Hidden Gems Webinar Friday, 19-May (tomorrow), page-49

2RT is being tested to treat early to intermediate dry AMD and potentially advanced GA (also dry but later stage) being tested in LIANA trial.

Currently there are only treatments for advanced dry and wet AMD. Wet AMD makes up about 15% of all AMD patients and the commonly used drug, Eylea, generates around $10bn p.a with other drugs generating similarly large revenues. For advanced dry AMD (10% of patients), Apellis recently had their injection approved as the first treatment for that and the company is valued at over $10 billion with many TO bids apparently being made (only has its AMD drug)

2RT is targeting the currently untreatable early to intermediate stage which is a much larger % than advanced stage, and is also being investigated for use in GA patients. The total addressable market is huge, around 70% of the total AMD market. Whilst symptoms aren't as bad in the earlier stage, progression is unpredictable and once you reach the late stage the currently approved injections are often applied to late given how rapid progression becomes and most people still suffer permanent vision loss. Hence, why earlier intervention will be so critical