Proprietary Diffusphere™ extended-release technology platform

  • High quantity of active drug delivered versus other polymer-based technologies
  • Patent protection for lead candidate (not including patent term extensions)

Global multi-billion dollar market for lead candidate in osteoarthritis

  • U.S. market for osteoarthritis valued at almost US$2 billion
  • Current global osteoarthritis treatments challenged by poor safety, limited efficacy, and/or limited duration

Pipeline of clinical and non-clinical candidates

  • Lead product candidate for treatment of OA symptoms is widely used corticosteroid with well-established systemic safety record
  • Additional non-clinical candidates in post-surgical pain, anti-infective and veterinary indications, and potentially in oncology

Compelling research results for lead candidate

  • Well tolerated with minimal local and systemic impact
  • Demonstrated immediate and sustained pain relief (WOMAC score)
  • Demonstrated no cartilage damage over 10-month period in non-clinical setting
  • Improvement in WOMAC function

Expected clear regulatory pathway for lead candidate

  • Lower risk approval pathway using U.S. 505(b)(2) application
  • Open IND with the FDA for Phase 2 study
  • Use of proceeds support completion of Phase 2 study
  • Manufacturing at initial commercial launch scale

Experienced management team and board

  • Extensive medical, life science and public company experience