Sarossa Capital Ltd.

None After a few years characterised by uncertainty, the narrative across the biotech industry is changing. We have seen a steady upswell in optimism among biotech organisations and other stakeholders over the recent months as new activity announcements set the tone for a ‘return to normal’. The Financial Times noted that the US biotech sector is bouncing back, quoting data from Jeffries that shows January’s capital raised ($6.2bn) reached levels similar to the previous high-water mark of February 2021. This year has been a pivotal one as biotech organisations shift out of survival mode to keep the industry’s innovation engine running. We surveyed over 100 biotech decision-makers to get a better gauge of their positions (and dispositions) during this transition season, and the results reflected the confidence and optimism now being reported at higher levels and across investors. With the market back on track to support biotech development, companies are confident but will benefit from sharper strategic positioning. A market on the mend Despite the challenges biotech organisations faced in securing funding since 2021, there has always been plenty of capital available despite its slower flow. The Index of Biotech stocks (XBI) rose again in Q4 of 2023 and has continued climbing into 2024 and the near standstill in the IPO market has begun to move again. In 2023, the few IPOs were mostly categorised by phase 2 or later stages, which afforded more confidence in a de-risked asset. Already, 2024 has seen more activity around IPO announcements for later stage assets, with some surpassing expectations, signalling that the window is open for well-prepared companies.   M&A tends to increase under these macro market conditions, and 2023 had significant activity with more than half of the 29 disclosed deals pricing over $1bn each according to SVB’s reports. Many biotech companies turned to M&A as a more stable source of funding, given pharma’s multibillion dollar stockpile dedicated to replenishing their R&D pipelines. Of our survey respondents, nearly half received funding from large pharma while a third received VC funds. Although there are fresh VC funds closing, we expect M&A momentum to continue, especially in therapeutic areas of interest to large pharma. Biotech organisations seeking dealmaking would do well to adopt strategies that prioritise generating registration-level data to position better against increasing diligence requirements and make their program more attractive. Science that meets needs Large pharma is willing to bet on key therapeutic areas and has shown increasing interest in CNS, obesity, cardiovascular and immunology areas. Recent progress in obesity and Alzheimer’s research is promising and will continue to draw attention from pharma and developers. Cell and Gene Therapy (CGT) is an exciting space for biotech and is one where we are making a real impact. Last year we saw five CGT approvals from the FDA, which is a significant burst when compared to 2017-2022’s five approvals total. Biotech in CGT is driving real progress toward therapies for diseases previously considered uncurable. Recent progress with sickle cell and movement toward in vivo cell therapies hold exciting potential for meeting patient needs with meaningful applications. Excitement in AI innovation As we advance technology and ways of working, we open opportunities to improve development or explore new modalities to deliver innovations to patients – another contributor to the industry optimism. Artificial intelligence (AI) is one of the most significant recent innovations for biotechnology development programs as its rapid advancement has generated many different options for application. When asked which factors have the greatest potential to accelerate their drug development, 26% of survey respondents indicated AI-enabled asset selection in drug discovery. However, some of the other top-indicated areas are also leveraging AI, including remote monitoring technologies in clinical trials, leveraging existing datasets to steer drug discovery and faster site selection and study start-up. As we iterate AI and tailor its applications with growing datasets, leveraging AI can improve trial designs and data generation and analysis. As biotech organisations prioritise registration-level data, AI capabilities can mitigate costly, time consuming risks while driving R&D forward. We have had noteworthy successes leveraging our Symphony Health datasets and our AI and machine learning technology to generate real-world data and evidence, gain insights into patient journeys, and to identify target populations and ideal sites to improve study startup efficiencies and generate richer, representative trial data. Optimising the optimism Respondents in our biotech survey were generally confident in meeting their next investment milestones and in their overall program success, but the realities of the market and the complexity of the development and regulatory landscape mean optimism should be tempered with optimisation. According to our survey, clinical development is still more of a challenge than securing funding despite the recent focus on funding accessibility. The inherent development challenges compound across phases and when organisations have multiple ongoing trials, which most biotech do. The majority have at least two trials while half have four or more. Optimising R&D spend with earlier planning, more efficient and adaptive strategies and higher quality data generation will be even more important for biotech companies as they position for exit strategies. Deeper and more strategic partnerships at earlier stages will help biotech companies optimise their R&D budgets, streamline end-to-end operations and more efficiently reach their next inflection point. Taking advantage of the resources and expertise offered by larger global CROs with dedicated biotech units will help close gaps in capacity, grant access to cutting edge technology and build value into their program. Resourceful biotech companies are already making the most of their lean structures by leveraging the full-spectrum benefits of global CRO partnerships, as reflected in a significant 41% of survey respondents indicating that medium or large sized CROs are preferred when it comes to clinical development, as they have a global presence and a wide service offering. Brighter days ahead Overall, the proof of the market’s upturn has solidified the sense of optimism that has been brewing among biotech organisations in recent months and the higher-level narrative is reflecting the same. The optimism isn’t blue-sky naivete, it’s more of a silver lining as biotech companies are aware of the current challenges they still face in the complex and ever-changing development landscape. They will have to be mindful about balancing scientific ambition with fiscal pragmatism while they continue to drive their innovations forward. However, biotech companies’ renewed focus on optimising their R&D spend and partnering more strategically will help carry them through tough times into the brighter days ahead. Dr. Chris Smyth, President, ICON Biotech Dr. Smyth has 30 years' operational and therapeutic experience, most notably in biotech, MedTech and oncology. Prior to ICON, Dr. Smyth spent 10 years in IQVIA Biotech, where he held EVP Oncology and Chief Operating Officer roles before assuming global leadership as President of the division. Dr. Smyth also previously led global clinical operations for 8 years at an oncology biotech company, Antisoma. Dr. Smyth holds a Bachelor of Science degree in Biochemistry from the University of Kent at Canterbury, a PhD in Reproductive Biology from the University of Edinburgh Medical School, and an MBA from Henley Management College.

Mr. Rongen appointed as CEO and member of the Board bringing 30 years of executive leadership experience and expertise across a number of therapeutic areas Bolstered expertise on Board of Directors with addition of Dr. Rogers who brings significant leadership and expertise spanning both public and private sectors in health care and the biopharmaceutical industry DELRAY BEACH, FL / ACCESSWIRE / January 17, 2023 / Adolore Biotherapeutics, Inc. ("Adolore" or the "Company"), a biotechnology company focused on developing breakthrough opioid-free pain relieving (analgesic) treatments for chronic pain, today announced the appointments of Roelof Rongen, MSE, MBA as Chief Executive Officer and Director, and Mark C. Rogers, MD, MBA as a member of the Company's Board of Directors. "We are delighted to welcome Roelof and Mark at this pivotal time in the evolution of Adolore," commented Roy C. Levitt, MD, Founder and Executive Chairman of Adolore Biotherapeutics. "The addition of these well-known and well-respected industry leaders represents clear acknowledgement of the solid foundation of our breakthrough platform technology leveraging our novel gene therapy approach for the treatment of chronic pain and other nervous system diseases and conditions. Roelof and Mark are distinguished trailblazers in the biopharmaceutical industry and bring business, operational and financial acumen, along with a wealth of business contacts, all of which we believe will be invaluable to Adolore as we drive the Company through its next stage of growth." Mr. Rongen added, "The Adolore team has developed a cutting-edge approach to opioid-free pain relief and their data is incredibly compelling. I, along with the leadership team, are committed to advancing this innovative gene therapy toward anticipated IND filings and clinical studies. I am pleased to join the Company and look forward to building on the momentum generated thus far." Dr. Rogers added, "I am very excited to be joining Adolore's Management team and Board, at what I believe is a very important transitional period for the Company. Adolore's gene therapy approach has received validation and recognition by the NIH and Adolore's osteoarthritis program is fully funded by the NIH's HEAL program to combat the opioid crisis. I look forward to working closely with Roy, Roelof and the rest of the senior management team to advance the Company's development programs and achieve its ambitious goals, thus creating life-changing products for patients with chronic pain." Roelof Rongen, MSE, MBA Mr. Rongen is a serial entrepreneur and R&D / Commercial Development leader with extensive experience across many therapeutic areas and functions. He founded and progressed Matinas BioPharma (omega-3 and lipid-crystal nano-particle drug delivery) into a public company (NYSE:MTNB); and he was integral to the development and commercialization of blockbuster products such as Humira® and Lovaza®. Prior to founding Matinas BioPharma, Mr. Rongen was the architect behind Trygg Pharma which facilitated Norway's Aker Group's entry into the prescription omega-3 business. Before his work with Aker, he was VP for IP and Portfolio Management at Reliant Pharmaceuticals (acquired by GlaxoSmithKline) where he in-licensed Lovaza® and led development and pre-launch activities. Earlier in his career, Mr. Rongen was Global Product Director for Humira® and other Immunology Programs at BASF Pharma (acquired by Abbott/Abbvie). Mr. Rongen started his professional career as a management consultant at Arthur D. Little's Technology Innovation Management practice in Amsterdam, the Netherlands, followed by his work in New York City as biotech/pharmaceutical consultant at The Wilkerson Group (acquired by IBM). Mr. Rongen holds a Master of Science in Engineering (MSE) in Molecular Sciences (with Biotechnology/Bio-Process Technology focus) graduate degree from Wageningen University in the Netherlands and an MBA from Kellogg GSB at Northwestern University. Mark C. Rogers, MD, MBA Dr. Rogers is a physician, serial entrepreneur, professor, and hospital administrator, who brings leadership and expertise in health care and the biopharmaceutical industry spanning both private and public sectors with significant board and operational experience. Most notably, Dr. Rogers was CEO of Duke Hospital and Health Network before joining Perkin Elmer as Chief Technology Officer (NYSE:PKI) where he was in charge of the company's human genome sequencing program, amongst other responsibilities. He then moved into medical venture capital becoming CEO of Paramount Capital. Later, before founding Gibson Oncology, Dr. Rogers served as founder, Chairman, and CEO of numerous companies including Innovative Drug Delivery Systems, a pharmaceutical development company with three pain-related drugs which went public and was acquired for approximately $230 million. He was founder and Chairman of Aptamera, an oncologic pharmaceutical development company that was acquired by a London public company Antisoma. He was founder and Chairman of Cardiome, a NASDAQ listed cardiac arrhythmia company that reached an $800 million-dollar market capitalization while Dr. Rogers was Chair. He also was Executive Chair of PolaRX which developed Arsenic Trioxide as a cure for Acute Promyelocytic Leukemia and which, after FDA approval, was subsequently sold to a large pharmaceutical company for $100 million. Dr. Rogers trained in four medical specialties (critical care, pediatrics, cardiology, and anesthesiology) and was a Professor and Chair at Johns Hopkins at age 37. The author of well over 100 papers and Editor of 12 books, he is a member of the National Academy of Medicine, is a former Fulbright scholar, and former Chair of the Reagan-Udall Foundation, the U.S. Congress public advisory group on the FDA. Dr. Rogers earned his undergraduate degree at Columbia University, his Medical Doctorate from SUNY and his MBA from the Wharton School at Pennsylvania University. About Adolore Biotherapeutics, Inc. Adolore Biotherapeutics, Inc., is a biotechnology company focused on developing novel therapies for the treatment of chronic pain and other pain and nervous system conditions or disorders. Our best-in-class lead programs are long-acting locally acting gene-therapies that are opioid-free Disease Modifying Anti-Pain therapies (DMAPs) for the treatment of a variety of chronic pain indications. The Company's two current CA8* gene therapy programs are in preclinical development for treatment of patients suffering from erythromelalgia, a life-long heritable chronic pain condition representing an orphan drug disease with no approved therapy, and chronic osteoarthritis knee pain, affecting a large number of patients that is often treated with opioids due to the lack of alternatives, thus contributing to the ongoing opioid crisis. For more information, visit adolore.com. Forward Looking Statements To the extent this announcement contains information and statements that are not historical, they are considered forward-looking statements within the meaning of the federal securities laws. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "project," "will," "should," "may," "plan," "intend," "assume" and other expressions which predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks and uncertainties include, but are not limited to, those associated with drug development. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Investor Relations Contact JTC Team, LLC Jenene Thomas 833-475-8247 adolore@jtcir.com SOURCE: Adolore Biotherapeutics, Inc. View source version on accesswire.com:

Sievi Capital Plc Press release, 10 August 2021 at 9.30 am EEST Invitation to Sievi Capital webcast for Half-Year 2021 Report Sievi Capital Plc will publish its Half-Year Report for January−June 2021 on Tuesday, 17 August at approximately 8 am EEST. The company will organise a webcast in Finnish for analysts, investors and the media on the same day at 10.00 am EEST. In the webcast, Päivi Marttila, Sievi Capital’s CEO, will present the results and key events of the reporting period. You can follow the live webcast at Questions can be submitted on the webcast platform or by sending them in advance by email to info@sievicapital.fi by 9.00 am EEST on Tuesday, 17 August. A recording of the webcast and the presentation material will be available on Sievi Capital’s website later on the same day. SIEVI CAPITAL PLC FURTHER INFORMATION: CEO Päivi Marttila, tel. +358 400 285 358 DISTRIBUTION: Major media Sievi Capital is a partner for Finnish entrepreneurs. We support the growth, performance and value creation of small and medium-sized companies and concurrently build national competitiveness. We believe that we succeed together as co-entrepreneurs. Sievi Capital’s share is listed on Nasdaq Helsinki.