Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases

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Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Orphazyme

         Pioneering the
       heat shock protein
          response for
       neurodegenerative
        orphan diseases

                                     1
                            Company Update – April 2020
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Important notice

    This presentation contains forward-looking statements. All statements other than statements of
    historical facts contained in this presentation, such as statements regarding our future results of
    operations and financial position, including our business strategy, prospective products, availability
    of funding, clinical trial results, product approvals and regulatory pathways, collaborations, timing
    and likelihood of success, plans and objectives of management for future operations, and future
    results of current and anticipated products, are forward-looking statements. These forward-looking
    statements are based on our current expectations and beliefs, as well as assumptions concerning
    future events. These statements involve known and unknown risks, uncertainties and other factors
    that could cause our actual results to differ materially from the results discussed in the forward-
    looking statements. Any forward-looking statement made by us in this presentation speaks only as
    of the date of this presentation and represents our estimates and assumptions only as of the date of
    this presentation. Except as required by law, we assume no obligation to update these statements
    publicly, whether as a result of new information, future events or otherwise after the date of this
    presentation. Orphazyme is a trademark that we own. Other trademarks appearing in this
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2
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Significant progress in 2019 and early 2020

      Clinical   Clinical             Regulatory / Access                   Company

      –Reported positive data      –Breakthrough Therapy           –Raised ~$110M in Feb. 2020
       from phase 2/3 trial with    Designation granted NPC        –Expanded senior management
       arimoclomol in NPC          –Pre-filing meetings with FDA    team focused on commercial
      –Enrolment completed in      –Initiated Early Access
       phase 2/3 sIBM, phase 3      Program in US in NPC
       ALS and phase 2 PoC         –Fast Track designation
       Gaucher trial                granted in sIBM

            ✓Arimoclomol in Niemann-Pick disease Type C getting closer to patients
            ✓ Pipeline advancing with trials in additional indications underway

            ✓ Team and capital resources in place to execute

3
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Pro-actively addressing challenges of Covid-19

                      Regulatory                                               Clinical

     Preparing to submit marketing applications in        Letter to investigators and patient organizations
     the US and EU for NPC as planned
                                                          Scale up of patient-forward approaches
                                                           •   Home nursing service
                                                           •   Reimbursement
                       Patients                            •   Direct to patient study drug shipments
                                                          Virtual data monitoring and scientific steering
     US Early Access Program in NPC continues as          committee meetings
     planned
                                                          Protocol addendum
                                                           •   Flexibility on use of local laboratories
                                                           •   Adjustment to visit schedule
                      Employees
                                                           •   Patient observation / assessment by phone
     Working from home arrangements for all staff         Drug supply
     Shift work for laboratory staff required to attend    •   Provide patients with sufficient drug for study
     company premises                                          completion

4
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Arimoclomol: Potential game-changer for
    neurodegenerative diseases

                   - Protein
                   aggregates

                                      Protein
                                                  First-in-class heat shock protein (HSP) amplifier
                                    degradation

                        Folded &
         Nascent
         protein
                       functional
                         protein
                                                     HSPs are a natural cellular stress defense mechanism

                                                     Small molecule, oral/nasogastric, crosses BBB

                                    Lysosome

                                                  Favorable safety profile observed to date in >540 patients
                    Misfolding

5
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Arimoclomol: prolific late stage pipeline focused on
     neurodegenerative diseases

                                                                         Designations
                                                                                            Break-                                        Key
                                                                  Orphan         Fast      through
    Neuropathic lysosomal diseases                                 Drug         Track      Therapy                                     milestone

                                                                                             ✓
                                                                                                                                         Submit
    Niemann-Pick disease type C*
                                                                    ✓           ✓                           Ph 2/3 (data reported)    US H1 2020/
                                                                                                                                     Europe H2 2020

                                                                                                                                      Ph 2 results
    Neurological Gaucher disease                                                                            Ph 2                       H1 2020

    GCase-Parkinson’s disease**                                                                             Pre-clinical

    Neuromuscular disorders

                                                                                ✓
                                                                                                                                     Ph 2/3 results
    Sporadic inclusion body myositis
                                                                    ✓                                       Ph 2/3                      H1 2021

                                                                                                                                      Ph 3 results
    Amyotrophic lateral sclerosis
                                                                    ✓                                       Ph 3
                                                                                                                                       H1 2021

6     *Rare Pediatric Disease Designation (RPD) for arimoclomol in NPC **Arimoclomol / NME; glucocerebrosidase (Gcase)
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
NPC: addressing high unmet patient and physician
    needs in an attractive ultra-orphan market

            WW: ~ 3,000 patients                Market opportunity

        US/EU: ~ 1,000 patients          Price range   WW sales
        diagnosed & treated              300K - 600K     MPS I: 100M USD
                                          USD/year       MPS VI: 350M USD
        Current estimate: only ~ 40%
        diagnosed                                        MPS II: 600M USD

                                                Managed in highly
        Lack of current Rx/competitors
                                                specialized centers

        US: no approved Rx                ~ 25-50 centers in US and EU
                                          Specialist pediatric neurologists
        EU: generic miglustat only
                                          Specialist metabolic centers

7
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Key focus: get to approval, get to patients

                            US                                    EU                                   RoW
    Regulatory   • March 2020: BTD meeting             • H1 2020: Pre-submission meeting
                                                         with EMA
    filing       • Q2’ 20: pre-NDA meeting
                                                       • H2 2020: Pre-submission meeting
                 • US submission H1’ 20
                                                         with rapporteur and co-rapporteur
                 • Covid-19 mitigation plan in place
                                                       • H2 2020: MAA Submission

    Patients     • ~ 300 patients diagnosed            • >700 patients diagnosed             • ~ 400 patients diagnosed
                 • Early Access program since Jan      • Early Access Programs focused on    • Early Access Programs where
                   2020                                  France via ATU and Italy via Law      possible
                                                         643
                 • Patient group collaboration

    Physicians   • US thought-leader advisory board    • European KOL Advisory Board
                                                         Q3/Q4 2020
                 • Build medical education program

    Company      • US President appointed              • Focus on key EU markets             • Finalize partnering for key
                                                         especially Germany & France           countries: Japan, Canada, Turkey
                 • Building Medical Affairs and MSL
                   teams                               • Build lean in-country and cluster
                                                         organization
                 • Building Market and Patient
                   Access capabilities

8
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
US Early Access Program for NPC is now operational

                             Feb          Feb                        Mar
         Jan                                                                                                                     May
                             14th         24th                       14th

    Dedicated         Protocol      Sites agreed              Protocol live,                                            GOAL: First
    US program        submitted     budget and                posted to                                                 patient on
                      to FDA        protocol sent             clinicaltrials.gov                                        treatment

                                                                                                                  Boston
                                                                                                                  Children’s

     ~45 patients already
                                                                                   Mayo Clinic                    Hospital-

                                                                                            Rush                  NYU
                                                                                                                  Children’s
     under consideration for                UCSF/Benioff                                           Children’s
                                                                                                   Hospital
                                                                                                                  Hospital
                                                                                                                  Philadelphia
                                            Children’s
     EAP before sites are open              Oakland                                                Cincinnati     Children’s
                                                                                                                  Hospital
                                                                                                                  Pittsburgh
                                                 Children’s

     50%
                                                 Hospital                                            Emory

                 pediatric                       Orange
                                                 County
                                                                                                     University

     50%         adult

9
Orphazyme Pioneering the heat shock protein response for neurodegenerative orphan diseases
Arimoclomol in NPC: unlocking huge potential in
                    neurodegenerative orphan diseases
     Neurodegenerative market potential

                                                                                                               Neurological Gaucher I & III /
                                                                                    sIBM / ALS                            GCase PD

                                                      NPC                                                       • Neurological Gaucher I & III:
                                                                            • sIBM and ALS in pivotal trials
                                                                                                                     • Ph 2 results H1 2020
                                                                            • No current effective disease-
                                          • Filing preparations ongoing       modifying Rx                      • GCase PD: PoC evaluation
                                          • US EAP roll out                                                     • NME: Next gen HSP amplifier
                                                                            • Significant market potential
                                          • Lean go-to-market
                                            strategy
                                          • No approved Rx in US

                                                ~ 3K patients                     ~ 100K patients                        ~ 500K patients

                                                    2020+                              2022+                                2025+
                                                                          Phased neurodegenerative platform
10
Orphazyme at a glance

                           2019 Financials                              Capital Increase                                 2020 Outlook

                              R&D expense:                                   February 2020                               Operating loss1:
                             ~USD 43M USD1                                    Raised gross                          74M USD – 82 M USD
                               Year-end cash:                                 proceeds of                                Year-end cash1:
                                ~18M USD1                                     ~ 110M USD
                                                                                                                            > 45M USD

                                  Footprint                                Shareholders2                                      Analysts

                           HQ Copenhagen, DK                               LSP (10.0%)                                          Carnegie
                               Boston, US                                  Novo (7.5%)                                           Danske
                             Zug, Switzerland                           Consonance3 (7.0%)
                                                                         Sunstone (6.7%)                                           Oddo
                           Nasdaq Copenhagen                             Aescap I (6.5%)                                         Redeye
                               ORPHA.CO

      1R&D  spend DKK 285.4M; year-end cash 2019: DKK 123.6M; Outlook operating loss 2020: DKK 500-550M; Outlook year-end cash 2020: >DKK 300M; USD figures
11    are for reference only; FX rate 1 DKK / 0.15 USD; 2major shareholders per recent disclosures, figures rounded, 3Consonance Capman GP LLC.
Key priorities and anticipated milestones

     Get to approval in NPC                   Submit NDA in US                         H1 2020

                                              Submit MAA in EU                                          H2 2020

     Get to patients in NPC                   US early access program (EAP) roll-out             2020

                                              Preparations for US launch                         2020

                                              Lean go-to market rollout US                       2020

                                             Lean go-to market roll out EU/ROW                                H2 2020 - 2021

     Expand beyond NPC                        Gaucher disease Ph 2 results             H1 2020

                                              sIBM Ph 2/3 results                                                   H1 2021

                                              ALS Ph 3 results                                                      H1 2021

12       NDA: new drug application; MAA: marketing authorization application
Niemann-Pick
     disease type C
     Clinical overview

13
NPC is an ultra-rare, devastating genetic disorder:
     a life-limiting condition with high unmet need

       • An ultra-orphan disease
       • Epidemiology incidence: 1/100,000 live-births
       • ~ 2,000 patients across US and EU                         •   A progressive lysosomal
                                                                       storage disorder
                                                                       characterized by the
                                                                       accumulation of lipids
        US                             EU
                                                                   •   Affects cells of the brain,
                                                                       liver, spleen and lungs

                                                                   •   Loss of 5 domains: ambulation, fine motor
                                                                       skills, swallowing, cognition, speech

                                                                   •   When diagnosed in childhood, unlikely to
                                                                       survive beyond teenage years
       • ~ 300 patients diagnosed    • ~ 600 patients diagnosed
       • Managed in ~ 25-50            and treated in EU
                                                                   •   Adult-onset NPC is increasingly diagnosed
         specialist centers by       • Centralized approach to
         pediatric neurologists        patient management:
       • No approved treatment         ~ 25-50 metabolic centres
                                     • Only approved treatment
                                       is miglustat (used in 80%
                                       of patients)
14
Arimoclomol clinical development in NPC

             Oct 2015 – May 2017                                       Jun 2016 – Jun 2018                         Jun 2017 – Dec 2019
          NPC-001: observational study                                  NPC-002: phase 2/3 study                                NPC-002
                                                                             1 year blinded                                     + 1 year
 36 patients enrolled: 31 completed – of these,          50 patients enrolled: 42 completed – 34 treated   41 enrolled from core study: interim of 35
 27 continued to NPC-002                                 with arimoclomol, 16 with placebo                 completed (1 year blinded + 1 year OLE)–
                                                                                                           22 on continuous arimoclomol, 13 with
                                                                                                           placebo–arimoclomol

     Trial design                                        Inclusion/exclusion                               Key endpoints

     • NPC 1/2 patients, n = 50                          Inclusion                                         Primary
     • 12 months + 1 year OLE                            •   NPC 1/2 patients 2–18 years                   • 5-domain NPC-CSS (ambulation, fine motor
                                                         •   Minimum 1 neurological symptom                  skills, swallowing, speech and cognition)
     • 2:1 arimoclomol to placebo
                                                         •   Ability to walk with assistance               Co-primary (US only)
     • Arimoclomol max. 200 mg t.i.d. (bodyweight
       dosed)                                            •   If on miglustat, stable for 6 months          • CGI-I, only 8/50 patients with baseline
                                                                                                             assessment
     • Routine care permitted, incl. miglustat allowed   Exclusion                                         Biomarkers
                                                         • Participation in other trials                   • HSP70, oxysterols, unesterified cholesterol
                                                         • Epilepsy, liver/renal insufficiency
                                                                                                           Subgroup analyses
                                                                                                           • Patients ≥ 4 years
                                                                                                           • Routine miglustat
                                                                                                           • Excluding double functional null mutations
                                                                                                             (post hoc analysis upon FDA request)

15                                                                                                                                                         15
63% reduction (observed) in disease progression
     after 12 months with arimoclomol versus placebo

                                                                            BIOMARKERS
                                                                 CHANGE FROM BASELINE TO 12 MONTHS
           5-domain NPC-CSS        Change from baseline

                                                           • Mean treatment difference of -1.34 (95% CI -
             Arimoclomol, n = 34
                                          Increasing NPC
             Placebo, n = 16              severity
                                                             2.71 to 0.02; p = 0.0536) in 5-domain NPC-CSS
                                                             score in favor of arimoclomol versus placebo
                                                           • Considered meaningful by clinicians, and
                                                             individualsFAVORABLE
                                                                         with NPC and caregivers
                                                                                   SAFETY  PROFILE

                                                           • Corresponds to a 63% reduction (baseline
                                                             adjusted, same as observed) in disease
                                                             progression
                                                           • Significance not reached owing to individuals with
                                                             double functional null mutations (n = 3) in
                                                             arimoclomol treatment group
     16

      34

16                                                                                                                16
80% reduction (observed) in disease progression when
     individuals with double functional null mutations are
     excluded
                                                                           BIOMARKERS
                                                                DOUBLE FUNCTIONAL NULL MUTATIONS
          5-domain NPC-CSS         Change from baseline

                                                          • Presence of double functional null mutations are
                                                            rare in individuals with NPC and strongly predictive
             Arimoclomol, n = 31
                                     Increasing NPC         of early-onset and rapid disease progression
                                     severity
             Placebo, n = 16
                                                          • Post hoc analysis excluding individuals with double
                                                            functional FAVORABLE
                                                                       null mutations (n =PROFILE
                                                                                   SAFETY  3) in arimoclomol
                                                            treatment group

                                                                CHANGE FROM BASELINE TO 12 MONTHS

                                                          • Significant mean treatment difference of -1.56
                                                            (95% CI -2.90 to -0.21; p =0.024) in 5-
                                                            domain NPC-CSS score in favor of arimoclomol vs
     16                                                     placebo
     31

                                                          • Corresponds to 77% reduction (baseline
                                                            adjusted) in disease progression

17                                                                                                             17
Arimoclomol has a benefit over standard of care 95%
          reduction (observed) in disease progression

            5-domain NPC-CSS        Change from baseline
                                                                SUBGROUP ANALYSIS – BACKGROUND TREATMENT
              Arimoclomol, n = 26
                                           Increasing NPC
                                                            •   Arimoclomol treatment benefit in individuals
              Placebo, n = 13              severity
                                                                with miglustat as background treatment
                                                                (39 of 50 patients)

                                                                    CHANGE FROM BASELINE TO 12 MONTHS

                                                            •   Significant mean treatment difference of -2.01
                                                                (95% CI -3.44 to -0.58; p = 0.0073) in 5-
                                                                domain NPC-CSS score in favor of arimoclomol
                                                                versus placebo

     13
                                                            •   Corresponds to a 101% reduction (baseline
     26                                                         adjusted) in disease progression

18                                                                                                               18
Arimoclomol has a favorable safety profile

      Arimoclomol has an adverse
        event (AE) rate similar to           •   In the phase 2/3 study, a similar AE rate was observed
                                                 between arimoclomol (88.2%) and placebo (81.3%)
             placebo and a
       2.5-fold higher serious AE
                                             •   Fewer SAEs occurred with arimoclomol (14.7%) than with
         (SAE) rate for placebo
                                                 placebo (37.5%)
      compared with arimoclomol

19   *SAE stands for serious adverse event
5 domain NPC-CSS: 85% of NPC patients and caregivers stated
     in a web survey that a difference of 1 point is meaningful

               Score
                                   0             1                   2                     3                     4                  5
     Domain
                          Normal       Clumsy,              Ataxic, gait wider,                         Assisted            Wheelchair
                                       bangs into things    poor balance                                ambulation – only   dependent
     Ambulation                                                                                         walk short
                                                                                                        distance indoor
                          Normal       Slight dysfunction   Mild dystonia                               Limited skills,     Unable to use
     Fine motor                        but able to handle   Require little                              unable to use       hands. Assistance
     skills                            cutlery              assistance, able to                         pencil or eat       needed for all
                                                            feed without help                           independently       activities
                          Normal       Cough while          Intermittent           Constant and         Constant feeding    Dependent
     Swallow                           eating               problems with          intermittent         problems or use     feeding by tube
                                                            drink or food          feeding problems     of tube

                          Normal       Mild learning                               Moderate learning    Severe delay –      Loss of cognitive
                                       delay, still in                             delay – need         Constant            function
     Cognition                         normal class                                special support in   supervision, not    Unable to
                                                                                   school and           able to learn new   understand day-
                                                                                   kindergarten         skills              to-day events
                          Normal       Mild slurring /      Severe dysarthria      Non verbal                               Absence of
                                       slower speech        Very slow, difficult   communication,                           communication
     Speech                                                 to understand          Uses simple signs
                                                                                   / pictures

20   Ref study: OR-SRV-NPC-01
sIBM
    ALS
Neurological
 Gaucher
Arimoclomol: a novel approach for the treatment of sIBM,
     directly targeting muscle degeneration

        sIBM is a rare neuromuscular disease in adults                                       Phase 2/3 Trial

     • Most common idiopathic inflammatory myopathy in people over    • 20-months 1:1 randomized, placebo-controlled
       50 years                                                       • 152 patients (2 more randomized; over enrolled); fully enrolled
     • Average time to walking stick: 5 years                           in May 2019
     • Average time to wheelchair: 10-15 years                        • Randomization:
     • Significant morbidity: propensity to fall, motor disability,       • Arimoclomol 400mg (TID): n=75
       swallowing failure and poor quality of life                        • Placebo TID: n= 75
     • Death is related to falls and aspiration pneumonia

                        sIBM disease pathway                                             Phase 2/ 3 Endpoints

     • US & EU: up to 40,000 patients                                 • Primary endpoint: IBM functional rating scale (IBMFRS)
     • No approved treatment                                          • Secondary endpoints:
     • Managed in highly-specialized expert centers                       • 6-mins walking test with 2-mins distance captured
     • Affects men to women at a ratio of 3:1                             • Modified time up and go
     • Primary treaters: Neurology and Rheumatology                       • Manual Muscle Testing
                                                                          • Isometric contraction testing of bilateral quadriceps muscle
                                                                          • Grip strength

22
Arimoclomol Preclinical and Phase 2 studies support MoA and
          potential for disease modification

                                                                                                                                                               83% of arimoclomol patients
                                          Preclinical                                                              Arimoclomol Phase 2                         stabilized versus 25% on placebo
                                                                                                                                        Double-blinded, randomized pilot trial (n=24: 16 arimoclomol;
        Arimoclomol effects on sIBM-like pathology*1                                                                                    8 placebo) 4 months of treatment, 12-month observation period

                                                                                                                                       4M (n=16 vs 8)           8M (n=14 vs 8)            12M (n=15 vs 8)
                                                                                                                         0.0
                                     ▪ Cross-section of muscle cells from
     WT-VCP

                                                                                                                         -0.5   Δ60%
                                       healthy mouse

                                                                                            Change in IBMFRS sum score
                                                                                                                         -1.0
                                     ▪ No inclusion bodies (aggregates)                                                  -1.5                           Δ75%
                                       present (ubiquitin, red)                                                          -2.0
                                                                                                                         -2.5
                                                                                                                         -3.0
                                                                                                                                                                                  Δ40%
                                     ▪ Inclusion bodies (red aggregates) are
     mVCP

                                                                                                                         -3.5
                                        evident throughout the muscle cells                                              -4.0
                                                                                                                                       Arimoclomol 100 mg TID
                                     ▪ Shows degeneration of muscle tissue and                                           -4.5          Placebo
                                        decrease in muscle force                                                         -5.0

                                                                                                                                • 4 months of continuous Month
                                                                                                                                                          treatment resulted in a 60%
     mVCP + Ari

                                     ▪ HSP70 upregulated                                                                          reduction in progression with arimoclomol vs placebo
                                     ▪ Inclusion bodies (aggregates) are cleared                                                • At 8 months (4 months after treatment discontinuation)
                                     ▪ Prevents degeneration of muscle tissue                                                     75% reduction in progression
                                        and preserves muscle force                                                              • 83% of arimoclomol treated patients were stabilized vs
                                                                                                                                  25% on placebo
                  *Mutated mice with IBM hallmarks are treated with arimoclomol from disease onset
23
                  (4 months) + 10 months 1.Ahmed M et al., Sci Translat Med 2016; 8:331
The Inclusion Body Myositis Functional Rating Scale (1/2)

                Score
     Domain                      0                     1                        2                     3                     4

                                                                                            Early eating
                                                                      Dietary consistency
     Swallowing         Needs tube feeding   Frequent choking
                                                                      changes
                                                                                            problems— occasional   Normal
                                                                                            choking

                                             Able to grip pen but     Not all words are     Slow or sloppy; all
     Handwriting        Unable to grip pen
                                             unable to write          legible               words are legible
                                                                                                                   Normal

                                                                      Can cut most foods,
                                             Food must be cut by                            Somewhat slow and
                        Needs to be fed                               although clumsy and
     Cutting food                            someone, but can still
                                                                      slow; some help
                                                                                            clumsy, but no help    Normal
                                             feed slowly                                    needed
                                                                      needed

                                                                      Independent but
                                             Frequently requires
     Fine motor                                                       requires modified     Slow or clumsy in
                        Unable               assistance from                                                       Independent
     tasks                                   caregiver
                                                                      techniques or         completing task
                                                                      assistive devices

                                             Requires assistance      Independent but
                                                                                            Independent but with
                                             from caregiver for       requires assistive
     Dressing           Total dependence
                                             some clothing items      devices or modified
                                                                                            increased effort or    Normal
                                                                                            decreased efficiency
                                                                      techniques

24
The Inclusion Body Myositis Functional Rating Scale (2/2)

               Score
     Domain                    0                       1                        2                            3                       4

                                             Requires occasional     Independent but             Independent but with
                       Completely
     Hygiene           dependent
                                             assistance from         requires use of assistive   increased effort or        Normal
                                             caregiver               devices                     decreased activity

     Turning in bed    Unable or requires    Can initiate, but not   Can turn alone or adjust    Somewhat slow and
     and adjusting     total assistance      turn or adjust sheets   sheets, but with great      clumsy but no help         Normal
     covers                                  alone                   difficulty                  needed

                       Unable to stand       Requires assistance                                 Performs with substitute   Independent
                                                                     Requires use of arms
     Sit to stand                            from a device or                                    motions but without use    (without use of
                                             person                                              of arms                    arms)

                       Wheelchair            Dependent on            Intermittent use of an      Slow or mild
     Walking           dependent             assistive device        assistive device            unsteadiness
                                                                                                                            Normal

                                             Dependent on hand                                   Slow with hesitation or
                                                                     Dependent on hand rail
     Climbing stairs   Cannot climb stairs   rail and additional                                 increased effort; uses     Normal
                                             support                                             hand rail intermittently

25
Arimoclomol: a novel approach for the treatment of ALS, a
     fatal progressive neurodegenerative disease

      ALS is a rare fatal progressive neurodegenerative disease                                     Phase 3 Trial

     • US & EU: up to 50,000 patients                                 • 18-months randomized, 2:1 randomization placebo-
     • Two approved treatments: riluzole and edaravone                  controlled trial in early-stage ALS
       (ca.150’000 USD/ year)                                         • 245 patients (includes 7 patients on stable edaravone); fully
       • Riluzole is shown to prolong survival by 2-3 months            enrolled in July 2019

       • Edaravone slows functional decline, but has burdensome IV    • Randomization:
         regimen (IV infusion over 60 mins for a 14 days period;        • Arimoclomol 400mg (TID): n=141
         subsequent cycles are infused over 60 mins for 10 days)        • Placebo TID: n= 71
     • Average age of patients: 50 years
     • Affects men to women at a ratio of 3:2                                                Phase 3 Trial Endpoints
     • Life expectancy 3-5 years
     • Leading cause of death is respiratory failure and aspiration   • Primary endpoint: Combined function and survival (CAFS)
       pneumonia
                                                                      • Secondary endpoints:
                                                                        • Survival
              Learnings from PRO-ACT database applied
                                                                        • Function (ALSFRS-R)
     • ≤ 18 months since onset of weakness ALSFRS-R ≥ 35                • Pulmonary function (SVC)
     • Slow vital capacity (SVC) ≥ 70-80% (90% of patients have
       SVC ≥ 80%)
                                                                      *PRO-ACT database (>10’000 patients) applying machine
     • Mortality rate at 12 months (10%) and 18 months (35%)          learning and conventional statistics to select a
26
                                                                      homoegeneous patient population
Arimoclomol preclinical studies support MoA and potential
     for disease modification

                              Preclinical                             25% increase in lifespan of treated mice

                                                                                                                                                    Untreated
 Arimoclomol demonstrated a strong effect in two

                                                        SOD-1 MOdel
 ALS mouse models even after administration                                                           Untreated mice (SOD1G93A)
 following disease onset:

                                                                           % survival
                                                                                                      Treated mice (SOD1G93A)

                                                                                                                                                     Arimoclomol treated
                                                                                                      @ day 35 (pre-symptoms)
 1) SOD1-model:
                                                                                                      Treated mice (SOD1G93A)
     • Arimoclomol extends lifespan in SOD1-ALS                                                       @ day 70 (symptoms seen)

       mice by 25%
     • Motoneuron death is prevented
 2) VCP-model:
     • Mislocalization of TDP-43 is reverted
                                                                      TDP-43 pathology in mVCP mice spinal-chord is improved with
     • Amplifies HSP70 in the spinal cord and                         arimoclomol and associated with increased HSP70
       ameliorates the phenotypes of the VCP mouse                          Healthy mice                                          VCP mouse model

                                                        VCP Model
       model                                                              (TDP-43 in green)      VCP mouse model                   + arimoclomol

     • Prevents formation of ubiquitin-rich inclusion
       bodies
     • Findings were confirmed in both patient skin
       cells and patient stem cell derived
       motor neurons

27   *VCP: valosin containing protein
Arimoclomol Phase 2 trials indicate slowing of disease
      progression and prolonged survival

                     Arimoclomol slowed disease progression in                                          Arimoclomol slowed disease progression and improved
                              sporadic ALS by 30%                                                                       survival in SOD1-ALS

                                 0                            Sporadic ALS trial                        • Arimoclomol was well tolerated
         ALSFRS-R total change from

                                                                                                        • Efficacy (secondary endpoint) most pronounced in subpopulation with
                            -2
                                                                                                          A4V mutation (13 patients in each treatment arm)
                                                                                                             ALSFRS-R: Difference of 0.98 pts/month (A4V) and 0.50 (all)
                 baseline

                            -4                                                                               Survival: HR unadjusted: 0.59 (A4V) and 0.67 (all) in favor of
                                                                                                             arimoclomol
                            -6                                                                               Combined assessment of function & survival: CAFS output in favor
                                          Arimoclomol open label
                                          Celecoxib placebo                                                  of arimoclomol. Treatment difference 5.92 (A4V) and 4.57 (all),
                            -8                                                                               corresponding to +41% (A4V) and +28% (all)
                                      0          1            2         3          4          5     6
                                                                      Month                                  FEV6: A reduction in pulmonary function decline of 33%
     The ALSFRS-R total; change from baseline by visit (in months) in the
                                                                                                        • Clinical Proof of Concept based on consistent and clinically meaningful
     open label arimoclomol study (100 mg TID; n = 69) vs the historical
                                                                                                          trends across all efficacy measures with very aggressive disease course
     control group is displayed

                                              Dose ranging followed by 6-month open                                     12-month trial, double blinded placebo-
        Study                                 label extension (not head-to-head)                          Study         controlled, two-arm design. 1:1 randomization,
                                              indicative of slowing disease progression                   design        36 patients, arimoclomol 200 mg TID
        design

28    ALSFRS, Amyotrophic Lateral Sclerosis Functional Rating Scale
      Cudkowicz ME et al. Muscle Nerve 2008;38:837–44; Benatar M et al. Neurology 2018;90:e565-74
12-domain ALSFRS-R: Amyotrophic Lateral Sclerosis
     Functional Rating Score (1/2)

              Score
     Domain
                                0                        1                        2                       3                       4

                                               Speech combined with                            Detectable speech
                                                                      Intelligible with
     Speech           Loss of useful speech    non-verbal
                                                                      repeating
                                                                                               disturbance               Normal
                                               communication

                      Marked drooling,                                                         Slight but definitive
                                               Marked excess of       Moderately excessive
                      requires constant                                                        excess of saliva; may
     Salivation       tissue
                                               saliva with some       saliva, may have
                                                                                               have night-time
                                                                                                                         Normal
                                               drooling               minimal drooling
                                                                                               drooling

                      Exclusively parenteral   Needs supplemental     Dietary consistency      Early eating problems –
     Swallowing       or enteral feeding       tube feeding           changes                  occasional choking
                                                                                                                         Normal

                                               Able to grip pen but   Not all words are        Slow or sloppy; all
     Handwriting      Unable to grip pen
                                               unable to write        legible                  words are legible
                                                                                                                         Normal

                                                                                               Independent and
     Dressing &                                Needs attendant for    Intermittent assitance   complete self-care with
                      Total dependence                                                                                   Normal
     Hygiene                                   self-care              or substitute methods    effort or decreased
                                                                                               efficiency

29
12-domain ALSFRS-R: Amyotrophic Lateral Sclerosis
     Functional Rating Score (2/2)

               Score
                                      0                         1                            2                           3                          4
     Domain
                                                                                 Can cut most foods,
                                                     Food must be cut by                                     Somewhat slow and
     Cutting food and                                                            although clumsy and
                         Needs to be fed             someone, but can still                                  clumsy, but no help           Normal
     handling utensils                               feed slowly
                                                                                 slow; some help needed
                                                                                                             needed

     Turning in bed                                  Can initiate, but not       Can turn alone or adjust    Somewhat slow and
     and adjusting       Helpless                    turn or adjust sheets       sheets, but with great      clumsy but no help            Normal
     covers                                          alone                       difficulty                  needed

                         No purposeful leg           Non-ambulatory                                          Early ambulation
     Walking                                                                     Walks with assistance                                     Normal
                         movement                    functional movement                                     difficulties

                                                                                 Mild unsteadiness or
     Climbing stairs     Cannot do                   Needs assistance                                        Slow                          Normal
                                                                                 fatigue

                         Significant difficulty,                                 Occurs with one or more
     Dyspnea             considering using           Occurs at rest              of the following: eating,   Occurs when walking           None
                         mechanical support                                      bathing, dressing
                                                                                                             Some difficulty sleeping at
                                                                                 Needs extra pillows in
     Orthopnea           Unable to sleep             Can only sleep sitting up                               night due to shortness of     None
                                                                                 order to sleep
                                                                                                             breath

                         Invasive mechanical
     Respiratory                                     Continuous use of BiPAP     Continuous use of BiPAP
                         ventilation by intubation                                                           Intermittent use of BiPAP     None
     insufficiency       or tracheostomy
                                                     during night and day        during night

30
Neurological Gaucher disease: high unmet need with no
     approved treatment

                          Gaucher Disease                                               Phase 2 Trial

     • US & EU: up to 15,000 patients                            • 6-months placebo-controlled randomized double blind
     • No approved treatment for neurological symptoms             trial, followed by extension phase, stratified for GD type
                                                                   1 (n=23) and type 3 (n=16)
     • Managed in highly-specialized expert centers
                                                                 • 39 patients; fully enrolled in August 2019
     • Gaucher Type I
                                                                 • Patients are treatment naïve to ERT and SRT
          • Most prevalent in Western countries (95% of cases)
                                                                 • 3 active dose arms: 100mg, 200mg, 400mg (all TID)
          • Up to 50% develop neurological symptoms
            including 5-7% with Parkinsonism symptoms            • Randomization:

     • Gaucher Type III                                               • Arimoclomol: n=30

          • Most prevalent across rest of world (China: 95%,          • Placebo: n= 10
            Japan: 60%, India: 30%)
                                                                       Phase 2 Trial biomarkers, CSF and blood
          • Chronic neuronopathic GD with 100% CNS
            involvement
     • Mutations in the GBA gene cause misfolding and loss of    • Chitotriosidase (traditionally used in ERT trials)
       activity of the glucocerebrosidase (GCase) enzyme         • HSP70
                                                                 • GCase activity
                                                                 • Glucosylsphingosine / Lyso-Gb1 (subtrate broken down
                                                                   by Gcase)

31
Thank you
      For further information:
     contact@orphazyme.com

32
Reference slides

33
Our story so far: building a biopharmaceutical company
     from pioneering scientific discovery to positive clinical
     outcomes
                                                                                  Phase II/III study
Nature publication:                                                                 sIBM initiated
HSP70 augments
lysosomal function,
stabilizes lysosomal                                                                                                                Positive NPC
membranes,                                           Acquisition of               Orphazyme listed
                                                                                                                                    Phase II/III
Kirkegaard et al.                                    arimoclomol                    on NASDAQ
                                                                                                                                     full results

     2009                   2010                2011                       2016        2017                 2018                          2019

        Orphazyme founded          • Science Translational Medicine                                    Neurology publication: Randomized,
                                    publication: Heat shock protein-                                   double-blind, placebo-controlled trial of
                                    based therapies as a platform for                                  arimoclomol in rapidly progressive
Discovery of the                    treating multiple lysosomal storage                                SOD1-ALS, Benatar et al. (Phase II
function of heat shock              diseases, Kirkegaard et al.
                                                                                                       study in SOD1-ALS)
proteins and their                 • Science Translational Medicine
role in stabilizing                 publication: Targeting protein
lysosomes, by                       homeostasis in sporadic inclusion                                  Phase III trial in ALS initiated
Dr Thomas Kirkegaard                body myositis: Preclinical and phase
                                    II clinical study of arimoclomol in                                Phase II trial in Gaucher
Jensen and Professor                                                                                   Type III initiated
                                    sIBM, Ahmed et al.
Marja Jäättelä
                                   • Phase II/III trial initiated NPC                                  Positive NPC Phase II/III top line
                                                                                                       results

34
The heat shock protein response is the body’s normal
     defense mechanism to restore cells under stress

 Heat shock response                                                                                Heat shock proteins: 3 key effects
                                                            Protein
 • Cell stress leads to cell                              aggregates                                       Prevent and correct
                                                                                              DNA
   dysfunction and death                                                                              1    protein misfolding:
 • Stress conditions induce the                                                                            HSPs ensure correct folding
                                                                               2
   heat shock response (HSR),                                                         Protein              and function of proteins
   a normal defense                                                                 degradation
   mechanism to cell stress                                     1
 • The HSR is triggered in all                                                                             Prevent and degrades
   cells of the body
                                                                           3
                                                                                                      2    protein aggregates:
   (e.g. brain, muscle, neuron)   Nucleus                                                                  HSPs can degrade protein
                                            Nascent
   under stress                             protein                                                        aggregates by facilitating
 • Triggering the HSR causes                                                                               removal through degradation
   increased levels of heat                           1
   shock proteins, e.g. HSP70,
   HSP90, HSP40                                                                                            Promote lysosomal function:
                                                               Folded &
                                                              functional              3
                                                                                                      3    HSPs are biological chaperones
                                                                protein
                                                                                                           promoting lysosomal function by
                                                                                                           increasing lipid and protein
                                                                                                           metabolism and removal,
                                                                                   Lysosome                thereby stabilizing lysosomal
                                                                    1
                                                                                                           membranes and preventing cell
                                                                                                           death

                                                           Misfolding

35
Our executive team has breadth of experience in
     discovery, clinical development and commercialization

     Kim Stratton        Chief Executive Officer

     Anders Vadsholt     Chief Financial Officer

     Thomas Kirkegaard
                         Chief Scientific Officer    Orphan Disease Council
     Jensen                                                                   Danish Cancer Society

     Thomas Blaettler    Chief Medical Officer

     Molly Painter       US President

                         Head of Global Product
     Angus Hogg
                         Strategy

                         Head of Global Strategy &
     Julia Barr
                         Operations

36
Working in partnership with leading institutions and
     patient groups

                                                        Patient
             Scientific                             and community
           collaboration                             partnerships
                                                            NPC

                                                            ALS

                                      Financial
                                    partnerships            IBM

            Danish Cancer Society
                                                        Gaucher

37
Arimoclomol improves refolding, maturation and
     lysosomal activity of glucocerebrosidase (GCase)

                                                   Efficacy of arimoclomol in common genotypes
          • Arimoclomol amplifies HSP70
        leading to an increase in refolding,
        maturation and correct intracellular        Effective in all   Visualization of active GCase in GD cells
          localization of GCase in patient      well-known mutations
                      skin cells                                                      arimoclomol

        • Arimoclomol significantly increases
                   GCase activity

           • Increase in GCase activity is
           confirmed in a complimentary
            neurological Gaucher disease
                   stem cell model
                                                                       Untreated Gaucher       Arimoclomol
       • Marked effects of arimoclomol seen                             patient skin cells   treated Gaucher
                                                                                             patient skin cells
            across common genotypes,
                  including L444P

38
Arimoclomol has a sustained effect on slowing disease
                                                             progression in NPC

                                                                                                                                                                                    CHANGE FROM BASELINE TO 24 MONTHS
                                                                      5-domain NPC-CSS                                      Change from baseline

                                                  4.50            Annual Disease Progression: FAS and excl. null mutations (n = 38)                                          • Reduction in progression with arimoclomol during
                                                                                                                                                                               core study was sustained during open-label extension
                                                  4.25
                                                                          Arimoclomol                    Placebo: Constant progression [*]
                                                  4.00
Estimated change from baseline 5-domain NPC-CSS

                                                                          Placebo–arimoclomol            Arimoclomol: Constant progression [*]
                                                  3.75
                                                                                                                                                                             • Early treatment initiation had a greater benefit at
                                                  3.50

                                                  3.25                                                                                                                         month 24 than delayed start, indicating that the
                                                  3.00
                                                                                                                                                                       64%
                                                                                                                                                                               disease course was modified by arimoclomol
                                                  2.75

                                                  2.50                                                                                                                            • 64% reduction
                                                                                                                                                                                         *DOUBLEvs extrapolated
                                                                                                                                                                                                  NULL MUTATIONnatural history
                                                                                                                                                                                    progression
                                                  2.25

                                                  2.00
                                                                                                                                                                       33%
                                                  1.75
                                                                                                                                                                                  • 33% vs delayed start
                                                  1.50

                                                  1.25
                                                                                                                                                                             • Switching to arimoclomol from placebo reduced
                                                  1.00

                                                  0.75
                                                                                                                                                                               progression
                                                  0.50

                                                  0.25                                                                                                                               DOUBLE FUNCTIONAL NULL MUTATIONS
                                                  0.00
                                                         0            3                 6       9            12            15            18      21         24               • This analysis excludes individuals with double
                                                                                                Time since baseline (month)
                                                                                                                                                                               functional null mutations (n = 3) in arimoclomol
                                                                  Placebo-controlled phase                                Open-label extension                                 treatment group who had rapid disease
                                                                                                                                                                               progression during the study
                                                             Solid lines: Observed simple means +/- SE based on data obtained while patients were exposed to IMP
                                                    39
                                                             [*] Dashed lines: Model estimates from random intercept and slope model based on blinded 12 months data
Early and sustained treatment with arimoclomol is superior to
                                                              delayed start of treatment on miglustat alone

                                                                                                                                                                                   CHANGE FROM BASELINE OVER 24 MONTHS
                                                                       5-domain NPC-CSS                                      Change from baseline

                                                  4.50                          Annual Disease Progression: FAS and on miglustat                                              • Early and sustained arimoclomol plus miglustat
                                                  4.25

                                                  4.00
                                                                           Arimoclomol                    Placebo: Constant progression [*]
                                                                                                                                                                                results in 72% progression reduction vs
                                                                           Placebo–arimoclomol
                                                  3.75                                                                                                                          extrapolated natural progression at 24 months
                                                  3.50
                                                                                                                                                                                   • 39% difference vs delayed start at 24 months
Estimated change from baseline 5-domain NPC-CSS

                                                  3.25

                                                  3.00
                                                                                                                                                                        54%
                                                  2.75
                                                                                                                                                                              • Delayed arimoclomol initiation still results in a 54%
                                                                                                                                                                        72%
                                                  2.50                                                                                                                          reduction in progression vs extrapolated
                                                  2.25
                                                                                                                                                                                progression
                                                  2.00

                                                  1.75

                                                  1.50                                                                                                                  39%
                                                  1.25

                                                  1.00

                                                  0.75

                                                  0.50

                                                  0.25

                                                  0.00

                                                  -0.25

                                                  -0.50

                                                          0            3                 6       9            12            15            18     21          24

                                                                                                 Time since baseline (month)

                                                              Solid lines: Observed simple means +/- SE based on data obtained while patients were exposed to IMP
                                                    40
                                                              [*] Dashed lines: Model estimates from random intercept and slope model based on blinded 12 months data
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