It was a great satisfaction to us that the pharma companies acknowledge the view that we are in heavy need of new drugs to combat anti-cancer drug resistance. Although drugs used in immune-oncology have high priority, the vast majority of all cancer patients do not have immune-oncology drugs as an option. These approx. 80% of all cancer patients still have no other option but to receive standard chemotherapy with the risk of developing resistance to these drugs.

1. Meetings with pharma companies: Having utilized the network of Peter Høngaard, we met with high level representatives of the companies. We are very excited about the genuine interest in Scandion Oncology and our products. All companies we met wanted to continue discussions and to receive additional information.

Anonymous examples from our meetings with Pharma companies:

Company xx: This large pharma company told us that they believe in drugs that can improve the effects of current anti-cancer drugs. That SCO-101 is a safe oral drug that can be taken at home prior to chemotherapy would make it very useful since patients and the health care system would save hospital visits. This company already has drugs on the market where a combination with SCO-101 potentially could make a difference. Moreover, that SCO-101 has a dual function including degradation of drug efflux pumps and inhibition of the SRPK1 kinase was seen as an advantage.

Scandion Oncology agreed to send additional information to this company and a potential future collaboration will be discussed internally.

Company yy: This large pharma company already has drugs within immune-oncology. However, it is expected that only 20% of all cancer patients will be candidates for these types of drugs. Moreover, recent published studies have shown that when combining chemotherapy and immune-oncology drugs an additive effect can be obtain, but only in patients with chemotherapy sensitive cancer cells. Scandion Oncology was encouraged to look more into the possibility to combine chemotherapy and immune-oncology drugs with SCO-101 in order to increase the initial cell kill by chemotherapy thus facilitating infiltration of immune cells which subsequently will be targeted by the immune-oncology drugs.

Scandion Oncology was invited to continue discussions about this important subject and the company offered to provide drugs for preclinical studies.

2. Meetings with investors/bankers: We met with several biotech venture companies to present our technology and good contacts were made during these meetings. In addition, we met with a banker specialized in Life Science. The purpose of this meeting was to discuss the commercial possibilities for Scandion Oncology. Subjects discussed included market potential and positioning of SCO-101 and the value of Scandion Oncology. These discussions provided important input for future business development activities and priorities.

3. Meetings with service providers: We met with one company that offered very interesting in vivo models for testing of SCO-101 efficacy. Moreover, they also provide a battery of assays to further study the molecular mechanisms of SCO-101 in reverting drug resistance. We will receive additional material and arrange for a meeting with them shortly.

Of equal importance was meetings with CRO companies that can provide help with clinical studies in USA and Europe.

All in all Scandion Oncology"s clinical development program was highly acknowledged and created significant interest. In particular, we were told that targeting drug resistance is considered a very innovative and highly needed approach. We will now continue the dialog with our potential partners.

On top of these activities within business development, Scandion Oncology"s primary focus right now is to recruit the needed number of patients for our first phase 2 study in colorectal cancer patients resistant to chemotherapy. Moreover, we will submit the protocol for our second phase 2 study in pancreatic cancer patients resistant to chemotherapy to the Danish medicines Agency during Q2, 2020.

Kind regards

Nils Brünner, MD, Professor

CEO, Scandion Oncology

For further information regarding Scandion Oncology, please contact:

Nils Brünner, CEO

Phone: +45 26 14 47 08

E-mail: nb@scandiononcology.com