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Dr Michelle Fraser, CEO and Managing DirectorASX:RHS

Investor Presentation November 2017

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Any forward looking statements in this presentation have been prepared on the basis of a number of assumptions which may prove incorrect and the current intentions, plans, expectations and beliefs about future events are subject to risk, uncertainties and other factors, many of which are outside RHS Limited’s control.

Important factors that could cause actual results to differ materially from any assumptions or expectations expressed or implied in this presentation include known and unknown risks. As actual results may differ materially to any assumptions made in this presentation, you are urged to view any forward looking statements in this presentation with caution.

This presentation should not be relied on as a recommendation or forecast by RHS Limited, and should not be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Forward Looking StatementsF

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3Corporate Overview

Recent Corporate Highlights• External clinical validation for IVF product PG-

Seq™ underway with full commercial launch imminent

Financial overviewASX listed April 2014 ASX:RHS

Shares on Issue 89.9m

Share Price – 4th December 2017 13.5 c

Options 7.4m

Market Capitalisation $12.1m

Cash at 30th September 2017 $1.39 m

Key assetsIntellectual property

• DOPlify™ is protected by trade secret and supplier exclusivity and is strengthened by a novel targeted enrichment approach (PCT)

• EmbryoCellect™ is a microarray kit protected by a granted patent family in all major territories

Primary value drivers

• Novel products with broad application

• Significant technical advances and deep expertise in single cell genetic analysis

• Global product sales, specialised services and evolving key industry relationships

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RHS develops globally

competitive new products

for testing single cells

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5The basis of RHS’ products

• Genetic tests need 1000s of cells worth of DNA to analyse

• RHS has developed products that copy the DNA of 1 cell to be the equivalent of 200,000 cells and tests for that DNA

• RHS has 2 products in the market (DOPlify™ and EmbryoCellect®) with a 3rd product (PG-Seq™) being launched early 2018

• Applications for DOPlify™ include the analysis of cancer, prenatal testing and IVF embryo screening

• RHS also provides services using its products

• These products and services using them are sold around the world

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Single cancer cells can be found in the

blood of cancer patients

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RHS’ products are part of the genomics revolution that is enabling advances in personalised medicine

What is personalised medicine?

Personalized Medicine Coalition, July 2014

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• Cancer patients do not all respond to treatment in the same way

• This can be due to genetic differences

• Analysing these genetic differences can help to target specific therapies, improving response rates and reducing adverse effects

• This is the basis of personalised medicine

The role of personalised medicine

Source: DNA Research Center, http://personalizedtherapy.eu/advantages accessed Nov 2017For

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• There are more than 14 million new cancer diagnoses and 8 million deaths globally per year

• Up to 100 cancer cells can be found in 10ml of blood from cancer patients• Circulating tumour cells have been found for all cancers

(except brain) • These cells can be used for;

• cancer diagnosis• treatment monitoring• detection of recurrence and • screening of the general healthy population for earlier

detection

• Testing of these circulating tumour cells (liquid biopsy) may one day replace more invasive biopsy procedures

• These tests require 1,000s of cells of DNA

Circulating tumour cellsF

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Liquid biopsy trials commenced per year

CTCs

ctDNA

• There are 290 FDA registered trials, of which 184 are testing circulating tumour cells (CTCs), 46 are testing circulating tumour DNA (ctDNA) and 30 are testing both

• 74% of CTC trials simply count the number of cancer cells, leaving a huge depth of information currently untapped

• 20% of the trials have industry sponsorship, the remainder are publicly funded, suggesting that this is an early stage market

FDA approved liquid biopsy trials

CTC count

CTC count and

expression analysis

CTC count and mutation

analysis

Other

CTC trial output

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• US market estimated to reach $28.6 billion per year with 67.5m tests per annum within the next 5 years and >$200bn if integrated into standard clinical practice (Piper Jaffray 2015)

Liquid biopsy market

$1.7

$5

$6.9

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Liquid biopsy market (US$ bn)Therapy selection for diagnosedpatients ($1,000 per test)

Monitoring treatmentresponsiveness ($500 per test, 5tests per patient)

Determining risk of recurrence($500 per test, 1 test per year)

Early diagnosis for the healthypopulation ($300 per test, 50Mpeople screened per year)

Source https://moderncancerdiagnostics.pl/wp-content/uploads/2016/10/Za%C5%82%C4%85cznik-4_Piper_Quirk_Liquid-Biopsy-Report.pdf

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12Companies sponsoring current trials

CTC isolation Pharmaceutical Cell markers

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• RHS’ Whole Genome Amplification kit DOPlify™• Is a robust, reliable, platform technology for copying single

cells and small amounts of DNA• Has been externally benchmarked as equivalent in

performance to the current market leader• Has already been validated for detecting changes in the

amount of DNA in cells• The number of changes in cancer cells increases with

tumour progression• DOPlify™ + RHS’ proprietary target enrichment approach can

be used to incorporate cancer panels of clinically actionable genes, providing the option of personalised medicine

DOPlify™ cancer applicationsF

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• DOPlify™ copies 14 genes used to guide FDA-approved therapies

DOPlify™ and therapy selection

Mutations used to select targeted therapy* PresentABL1 CML, ALL yes

EGFR lung cancer yes

ALK lung cancer yes

ROS1 lung cancer yes

BRAF melanoma yes

ERBB2 breast and gastric cancer yes

KIT gastrointestinal stromal cancer yes

PDGFRA leukemia, MDS yes

PDGFRB dermatofibrosarcoma protuberans yes

BRCA1 ovarian cancer yes

BRCA2 ovarian cancer yes

Mutations used to select against targeted therapy* PresentBRAF colorectal cancer yes

KRAS colorectal cancer yes

NRAS colorectal cancer yes

(*Mutations from Cell, Hyman et al, 2017)

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• DOPlify™ copies 36 drug development target genes

DOPlify™ and drug targets

Target gene* PresentAKT1 yesATM yesARAF yesBRAF yesBRCA1 yesBRCA2 yesCHEK1 yesCHEK2 yesERBB2 yesEGFR yesFANCA yesFGFR1 yesFGFR2 yesFGFR3 yesFLT3 yesIDH1 yesIDH2 yesMAP2K1 (MEK1) yes

(*Targets from Cell, Hyman et al, 2017)

Target gene* PresentMTOR yesMET yesNTRK1 yesNTRK2 yesNTRK3 yesNRG1 yesPALB2 yesPIK3CA yesRAD50 yesRAD51 yesRAD51B yesRAD51C yesRAD51D yesRET yesSMARCA4 yesSMARCB1 yesTSC1 yesTSC2 yes

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• RHS has significant technical capability and products to analyse small amounts of DNA from• Single cells or small numbers of cells• Cell free DNA released from cells eg embryo DNA found in

spent culture media

• RHS has already demonstrated proof of principle for BRCA-1 screening from 5 cells

• RHS has successfully targeted multiple genes in the same sample, demonstrating proof of principle that cancer panel targeting is achievable

RHS’ specific expertiseF

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Single fetal cells can be found in

the blood of pregnantwomen

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18Circulating fetal cells

• Fetal cells from the unborn baby enter the maternal circulation through the placenta. • These circulating fetal cells contain complete intact copies of

the fetal DNA• These cells can be used to test the baby for severe genetic

abnormalities like Down syndrome

• Testing of circulating fetal cells from the mother’s blood may eventually replace the more invasive procedures of amniocentesis and chorionic villus sampling• Invasive procedures using cell free fetal DNA have decreased

by 60% in the USA since the introduction of non-invasive prenatal tests

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19Non-invasive prenatal testing

• The testing of circulating fetal cells is similar in many respects to embryo testing • The same genetic conditions are screened – aneuploidy,

severe genetic disorders

• The circulating fetal cells are isolated using technology similar to isolating circulating tumour cells• Product optimisation of DOPlify™ is relevant to both markets

• RHS is already collaborating with companies in the US and Europe for this application

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Single cells biopsied from an IVF embryo

can be genetically screened

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21Preimplantation Genetic Testing

• IVF embryos often have the wrong number of chromosomes

• This increases dramatically in women over 35 years of age and is a major cause of IVF failure and miscarriage

• By taking a few cells from the early developing embryo, it is possible to identify unaffected embryos to transfer. This procedure, previously called PGS, was recently renamed PGT-A, Preimplantation Genetic Testing for Aneuploidy

• RHS has two products for this application, PG-Seq™ using Next Generation Sequencing and EmbryoCellect® using microarrays. Both kits include DOPlify™ to amplify the few biopsied cells• PG-Seq™ is a complete workflow including DOPlify™, NGS

library preparation reagents and software

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22RHS’ IVF products

• PG-Seq™• Has 98.4% sensitivity and 100% specificity with 5 cells =

current IVF embryo biopsy size• For testing whole chromosomes down to smaller genetic

changes

• EmbryoCellect ®

• The majority of the IVF market has migrated to NGS; EmbryoCellect ® is expected to be a short term opportunity for the remaining array users

• The kit contains the only array that is compatible with all 24Sure scanners already in the market

• These products are research use only labelled

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• There are also genetically inherited diseases that can be screened in embryos. This procedure, previously called PGD, was recently renamed PGT-M, Preimplantation Genetic Testing for Monogenic disorders

• Medicare subsidises genetic screens for BRCA1 and 2 mutations in patients diagnosed with breast or ovarian cancer and their families.

• IVF with PGT-M could be used to screen their embryos in the future. This would identify unaffected embryos that can be transferred and provides the ability to remove the mutation from future generations.

• RHS has already released proof of principle for the detection of BRCA1 mutations from samples of 5 cells using its proprietary protocol.

Embryo diagnostic applicationF

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RHS offers

• Service labs and clinics with existing in-house testing• A single workflow (ie the same basic protocol steps) for PGT-A and

PGT-M• Higher throughput on existing Illumina equipment providing lab

efficiencies and reduced test turn around time with no need to invest in further infrastructure

• A method for embryo identification confirmation to assist with sample management

• New customers introducing PGS• Lower cost equipment option• Detailed technical support and on-boarding through our own service

lab

• The global PGT market• World-leading advances in non-invasive PGT using culture medium

that is collected after the embryo has been grown in it

Value propositionF

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• RHS is committed to enabling non-invasive PGT through optimisation of our products. We are partnering with clinics at the leading edge of sample collection and using our expertise in our own products to get the best results. We are the only company that has announced that we are actively co-developing non-invasive PGT• Monash IVF Group have been optimising the culturing

conditions and media collection• RHS have been optimising the performance of our WGA

product DOPlify™ to specifically suit this sample type

• Non-invasive PGT is the game changer. 93% correlation between the culture media and embryo biopsy has already been achieved. This is the highest correlation reported by any group from around the world

Non-invasive PGTF

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• There are approximately 2 million IVF cycles globally per annum and PGT-A adoption is estimated at 5-10%.

• Embryo biopsy is a major barrier to broader uptake

• Non-invasive PGT-A may dramatically increase its use• Faster to collect sample and can be a single collection time

per day, no need to monitor embryo development• Low tech, no embryologist biopsy training, no embryo

damage risk• No biopsy capex required• All embryos could be tested regardless of morphology or

biopsy feasibility• More palatable to patients, no risk to embryo itself, but

reduced clinc revenues• Scale up of test through-put important to meet increased

demand

Benefits of non-invasive PGT-AF

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27RHS product positioning

Service pricing*

Kit pricing

Products

Applications

Whole genome amplification

DOPlify™

IVF

PG-Seq™ using NGS

Approx$150/sample, 96 samples/kit

>$600/embryo

EmbryoCellect®

using arrays

$180/sample, 20 samples/kit

Cancer

DOPlify™ + end user customised

workflow

$30/sample, 50 samples/kit

Medicare rebate of $1,200 for up

to 8 genes

Prenatal testing

DOPlify™ + end user customised

workflow

$30/sample, 50 samples/kit

>$400/patient

Note that service costs include consulting, laboratory and reporting costsTesting of circulating tumour or fetal cells is not yet commercially available, costs provided are for testing the tumour biopsy or fetal cell free DNA

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• Approximately 2 million IVF cycles per annum globally

• Global PGS rate is estimated at 10%

• This equates to 200,000 cycles that include PGT-A

• Average of 3 embryos tested per cycle

• Total 600,000 PGT-A tests per year

• PG-Seq™ target price of AUD$150 per test

• The total addressable market represents a revenue opportunity of $90m per annum

• Non-invasive testing using spent culture medium is expected to rapidly grow the uptake of PGT-A

Addressable marketF

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• Whilst Q3 revenues were below forecasts and Q4 revenues appear to remain flat, there is strong growth forecast from Q1 2018 • Build up of RHS product awareness in IVF and non-IVF

applications• RHS has responded to IVF market looking for complete NGS

solution with PG-Seq™ and positive market response• Introduced dedicated sales and marketing team• Collaborative relationships maturating with RHS

demonstrating the value of our products and expertise

Sales revenuesF

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• WGA platform technology• Rubicon was acquired by Takara Bio USA Holding Inc for

USD$75m in January 2017, principle asset was their PicoPlexsingle cell WGA kit

• PGS product (microarray, now transitioned to NGS)• BlueGnome was acquired by Illumina for almost USD$100m in

September 2012

• IVF services • Invitae acquired Combimatrix for USD$34.9m in November

2017 and Good Start Genetics for approx. USD$39m in August 2017

• Cooper Genomics acquired Reprogenetics for USD$46.5m in August 2015, Reprogenetics UK for an undisclosed amount and Genesis Genetics for USD$60m in April 2016

Corporate benchmarksF

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Reproductive Health Science Ltd ASX:RHS Michelle Fraser, CEO and MD

michelle.fraser@rhsc.com.au www.rhsc.com.au

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