Non-Confidential Overview

October 2017

CAELUMBIOSCIENCES

Forward Looking Statements

2

Statements in this presentation that are not descriptions of historical facts are forward‐looking statements within the meaning of

the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. We have attempted to identify forward‐looking

statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,”

“may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology.

Forward‐looking statements are based on management’s current expectations and are subject to risks and uncertainties that could

negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to

differ materially from those currently anticipated are risks relating to: results of research and development activities; uncertainties

relating to preclinical and clinical testing; our growth strategy; our ability to obtain, perform under and maintain financing and

strategic agreements and relationships; our dependence on third party suppliers; our ability to obtain, perform under and maintain

financing and strategic agreements and relationships; our ability to attract, integrate, and retain key personnel; the early stage of

products under development; our need for substantial funds; government regulation; patent and intellectual property matters; and

competition. We expressly disclaim any obligation or undertaking to update or revise any statements contained herein to reflect

any change in our expectations or any changes in events, conditions or circumstances after the date of this presentation.

About Us

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Caelum Biosciences is a clinical stage biotechnology company developingtreatments for rare and life-threatening conditions. Caelum’s lead asset,CAEL-101, is a novel pioneering antibody in Phase 1b clinical trials that isbeing developed for patients with Amyloid Light chain (AL) Amyloidosis.

Michael Spector, CEO

Potential Best-in-Class Antibody developed to clear amyloid deposits

Sustained clinically significant organ activity even after a single dose

Well-tolerated with no dose limiting toxicity

Rationally designed antibody clears both human AL λ and κ in preclinical studies

Ph1b ongoing - last patient dosed; expect results 2017

Preparing for Phase 3

Broad protection through IP and Orphan Drug and Biologics exclusivity

CAEL-101 Opportunity Overview in AL Amyloidosis

4

Amyloid Fibrils Formation in Tissue

5

Misfolded protein

AL Amyloidosis patients

Misfolded proteins collect

together

Collection of misfolded

protein creates Amyloid

fibrils

Plasma Cells

Plasma Cells

Produce

Proteins

Normal Protein

Bone

marrow

produce

plasma cell

Bone

Amyloid Fibrils deposit

in tissues

Normal Plasma Protein Cell Production

Mechanism of Amyloid Formation in Tissues

AL Amyloidosis Impact on Organs & Tissue

60%-80% of patients - leads to end-stage kidney

disease

65%-75% of patients - leads to heart failure and high

mortality

20%-45% of patients - peripheral neuropathy leading

to pain, numbness, and weakness

6

5%-35% - Other organs

AL Amyloidosis Opportunity: High Unmet Need and Large

Market Opportunity

7 Source: Kumar et al, Mayo Clinic Proc, 2011 86(1):12-8.

• 1 Year Mortality: 47%

• 5 Year Mortality: 72%

• Median Mortality: 1.5 Years

• Wall Street Analysts estimate a prevalent patient population of 30,000 – 40,000 patients split evenly between the U.S. and EU.

• It is estimated that there are approximately 3,000 – 4,000 new cases of AL amyloidosis annually in the United States, though actual incidence is likely higher as a result of under-diagnosis; a recent epidemiology study is illustrative (see next slide)

• An approved, successful therapy could represent a >$1.5B opportunity

Case Study: Underdiagnosis of AL Amyloidosis in England

8 1Pinney et. al.; Systemic amyloidosis in England: an epidemiological study; BJH 2013

National

Amyloidosis

Centre

Incidence of AL Amyloidosis by region

0 1.000.50

Correct diagnosis following referral appears to be a function of proximity to specialist center: Suggests that AL Amyloidosis may be

widely underdiagnosed

RegionPopulation (in

mm)

Incidence based on

newly diagnosed

caes at NAC1

Incidence

Reference to

London

England 51.4 0.52 71%

1 – East of England 5.7 0.56 77%

2 – East Midlands 4.4 0.47 64%

3 – London 7.7 0.73 100%

4 – Northeast 2.6 0.07 10%

5 – Northwest 6.8 0.35 48%

6 – South Central 4 0.64 88%

7 – Southeast Coast 4.3 0.55 75%

8 – Southwest 5.2 0.47 64%

9 – West Midlands 5.4 0.64 88%

10 – Yorkshire and the

Humber5.2 0.42 58%

Day-1 Day-14

Amyloid fibril suspensions sourced from human postmortem samples were

injected into mice to form amyloidomas. Mice received either no treatment

or 11-1F4 (CAEL-101).

Untreated Mice

CAEL-101

Treated Mice

Day-14Day-1

CAEL-101 expedites the clearance of AL amyloidoma in a

human PDx mouse model

9

CAEL-101: Rationally designed antibody that

clears both ALλ and κ deposits

Source: Hrncic et al, Am J Path 2000

CAEL-101 removes amyloidomas in mice bearing

human ALΚ & λ fibrils

10

1415

14

21

2425

28

4 4

89

17

24

28

0

5

10

15

20

25

30

κ-1 κ-2 λ-1 λ-2 λ-3 λ-4 λ-5

Da

ys U

nti

l Cle

ara

nce

Single Dose1 3

Untreated 11-1F4

Notes: Days until clearance of untreated vs 11-1F4 treated human amyloidoma deposits injected subcutaneously into mice

1. 100μg at day 0 2. 100 μg at days 0,2,4,6 . 11-1F4 are mAb designation

Source: Hrncic et al, Am J Path 2000

NT NT NT

24

2625

28

NT NT NT

9 9

67

0

5

10

15

20

25

30

κ-1 κ-2 λ-1 λ-2 λ-3 λ-4 λ-5

Da

ys U

nti

l Cle

ara

nce

Multiple Doses2 3

Untreated 11-1F4

CAEL-101-Mediated Clearance of Human ALκ and ALλ Amyloidomas in Mice

• GMP-grade amyloid fibril-reactive human IgG1 Fc chimeric mAb CAEL-101 was produced by NCI’s Biological Resource Branch for a Phase 1a/b trial

• Open-label, dose-escalation Phase 1a/b study of CAEL-101 (NCT02245867)

• Patients with relapsed or refractory AL Amyloidosis

• Primary Objective:

• Establish the maximum tolerated dose (up to 500 mg/m2) of CAEL-101

• Secondary Objectives:

• Demonstrate reduction in amyloid burden, as evidenced by decrease in affected organomegaly, and/or improved organ function

• Determine the pharmacokinetics of CAEL-101 when given as a single IV infusion (phase 1a) or as a series of weekly IV infusions (phase 1b)

• To determine the difference between 250mg/m2 and 500mg/m2

• https://clinicaltrials.gov/ct2/show/NCT02245867

Phase 1a/b Study of CAEL-101 (11-1F14) in Patients with AL

Amyloidosis presented at ASH 2016

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Palladini et al reported a strong correlation

between reduction in amyloid free light chains and

survival in patients treated with front line

chemotherapy. Cardiac morbidity is the major

determinant of survival in these patients generally,

and changes in cardiac function after therapy can

be reliably assessed using the cardiac

biomarker N-terminal natriuretic peptide type B

(NT-proBNP). Changes in amyloid free light chain

and NT-proBNP predicted survival as early as 3

months after treatment initiation.

The international AL amyloidosis expert community is in agreement that the N-terminal fragment of the probrain natriuretic peptide (NT-proBNP) is

analytically validated and clinically qualified as a biomarker for use as a surrogate end point for survival in patients with AL amyloidosis. (G Merlini et al,

Leukemia, 2016)

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NT-proBNP Associated with Survival in Amyloidosis Patients:

Potential for Surrogate Endpoint

CAEL-101 binds to

Liver and Bone Amyloid

Fibrils

Wall, JS et al. Blood. 2010 Sep 30;116(13):2241-4.

Distribution of CAEL-101 Antibody Binding

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Radiolabeled

CAEL-101

Wall’s work shows that CAEL-101 successfully binds AL amyloid.

CAEL-101 Phase 1a/1b Organ Response Rates to Date

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Renal Response Phase 1a & 1b

(n=8)

Cardiac Response Phase

1a & 1b (n=8)

Overall Responders

Best Organ Response

Phase 1a Phase 1b

12 Weeks

4 Weekly Doses

8 Weeks

Single Dose

63%

Responders

70%

Responders

5/8 Patients

7/10 Patients

Responder Stable Progressor

>30% and >300

pg/ml decrease in

NT-proBNP

>30% and >300

pg/ml decrease in

NT-proBNP

63% 25% 12.5%

5/8

2/4 from Phase 1a

3/4 from Phase 1b

Patients

2/8Patients

1/8

Responder Stable Progressor

75% 25% 0%

6/8 Patients

2/4 from Phase 1a

4/4 from Phase 1b

2/8 Patients

>30% decrease in

proteinuria or a

decrease to <0.5

g/24 hours

>25% worsening in

eGFR

PATIENT 3 PROFILE

Refractory λ AL Amyloidosis

Baseline NT-proBNP approx. 13,000 ng/L

Previous treatments: 1

Best Hematologic response to chemotherapy: VGPR

No Organ response to chemotherapy

Persistently elevated NT-proBNP

NYHA Class III

Organ response to CAEL-101

NYHA Class I

NT-proBNP Reduction to below 4,000 ng/L

Cardiac response (NT-proBNP) in a patient during Phase 1a/b clinical trial of

CAEL-101 antibody

15

Marked and Sustained Cardiac Response After Initial Dose

of CAEL-101

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016

NT

pro

-BN

P (n

g/

L)

Started

Phase 1a

CAEL-101 Started

Phase 1b

CAEL-101Wk

4Wk

8

Wk

5

Wk

8

Wk

12

PATIENT 7 PROFILE

Refractory λ AL Amyloidosis

Baseline 24-hr urine protein in mg/24hr: approx. 10,000

Previous treatments: 6

No Organ response to chemotherapy

Persistence of significant proteinuria

Organ response to CAEL-101

24 hour urine protein in mg/24 hr: approx. 3,000

24 hour urine protein in a patient before and during Phase 1a/b clinical

trial of CAEL-101 antibody

16

Marked and Progressive Renal Response After Initial Dose

of CAEL-101

0

2,000

4,000

6,000

8,000

10,000

12,000

Apr-2015 Jul-2015 Oct-2015 Jan-2016 Apr-2016

24

hru

rin

e p

rote

in (m

g/

24

hr)

Started

Phase 1a

CAEL-101Wk

5

Wk

8

Wk

12

Wk

8

Wk

4

Started

Phase 1b

CAEL-101

• Treatment with CAEL-101 is well tolerated and safe

• No drug-related grade 4 or 5 AEs or dose-limiting toxicity up to an MTD of 500mg/m2

• CAEL-101 is clinically efficacious and rapid-acting

• Early and sustained organ response even as a single infusion, or as a weekly infusion for 4 weeks: 70% response after 4 weekly doses

• Cardiac, Renal, GI, Skin and Soft tissue responses observed

• CAEL-101 represents a novel and promising adjunct to the treatment of AL Amyloidosis

• Safely promotes amyloid resolution in 67% of the patients to date

• Leads to improvement in organ function

Summary Clinical Data CAEL-101

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• Phase1b study in 2017: Awaiting final data report and PK analysis

• Finalize Phase 3 plan and prepare for trial launch

• Strategic Manufacturing Agreement with Patheon Biologics for clinical trial and commercial manufacturing

Next Steps

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19

Broad exclusivity through IP and regulatory protection

Phase 3 to commence in 2018

Organ activity independent of light chain sub-type

Marked and sustained responses even after a single dose

No dose-limiting toxicity

Promising Phase 1a/1b data; results anticipated in 2017

Pioneering, rationally designed antibody

Strategic cGMP manufacturing agreement in place

Experienced Leadership Team

CAEL-101 Summary

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Key Leadership

Lindsay Rosenwald, Executive Chairman

Dr. Rosenwald has almost 25 years of experience as a biotechnology entrepreneur, including the founding and recapitalization

of numerous public and private biotechnology and life sciences companies. In addition to serving as Caelum’s Executive

Chairman, Dr. Rosenwald is Chairman, President and CEO of Fortress Biotech, Caelum’s parent company. Dr. Rosenwald is

also a Co-Portfolio Manager and Partner at Opus Point Partners Management, LLC, a life-science focused asset management

firm. Before moving into his current positions, Dr. Rosenwald served as Chairman of Paramount BioCapital, Inc. Dr. Rosenwald

received an M.D. from Temple University School of Medicine and a B.S. in finance from Pennsylvania State University.

Michael Spector, President and Chief Executive Officer

Mr. Spector was named President and Chief Executive Officer of Caelum in January 2017. Previously, Mr. Spector served as

Senior Vice President, Global Commercial Operations at Iroko Pharmaceuticals. Earlier in his career, he spent 15 years at

GlaxoSmithKline in multiple senior management positions, including Vice President and General Manager of GlaxoSmithKline

South Africa, where he led the overall business strategy and was elected to run the South African Pharmaceutical Manufacturers

Association. Mr. Spector holds an M.B.A. from Rider University in Lawrenceville, N.J. and a B.S. in biology from the University of

Pittsburgh. He also serves on the Board of Directors of Jacaranda Health, a nonprofit organization that seeks to transform

maternal and neonatal healthcare in East Africa.

George Avgerinos, Ph.D. – Senior Vice President, Biologics Operations

Dr. Avgerinos has served as Fortress Biotech’s Senior Vice President, Biologics Operations since June 2013; Caelum Biosciences is a

subsidiary of Fortress Biotech. Dr. Avgerinos joined Fortress from AbbVie Inc., where he was Vice President, HUMIRA® Manufacturing Sciences

and External Partnerships. In his 23 year career at AbbVie, formerly Abbott Laboratories, formerly BASF Bioresearch Corporation (BASF), Dr.

Avgerinos had responsibility for many aspects of Biologics development and operations. These included the HUMIRA® operations franchise,

global biologics process and manufacturing sciences, biologics CMC, manufacturing operations, and third party manufacturing. During his

tenure, Dr. Avgerinos led and participated in the development of numerous clinical candidates which included the launch of HUMIRA®. He

supported expansion of the supply chain to over $9 Billion in annual global sales. Dr. Avgerinos’ efforts on HUMIRA® have been recognized

with numerous awards, including the prestigious Abbott’s Chairman’s award in 2011.Dr. Avgerinos started his career at Biogen, Inc. in 1981

and subsequently joined Collaborative Research Inc. while serving as Adjunct Associate Professor of Chemical Engineering at Tufts University.

Dr. Avgerinos has authored numerous publications in the area of biotechnology product development and manufacturing and holds a number

of product and process patents. Dr. Avgerinos received a B.A. in Biophysics from the University of Connecticut and a Ph.D. in Biochemical

Engineering from the Massachusetts Institute of Technology. Dr. Avgerinos is an employee of Fortress Biotech and provides services to Caelum

Biosciences pursuant to a Management Services Agreement between Fortress Biotech and Caelum Biosciences.

Nova Silver, R.N. – Vice President, Clinical Operations

Ms. Silver has over 20 years of experience in the pharmaceutical industry and since 2011 has served as Vice President, Clinical Operations of

Fortress Biotech, Inc.; Caelum Biosciences is a subsidiary of Fortress Biotech. Prior to joining Fortress and since 2002, Ms. Silver held various

positions at Indevus Pharmaceuticals. While at Indevus, she directly managed and collaborated on multiple pre-clinical and clinical trials for

several investigational drugs with a focus on men’s and women’s health. Most notably she participated in several programs and NDA filings

including the approval and launch of both Sanctura and Sanctura XR (a muscarinic antagonist for the treatment of overactive bladder), Valstar

(bladder cancer), Supprelin/Supprelin LA (central precocious puberty), as well as testosterone undecanoate (hypogonadism) in the US and

Vantas (prostate cancer) in Europe. Ms. Silver was also Endocrine Team Leader for the Clinical Project Transition Team to Endo

Pharmaceuticals during and following its acquisition of Indevus Pharmaceuticals. Prior to joining Indevus, Ms. Silver held a senior research

position at Tufts/New England Medical Center supporting clinical research for multiple pharmaceutical companies and products primarily in

infectious disease. Before embarking on a career in clinical research, Ms. Silver was Faculty at Harvard University in the Department of

Mathematics under Prof. Deborah Hughes Hallett, Cambridge, MA (1994 – 1998) where she was an instructor of algebra, pre-calculus and

calculus to both undergraduate and non-mathematics graduate students. Ms. Silver has her ASN and RN from Regis College/Lawrence

Memorial School of Nursing and BA in both mathematics and economics from Harvard University.

Suzanne Lentzsch, M.D., Ph.D. – Scientific Advisory Board Chair

Professor of Medicine at College of Physicians and Surgeons, Columbia University

Director, Multiple Myeloma and Amyloidosis Service Columbia Univ Medical Center

Dr. Lentzsch is Professor of Medicine and the Director of the Multiple Myeloma and Amyloidosis Service at New York

Presbyterian Hospital/ Columbia University Medical Center, New York. After receiving her degrees from the Humboldt

University/ Charité Berlin, Germany, she completed her residency and fellowship at Humboldt University and a research

fellowship, studying the mechanism of action of thalidomide and its derivatives in multiple myeloma, in the Jerome Lipper

Multiple Myeloma Center under the mentorship of Dr Kenneth Anderson at the Dana-Farber Cancer Institute, Boston. Dr.

Lentzsch was recruited in August 2004 to the University of Pittsburgh and the University of Pittsburgh Cancer Institute. Her

translational research focuses on the identification of novel targets for the treatment of Multiple Myeloma, Multiple

Myeloma bone disease and amyloidosis. Her innovative research in amyloidosis resulted in a series of translational clinical

trials, including the establishment of new treatments for relapsed AL amyloidosis in a multicenter trial investigating

bendamustine.