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Statement Regarding Forward-Looking Statements Certain statements contained in this presentation regarding matters that are not
historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
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and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the
statements due to a number of factors, including, but not limited to, our plans to develop and commercialize our product candidates;
the progress and timing of our ongoing and planned clinical trials for our product candidates, including the timing of topline
results from the Phase 2b portion of our Phase 2b/3 clinical trial of livoletide in Prader Willi syndrome ("PWS")
patients and the timeline for our Phase 2b clinical study of nevanimibe in congenital adrenal hyperplasia, the potential and timing
for a neurokinin 3 receptor antagonist (MLE-301) as a potential treatment of vasomotor symptoms to enter clinical trials; the
timing of and our ability to obtain and maintain regulatory approvals for our product candidates; and our estimates regarding
future revenue, if any, future expenses, the funding of our operations, including whether our cash balance will be sufficient
to fund our current operating plans beyond anticipated initial topline results from our livoletide pivotal study in PWS in 1H20,
as well as our future capital requirements and needs for additional financing. You should refer to the risk factor disclosure
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including without limitation, our Annual Report on Form 10-K for our fiscal year ended December 31, 2018 and our Quarterly Report
on Form 10-Q for our fiscal quarter ended September 30, 2019. New factors emerge from time to time and it is not possible for
Millendo to predict all such factors, nor can Millendo assess the impact of each such factor on the business or the extent to
which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements. Forward-looking statements included in this presentation are based on information available to Millendo as of the
date of this presentation. Millendo disclaims any obligation to update such forward-looking statements to reflect events or circumstances
after the date of this presentation, except as required by applicable law. 2
Therapeutics (Nasdaq: MLND) A leading endocrine disease company A LEADER IN ENDOCRINE
DISEASES Clinical-stage company focused primarily on orphan endocrine significant unmet
medical needs diseases with Livoletide: Pivotal stage asset for Prader-Willi syndrome
(PWS) Topline results expected 1H20 that could potentially support NDA filing COMPELLING
PIPELINE Nevanimibe: Clinical stage asset for classic congenital adrenal hyperplasia
(CAH) Ongoing Phase 2b trial with topline data from cohort 1 expected 2H20 MLE-301: Preclinical
program for vasomotor symptoms (VMS) associated menopause, with first-in-human trial
expected in 2020 with Experienced leadership team to execute on company strategy Financial
strength with cash balance of $63.5M* as of December 31, 2019 POSITIONED FOR SUCCESS
* unaudited; includes cash, cash equivalents and restricted cash 3
Compelling Endocrine Disease Pipeline Therapeutics seeking to
address significant unmet medical needs Product Formulation/ Oral Tablet BID (ATR-101) Hyperplasia (CAH) Oral Tablet (VMS) Phase
2b portion of livoletide Phase 2b/3 trial may support submission of NDA 4 CandidateIndicationDelivery Preclinical Phase
1 Phase 2 Phase 2b Phase 3 Subcutaneous Injection QD LivoletidePrader-Willi Syndrome (AZP-531)(PWS) Multi-dose Pen Device QD
NevanimibeCongenital Adrenal MLE-301Vasomotor Symptoms
for Prader-Willi Syndrome
Syndrome (PWS) Hyperphagia, a chronic & insatiable hunger, is the top unmet need
for PWS patients Livoletide Hyperphagia starts at 5-8 years old and usually lasts until
death - - - Leads to overeating and eventual metabolic issues A root cause
of morbidity and mortality Patient accidents, including choking, are a significant cause
of death Creates significant burden on caregivers and siblings No approved treatment;
coping mechanisms include environmental controls such locking refrigerators and cabinets
- - Mortality rate is 3x general population - - Average age of death
is approximately 30 years* Rate has been relatively unchanged over past two decades *
Butler et al. (2017); Manzardo (2018) 6 Urgent need for new therapies as current treatments
do not address hyperphagia
PWS Patients Are Diagnosed No medicines available to address hyperphagia Livoletide Birth
incidence of 1:15K due to a spontaneous genetic defect -Complex disorder resulting
from genetic error on chromosome 15 US PWS Market 12,000 10,000 8,000 6,000 4,000 2,000
0 Metabolic comorbidities more common in adolescents and adults - 25% of adult PWS
and 9% of adolescent PWS patients have T2D Mean BMI of 41 in adults - Diagnosed
hyperphagic PWS population US PWS prevalence Diagnosed PWS population Internal analysis
based on McCandless et al. (2019), US Prevalence & Mortality of Prader-Willi syndrome:
A Population-based Study of Medical Claims; and Grugni (2008) 7 10,000 8,900 Undiagnosed
PWS population 7,000 Pediatric patients; hyperphagia not yet developed
First-In-Class Treatment of Hyperphagia in PWS Distinct pharmacology with objective of
replacing functional deficit of UAG Livoletide PWS Patient Journey AG and UAG Levels
by Age and Nutritional Phase Hyperphagic aily injectable cyclic rable in vitro and in
pharmacological profiles , 2 stable than linear Age: ~0-9 mos. ~9-25 mos. ~2.1-4.5 yrs.
~4.5-8 yrs. ~8 yrs.-adult Healthy Obese Nutritional Phase: 1a Hypotonia w/ difficulty
feeding 1b No difficulty feeding, growing 2a Weight increasing w/o increase in 2b Weight
increasing w/ increase in 3 Hyperphagic, rarely feels full appropriately appetite appetite
Adapted from Kuppens et al. (2015) and Miller et al. (2011) 1Delhanty (2013), 2Granata
(2012), 3Julien (2012) 8 Livoletide: an analogue of UAG es in human plasma improved in
vivo PK3 - Once-d peptide - Compa vivo to UAG1 - More analogu and has
Clinical and Preclinical Experience with Livoletide Compelling molecule for an orphan
indication with significant unmet medical needs Livoletide Double-blind, placebo-controlled
Phase 2 clinical trial in PWS (7 European sites) - 47 patients with 2 weeks treatment
- Clinically meaningful results on efficacy measures Well tolerated in clinical
testing to date, across 150+ subjects - Safety events in Phase 2 study well balanced
relative to placebo -Most commonly reported AE in both groups was related to injection
site reactions -No SAE or discontinuations due to AE Favorable preclinical safety
profile - No systemic adverse effects across toxicology program including chronic
studies up to 9 months Potential metabolic benefits - Preclinical studies of UAG
and livoletide suggest potential improvements in metabolic endpoints such as mean body
weight, food intake and fat pad mass Protected by issued and pending patents - Method
of use coverage for the treatment of PWS through August 2033 and composition of matter
coverage through May 2028, excluding any additional patent term adjustments or extensions
Placebo-Controlled Phase 2 PWS Clinical Trial Clinically meaningful decreases in Hyperphagia
Questionnaire (HQ) Livoletide Home Residents BL > 10 Home Residents1 All Subjects
BL = 12.2 14.1 BL = 12.6 14.8 BL = 17.3 17.9 0 -1 -2 -3 -4 0 -1 -2 -3 -4 -5 -6 -7 0 -1
-2 -3 -4 -5 -6 -7 Change in HQ from baseline Change in HQ from baseline Change in HQ
from baseline -5 -6 -7 -4.3 -5.1 -6.2 p = 0.097 p = 0.034 p = 0.019 placebo livoletide
60 g/kg Allas et al., 2018 HQ is a 9-item, validated behavioral questionnaire to
assess food-related behaviors and administered to caregivers. HQ score adjusted for 0
to 36 scale to reect the 9 item HQ-CT. BL= Baseline. 1 Home residents excludes
subjects residing in hospital setting; analysis was pre-specified. 10 12 14 -1.0 20 18
-1.6 24 23 -1.6 Similar to the target patient population for pivotal study
Response Seen Across Broad Set of Livoletide Patients 65% showed 4-point decrease
in Hyperphagia Questionnaire (HQ) Livoletide 40% Home Resident Patients with BL
10 30% 20% 10% placebo (n=12) livoletide 60 g/kg (n=14) 0% Worsening No change -1
to -3 -4 to -6 > -6 Improvement Allas et al., 2018 Source: Derived from AZP01-CLI-002
Clinical Study Report 11 % of participants Improvements observed across all 9 items in