Announcement PDF ANNUAL GENERAL MEETING November 2022 CEO AGM PRESENTATION Laying the groundwork for an exciting 2023 DISCLAIMER The information in this presentation does not constitute personal investment advice. The presentation is not intended to be comprehensive or provide all information required by investors to make an informed decision on any investment in Invion Limited (Company). In preparing this presentation, the Company did not take into account the investment objectives, financial situation and particular needs of any particular investor. Further advice should be obtained from a professional investment adviser before taking any action on any information dealt with in the presentation. Those acting upon any information without advice do so entirely at their own risk. 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Any opinions expressed reflect the Company’s position at the date of this presentation and are subject to change. 3 Next Generation Photodynamic Therapy | November 2022 KEY ACHIEVEMENTS HIGHLIGHTS OVER THE PAST YEAR Cancer International patent extends IP protection for PhotosoftTM INV043 Significantly (Jun) improves Checkpoint Inhibitor Therapy (May) Agreement with IDT for GMP manufacture ahead of clinical trials (Nov) Effective against Anal Cancer SCC in vitro (Sep) Cancer Research Partners: 2022 Activity against Zika virus (Sep) Infectious Diseases Infectious Diseases Research Partners: Activity against SARSCoV-2 (Omicron & Delta) & Dengue (Oct) Activity against bacterial Superbugs & fungi (Oct) Australian Centre for Antimicrobial Resistance Ecology (ACARE) LEAD CANCER DRUG CANDIDATE INV043 PATHWAY TO PARTICIPATE IN A US$271B MARKET OPPORTUNITY1 Proof-of-Concept studies of lead candidate INV043 has been shown to: Selectively absorbed by cancer cells and not healthy tissue Effective in regressing multiple types of cancer in vivo Cancer is the primary focus of Invion as we prepare to commence Phase I clinical trials in 2023 Stimulate the body’s natural immune response Work additively with blockbuster ICI2 drugs Be non-toxic, safe and have limited side effects Support the translation into successful clinical trials3 1 Oncology market exceeded US$270.5 billon in 2021 and is forecast to grow at 10.2% CAGR between 2022 and 2028, according to GMI 2 Immune Checkpoint Inhibitor (ICI) therapies are part of the Immunotherapy market 3 Scheduled for 2H CY2022 or 1H CY2023 5 Next Generation Photodynamic Therapy | November 2022 IMPROVED API: INV043 KEY CHARACTERISTICS* Active against multiple cancers Highly potent and selective • INV043 successfully regressed established T-cell lymphoma, triple negative breast and pancreatic cancers in vivo (n=4-8/group). • ~600x greater photoxicity than Talaporfin sodium (a widely used photosensitiser). • Formulations enable multiple routes of administration. • No “dark” toxicity” until 20 to 300 times the therapeutic dose. • Treatment activates an immune response. • No observed off target toxicity. Strong therapeutic profile Theragnostic potential • No toxicity identified up to 100x the therapeutic dose • Selectively retained into tumours in vivo: Two distinct light activations wavelengths o Within hours accumulates in tumour mass o Within a day INV043 is not detectible in healthy tissue o Remains concentrated within tumour mass for >3 days INV043 activity against multiple cancer cell types INV043 fluorescing in a tumour under light • Diagnostic: Fluorescence providing highly visible definition of tumour mass and margins. • Therapeutic: Activation of INV043 causes rapid cancer cell death and tumour regression. *Studies carried out by Hudson Institute 6 Next Generation Photodynamic Therapy | November 2022 PROOF OF CONCEPT: PRIMARY TUMOUR PILOT STUDY REGRESSION AND PROTECTIVE IMMUNITY Treatment with established tumours (INV043 with light) • INV043 was injected intratumorally (0.1mg/kg) • 16 hours later, illuminated with red light • No anaesthesia required, no adverse effects observed Immune competent mice with TNBC (n=3/group) Day 0 Day 6 Day 15 Orthotopic implantation of 4T1 TNBC cells TREATMENT GROUP CONTROL GROUP 7 Day 35 Day 17 Day 19 Day 21 Orthotopic reimplantation of 4T1 TNBC cells No adverse effects observed 1. No treatment 2. INV043 alone (no light) 3. Light alone (no INV043) Tumour regression observed Tumour mass undetectable No tumour detectable • Enlarged rapidly and reached endpoint (Tumour size >100mm2) • Obvious metastatic involvement of lungs and abdominal fat pad at autopsy Next Generation Photodynamic Therapy | November 2022 The research activities involving the use of animals were carried out in accordance with relevant guidelines and regulations as well as with appropriate Animal Ethics Committee approval. PROOF OF CONCEPT: PRIMARY TUMOUR PILOT STUDY REGRESSION AND PROTECTIVE IMMUNITY • Triple Negative Breast Cancer (TNBC) is a hard-to-treat cancer resistant to most chemotherapies • Proof of Concept (PoC) pilot showed complete regression of TNBC in vivo following INV043 treatment • Tumour mass undetectable two weeks after initial treatment and no scarring evident • No recurrence of disease, re-challenge with TNBC implant could not re-establish new tumours, suggesting development of protective immunity • Additional PoC tests being carried out by Hudson Institute Endpoint Tumour volume Control Pretreatment Treated Mice with established 4T1 breast tumours treated with INV043 PDT at days 6 and 13 post-implant. Tumour size monitored until endpoint (>100mm2). Treatment regressed established tumours to an undetectable level within 14 days of treatment. No tumour regrowth observed. n=3/group; mean +/- SD https://inviongroup.com/videos-reports/ 8 Figure 4. PDT using INV043 results in complete regression of established tumours. Next Generation Photodynamic Therapy | November 2022 The research activities involving the use of animals were carried out in accordance with relevant guidelines and regulations as well as with appropriate Animal Ethics Committee approval. ANAL CANCER SCC PROMISING RESULTS AGAINST NEW CANCER CLASS* Cytotoxicity data of human anal SCC cells lines In vitro study showed INV043’s effectiveness against six squamous cell carcinoma (SCC) cell lines that represent the full range of anal cancers Most anal cancers are SCCs and are difficult to treat with the global market estimated to be worth US$1.3bn by 2028 (6.3% CAGR)1 Findings were consistent with the results of work done at the Hudson Institute on other cancer types Preclinical testing using topical delivery of INV043 started as a prelude to moving to clinical human testing of anal SCC 1Source:https://www.coherentmarketinsights.com/ market-insight/anal-cancer-market-4701 9 Next Generation Photodynamic Therapy | November 2022 *Studies carried out by Peter Mac PROOF OF CONCEPT: IMMUNE CHECKPOINT INHIBITORS (ICI) COMBINATION THERAPY FOR PARTICIPATION IN THIS US$140B MARKET1 (BY 2030) • Immune checkpoint inhibitors are widely used for the treatment of lung cancer and melanoma. However, ICI treatments are typically only effective on a small proportion of patients • Proof of Concept (PoC) pilot by Hudson Institute showed both INV043 (under restricted administration) and anti-PD-1 therapies achieved a very similar level of tumour growth restriction following therapy, with tumour growth reduced by ~40% compared to controls • A combination of INV043 with anti PD-1 provided substantially enhanced restriction (~65%) of tumour growth, with clear tumour regression despite the sub-optimal INV043 treatment protocol used Figure 5. INV043-PDT combines with immune checkpoint inhibition to regress tumour mass. Mice with established 4T1 breast tumours were treated using a restricted INV043 PDT protocol and / or anti PD-1 antibody over a period of 14 days. Tumour size was monitored until endpoint (tumour size >100mm2). Combi therapy: >60% increase in effectiveness vs. ICI alone Monotherapies restricted tumour growth compared to untreated controls; combination therapy regressed and stabilized tumours and achieved a ~65% reduction in tumour size at endpoint. INV043 control, no light activation; IgG2a control, isotype antibody control; combination, PDT+ anti PD-1. Additional control groups have been omitted for clarity. mean +/- SD, n=4/group. The research activities involving the use of animals were carried out in accordance with relevant guidelines and regulations as well as with appropriate Animal Ethics Committee approval. 10 Next Generation Photodynamic Therapy | November 2022 1 https://www.alliedmarketresearch.com/immune-check-point- inhibitors-market The research activities involving the use of animals were carried out in accordance with relevant guidelines and regulations as well as with appropriate Animal Ethics Committee approval. Infectious Diseases Exploring the potential applications of PhotosoftTM BROAD-SPECTRUM ANTI-MICROBIAL POTENTIAL INFECTIOUS DISEASES: EFFECTIVE AGAINST VIRUSES, BACTERIA AND FUNGI IN VITRO “Antimicrobial resistance (AMR) is one of the top 10 threats facing humanity” World Health Organisation1 Leading Institutions: Viroclinics conducted virus tests & ACARE (University of Adelaide) conducted bacteria and fungi tests Broad Spectrum Potential: In vitro tests showed PhotosoftTM to be effective against several types of pathogens, including antibiotic-resistant superbugs Need for New Treatment Options: Potential for PhotosoftTM as a new treatment class for polymicrobial infections and/or where pathogens cannot develop drug resistance 12 Next Generation Photodynamic Therapy | November 2022 1 https://www.who.int/news-room/fact-sheets/detail/antimicrobial-resistance “ Given the general mode of action of PDT, we surmise that it is unlikely for superbugs to develop resistance to the compounds. ” Prof Darren J. Trott, Director, Australian Centre for Antimicrobial Resistance Ecology (ACARE), University of Adelaide EFFECTIVE AGAINST SARS-CoV-2 IN VITRO ANTIVIRAL ACTIVITY AGAINST DELTA AND OMICRON VARIANTS SARS-CoV-2: Delta Selected PhotosoftTM Compounds vs. Remdesivir Multiple PhotosoftTM compounds show effectiveness against SAR-CoV-2 at far lower concentrations than Remdesivir 100 80 % Inhibition Nine out of ten PhotosoftTM compounds tested displayed antiviral activity against both Delta and Omicron variants of SARS-CoV-2 60 40 20 0 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0.9 1 Concentration µM Antiviral activity occurred once PhotosoftTM compounds were activated with red light SARS-CoV-2: Omicron Selected PhotosoftTM Compounds vs. Remdesivir either no or low cytotoxicity The global coronavirus treatment market is forecast to reach US$49bn by 2027 (17.5% CAGR)* 100 % Inhibition PhotosoftTM compounds tested demonstrated 80 60 40 20 0 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Concentration µM *https://www.coherentmarketinsights.com/market-insight/coronavirus-treatment-drugs-market-4312 13 Next Generation Photodynamic Therapy | November 2022 % Inhibition - Compound 7 % Inhibition - Remdesivir % Inhibition - Compound 9 % Inhibition - Compound 10 EFFECTIVE AGAINST ZIKA AND DENGUE IN VITRO ANTIVIRAL ACTIVITY AGAINST ZIKA AND DENGUE Zika Dengue Inhibition: PhotosoftTM compound vs Monensin1 Inhibition: Selected PhotosoftTM Compounds vs Monensin1 100 90 90 80 80 70 70 % Inhibition Percentage (%) inhibition 100 60 50 40 30 20 - PhotosoftTM compound - PhotosoftTM compound 60 50 40 30 20 10 10 0 0 0 0.2 0.4 0.6 0.8 1 1.2 0 1.4 % Cytotoxicity % Inhibition - Monensin % Cytotoxicity - Monensin 0.4 0.6 0.8 1 Concentration (µM) Concentraton (µM) % Inhibition 0.2 1 Monensin is an antibiotic known to have activity against Zika in in vitro laboratory tests and was a control (benchmark) in these studies, but due to its in vivo toxicity cannot be used in humans Several PhotosoftTM compounds had >100x the activity of Monensin3 (selected control) in vitro One compound had an EC50 (half max effective concentration) >90 times lower than Monensin Zika virus is found in 86 countries and is linked to birth defects and other neurological complications Dengue causes intense pain in joints and muscles, hence its nickname “breakbone fever” Market is ~US$17 billion in 20221 with no vaccines or treatments currently available2 Treatment market is forecast to hit US$1.3 billion by 20304 14 Next Generation Photodynamic Therapy | November 2022 2https://www.marketdataforecast.com/market-reports/zika-virus-vaccines-market 3https://www.who.int/news-room/fact-sheets/detail/zika-virus 4 https://www.biospace.com/article/-dengue-vaccines-market-size-to-reach-us-1-3-billion-by-2030/ EFFECTIVE AGAINST BACTERIA AND FUNGI MRSA SUPERBUG, E.COLI BACTERIA & CANDIDA ALBICANS FUNGUS activity in vitro against multiple strains of antibiotic-resistant MRSA bacteria, Escherichia coli bacteria and Candida albicans fungus* 15 Next Generation Photodynamic Therapy | November 2022 10 5 Candida albicans VDLF1642 MIC Candida albicans ATCC 90028 MIC 0 Gram-negative (E. coli ATCC 35218) MIC *Tests undertaken at the Australian Centre for Antimicrobial Resistance Ecology (ACARE), University of Adelaide 15 Gram-negative (E. coli ATCC 25922) MIC PhotosoftTM’s mode of action has the potential to make it unlikely for superbugs to develop resistance 20 Gram-positive (USA300) [MRSA] MIC  MRSA is an antibiotic resistant bacteria that is difficult to treat, with the World Health Organisation (WHO) having declared antimicrobial resistance (AMR) as one of the top 10 threats facing humanity 25 µM  30 Broad Spectrum Activity: Minimum Inhibition Concentration (MIC50) of Selected Photosoft Compound following exposure to light for 5 minutes Gram-positive (ATCC 43300) [MRSA] MIC  Several PhotosoftTM compounds showed Note: The in vitro studies that were conducted at the University of Adelaide used enrofloxacin and amphotericin B as control antibiotics for the antibacterial and antifungal tests, respectively. THE WAY FORWARD MULTIPLE CATALYSTS AND MILESTONES Australia Proof of Concept (PoC) Building on in vivo work further demonstrating both safety and efficacy profiles • Pre-clinical Preparations: Building foundations for clinical trials in multiple indications and internationally • Clinical Trials: With strong in vitro and in vivo results demonstrating both safety and efficacy profiles, and across multiple cancer types, the next steps will be to conduct clinical trials in multiple indications, including • • Skin Cancer (superficial basal cell carcinoma) • Anogenital Cancer • Other solid tumour cancers TBC1 GMP manufacturing and scale up: Building capacity to scale up for global late-stage trials and commercialisation AID Atherosclerosis and Infectious Diseases (AID) Early stage broad based discovery Identification of target indications 1 RMW Cho Group (“RMW”) Global Cancer • Expand Internationally: Leveraging Australian clinical trial data into later stage programs in other major markets Proof of Concept on targeted indications as licensor of PhotosoftTM technology, is pursuing independent research in parallel with Invion’s R&D efforts including a prostate cancer trial. The research is complementary/supplemental to Invion’s development program. To the extent that Invion becomes aware of material information relating to RMW’s studies, Invion will release the information to the ASX in compliance with its disclosure obligations (noting however that Invion is not involved in RMW’s studies and does not have direct access to information) 16 Next Generation Photodynamic Therapy | November 2022 MANAGEMENT TEAM THE RIGHT EXPERTISE FOR SUCCESS THIAN CHEW EXECUTIVE CHAIRMAN & CEO MELANIE LEYDIN CFO • Managing Partner, Polar Ventures • Executive Director, Goldman Sachs • Director, KPMG Consulting, Senior Manager KPMG • Adj. Prof. HKUST, MBA/MA Wharton School • 25+ years in accounting profession • Partner, Vistra • CFO and Co. Secretary multiple biotech companies • Fellow Gov. Institute of Australia, Chartered Acc’t DR ANDREW STEPHENS HUDSON INSTITUTE, R&D NICOLETTA MUNER REGULATORY AND CLINICAL DEVELOPMENT • 15+ years in novel treatment R&D • 20+ years non-clinical and clinical drug development, quality, manufacturing, incl. EMA and US FDA approval • Founder, Ovarian Cancer Biomarker Group, Hudson Institute 17 • Postdoc. positions, the Uni. of Sydney and Prince Henry’s Institute, PhD Biochemistry Monash Uni • Founder Canary Regulatory Affairs • Published extensively, holds several patents • Pre-clinical and regulatory affairs, Pfizer DR SEBASTIAN MARCUCCIO CHEMISTRY LOUISE WHITE MANUFACTURING AND QUALITY • 15+ years in Pharmaceutical and organic chemistry developmental research • 35+ years in the pharmaceutical industry, 13 years in vaccine manufacturing, CSL, Partner SeerPharma • 16+ years commercial experience in molecular based companies (Managing Director / Founder) • Senior roles in virology R&D, bacterial vaccines production, quality control and production planning • Adj. Prof. La Trobe University, PhD Organic Chemistry ANU • Registered auditor for APVMA ALEXANDER BENNETT TECHNICAL ADVISOR, LIGHT KIM STEEL CLINICAL TRIAL MANAGEMENT • 35+ years in R&D, manufacturing and commercialisation of scientific instrumentation incl. ISO certifications • 15+ years managing global and clinical drug and device studies from Phase 1-IV across 14 countries • GM Forensic Light Sources, Rofin Australia. • Director, Sapro Consulting • Led Medical Light Source trial for PDT in skin cancers Peter MacCallum Cancer Centre • Project Director, Novotech Next Generation Photodynamic Therapy | November 2022 • Global Regulatory Affairs, Clinuvel Pharmaceuticals • Project Manager, Pacific Clinical Research Group SUMMARY 18 Cancer - Promising Results: Total tumour regression, immune response, potential ICI combination therapies Infectious Diseases – Early Findings: In vitro effectiveness against multiple viruses & bacteria including SARS-CoV2 (Delta and Omicron) and MRSA Cancer - Clinical Trials: Human trials across several cancer types expected to commence 2023 Well Funded: Cancer program fully funded & AID partially funded by RMWC Multiple Growth Options: Large addressable markets, multiple indications, partnership opportunities Experienced Management, WorldLeading Partnerships: Balance of expertise in life sciences and commercialisation combined with world-renowned partnerships Next Generation Photodynamic Therapy | November 2022