Innovative Clinical

Programs Targeting the

Tumor Microenvironment

to Improve Therapeutic

Outcomes in Underserved

Solid Tumors

July 2020

2

Forward-looking Statements

The information and opinions contained in this presentation and any other information discussed at this presentation are provided as at the

date of this presentation and are therefore of a preliminary nature, have not been independently verified and may be subject to updating,

revision, amendment or change without notice and in some cases has not been audited or reviewed by the Company’s auditors. This

presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its

securities. Neither the Company nor any other person is under any obligation to update or keep current the information contained in this

presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional

information. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other

information discussed verbally, or on its completeness, accuracy or fairness. None of the Company, its investment banking representatives,

or any of their respective directors, officers, employees, direct or indirect shareholders, agents, affiliates, advisors or any other person

accept any responsibility whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by

any such person in relation to the contents of this presentation.

Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent

the current beliefs of applicable members of management. Those management members believe that such estimates are founded on

reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty

(express or implied) is given that such estimates are correct or complete. Where this presentation quotes any information or statistics from

any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being

accurate. This presentation contains forward-looking statements. These statements reflect the Company’s current knowledge and its

expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate,”

“believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “target”, “may”, “will”, “would”, “could”, “might” or “should” or similar terminology. By

their nature, forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s

control that could cause the Company’s actual results and performance to differ materially from any expected future results or performance

expressed or implied by any forward-looking statements. The Company undertakes no obligation publicly to release the results of any

revisions to any forward-looking statements in this presentation that may occur due to any change in its expectations or to reflect events or

circumstances after the date of this presentation.

3

NOXXON Overview

NOX-A12 + Radiotherapy in 1st line brain cancer patients (glioblastoma)

NOXXON is a biotechnology company focused on improving

cancer treatments

Cancer drug candidates NOX-A12 & NOX-E36 target the

tumor microenvironment (TME)

NOX-E36 shows monotherapy activity in preclinical solid tumor models

Strong IP position with patent families covering NOX-A12 & NOX-E36

Committed team with clinical, regulatory and business development experience

NOX-A12 + Immunotherapy combination in metastatic colorectal and

pancreatic cancer patients

4

Pipeline Assets Leverage Existing Anti-Cancer Therapies

to Optimize their Therapeutic Efficacy

Solid tumorsPancreatic / Colorectal

Immunotherapy

NOX-A12

Ablation / radiation

NOX-E36

Solid tumorsPancreatic / Liver

Immunotherapy & chemotherapy

Solid tumorsBrain cancer / Glioblastoma

Orphan Status

US & EU

Phase 1/2 trial completedTop-line update published April 2020• Phase 2 at planning stage

Phase 1/2 trial initiated in Sept. 2019• 1st cohort top-line data Oct-2020• 2nd & 3rd cohort top-line data end-Q1-2021 & mid-2021

Phase 1 & 2a trials completed in non-oncology indications

Trial to be completed with a partnerTrial to be completed by Noxxon

Indication Combination Preclinical Phase 1 Phase 2 Phase 3

Indication Combination Preclinical Phase 1 Phase 2 Phase 3

All timelines subject to financing and patient recruitment

UndisclosedMarket >€1b

Ongoing preclinical evaluation Top-10 Pharma

Scientific Collaborator

5

Team with Strong Commitment

▪ 20 years biotech experience in EU,

transformed NOXXON into a lean

oncology-focused company listed on

Euronext Growth

▪ Headed Business Development at Novexel

- €150m licensing deal with Forest Labs on

avibactam; company bought by

AstraZeneca for $505m

▪ Ran Business Development at ExonHit

Therapeutics; closed $30m discovery and

development alliance with Allergan

▪ Oncologist with 25+ years clinical and

research experience in large pharma and

academic organizations

▪ CEO at Isofol Medical

▪ Leadership positions at Celgene, Pfizer,

Takeda and Eli Lilly & Company

▪ Significant role in the approval of multiple

successful oncology drugs including

Abraxane®, Gemzar®, Alimta® and

Revlimid®

▪ Chairman of Albumedix, Board member of

arGEN-X NV, Newron Pharma SPA,

Proterris

▪ Formerly CEO of Santaris Pharma

(sale to Roche), Chairman of Rigontec

(sale to Merck & Co./MSD), Chairman

Contera Pharma ApS, Serendex A/S

▪ Co-founder and former CEO of Targacept

Dr. Aram Mangasarian

CEO

Dr. Jarl Ulf Jungnelius

Senior Medical Advisor

Dr. Don deBethizyBoard Member, Finance/M&A Lead

Supervisory

Board

▪ Dr. Maurizio PetitBon▪ Bertram Köhler ▪ Dr. Don deBethizy ▪ Dr. Oscar IzeboudFormerly

NOX-A12 + Radiotherapy

7

NOX-A12: Attacking Brain Cancer by Blocking Key Survival

Mechanisms Following Radiotherapy

Inhibition of the CXCL12/CXCR4/CXCR7 axis can block tumor vasculogenesis

Source: Adapted from Liu 2014, Neuro-Oncology 16:21

Radiotherapy

Hypoxia

HIF-1

VEGF

CXCL12

chemokine

CD11b monocytes

Endothelial Cells

CXCR4 receptor

CXCR7 receptor

Attraction to

CXCL12

VASCULOGENESIS

Main driver of new vessel

formation after radiotherapy

Tumor

RADIOTHERAPY kills many tumor

cells and destroys blood vessels in

irradiated zone leading to lack of

oxygen (hypoxia) in the tumor

NOX-A12

ANGIOGENESIS

Limited / no ability to trigger

new vessel formation

following radiotherapy

SUPERIOR PHARMACOLOGY

Direct targeting of CXCL12

provides more complete

inhibition of axis than CXCR4

or CXCR7 antagonists

HIF-1 Triggers the two

main pathways to re-grow

blood vessels:

Vasculogenesis &

Angiogenesis.

8

NOX-A12 + Radiotherapy Significantly Increases Survival and

Demonstrates Complete Regression of Brain Tumors

Pregnant rats:ENU on gestational

age day 17 - 18

▪ Spontaneous tumor development in immuno-competent host

▪ Diversity of tumor cell sensitivity comparable to human situation

▪ Refractory to standard therapies

Source: Liu 2014, Neuro-Oncology 16:21

Tumor

recurrence

detected only

in 1/3rd of

animals

MRI Detection limit100% Complete Response

Radiotherapy

at day 0

Autochthonous brain tumor model in rats

Key features of the model

Effects of treatments

Combining NOX-A12 with radiotherapy resulted in 100% complete response (66% durable) in a spontaneous rat model of brain cancer

9

Phase 1/2 Trial of NOX-A12 + Radiotherapy: 1st Line Treatment

in Chemotherapy Resistant, Unresectable Brain Cancer Patients

1. Kreth 2013, Annals of Oncology 24:3117

2. Timeline subject to financing & recruitment rate

▪ Newly diagnosed brain cancer glioblastoma

▪ Include only patients where standard of care chemotherapy temozolomide will not be active, and is thus not given

▪ Only patients with tumor remaining after surgery which allows imaging to assess efficacy (blocking of blood vessel regrowth)

▪ For this patient population Progression-Free Survival (PFS) is 6 months and Overall Survival (OS) 10 months1

Overview Study Population

Trial Design

▪ Primary: Safety of NOX-A12 in combination with

radiotherapy, definition of recommended Phase 2 dose

▪ Efficacy of NOX-A12 in combination with radiotherapy:

tumor vascularization, PFS-6, mPFS, mOS

▪ Pharmacokinetics and pharmacodynamics of NOX-A12

during and after administration

Objectives & Endpoints

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

PFS-6 Cohort 1 2 3

2020 2021

Planned Timeline2

Regulatory Status

▪ Orphan drug status obtained for NOX-A12 + radiotherapy in

US & EU

▪ Trial approved by competent regulatory authority in

Germany and currently ongoing

▪ Patients treated in 1st line of therapy

▪ Three doses to be tested: 200, 400 & 600mg / week

▪ Cohorts of 3 patients per dose, escalation of dose upon

acceptable safety

▪ Cohort 2 first patient dosed 30 June 2020

NOX-A12 + Immunotherapy

11

Phase 1/2 Trial of NOX-A12 + Immunotherapy in 20 Patients with

Metastatic Colorectal (11) & Pancreatic Tumors (9)

1

Part 1

NOX-A12 Induction

2

Part 2

NOX-A12 + Keytruda®

Primary endpoint:

Changes in the tumor

microenvironment induced by

NOX-A12: immune cells &

cytokine/chemokine profile

Endpoint:

Assess safety and efficacy

of combination

Tumor biopsy before and after

NOX-A12 treatment

for 2 weeks

Patients from Part 1

then transitioned to

combination treatment

of NOX-A12 with checkpoint

inhibitor

Baseline tumor biopsy 2nd tumor biopsy

Clinical Trial a Scientific Collaboration with:

12

Merck’s PD-1 Inhibitor KEYTRUDA® (Pembrolizumab)

1. Non-small cell lung cancer

2. Melanoma

3. Head and neck squamous cell cancer

4. Urothelial bladder cancer

5. Kidney cancer

6. Microsatellite instability-high cancer

7. Hodgkin lymphoma

8. Gastric cancer

9. Cervical cancer

10. Primary mediastinal B-cell lymphoma

11. Hepatocellular carcinoma

12. Merkel cell carcinoma

13. Esophageal squamous cell carcinoma

Keytruda® is approved in the US for:

KEYTRUDA® helps to restore T-cell response and immune response to kill tumor cells

Normal immune response

When functioning properly, T cells are

activated and can attack tumor cells

Tumor evasion and T-cell deactivation

Tumors can evade the immune system

through the PD-1 pathway by inactivating

the T cells

T-cell reactivation with Keytruda®

Keytruda® blocks the PD-1 pathway which

helps restore the immune response

KEYTRUDA® sales in 2019: USD 11.1bn

Source: www.keytruda.com, Merck/MSD Fourth Quarter 2019 Financial Results

13

Unexpectedly High Number of Patients with Long Survival for this

Heavily Pre-Treated Population

Source: Halama et al, Phase 1/2 Study with CXCL12 Inhibitor NOX-A12 and Pembrolizumab in Patients with Microsatellite-Stable, Metastatic Colorectal or Pancreatic Cancer.

ESMO Congress 2019 Poster 613P

▪ Almost half of patients survived on the study for over 6 months, approx. a quarter for 12 months

▪ Colorectal cancer patients receiving 6th line of therapy on average

▪ Pancreatic cancer patients receiving 4th line of therapy on average

3

7

3

5

4

4

3

7

1

4

4

4

3

2

6

1

9

3

5

3

0 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100

01-016 (PaC)

01-011 (CRC)

01-002 (PaC)

01-004 (PaC)

SD | 01-007 (CRC)

01-008 (CRC)

SD | 01-001 (CRC)

01-014 (CRC)

01-012 (PaC)

01-019 (PaC)

01-013 (PaC)

01-017 (CRC)

01-024 (CRC)

01-006 (CRC)

01-009 (CRC)

01-003 (PaC)

01-018 (CRC)

SD | 01-015 (PaC)

SD | 01-010 (CRC)

SD | 01-020 (PaC)

Weeks of treatment / Follow-up

Monotherapy

Combination Therapy

Clinical Progress

PD (iRECIST)

Follow-up: Survival

Deceased

Lost to follow up

Premature discontinuation

Number of prior therapies

14

NOX-A12 + Immunotherapy: Mode of Action (MoA)

▪ CXCL12 excludes effector immune cells from entering the tumor and attracts bone-

marrow derived immune-suppressive / pro-cancer cells to region of tumor

Natural Killer

Cell

Killer T Cell

Helper T Cell

CXCR4 receptor

CXCR7 receptor

CXCL12 Chemokine

TumorAnti-Cancer

Immune Response

Immuno-suppressive /

Pro-cancer

Sources: Feig 2013, PNAS 110:20212; Fearon 2014, Cancer Immunol Res 2:187; Liu 2014, Neuro-Oncology 16:21, NOXXON data

15

NOX-A12 + Immunotherapy: Mode of Action (MoA)

▪ NOX-A12 reduces CXCL12 “wall” around solid tumors, allowing Killer T cells to

enter, eliminates attraction of immune-suppressive / pro-cancer cells

CXCR4 receptor

CXCR7 receptor

CXCL12 Chemokine

Tumor

NOX-A12

Natural Killer

Cell

Killer T Cell

Helper T Cell

Anti-Cancer

Immune Response

Immuno-suppressive /

Pro-cancer

Sources: Feig 2013, PNAS 110:20212; Fearon 2014, Cancer Immunol Res 2:187; Liu 2014, Neuro-Oncology 16:21, NOXXON data

16

NOX-A12 + Immunotherapy: Mode of Action (MoA)

▪ NOX-A12 reduces CXCL12 “wall” around solid tumors, allowing Killer T cells to

enter, eliminates attraction of immune-suppressive / pro-cancer cells

CXCR4 receptor

CXCR7 receptor

CXCL12 Chemokine

Tumor

NOX-A12

Natural Killer

Cell

Killer T Cell

Helper T Cell

Anti-Cancer

Immune Response

Immuno-suppressive /

Pro-cancer

Sources: Feig 2013, PNAS 110:20212; Fearon 2014, Cancer Immunol Res 2:187; Liu 2014, Neuro-Oncology 16:21, NOXXON data

17

NOX-A12 Penetrates Tumor Tissue and Triggers Th1-Type

Anti-Tumor Immune Response

> 3-fold increase

Source: Halama et al, Phase 1/2 Study with CXCL12 Inhibitor NOX-A12 and Pembrolizumab in Patients with Microsatellite-Stable, Metastatic Colorectal or

Pancreatic Cancer. ESMO Congress 2019 Poster 613P

Patient 10 was the only

patient with favorable

baseline T-cells numbers

at tumor invasive margin

18

0 1 2 3 4 5 6 7 8 9 101112131415161718192021220

10

20

30

40

50

60

70

80

90

100

OS at 6 months 42%

OS at 12 months 22%

Overall Survival

Time (months)

Pe

rce

nt

su

rviv

al

Overall Survival Longer Than Expected for this Heavily

Pre-Treated Population

Source: Halama et al, Phase 1/2 Study with CXCL12 Inhibitor NOX-A12 and Pembrolizumab in Patients with Microsatellite-Stable, Metastatic Colorectal or

Pancreatic Cancer. ESMO Congress 2019 Poster 613P

Colorectal cancer

patients receiving

on average their

6th line of therapy

Pancreatic cancer

patients receiving

on average their 4th

line of therapy

Responses to

immunotherapy can

take 3-6 months to

observe and many

advanced patients

don’t have that time

Expected survival

19

NOXXON Investment Highlights

▪ Strong evidence that NOX-A12 may improve survival in solid tumors with high

unmet medical need by targeting CXCL12

▪ NOX-A12 + immunotherapy: mature overall survival data combined with safety

profile of combination with checkpoint antibody in metastatic, microsatellite-stable

colorectal and pancreatic cancer

→ catalyst for a co-development deal

▪ NOX-A12 + radiotherapy: trial in 1st line brain cancer initiated

→ 1st cohort top-line data target Oct-2020

→ 2nd cohort top-line data target Q1-2021

→ 3rd cohort top-line data target mid-2021

▪ Top-10 Pharma conducting preclinical evaluation on NOX-A12 for undisclosed

additional indication

▪ Cash position >€10m in June 2020 from recent financings provides security to

clinical data-points

▪ Full conversion of outstanding Acuitas warrants (20 April 2020) and recent

reduction of Yorkville warrants through exercises have simplified capital structure

20

▪ NOXXON Pharma N.V. is a Dutch management holding company listed on Euronext Growth Paris

(ALNOX) and located in Berlin, Germany

▪ NOXXON Pharma AG is the operational subsidiary from which all clinical development is carried out

and where all intellectual property is held

▪ ~ 10 employees, headquarters in Berlin, Germany

▪ Cash & equivalents (as of 16 June 2020): >€10 million and €11.5 million gross capacity still available via

Atlas Convertible Bond vehicle

NOXXON: Corporate Profile & Financials

Financials and Shareholding structure

Public listing 28 September 2016

ISIN Code NL0012044762

Ticker ALNOX

MarketEuronext Growth Paris

(ex-Alternext)

Market Cap ~ €23 M (03/07/2020)

Shares outstanding 39,937,419 (17/06/2020)*All percentages as per June 2020 (rounded to one decimal place)

Thank you