Acquisition of APIRx

For personal use only Short term priorities and value drivers Program CheWell for treatment of IBS CanQuit (addiction products) MedChew™ RX MedChewTM Dronabinol CanChew Rx/SuppoCan for treatment of IBD Oraximax for treatment of periodontal disease and gingivitis Topical CBD formulation Opthalmic formulation IHL-42X for treatment of obstructive sleep apnoea IHL-675A for treatment of rheumatoid arthritis IHL-675A for treatment of inflammatory bowel disease (IBD) IHL-675A for treatment of lung inflammation IHL-216A for treatment of traumatic brain injury Psilocybin assisted psychotherapy for treatment of generalized anxiety disorder Value driver Incannex - OTC product for Australia with potential to extend to global markets Step change on established market for use of chewing gum for treatment of addiction - Fast path to market by bridging to Sativex regulatory data - Fast path to market by bridging to Dronabinol regulatory data Unique route of delivery for treatment of gastrointestinal disorders - Fast path to market due to regulation of mouthwash products as a "medical device" Patented formulation with proof of concept clinical trial data - No approved cannabinoid products with a similar delivery route - Patented formulation No approved cannabinoid products with a similar delivery route Patented drug product that treats a condition for which there are no approved pharmacotherapies Proof on concept clinical trial supports safety and efficacy of IHL-42X - Patented drug product that provides evidence-based cannabinoid product to rheumatoid arthritis market Patented drug product that provides evidence-based cannabinoid product to IBD market - Patented drug product that provides evidence-based cannabinoid product to lung inflammation market Patented drug product for treatment of a condition for which there are no approved pharmacotherapies - Combination of a unique psychotherapy with psilocybin to address underlying cause of disorder and build new mental connections reduce disease severity Next steps - Meeting with TGA to discuss clinical data requirements for CheWell™ to become an OTC CBD product in Australia - Pre-IND meeting with FDA and clinical trial preparations - Regulatory approval application following bridging clinical trial - Regulatory approval application following bridging clinical trial - Phase 1 clinical trial to understand bioavailability of CBD suppository - Phase 2 clinical trial to support efficacy and potentially product registration - Pre-IND meeting with FDA - Phase 1 and proof of concept clinical trials - Pre-IND meeting and multisite, international pivotal phase 2 clinical trial - Completion of Phase 1 clinical trial to confirm safety of the drug product and planning for Phase 2 clinical trial to demonstrate efficacy in rheumatoid arthritis - Completion of Phase 1 clinical trial to confirm safety of the drug product and planning for Phase 2 clinical trial to demonstrate efficacy in IBD - Completion of Phase 1 clinical trial to confirm safety of the drug product and planning for Phase 2 clinical trial to demonstrate efficacy in lung inflammation - Pre-IND meeting with FDA and clinical trial preparations - Completion of Phase 2 clinical trial at Monash University Development of IHL's six current programs will continue as previously described. Progress will not be disrupted by proposed acquisition. Shareholder Presentation 25

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