Eckert & Ziegler : PENTIXAPHARM

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Pentixapharm Overview

Pentixapharm AG (PTX) is a stand-alone, radiopharmaceutical development company founded in 2019

• PTX is currently a 100% subsidiary of Eckert & Ziegler (hereafter "EZAG", seewww.ezag.de) and located in Würzburg, Bavaria and Berlin, Germany. PTX currently employs a staff of 40, mostly PhDs involved in clinical development
• Main asset of PTX are the global rights to the use of the CXCR4 receptor in the development of radiopharmaceuticals, invented by Prof. Hans-Jürgen Wester and his group, in- licensed from Technical University of Munich
• EZAG total investment in Pentixapharm AG through 2024 1H will total c. €74m

PTX is bound to be spun-off

• With encouraging clinical data pouring in, PTX started potentially to compete with EZAG's pharmaceutical customers who purchase the isotopes it produces and distributes.
• As a clinical stage biotech, PTX also follows a different business model compared to the EBIT/ cash flow focussed parent company. Existing EZAG investors are looking for a cash dividend whereas Pentixapharm AG is a cash-burning,clinical-stage biotech.
• EZAG management therefore in 2023 decided to spin off PTX and prepare a listing on the Frankfurt Stock Exchange. For details, see the press release of 20/10/2023 atthis link.

Clear commercialisation pathway

• First objective for PTX is to explore the diagnostic superiority of the CXCR4 receptor through a first-in-class, medical break-through in a cardiovascular disease
• Second objective is taking substantial market share from industry workhorse FDG through line extensions. Investment hypothesis, hardened by clinical evidence, is that CXCR4 is substantially more specific and sensitive than FDG in a broad area of indications
• Third objective is to leverage the therapeutic potential of the CXCR4 receptor in a basket of haemato-oncological indications

Long term goal remains migration to U.S. capital markets / dual listing

• The Frankfurt listing at the Prime Standard is primarily seen as a stepping stone. It will enable major EZAG stakeholders, including founder and shareholder Andreas Eckert, to become anchor shareholders for Pentixapharm AG

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