Ann: PhII smoking cessation - dosing complete analysis underway, page-2

This is going good... and they are inline with the dates

An interim examination of data has already provided highly encouraging data and important insights
into this population of difficult to treat cigarette smokers.

As announced on 19 January 2015, interim analysis of biomarkers from sputum in patients in the trial
showed improvement in inflammatory markers and β-arrestin pathway activation in patients treated
with nadolol v placebo regardless of smoking status.

Further, Invion and the Principal Investigator of the study, Dr Mario Castro of Washington University,
St Louis, reported that patients with cough and sputum who continued to smoke had essentially the
same abnormalities in their sputum at baseline, thereby enlarging the target population for
commercialisation of oral nadolol.

Invion’s Chief Medical Officer Dr Mitchell Glass said that completion of dosing was an important
milestone. “This means that safety and tolerability of titration has been established in this vulnerable
population – there is no indication that patients who received nadolol versus placebo were adversely
affected.”

“All existing data from previous nadolol studies have validated Invion’s novel approach to treating the
airway epithelium, even in the face of ongoing insult like cigarette smoking.”
Dr Glass concluded, “The team at Invion is actively engaged in validating the extensive data set to
enable the forthcoming statistical analyses.”

The global market for new respiratory disease treatments is estimated at $34 billion, with the smoking
cessation drug market estimated at $2.4 billion in 2012. Nicotine replacement therapy is the bulk of the
existing market, however these therapies do not address lung healing. There is a substantial untapped
market for a therapy that can work to heal lungs in concert with efforts to break nicotine addiction.