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Aposense

Company Presentation

October, 2010

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FORWARD LOOKING STATEMENTS

The following slides contain forward-looking statements that include, but are not limited to, projections about our

business and our future revenues, expenses and profitability. Forward-looking statements involve known and

unknown risks, uncertainties and other factors which may cause the actual events, results, performance,

circumstances or achievements of the Company to be materially different from those expressed or implied by such

forward-looking statements due to factors that include, but are not limited to: (1) our ability to develop and bring to

market new products, (2) our ability to successfully complete any necessary or required clinical studies with our

products, (3) our ability to receive regulatory clearance or approval to market our products or changes in regulatory

environment, (4) our success in implementing our sales, marketing and manufacturing plans, (5) the level of adoption

of our products by medical practitioners, (6) the emergence of other products that may make our products obsolete,

(7) protection and validity of patents and other intellectual property rights, (8) the effect of competition by other

companies and technologies, and (9) our ability to obtain reimbursement for our products from government and

commercial payers. You are cautioned not to place undue reliance on these forward-looking statements, which speak

only as of the date of this slides. The Company undertakes no obligation to update any forward-looking statements,

to report events or to report the occurrence of unanticipated events that may lead to the actual events, results,

performance, circumstances or achievements of the Company being different than as envisaged by such forward

looking statements.

ApoptosisProgrammed Cell Death

Aposense®

Targeted Therapies

2010

2011

Oncology program with

TEVA

Lead compound (ATT-11T)

in pre-clinical POC studies

ATT-11T towards IND

New oncology candidates

New Therapeutic Areas

Molecular

Imaging

2010

2011

2 Phase II studies

IBA Strategic partnership

GSK clinical collaboration

Complete one phase II

Prepare for phase III

Expand to other cancers

Aposense®

Targeting Molecules

Forward-Looking Information Notice: The Company’s estimates regarding the above mentioned milestones for the year 2011

depend, among other things, on successful results from pre-clinical and clinical experiments, regulatory approvals and patient

recruitment rate, and other risk factors described in the company’s prospectus.

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InfectiousGenetic

Ischemic

Metabolic

Inflammatory

Other

There is a biological process involved in almost every disease…

CellApoptosisProgrammed Cell Death

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The “black box” of treating cancer

Proposed solution: visualizing treatment effect by imaging of apoptosis

Pre-treatment MRI 2-months post

treatment MRI2

2-3 months

Diagnosis Treatment Follow-up

Average efficacy of chemotherapy 25%1

1 Spear et al., Clinical applications of pharmacogenetics, TRENDS in Molecular Medicine, Vol. 7, No. 5 May 2001

2 Metastatic brain tumor treated with radiation

57% tumor shrinkage“Partial Response”

18% tumor shrinkage“Non-responder”

Modify treatment

Switch treatment

Stop Treatment

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Multi-$Bn Addressable Market

* The Frankel Group, 2002

Cancer patients diagnosed & treated w/

chemo/radiation as first-line treatmentU.S., EU, JP

1,300,000

Average scans 4/patient(2/treatment X 2 treatments/patient)

5,200,000

Addressable Market for EarliTest™Assuming $700/scan

$3.6 Bn

$60Bn

Annual spend on cancer drugs: $80Bn

Average effectiveness: 25%

Spear et al., Clinical applications of pharmacogenetics, TRENDS in Molecular Medicine, Vol. 7, No. 5 May 2001

$20Bn

Pharma Clinical Collaborations

Clinical Use

Phase 2a

2011

FDA

EMEAPhase 2b Phase 3Phase 1

Pharma

companies new

cancer drug

trialsPharma 2

Pharma 3

• Access to clinical data

• Lowering overall costs

• Expediting approval venue

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Global Strategic Collaboration for

Commercialization of EarliTest (ML-10)

2010

2011

GMP implementation

North-East US, France

Expand coverage

Prepare to phase III

Labeling & Distribution Joint

Marketing

Activities

Radio-Labeling, Distribution,Marketing

Strategic Agreement with IBA

Largest Global Distribution Network

• IBA responsible for global labeling and distribution, at its cost

• Revenue share 50/50

• IBA to participate in half of the costs of phase 3, future trials and marketing

Forward-Looking Information Notice: The Company’s estimates regarding the above mentioned commercialization of the EarliTest

(ML-10) timeline depend, among other things, on successful results from pre-clinical and clinical experiments, regulatory approvals

and patient recruitment rate, and other risk factors described in the company’s prospectus.

ApoptosisProgrammed Cell Death

First

sign of disease

Molecular

ImagingTargeted

Therapies

ATTAposense® Targeted Therapy

Aposense®

Targeting Molecules

• Apoptosis: a target for multiple diseases

• Delivering a known drug / API

• Every Aposense®-drug conjugate is a new molecule

Aposense® Targeted Therapy (ATT)

Known DrugAposense®

New Targeted Drug

TUMORTUMOR

ATT Oncology

Chemo

Hypothesized mechanism

Aposense® moleculeAposense®

0

500

1000

1500

2000

2500

3000

3500

4000

10 15 20 25 30 35 40 45 50 55 60

Tumor size (mm3)

Days from

tumor

inoculation

Human

melanoma

implanted in mice

ATT-11T in MelanomaCo-development with

Tx

End

Non-Treated(Control group)

ATT-11T45mg/k (5X9)

Irinotecan225mg/k (75X3)

• Camptosar® (Pfizer)

• >$1Bn annual sales

before becoming generic

(2008/9)

IrinotecanAposense®

ATT-11T

Tumor Free Survival

ATT-11TIrinotecan

40%0%(60 days post treatment)

* No adverse

reactions

observed

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Non-Treated Tumor treated with ATT-11T

Pre-Clinical

ATT-11T in MelanomaCo-development with

ATT-11T in ovarian carcinomaCo-development with

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49

Non-Treated(Control group)

Irinotecan3X18 mg/k

ATT-11T3X20 mg/k

Tx

End

Days post treatment

Tumor volume (mm3)

Ovarian

cancer

model

Aposense Targeted Therapy (ATT):

Building an Exciting Pipeline

ONCOLOGY

• ATT-11T: Promising results

• Significant advantage over

irinotecan

• TEVA to invest up to additional $9M

• Aposense to choose economic

share 7%-50%

• Goal: Submit IND in 2011

• Develop new compounds

NEW THERAPEUTIC AREAS

2011

Forward-Looking Information Notice: The Company’s estimates regarding the above mentioned targets, milestones and pipeline for the

year 2011 depend, among other things, on successful results from pre-clinical and clinical experiments, regulatory approvals and patient

recruitment rate, successful collaboration with its strategic partners and other risk factors described in the company’s prospectus.

Aposense®

Targeted Therapies

2010

2011

Oncology program with

TEVA

Lead compound (ATT-11T)

in pre-clinical POC studies

ATT-11T towards IND

New oncology candidates

New Therapeutic Areas

Molecular

Imaging

2010

2011

2 Phase II studies

IBA Strategic partnership

GSK clinical collaboration

Complete one phase II

Prepare for phase III

Expand to other cancers

ApoptosisProgrammed Cell Death

Aposense®

Targeting Molecules

Shareholders

Industry Teva Pharmaceuticals

J&J

Venture Capital(life Science)

Pontifax

Ziegler-MediTech

Clal Biotechnology

Docor (Van Leer Foundation)

Bargal (Petrochemicals)

Federman Holdings

Technorov

Investment companies

Bank Leumi

Phoenix Insurance Corp.

JP Morgan

Hachshara Insurance Corp.

Financial

Institutions

Board of Directors

Eli Hurvitz, ChairmanFormer CEO and Chairman

TEVA Pharmaceuticals

Ilan Ziv, MD, Vice-Chairman & CTO

Neurologist, Aposense Founder

Jacob GottensteinChairman of Israeli Petrochemical Industries

Aposense Co-Founder

Morry Blumenfeld, PhDPartner, Ziegler-MediTech Partners

Formerly Chief Scientist, GE Healthcare

Alon Dumanis, PhDCEO of Docor, of the Van Leer Foundation

Ret. General, IAF

Amos Bar-ShalevTechnorov

Jospeh Dobrovsky, PhDFormerly head of drug procurement, Clalit HMO

Anat Shirvan, PhDFounder and former VP R&D, Aposense

Shirith Kasher, Adv.Head of Corporate & Structured Finance, BCRE

Shay Brill, MDDirector General, Beit Rivka Geriatric Center

Management

Yoram AsheryChief Executive Officer

Formerly VP Business Development,

Given Imaging

Eli Frydman, PhDChief Operations Officer

Formerly Business Development Manager,

GE Healthcare

Miri Ben-Ami, MDVP Clinical and Reg. Affairs

Formerly Head Neuro/CNS Therapeutic

Area, Innovative R&D,

TEVA Pharmaceuticals

Dovi Farkash, CPA, Adv.Chief Financial Officer

Formerly VP Finance, M-Systems

Menashe Levi, PhDVP Research & Early Development

Formerly VP R&D Colbar, VP R&D and Co-

Founder Gamida-Cell, CTO Rostam

Business & Scientific Leadership

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2011 Major Milestones

• Molecular Imaging

– EarliTest (ML-10) Complete phase II in one indication

– Initiate phase III preparations

– Expand program: other cancers and beyond oncology

– Expand collaborations with major pharma

– Expand IBA distribution coverage

• Targeted Therapy

– Oncology

ATT-11T toward IND

New compounds

– New Therapeutic Areas

Forward-Looking Information Notice: The Company’s estimates regarding the above mentioned targets, milestones and pipeline for

the year 2011 depend, among other things, on successful results from pre-clinical and clinical experiments, regulatory approvals and

patient recruitment rate, successful collaboration with its existing and new strategic partners and other risk factors described in the

company’s prospectus.

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Thank you