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The presenters from Medivir at the Carnegie lunch January 21 Lars Adlersson CEO Prof Bertil Samuelsson, VP Discovery and Research Rein Piir, CFO / IR Stabilizing the business by entering new therapeutic areas Projects in pipeline 2003 2004 2005 2006 2007 Phase III Phase II 2 2 3 3 1 3 Phase I 2 2 1 1 1 1 Preclin. development. 1 1 1 2 1 2 3 2 1 2 2 1 Late research 2 1 1 Research 2 1 2 Lipsovir Protease based Polymerase based (HIV Franchise & HCV Pol) 2 2 3 2 1 3 90% of 2007 deal value is linked to protease based projects 100% of internal resources are invested in protease based projects, Lipsovir being the only exception Stabilizing the business by adding a mix of partnership structures Sales Operating cost Cash burn Cash year end 2003 64 -166 -93 239 2004 85 -182 -85 441 2005 105 -186 -73 302 2006 129 -270 -140 195 2007 P 240 -276 -41 370 Partners Clinical Preclinical 2003 4 3 2004 3 4 2005 1 2 2006 4 6 2007 5 4 MSEK Future potential sources of revenues Existing license agreements Potential new license agreements Pharma Sales HEPATITIS C PI (TMC 435350) LIPSOVIR QUID(S) HIV PI MIV 701 & new cathepsin K inhibitors CO-PROMOTION HIV Franchise Partners Late Discovery Projects (COPD ) ACQUISITIONS Other Discovery Projects (BACE, Renin and cathepsin S) Future revenues will be used to finance operations towards profitability and to build pharma sales Pipeline January 2008 TMC4353350 - Phase IIa Clinical Trial • The OPERA-1 trial will assess the number of patients that achieve RVR (undetectable virus at week 4) • The OPERA-1 trial will be able to assess number of patients achieving SVR (after 4 weeks of combo therapy plus 24 or 48 weeks of IFN plus RBV) • The Phase IIa RVR data available already H1 2008, will initiate the design and start of the phase IIb trial (OPERA-2) • Statement - There is a place for next generation HCV PI like TMC435350 with: High potency – low drug load Once-daily – good compliance resulting in increased efficacy Large forgiveness factor – higher efficacy Less side effects – possible from shorter duration of treatment More treatment options – exclude ribavarin from therapy Operational focus and activities 2008 1(2) LIPSOVIR HEPATITIS C (TMC-435350) CATHEPSIN K (MIV-701) COPD, Renin, BACE etc • First to prevent outbreaks of cold sores? • Phase III results available late Q1 2008 • Partnering discussions ongoing • The aim is to have the commercial strategy, including partner/s in place by the end of 2008 • First regulatory approval is expected H1 2009 • Phase Ib completed with excellent results – to be presented in April • Phase IIa initiated – results will probably be presented in Q4 • Phase IIb could start before year end • Broad preclinical program – follow-on candidate drug to be selected during the spring • The partnering process will be initiated shortly • Evaluate interest for broad partnerships Operational focus and activities 2008 2(2) PHARMA SALES HIV FRANCHISE FINANCE • Portfolio sourcing exercise has begun • Co-marketing discussions with a few selected companies initiated • Infrastructure can be put in place with short notice • Two phase IIb trials with Valomaciclovir recently initiated Head-to-head vs market leader for shingles – once daily vs three times daily and for the treatment of acute infectious mononucleosis • Chinese condom coating initiative well underway • Cash end-of 2007 ~SEK 370m • Substantially lower expenses level (appr. SEK 190m) during 2008 • Future revenues will be used to extend runway and build pharma sales