Neuren Media and Analyst Coverage, page-492

Some interesting points from the E & P report today:

■ CP-101 for the treatment of hyperphagia in Prader-Willi syndrome (PWS) is being progressed into Phase 3 by Acadia, and
accordingly the company will be ramping up engagement with PWS communities. This creates an obvious synergy with NNZ-2591,
which is also being studied in this indication by NEU. Given the existing commercial relationship, which appears to be on good
terms, as well as the exiting split indication license of NNZ-2591 to Acadia, they are clearly the prime suitor for Neuren's pipeline
asset. VP of commercial operations, Gerry Zhou, commented at the E&P Small Cap conference that whilst Acadia certainly has the
advantage, there are a number of other interested parties, and the process will be competitive.
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■ Another scenario is that a larger pharmaceutical company (e.g. Biogen, Pfizer) may attempt to acquire both Acadia and Neuren. CEO
Jon Pilcher acknowledged the possibility of an acquisition but noted that the company is not being operated towards that outcome.