaConDa first                                                                                                                                                             Proving cost-effectiveness of
                                                                                                                                                                                        Inititation of    AnaConDa vs IV -sedation
                                  used
                                                                                                                                                                                        Registration
                             in Sweden in the mid                                                       Reduced ICU Stays
                              90's and tested in a
                                                                                                                                                        Reduced Mortality                   Study
                                                                                                   Study shows that short-term                          Study finds that one year
                             clinical setting for the
                                first time in 1999
                                                                                                     sevoflurane sedation using                          mortality is significantly                        First sales in the UK
                                                                                                  AnaConDa after cardiothoracic                         lower in isoflurane vs. IV                             Direct sales with
                                                                                                    surgery significantly reduces                          sedatated patients                                 first hire in the UK
           First study                                                                             ICU stay, venillation time and                                                 Approval and Sales
            of inhalation                                                                                   hospital stay
           sedation using                               Company Founded                                                                                                            of AnaConDa-S
             isoflurane                                  in Uppsala Sweden                                                                                                          (50ml) in EU
          Kong et al. 1988                                                                                                     New ICU Sedation
                                                                                                                                  Guidelines
                                                                                                                                 For the first time                             Approval of AnaConDa           Approval of
                                                                                                                               Inhalation Sedation is                             in S.Korea as first          AnaConDa in
                                                                                                                                part of the new ICU                                country in Asia                Japan
                                                                             First AnaConDa sales                              Sedation guidelines in
                                                                              Sedana establishes test                                Germany
                                                                                market in Germany
                                                                                                                                                                                      Listed at Nasdaq
                                                                                                                                                                                         First North
                                                                                                                                                                                         Stockholm

               1988                  1999                     2005                    2007                    2008                     2010                       2015                      2017                    2018

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in
                      5   commercialisation of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
1. Sedation in ICUs represents a large unmet clinical need
 Intensive care units and sedation: A brief introduction
                       Overview: Intensive care units                                                Why are patients sedated in the ICU?

                          INTENSIVE CARE UNIT (ICU)                                                                SEDATION IN THE ICU

       ICUs cater to critically ill patients with severe illnesses and injuries              Sedation is primarily used for mechanically ventilated patients

                                                                                            The purpose of sedation of mechanically ventilated ICU patients
                                                                                              is to provide comfort via short- and long-term reduction of
                   Common conditions treated at ICUs include:                                          anxiety and distress to facilitate safety by:
         Trauma, multiple organ failure, sepsis and acute respiratory distress syndrome   Reducing autonomic stress, optimising ventilator treatment - asynchrony and avoiding
                                                                                                                             self-extubation

        30-50% of patients require mechanical ventilation to breathe1                            Sedated patients are better able to tolerate many of the
                                                                                                         procedures performed during ICU care

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
1. Sedation in ICUs represents a large unmet clinical need
 Sedation in the ICU represents a large unmet clinical need
         Current sedation methods fall short on key factors                                    A better sedative exists but it hasn’t been possible to use

                               INTRAVENOUS SEDATION                                                                       INHALATION SEDATION
              Long and unpredictable wake-up times (90 min – 130 h)2                                         Significantly reduced wake-up time (10-20 min)5
                                                                                                      Improving the planning of clinical workflow and reducing time to extubation
      Prolonging the stay in the ICU and making extubations difficult to plan
                                                                                                                           Controlled sedation depth
                   Drug level concentration is difficult to monitor
                                                                                                                           With less under and over sedation

     Tolerance, withdrawal symptoms or agitation/delirium (20-35% of cases)3
                           Significantly increasing ICU stay (by up to 40%)                               Tendency to reduce hallucination episodes/delirium 6
                          Delirium increases the mortality risk significantly

                         Eliminated through the liver or kidneys                                                         Eliminated through the lungs
         Extra burden on liver/kidneys. ICU patients frequently have impaired organ function      Inhaled sedatives such as Isoflurane are almost entirely eliminated through the lungs

                                         High mortality4                                                                        Reduced mortality4
                                  In long-term ventilated patients                                                          In long-term ventilated patients

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
1. Sedation in ICUs represents a large unmet clinical need
 Inhalation sedation hasn’t been practically possible in the past
     The tools for administration exist but not for use in the ICU            AnaConDa finally makes inhalation sedation possible in the ICU

                            ANESTHESIA MACHINE                                                               ANACONDA

            Anesthesia machines are used for administration of general              AnaConDa is a cost-effective CE marked disposable system for the
                       anaesthesia in the operating room.                                delivery of inhaled sedatives built for use in the ICU.

         These machines are capable of inhalation sedation, however, they              By incorporating a vaporizer, circle system, heat & moisture
          are not approved or intended for use in the intensive care unit             exchanger and a bacterial/viral filter into a single disposable
           setting and they are not used due to their size and high capital         device AnaConDa is able to make inhalation sedation possible and
            and usage costs making them unsuitable for prolonged use.                                      practical in the ICU.

            The additional need for administration and monitoring by a                The AnaConDa device is simply attached to a traditional ICU
          specialist makes the use of these machines labour intensive and             ventilator in order to deliver controlled sedation to patients.
                        impractical for inhalation sedation.

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
1. Sedation in ICUs represents a large unmet clinical need
 AnaConDa – making inhalation sedation possible in the ICU
     Compact device encompassing the most important elements of an anaesthesia machine for ICU use

                                                                               AnaConDa

                                                                               -   Simple and convenient to administer – can be administered by a
                                                                                   nurse

                                                                               -   Low cost disposable system for administration of inhaled sedatives

                                                                               -   Accurate patient dosing minimizing over and under sedation

                                                                               -   Compact size and convenient design – Seamless integration into
                                                                                   clinical workflow

                                                                               -   Low consumption of sedative agent – >90% recirculated to patient

                                                                               -   Proven safety with no workplace pollution in the ICU

                                                                               -   Combines 4 functions (vaporizing, reflecting, humidifying and
                                                                                   filtering) disposable delivery system - no electricity or maintenance

       Vaporizer    Heat & moisture   Circle system   Bacterial/Viral filter
                       exchanger                                               -   CE marked with strong sales growth in Europe, patent possible until
                                                                                   2036

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MANAGEMENT PRESENTATION - SEPTEMBER 2019 MANAGEMENT PRESENTATION - Sedana Medical AB
1. Sedation in ICUs represents a large unmet clinical need
 IsoConDa® – a superior inhaled sedative for use in the ICU
   Safe and proven inhaled sedative administered by a practical and cost effective delivery system

                                                                                                         IsoConDa® (Isoflurane)

                                                                                                         -   Significant reduction in mortality4

                                                                                                         -   Potential for reduced ICU stay duration: No development of
                                                                               IsoConDa®
                                                                                                             tolerance, dependence, withdrawal symptoms and/or delirium and
                                                                                                             fewer hospital acquired infections (HAI): expected to lead to
                                                                                                             shorter ICU stays

                                                                                                         -   Organ protective*: Inhaled sedatives have potentially cardio-,
                                                                                                             neuro- and lung-protective properties7

                                                                                                         -   Eliminated through the lungs (IV drugs are metabolised in the liver
                                                                                                             and eliminated through the kidneys): isoflurane is almost 100%
                                                                                                             eliminated through the lungs

                                                                                                         -   Bronchodilator effect: Improves lung function for patients with
                                                                                                             COPD, ARDS, Asthma etc.8
       -     IsoConDa® (Isoflurane) is a generic volatile anaesthetic with a long record of use in the
             operating theatre
                                                                                                         -   Reduction of opiate dependency: Reduces the need for analgesics
       -     Currently not approved for use as a sedative in the ICU setting but is used off label
                                                                                                             such as remifentanil and other opioids by >35% compared to when
             together with AnaConDa
                                                                                                             using IV sedation, with benefits to the associated cost of sedation9

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           * Based on studies performed on mice.
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                          AnaConDa & IsoConDa – a superior combination for ICU
                      2   sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in
                      5   commercialisation of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

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1. Sedation in ICUs represents a large unmet clinical need
 What do we expect from a modern ICU sedative?
                 Potential issues, challenges and side-effects
                            with IV sedation in ICU

       1. Accumulation                                                                               Modern ICU sedative requirements
       •   Long half-life – context sensitive half-life period

       2. Metabolism and metabolites                                                          1    Minimal accumulation
       •   High organ metabolism through liver or kidney
             •    ICU patients frequently have impaired organ function
       •   Active metabolites                                                                 2    Minimal metabolism and no active metabolites
       3. Wake up times
       •   Long and unpredictable wake up times
       •   Extubation difficult to plan                                                       3     Rapid on- and offset
       •   Prolonging the stay in the ICU

       4. Adverse effects
                                                                                              4     Few adverse effects
       •   Withdrawal symptoms/hallucinogenic effects
       •   Delirium
       •   Interaction with other drugs
                                                                                              5     Readable drug level concentration
       •   Dependency/tolerances (tachyphylaxis)
       •   Propofol infusion syndrome
       5. Sedation depth
       •   No monitoring of drug level

                                          Volatile anaesthetics have been proposed as ideal ICU sedatives10

                                                           Sedation with volatile anaesthetics = Inhaled sedation

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2. AnaConDa & IsoConDa – a superior combination for ICU sedation
 Sedana Medical has over a decade of clinical experience
   More than 90 peer-reviewed publications

                                                                                                                                                         T
                                                                                                                                R IE F       REPOR
                                                                                                                       T R IC B
                                                                                   :927–933                P E D IA
                                                                          (2006) 32
                                                         tensive Care Med34-006-0163-0
                                                                                                                                                        y st at us
                                                       In        007/s001
                                                       DOI 10.1

                                                                                                                                     sever e refract or
                                                                                                                                 for
                                                                                                                      e t herapy
                                                                                                            Isofluran s in children
                                                                                                                        u
                                                                  hankar
                                                         Venkat S hurchwell
                                                                  C                                          ast hmat ic
                                                         Kevin B. Deshpande
                                                                   .
                                                          Jayant K

                                                                                                                                                                                                               response
                                                                                                                                                                                                  sustained
                                                                                                                                                                            fa il ed  to show on veno-venous
                                                                                                                                                         escribe th
                                                                                                                                                                      e                     placed                 xygena-
                                                                                                                                          ctive: To d a series               and was real membrane o y to
                                                                                                                                   O  b je                                             o rp  o                co n d ar
                                                                                                                     Abstract aled isoflurane in ing                          extrac                  died se
                                                                                                                                                                                         ne child                ned prior
                                                                                                                      u se of inh with life-threaten e case tion. O rain injury sustai nsion was
                                                                                      t 2005                                         n                       tiv               anoxic b ization. Hypote urred in
                                                                           23 Augus                                   of childre esign: Retrospec tensive
                                                                Received: 15 March 2006 06                                th ma. D                 ia tric in
                                                                                                                                                                                             al
                                                                                                                                                                                to hospit side effect, and o pressor
                                                                                                                                                                                                                     cc
                                                                   ep ted:               ay  20                        as
                                                                                                                                    etti ng : P ed              ildre n ’s                    r
                                                                                                                                                                                 the majo necessitating vaso urane
                                                                Acc                 5  M
                                                                         d online:                                     series. S f a tertiary-care ch g in age
                                                                Publishe er-Verlag 2006                                                                                                                               fl
                                                                                                                                                                                  8 childre oncl usi ons: Iso uces
                                                                                                                                      o                                                        n
                                                                 © Spring                                               care unit en children rangin isodes                                                          red
                                                                                                                            sp ital . T              it h 1 1 ep                  su p p o rt. C          p H  an d
                                                                                                                         ho             16 years
                                                                                                                                                  w                                              arterial              carbon
                                                                                                                                                               invasive            improves ssure of arterial tilated
                                                                                                                         from 1 to thma requiring pedi-                                       pre                    ven
                                                                                                                                        as                       e
                                                                                                                          of severe ventilation in th a 5-year partial e in mechanically ing status
                                                                                                                                        al                                          dioxid                   hreaten onsive
                                                                                                                          mechanic sive care unit over resulted                                  with life-t            sp
                                                                                                                                        n
                                                                                                                           atric inte esults: Isoflurane pH                          children s who are not re
                                                                                                    rchw ell ·             p er io d. R          en t  in ar terial        o f       as thmaticu nal management.
                                                                                          . B. C hu                                       rovem                   ressure                    nventi  o
13 |                                                                           r (✉) · K                                    in an imp ction in partial p                       l to co
                                                                    V. Shanka ande
                                                                                                      s Hospita
                                                                                                               l at                                                O2) in al                                            ilure ·
                                                                    J. K. Des rell Jr. Children’ ric Critical
                                                                              hp                                                          u
                                                                                                                             and a red on dioxide (PaC was sus-                                             iratory fa
       See Appendix for list of select publications.
                                                                            e C ar                 di at                          ri al ca rb              ef fe  ct                  K  ey  w  ords Resp s · Pediatrics ·
                                                                     Mon  ro
                                                                                 , Divisio
                                                                                            n of Pe                          arte             ces. This d to clinical                               thmaticu
                                                                       anderbilt                                  lle            e 11 instan              d le                         Status as
2. AnaConDa & IsoConDa – a superior combination for ICU sedation
 Therapeutical benefits by using inhaled anaesthetics

                                                                   ✓    Improved oxygenation
                      Pulmonary therapeutic effects for patients
                                                                   ✓    Reduction of pulmonary inflammatory response
                      with impaired gas exchange11                 ✓    Bronchodilatory effect

                                                                   ✓    Shorter time to extubation…
                      On-off effects and reliable wake-up with     ✓    Shorter time to cooperation…
                      inhaled sedation12                           ✓    Shorter ventilator time and ICU stay…
                                                                   …when compared with intravenous sedation

                                                                   ✓    Works in all patients – full range sedative
                                                                   ✓    No need for polypharmacy
                                                                   ✓    Few problems after wake-up
                      Reliable effect and safety with inhaled
                                                                   ✓    Patients are more lucid and calm with less hallucinations and delusions
                      sedation for the distressed patient13        ✓    No/low risk of tolerance development, ceiling effect and withdrawal
                                                                        symptoms
                                                                   ✓    Reduction of opioid use

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2. AnaConDa & IsoConDa – a superior combination for ICU sedation
 IsoConDa® provides clear benefits over current standard of care
       Benefits                                                                                                                                         IsoConDa®                                            IV sedation
        ON-OFF EFFECTS AND RELIABLE WAKE UP

         Significantly reduced wake-up time2                                                                                                            10-20 min                                         90 min – 130 h

         Reduction in ICU stay duration for deep sedation patients10                                                                                    4-16 days                                             6-27 days

         Significantly reduced time to extubation (ventilator tube removal)2                                                                            10-35 min                                           150-600 min
        RELIABLE EFFECT AND SAFETY FOR THE DISTRESSED PATIENT

         Limits the occurrence of hallucination episodes/delirium6                                                                                 2 of 10 patients                                        5 of 7 patients

         Reduction in use of opiates9                                                                                                                 2.7 mg/hour                                           4.2 mg/hour
        POTENTIALLY ORGAN PROTECTIVE PROPERTIES

         Reduced in-hospital mortality in long-term ventilated patients (>96h)4                                                                              40%                                                 63%

         Reduced 1 year mortality in long-term ventilated patients (>96h)4                                                                                   50%                                                 70%

         Improved gas exchange**                                                                                                                              **                                                   **

              Price per day                                                                                                                              EUR 100*                                          EUR 20-300***

                                                                               Daily cost of an                                                                                                         Annual cost of delirium
                                         EUR 1-3k                            ICU bed in Europe14                                                                     $4-16bn                               from ventilated
                                                                                                                                                                                                         patients in the US15

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         * Price for both AnaConDa and IsoConDa together. ** See appendix. *** Price of IV sedation is dependent on dose, number of pharmaceuticals used in the cocktail, severity of the patient and
         country. Excludes cost of prolonged ICU stay and additional treatment required due to complications in sedation. Cost for longer ICU –stay due to IV sedation is not included.
2. AnaConDa & IsoConDa – a superior combination for ICU sedation
 A potential paradigm shift in intensive care

       “This therapy helps us achieve two important objectives – sedation and organ protection – with one single drug.
       Inhalation sedation is a potential paradigm shift in intensive care.”

       – Professor Daniel Talmor, anaesthesiologist and physician at Harvard/Beth Israel Deaconess Medical Centre

                                         Kerstin Röhm, PhD, MD at the Israeli Annual Intensive Care Meeting – 4th July 2019, Tel-Aviv

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TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for
                      3   replacement of standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in
                      5   commercialisation of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

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3. Large & clearly defined market opportunity for replacement of standard of care
 Blockbuster market potential for IsoConDa/AnaConDa
   Breakdown: total market potential for IsoConDa/AnaConDa*

                    Annual number of patients visiting the ICU     Regional market potential
                                   30 million
                                                                        Europe                        USA
                                   12 million
                       patients require mechanically ventilation
                                                                     ~7,5m
                                                                       ICU patients
                                                                                                   ~7m
                                                                                                   ICU patients
                          Ventilated and sedated patients
                                    8 million
                                                                    ~EUR 700m                  ~EUR 900m
                                                                     European market
                                                                                               US market potential
                                                                         potential
                           Average number of sedation days                                     depending on pricing
                                     2,5-5 days

                                          X
                                                                     Asia/Pacific
                         AnaConDa/IsoConDa price per day in
                         Europe (will be higher in the US and
                                    lower in Asia)
                                      EUR 100                        ~12,5m
                                                                       ICU patients
                                          X
                         AnaConDa/IsoConda market potential
                              EUR 2-3 billion
                                                                     ~EUR 1bn
                                                                      Asian/Pacific
                                                                     market potential

18 |
       *Market size based on company estimates.
3. Large & clearly defined market opportunity for replacement of standard of care
 Rapidly increasing adoption and usage despite off-label status
   Case study: AnaConDa in Germany                                            Increasing use globally

   • In 2010, new guidelines for sedation were published in Germany.
   • The guidelines put forward inhalation sedation and the use of
     isoflurane as an alternative to IV sedation in intensive care for
     certain patient groups.
   • The new guidelines together with positive statements from a
     number of German KOLs have led to extensive use of AnaConDa in
     Germany.
   • Sedana Medical’s largest market is currently Germany, which
     together with other markets where it conducts direct selling, has
     functioned as a test market to study demand.
                                                                                 24%
                            AnaConDa in Germany                                   Sales growth,
                                                                                rolling 12 months
                                                                                    June 2019
                                                                                                                          Current use of AnaConDa

             ~600                                                                          Proven in clinical practice

         ICUs use AnaConDa
                                                                                                    >300,000
                                                                                                    AnaConDa units sold
               5%                                          Clinics actively
       of total market potential                           using AnaConDa                           >500,000
                                                                                                      treatment days

19 |
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in
                      5   commercialisation of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

20 |
4. Development & commercialisation
 Strategic priorities and financial targets

  Strategic priorities                                                     Financial targets

             Development and commercialisation: Europe
       1     •   Registration of the pharmaceutical candidate IsoConDa
                 (isoflurane) in 2021
                                                                                               During the period up until the approval of
             •   Ensure solid growth of AnaConDa sales and prepare for
                                                                                 Pre-          IsoConDa is obtained, the Company's goal is to
                 launch of IsoConDa in 2021                                  registration      increase sales with an average of over 20 per cent
                                                                                               per year, in parallel to building up a larger sales
             Development and commercialisation: USA                                            and market organization.
       2     •   Development of registration work in USA with both
                 AnaConDa and IsoConDa for NDA approval in 2024
             •   Commercialisation strategy for USA to be decided ~2022.

                                                                                               Provided that an approval of IsoConDa in Europe
             Development and commercialisation: RoW                             Post-          is obtained, the Company’s target is to reach a
       3     •   Register AnaConDa and IsoConDa in relevant markets in                         turnover in EU exceeding 500 million SEK and an
                 Asia, such as Japan and China                               registration      EBITDA margin of 40 percent three years after
                                                                                               approval.

21 |
4. Development & commercialisation
 European market registration study – the IsoConDa study
   Phase III trial: Non-inferiority study of IsoConDa compared to propofol

   A randomized, controlled, open-label study to confirm efficacy and safety of sedation with isoflurane in invasively ventilated ICU patients using the
   AnaConDa administration system.

        First patient included                  IsoConDa (N=150)                                                                           PRIMARY ENDPOINT
                                                                                                                 Study
                                                                                                              completion          Non-inferiority: proportion of time with
                 Q2                     300 patients in total       48 ± 6h          24 hr, 7 & 30 days
                                                                    treatment            follow-up             Jan 2020           adequate sedation depth for isoflurane
                2017
                                                                                                                                           compared to propofol
                                                Propofol (N=150)

                                                                                                                 MAA                     SECONDARY ENDPOINTS
                                                                                                              Submission
                                                                                                               Summer             Wake-up times, proportion of time with
                                                                                                                2020
                                                                                                                                       spontaneous breathing, opiate
                                                                                                                                     requirements, ventilator-free days

                                                                                                            After 12-16
                                                                                                              months
                         RECRUITMENT                                   STUDY SITES                                                      EXPLORATORY ENDPOINTS
                                                                                                          Market authorization
             • 234 patients recruited                                                                     expected in EU (2021)   Differences in Sequential Organ Failure
             • Last patient in during the turn of the                                                                             Assessment, mortality rate in addition to
               year 2019/2020                                      21 German sites                                                    IsoConDa and AnaConDa specific
                                                                   3 Slovenian sites                                                             endpoints

22 |
4. Development & commercialisation
 The IsoCOMFORT study for EU and USA
   Approved paediatric investigation plan

   A complete Marketing Authorization Application (MAA) for drugs in EU must include a PDCO agreed and approved study plan for children, a so-called PIP
   (Paediatric Investigation Plan).

        Protocol approved                     IsoCOMFORT Study                            Planned recruitment
        by EMA Paediatric         • 160 children, aged 3 to 17                               of first patient
            Committee
                                  • Isoflurane via AnaConDa vs. IV Midazolam
                                  • Sedation will last for 12-48 hours                            Q2
                                                                                                                     ~18 Sites in Spain,
              2019
                                  • Primary endpoint: time with adequate                         2020                Germany, France & Sweden
                                    sedation, assessed with the COMFORT-B scale
                                  • Preliminary duration of trial: 18 months
                                  • Finalisation of site feasibility assessment and
                                    CRO selection underway

                                 The outcome of the study is not a requirement for obtaining an authorization for use in
                                 adults, so the timetable for approval of IsoConDa is not affected by this decision.

                                 Since the filed registration documentation will now be complete – i.e. also covers children –
                                 an approval means Sedana Medical will receive ten years of market exclusivity in Europe for
                                 the use of isoflurane in sedation in intensive care.

23 |
4. Development & commercialisation
 Combination registration of AnaConDa & IsoConDa in USA
   505 (b) (2) approval pathway

   The FDA has accepted that Sedana Medical is taking the 505 (b) (2) path to registration, which somewhat simplifies the use of previously collected data.

         FDA positive
       about combined
         registration                                                                       Randomized,
                                                                                         double-blinded study
                                                          CLINICAL                                                                    NDA              COMMER-
          PRE-IND               NON-CLINICAL
                                                           TRIALS                300 - 550 patients in total                      SUBMISSION          CIALISATION

                                                                                            Randomized,
                                                                                         double-blinded study

              NON-CLINICAL DATA                                  CLINICAL STUDIES                               SAFETY DATABASE                         COMMERCIALISATION

   Current documentation to be                         Two clinical, randomized and double-          Patients from these clinical studies, as   Commercialisation strategy for USA –
   complemented with more data, to be                  blinded studies to be conducted to            well as patients from the European         whether to launch ourselves or
   approved by FDA:                                    confirm and ensure efficacy and safety.       study will be included in the safety       together with a local partner – to be
   • Toxicity studies – animal and                                                                   database of 500 isoflurane patients.       decided around 2022.
     PPND*
   • Human factors validation

24 |
            * PPND: pre- and post-natal development.
4. Development & commercialisation
 Combination registration of AnaConDa & IsoConDa in USA
   Key operational activities and collaborations

                Director of clinical development for the US       Collaboration with Harvard and HF consultant
                recruited.                                        company for Human Factors Engineering Program.

                Intend to set up a company in the US for
                                                                  Contract Research Organization for non-clinical
                management of studies, registration and market
                                                                  studies.
                access.

                Close cooperation with relevant consultants and   Collaboration with academic centers in the US
                US key opinion leaders.                           initiated for planning of clinical studies.

25 |
4. Development & commercialisation
 Timeline – registration activities in Europe and US

                                                                    MAA Approval                                                         NDA Approval

                  2019                       2020                       2021                   2022                    2023                 2024

          •   February 2019          •   Jan 2020               •   H2 2021
              Paediatric study           IsoConDa study             Completion of
              approved                   completion                 paediatric study
          •   December 2019          •   Q2 2020                •   H2 2021
              Target inclusion of        Paediatric study -         Registration
              last patient in            first patient in           approval of
              IsoConDa study         •   Summer 2020                IsoConDa
              around turn of the         Submit MAA
              year                       application in 16
                                         countries in a first
                                         round

          •   March 2019             •   June 2020              •   2021               •   2022                •   2023              •   2024
              Pre-IND meeting            Completion of              IND approval and       Decide whether to       NDA application       NDA approval
              with FDA                   Human Factors              clinical studies       launch the                                    expected
          •   August 2019                validation study           begin                  products in US
              Pilot testing of       •   Q4 2020                                           ourselves or
              non-clinical studies       IND application                                   together with a
              initiated                                                                    local partner

26 |
4. Development & commercialisation
 Development highlights RoW
   From proven therapy to approved standard of care

                        Japan                                     China                                    India

        • Approval of AnaConDa in Japan in Q4   • 10-year exclusive distribution         • Exclusive distribution agreement with
          2018                                    agreement with Kyuan Xinhai Medical,     Hansraj Nayyar Medical
        • First patient treated in Q2 2019        a subsidiary of partly state-owned     • Sales will commence in the fall 2019
                                                  Shanghai Pharma, the second largest
        • Investigating the possibility for                                              • Registration process for AnaConDa will
                                                  life science company in China
          registration of IsoConDa – Pre-IND                                               commence in parallel
          meeting during H1 2020                • Kyuan will immediately commence
                                                  fast-track registration of AnaConDa
                                                • Estimated time to approval is under
                                                  two years, by latest 2021

                    EUR 300m                                    5-6m                                       2m
                    Estimated annual                       Estimated ventilation                    Estimated ventilation
                    market potential                           days annually                            days annually

27 |
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in
                      5   commercialisation of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

28 |
5. Board & Management with extensive experience
 Experienced management with proven track record
                  Christer Ahlberg CEO                                                               Peter Sackey CMO
                  ᴏ   CEO of Sedana Medical since 1 February, 2017                                   ᴏ   Chief Medical Officer at Sedana Medical from Jan 2018
                  ᴏ   Former CEO of Unimedic Group 2010–2016                                         ᴏ   Previous positions as Senior Consultant & Associate Professor at the Dept. of
                  ᴏ   Former CEO of Eisai AB 2005–2010                                                   Intensive Care Medicine, Perioperative Medicine and Intensive Care, Karolinska
                  ᴏ   Christer also has over 10 years of experience in sales, marketing and market       University Hospital
                      access positions from AstraZeneca, Meda and Wyeth                              ᴏ   Over 20 years of clinical experience as an anesthesiologist and ICU physician
                  ᴏ   Shareholding: 230,000 shares (1.16%)                                           ᴏ   One of the leading researchers in inhalation sedation in the
                                                                                                         world and was the first to use AnaConDa in intensive care
                                                                                                     ᴏ   Shareholding: 975 shares (
5. Board & Management with extensive experience
 Diversified Board with extensive sector knowledge

                Thomas Eklund Chairman of the Board                                                 Sten Gibeck Board Member
                ᴏ   Chairman since 2014                                                             ᴏ   Board member since 2005
                ᴏ   Thomas holds several Chairman of the Board positions in various companies,      ᴏ   Former owner and CEO of Louis Gibeck AB during its journey from being a small
                    including Moberg Pharma                                                             distribution company to achieving a leading position in its field
                ᴏ   He has vast experience from leading positions within the healthcare industry,   ᴏ   Sten was also previously Chairman of Sedana Medical and the European
                    for example as CEO and Head of Europe at Investor Growth Capital                    industry association Eucomed, which represents the medical technology
                ᴏ   Shareholding: 416,616 shares (2.10%)                                                industry in Europe
                                                                                                    ᴏ   Shareholding: 1,605,744 shares (8.09%)

                Bengt Julander Board Member                                                         Mike Ryan Board Member
                ᴏ   Board member since 2011                                                         ᴏ   Board member since 2005
                ᴏ   Bengt has more than 30 years of experience from the Life Science industry       ᴏ   Mike was CEO of Sedana Medical 2011-2017
                ᴏ   Currently the CEO of Linc, a private investment company                         ᴏ   CEO of TecScan Ireland Ltd since 1990, and previously CEO/major shareholder
                ᴏ   Shareholding: 2,116,901 shares (10.67%)                                             of Artema until trade sale to Datascope 2003- 2007
                                                                                                    ᴏ   Board member of AIM listed Venn Life Sciences
                                                                                                    ᴏ   Founder Director of IRRUS angel investment syndicate
                                                                                                    ᴏ   Shareholding: 1,068,083 shares (5.38%)

                Ola Magnusson Board Member                                                          Eva Walde Board Member
                ᴏ   Board member since 2005                                                         ᴏ   Board member since 2018
                ᴏ   Ola has been with Sedana Medical since the foundation in 2005 and served as     ᴏ   Recently VP Commercial Operations at Phadia / ThermoFisher Scientific.
                    CEO of the company until 2011                                                   ᴏ   Previously leading positions in product management and market and strategy
                ᴏ   Ola has 25 years of experience from the pharmaceutical business in Pharmacia        management within i.e. Hoechst, Bristol Myers Squibb, Pfizer and
                    and Kabi and 20 years of experience from the medical device industry in Louis
                    Gibeck AB as CEO, Hudson RCI as Managing Director for EMEA                      ᴏ   Shareholding: 3,200 shares (0.02%)
                ᴏ   Shareholding: 1,340,867 shares (6.76%)

30 |
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in commercialisation
                      5   of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

31 |
6. Financial highlights
 Financial highlights
   Q2 2019                                                                                Gross margin development
   • Net sales of 17,4 MSEK vs. 14,8 MSEK in Q2 2018, 20% growth individual quarter
     and 24% rolling 12 months.                                                                                       Gross Profit, 12 months rolling
   • Gross margin of 13,4 MSEK or 77% vs. 11,3 MSEK or 78 % in Q2 2018.                                     Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019
   • EBITDA -2,3 MSEK or -13,4% vs. -1,0 MSEK or -6,9% in Q1 2018.                                50 000                                                                                   80%
   • OPEX increased with 30% vs Q2 2018 due to build up of European organisation and              45 000
                                                                                                  40 000                                                                                   75%
     preparation for IsoConDa launch which means continued sales and market
     investments during Q2.                                                                       35 000                                                                                   70%
                                                                                                  30 000
   • 40 employees in average in Q2 vs. 30 employees end of 2018 for the group in total.

                                                                                           KSEK
                                                                                                  25 000                                                                                   65%
   • Cash flow from operations was -2,1 MSEK.                                                     20 000
   • Cash flow from investments was -13,4 of which -8,8 MSEK concern product                      15 000                                                                                   60%
     development.                                                                                 10 000                                                                                   55%
   • Total cash flow for the group in Q2 was -12,6 MSEK.                                           5 000
                                                                                                       0                                                                                   50%
                                                                                                                               Gross Profit        Gross Margin%

   All time high sales in 1HY 2019                                                        EBITDA development
   • Close to 40% growth in France 1HY 2019 and significant sales increase in the UK
     and Nordics
                                                                                                                          EBITDA, 12 months rolling
                                                                                                           Q3-2017   Q4-2017   Q1-2018   Q2-2018   Q3-2018   Q4-2018   Q1-2019   Q2-2019
                                                                                                  20000                                                                                    25%
                                                                                                                                                                                           20%
                                                                                                  15000
                                                                                                                                                                                           15%
                                                                                                  10000
                                                                                           KSEK                                                                                            10%
                                                                                              Post-approval
                                                                                                5000                                                                                       5%
                                                                                                                                                                                           0%
                                                                                                      0
                                                                                                                                                                                           -5%
                                                                                                   -5000
                                                                                                                                                                                           -10%
                                                                                                  -10000                                                                                   -15%

                                                                                                                                    EBITDA         EBITDA %

32 |
6. Financial highlights
   Financial results Q2 2019 vs. Q2 2018

(MSEK)

P&L                                           Q2           Balance Sheet                    30 June           Cash Flow                                      Q2
                                       2019        2018                                   2019        2018                                           2019         2018
Revenues                                                   ASSETS
                                                                                                              Cash flow from operations bef.
Net sales                              17,4        14,5    Intangible assets               72,7        38,3   change in w.c.                          -2,1         -0,4
Capitalized development expenses        0,0         0,0    Tangible assets                  5,2         5,2
Other operating income                  0,6         0,4    Financial assets                 2,0         1,4   Change in w.c.                           0,7          3,6
                                       17,9        14,8    Total Fixed assets              79,8        44,9
                                                                                                              Cash flow from operations after
Operating cost and expenses                                                                                   change in w.c.                          -1,4          3,2
Cost of goods sold                      -4,0        -3,2   Inventory                        5,8         4,9
External expenses                       -6,7        -5,5   Receivables                      8,9         7,6   Cash flow from investment activities   -13,4         -8,8
Personnel expenses                      -9,2        -6,8   Cash and cash equivalents      137,3       181,6
Depreciation and amortisation           -1,0        -1,0   Total current assets           152,0       194,1   Cash flow from financing activities      2,2        108,0
Other operating expenses                   0           0
Operating income                       -3,4        -2,0    TOTAL ASSETS                   231,8       239,0   Cash flow for the period               -12,6        102,3

Income from financial items                                EQUITY & LIABILITIES
Result from securities and long term
receivables                             0,0          0,0   Share capital                    2,0         1,9
Financial income                        0,7          1,3   Other equity                   212,1       221,7
Financial expenses                      0,2         -0,9   Total equity                   214,1       223,6
Income after financial items           -2,5        -1,6
                                                           Long term liabilities            0,0         0,0
Income before taxes                    -2,5        -1,6
                                                           Current liabilities             17,8        15,4
Taxes                                   0,8         0,8
Net Income                             -1,7        -0,8    TOTAL EQUITY AND LIABILITIES   231,8       239,0

 33 |
6. Financial highlights
 Largest shareholders at the end of June 2019

                                              Number of     Share
                                               shares        (%)
       Linc AB                                  2 116 901   10,78%
       Sten Gibeck                              1 605 744    8,33%
       Handelsbanken funds                      1 514 903    7,71%
       Anders Walldov direct and indirect
                                                1 400 000   7,13%
       (Brohuvudet AB)
       Ola Magnussion direct and indirect
                                                1 340 867   6,83%
       (Magiola AB)
       Anades Ltd.                              1 068 083   5,44%
       Ron Farrell                                731 062   3,72%
       Berenberg funds                            712 731   3,63%
       Alfred Berg funds                          476 648   2,43%
       Nordnet Pension Insurance                  470 022   2,39%
       Swedbank Robur funds                       450 000   2,29%
       Eklund Konsulting AB                       416 616   2,12%
       Tony McCarthy                              339 823   1,73%
       Philip Earle                               304 751   1,55%
       Alto Invest SA                             271 375   1,38%
       Fifteen largest shareholders            13 219 526 67,32%
       Others *                                 6 417 065 32,68%
       Total                                   19 636 591 100,00%

       * CEO's ownership is 230 000 shares.

34 |
TABLE OF CONTENTS
                      1   Sedation in ICUs represents a large unmet clinical need

                      2   AnaConDa & IsoConDa – a superior combination for ICU sedation

                          Large & clearly defined market opportunity for replacement of
                      3   standard of care
       ON       OFF

                      4   Development & commercialisation

                          Board & Management with extensive experience in commercialisation
                      5   of medtech and pharmaceutical products

                      6   Financial highlights

                      A   Appendix

35 |
A. Appendix
 Patient case study: James Spiegel – October 2017
                    “Following a trip to the Dead Sea I decided to take a nap to recover from a long trip; it was a nap I almost did not wake
                    up from”

                    I passed out and subsequently had to be resuscitated in the ambulance. Once at the hospital the physicians had to put
                    me in a medical induced coma for almost 11 days. Throughout this period the hospital attempted all conventional
                    treatments such as propofol resulting each time in a worsening of my condition, as my Co2 markers were at a hazardous
                    level. At this point, my family was called because they could not find an effective treatment. The next step would have
                    been a heart and lung machine, which the physicians believe I would not have survived.

                    The head of the department had one AnaConDa device which he had obtained as a sample, but had no accessories or
                    follow up product and said that would be the last treatment he could try. My partner contacted Sedana Medical and
                    explained the situation to them, briefing them on exactly what was happening. The Sedana Medical team in Germany
                    arranged to meet her the following day in Frankfurt to provide her with product. Upon getting there they were very
                    understanding and compassionate about my situation and made sure she had the correct product and necessary
                    accessories to return to Israel with, to save my life. Upon return the hospital physicians quickly set up the AnaConDa
                    delivery system and within a few hours my vitals began to stabilize and they were able to wake me up.

                                   “I am not a doctor but I believe if this were available to me earlier, things
                                                       would not have been as serious”

                   Back in the gym four weeks later
                   Upon discharge I had a long discussion with the head of the ICU whom disclosed that prior to the AnaConDa being
                   connected, he believed I had approximately 10 hours left before he would have had to make some tough calls. I have no
                   words to describe the gratitude I have to the team at Sedana Medical, whom even after I had woken up went above and
                   beyond to check on my health status.

                   “I will always be an advocate for Sedana Medical as this device saved not only my life but saved severe grief to my
                   girlfriend and families lives as well. I believe that there needs to be more awareness about this device and its benefits.
                   We need to challenge conventional treatment as I strongly believe that if this had happened in the United States I
                   would not have survived.”

36 |
A. Appendix
 Select Publications
   General
   1. Karnjuš, Igor, Dušan Mekiš, and Miljenko Križmarić. "Inhalation sedation with the ‘Anaesthetic Conserving Device’for patients in intensive care units: A literature
      review." Signa vitae: journal for intesive care and emergency medicine 11.1. (2016): 1-24.
   2. Jerath, Angela, et al. "Volatile anesthetics. Is a new player emerging in critical care sedation?." American journal of respiratory and critical care medicine 193.11
      (2016): 1202-1212.
   3. Lopez-Ramos, Jose M., et al. "Sevoflorane as adjuvant for sedation during mechanical ventilation in intensive care unit medical patients: Preliminary results of a
      series of cases." Colombian Journal of Anesthesiology 44.1 (2016): 52-57.
   4. Bellgardt, Martin, et al. "Survival after long-term isoflurane sedation as opposed to intravenous sedation in critically ill surgical patients: retrospective
      analysis." European Journal of Anaesthesiology (EJA) 33.1 (2016): 6-13.

   Cardio
   1. Krannich, Alexander, et al. "Isoflurane sedation on the ICU in cardiac arrest patients treated with targeted temperature management: an observational propensity-
       matched study." Critical care medicine 45.4 (2017): e384-e390.
   2. Jerath, Angela, et al. "Volatile-based short-term sedation in cardiac surgical patients: a prospective randomized controlled trial." Critical care medicine 43.5 (2015):
       1062-1069.
   3. Hellström, Jan, et al. "Inhaled isoflurane sedation during therapeutic hypothermia after cardiac arrest: a case series." Critical care medicine 42.2 (2014): e161-e166.
   4. Steurer, Marc P., et al. "Late pharmacologic conditioning with volatile anesthetics after cardiac surgery." Critical Care 16.5 (2012): R191.

   Pulmonary
   1. Meiser, Andreas, et al. "Inhaled sedation in patients with acute respiratory distress syndrome undergoing extracorporeal membrane oxygenation." Anesthesia &
       Analgesia 125.4 (2017): 1235-1239.
   2. Jabaudon, Matthieu, et al. "Sevoflurane for sedation in acute respiratory distress syndrome. A randomized controlled pilot study." American journal of respiratory
       and critical care medicine 195.6 (2017): 792-800.
   3. Ferrando, Carlos, et al. "Sevoflurane, but not propofol, reduces the lung inflammatory response and improves oxygenation in an acute respiratory distress syndrome
       model: a randomised laboratory study." European Journal of Anaesthesiology (EJA) 30.8 (2013): 455-463.
   4. Laufenberg, M., and T. Schneider. "Severe exacerbation of COPD requiring ventilation: Use of vv-ECMO combined with inhalation anesthetics." Medizinische Klinik,
       Intensivmedizin und Notfallmedizin 112.4 (2017): 352-355.

   Neuro
   1. Purrucker, J. C., et al. "Volatile sedation with sevoflurane in intensive care patients with acute stroke or subarachnoid haemorrhage using AnaConDa®: an
      observational study." BJA: British Journal of Anaesthesia 114.6 (2015): 934-943.
   2. Gumbinger, Christoph, et al. "Administration of isoflurane-controlled dyskinetic movements caused by anti-NMDAR encephalitis." Neurology 80.21 (2013): 1997-
      1998.
   3. Bösel, Julian, et al. "Volatile isoflurane sedation in cerebrovascular intensive care patients using AnaConDa®: effects on cerebral oxygenation, circulation, and
      pressure." Intensive care medicine 38.12 (2012): 1955-1964.

37 |
A. Appendix
 Sources
 1.    Figures based on three sources: Society of Critical Care of Medicine (20-30% in the US), International Comparison in Critical Care (53.7%) and Review for the NHS Executive of Adult Care Services: An International
       (42-60% for seven European countries)
 2.    Röhm KD, Wolf MW, Schöllhorn T, Schellhaass A, Boldt J, Piper SN. Short-term sevoflurane sedation using the anaesthetic conserving device after cardiothoracic surgery. Intensive Care Med. 2008;34(9):1683-1689
 -     Mesnil M, Capdevila X, Bringuier S, et al. Long-term sedation in intensive care unit: A randomized comparison between inhaled sevoflurane and intravenous Propofol or midazolam. Intensive Care Med.
       2011;37(6):933-941
 -     Hanafy MA. Clinical evaluation of inhalational sedation following coronary artery bypass grafting. Egypt J Anaesth. 2005;21(3):237-242
 -     Sackey P V, Martling C-R, Granath F, Radell PJ. Prolonged isoflurane sedation of intensive care unit patients with the Anesthetic Conserving Device. Crit Care Med., 2004;32(11):2241-2246.
 -     Shelly MP, Sultan MA, Bodenham A, Park GR: Midazolam infusions in critically ill patients. Eur J Anaesthesiol 1991, 8: 21-27
 3.    Röhm KD, Wolf MW, Schöllhorn T, Schellhaass A, Boldt J, Piper SN. Short-term sevoflurane sedation using the anaesthetic conserving device after cardiothoracic surgery. Intensive Care Med. 2008;34(9):1683-1689
 -     Mesnil M, Capdevila X, Bringuier S, et al. Long-term sedation in intensive care unit: A randomized comparison between inhaled sevoflurane and intravenous Propofol or midazolam. Intensive Care Med.
       2011;37(6):933-941
 4.    Bellgardt, M., Bomberg, M., Dasch B. et al, Survivial after long-term isoflurane sedation as opposed to intravenous sedation in cirtically ill surgical patients, Eur J Anaesthesiol 2015; 32:1-8
 5.    Sackey P V, Martling C-R, Granath F, Radell PJ. Prolonged isoflurane sedation of intensive care unit patients with the Anesthetic Conserving Device. Crit Care Med., 2004;32(11):2241-2246.
 6.    Sackey, Peter V., et al. "Short-and long-term follow-up of intensive care unit patients after sedation with isoflurane and midazolam—A pilot study." Critical care medicine 36.3 (2008): 801-806.
 7.    Englert, J. A., Macias, A.A., Amandor-Munoz, D., Isoflurane Ameliorates Acute Lung Injury by Preserving Epithelial Tight Junction Integrity, Crit Care Med, Anesthesiology 2015; 123:00-00.
 8.    Rooke, GA., Choi JH., Bishop, MJ.: The effect of isoflurane, halothane, sevoflurane, and thiopental/nitrous oxide on respiratory system resistance after tracheal intubation, 1997 Jun;86(6):1294-9
 10. Spencer et al. Intensive Care Medicine 1992;18(7):415-21
 -     Kong et al. BMJ 1989 13;298(6683):1277-80
 -     Hendrickx et al. J of Clin Monit Comput 2018;32(4)
 11. Voigtsberger et al. Anesthesiology 2009;111:1238-48.
 -     Ferrando et al. Eur J Anesthesiology 2013;30:455–63.
 -     Jabaudon et al. Am J of Resp Critic Care Med 2017;195(6),792-800
 -     Shankar et al, Intensive Care Med 2006;32;927-933
 -     Turner et al, Respiratory Care 2012;57(11):1857-64
 12. Sackey P V, Martling C-R, Granath F, Radell PJ. Prolonged isoflurane sedation of intensive care unit patients with the Anesthetic Conserving Device. Crit Care Med., 2004;32(11):2241-2246.
 -     Mesnil et al. Intensive Care Med 2011;37:933–41
 -     Krannich et al, Critical Care Med 2017;45(4):e384-e390

38 |
A. Appendix
 Sources cont’d
 13. Mesnil M, Capdevila X, Bringuier S, et al. Long-term sedation in intensive care unit: A randomized comparison between inhaled sevoflurane and intravenous Propofol or midazolam. Intensive Care Med.
       2011;37(6):933-941
 -     Sackey, Peter V., et al. "Short-and long-term follow-up of intensive care unit patients after sedation with isoflurane and midazolam—A pilot study." Critical care medicine 36.3 (2008): 801-806.
 -     Sackey P V, Martling C-R, Granath F, Radell PJ. Prolonged isoflurane sedation of intensive care unit patients with the Anesthetic Conserving Device. Crit Care Med., 2004;32(11):2241-2246.
 -     Krannich et al, Critical Care Med 2017;45(4):e384-e390
 -     Voigtsberger et al. Anesthesiology 2009;111:1238-48.
 -     Ferrando et al. Eur J Anesthesiology 2013;30:455–63.
 -     Jabaudon et al. Am J of Resp Critic Care Med 2017;195(6),792-800
 -     Shankar et al, Intensive Care Med 2006;32;927-933
 -     Turner et al, Respiratory Care 2012;57(11):1857-64
 14. Bittner M-I, Donnelly M, van Zanten AR, et al. How is intensive care reimbursed? A review of eight European countries. An Intensive Care. 2013;3:37
 15. Barr, Juliana, et al. "Clinical practice guidelines for the management of pain, agitation, and delirium in adult patients in the intensive care unit." Critical care medicine 41.1 (2013): 263-306.
 16. O’Gara et al. Intensive Care Med 2016;42:1487–9.
 17. Voigtsberger et al. Anesthesiology 2009;111:1238-48
 18. Ferrando et al. Eur J Anesthesiology 2013;30:455-63.
 19. Jabaudon et al. Am J of Resp Critic Care Med 2017;195(6),792-800
 20. Shankar et al, Intensive Care Med 2006;32;927-933
 21. Turner et al, Respiratory Care 2012;57(11):1857-64

39 |
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