Germantown, MD, September 21, 2023 – Seraxis, Inc., a cell therapy company developing a
pancreatic organoid cure to transform the lives of patents with Type 1 and insulin-requiring
Type 2 diabetes, today announced the closing of the second tranche of its inaugural VC round to
bring total equity investment in the company to over $50 million. Frazier Life Sciences, Polaris
Partners, Eli Lilly and the JDRF T1D Fund participated in the step-up triggered by Seraxis’
achieving the completion of preclinical milestones of Seraxis’ novel pancreatic organoids, SR-02.

“Seraxis manufactures off-the-shelf pancreatic organoids from a stem cell line that was itself
derived from a human pancreatic islet”, said Seraxis CEO, Dr. William Rust. “The result is a highly
pure population of organoids that closely resembles the structure and function of native islets.
We are very proud to have accomplished this manufacturing at clinical scale, with efficient,
clinically compliant manufacturing processes, and used those organoids to complete INDenabling
pre-clinical studies.”

“The Seraxis team has demonstrated that their game-changing stem cell line is not only highly
functional pre-clinically but reproducibly manufacturable in a format suitable for clinical and,
ultimately, commercial scale”, said Dr. Jamie Topper, a Director of Seraxis and Partner at Frazier
Life Sciences. “Early animal data is very promising for a successful human implantation of these
replacement organoids and could transform the lives of patients beset by the daily management
and life-threatening complications of insulin-requiring diabetes.”
As the lead islet organoid program, SR-02, nears IND filing, the company has recruited 25-year
business development veteran Ted Hibben to lead external business and commercial iniatives
in the diabetes therapy ecosystem as Chief Corporate Development Officer. Ted has been the
business leader in the C-suite of multiple therapeutic biotechnology companies, affecting over
two dozen partnering transactions, IPOs and trade sales.

“Seraxis’ technology enables a differentiated disease-modifying therapy that promises to be
safer, more efficacious and more scalable than other curative diabetes technologies, and to
address a massive unmet medical need – over 1.5 million people in the US alone attempting to
manage Type-1-Diabetes,” said Mr. Hibben. “I look forward to mustering financial and
partnership resources to promptly advance Seraxis’ diabetes programs as well as to initiating
collaborations to derive stem cells from other organs for future replacement organoid
therapies.”

ABOUT SERAXIS

Seraxis is bringing transformative cures to the millions of people worldwide struggling with the
management and life-threatening complications of insulin-dependent diabetes.
Seraxis’ lead program, SR-02, is a novel, off-the-shelf pancreatic organoid therapy slated to
enter clinical testing with immunosuppressive therapy in 2024 in patients with severe recurrent
hypoglycemia. A follow-on diabetes program, SR-03, is a version of the Seraxis organoid altered
to be unrecognized by the immune system for the broader indication of insulin-dependent
patients without chronic immune suppression.
Seraxis’ underlying proprietary technology enables the creation of a pipeline of novel stem cellderived
therapies originating from single donated organs for other indications. The company’s
lead therapeutic program, SR-02, is manufactured from a stem cell line derived from a human
donor pancreas. These cells preferentially re-differentiate into organoids containing all the
endocrine cells of the native pancreatic islet, and with safety, potency, and manufacturing
advantages over embryonic and induced pluripotent stem cells.
Seraxis manufactures its best-in-class therapeutic organoids using scalable, clinically compliant
processes in its cGMP facility located in Maryland’s I-270 Biotech Corridor.

For more information, please visit www.seraxis.com.
Contact:
Ted Hibben, CCDO
thibben@seraxis.com

Bagsværd, Denmark and Montreal, Canada, 10 August 2023 – Novo Nordisk A/S and Inversago Pharma today announced that Novo Nordisk has agreed to acquire Inversago for up to 1.075 billion US dollars in cash if certain development and commercial milestones are achieved. Inversago Pharma is a private, Montreal-based developer of CB1 receptor-based therapies for the potential treatment of obesity, diabetes and complications associated with metabolic disorders.

The acquisition of Inversago includes the company’s lead development asset INV-202, an oral CB1 inverse agonist. INV-202 is designed to preferentially block the receptor protein CB1 – which plays an important role in metabolism and appetite regulation – in peripheral tissues such as adipose tissues, the gastro-intestinal tract, the kidneys, liver, pancreas, muscles and lungs.

INV-202 demonstrated weight loss potential in a phase 1b trial and is currently in a phase 2 trial for diabetic kidney disease (DKD). Additional pipeline assets are also being developed for metabolic and fibrotic disorders. Novo Nordisk intends to investigate the potential of INV-202 for obesity and obesity-related complications.

“The acquisition of Inversago Pharma will further strengthen our clinical development pipeline in obesity and related disorders,” said Martin Holst Lange, executive vice president for Development at Novo Nordisk. “This promising class of medicine pioneered by the Inversago team could lead to life-changing new treatment options for those living with a serious chronic disease and, in particular, may offer alternative or complementary solutions for people living with obesity.”

CB1 plays an important role in appetite regulation and other cardiometabolic pathways. The mechanistic and preclinical therapeutic effects of peripheral CB1 receptor blocking are well-studied across a range of cardiometabolic and fibrotic diseases, supporting the potential treatment of many people with current unmet needs.

“We are delighted to join forces with a global leader in the obesity and metabolic disorder space,” said François Ravenelle, chief executive officer of Inversago Pharma. “We believe this combination will help unlock the full medical potential of our CB1 blockers and may one day expand treatment options for people living with metabolic syndrome, obesity and related complications. Novo Nordisk has world-class research facilities, significant global reach and a rich culture of collaboration seeking to bring our therapeutic treatments to market.”

Inversago employs 22 people in Canada, who will continue to focus on the successful completion of the ongoing and planned trials, while working closely with Novo Nordisk to drive Inversago’s technology forward in future clinical trials. The closing of the acquisition is subject to receipt of applicable regulatory approvals and other customary conditions and is expected to happen before the end of 2023.

Founded in 2015, Inversago has assembled a sophisticated, transatlantic biopharmaceutical investor syndicate including Forbion, New Enterprise Associates (NEA), Fonds de solidarité FTQ, Genesys Capital, Amorchem, JDRF T1D Fund, Amgen Ventures, AdMare BioInnovations, AQC Capital and Anges Québec. Centerview Partners LLC is acting as the exclusive financial advisor to Inversago. Osler, Hoskin & Harcourt LLP and Goodwin Procter LLP are serving as legal counsels to Inversago in connection with the transaction.

About Inversago Pharma
Based in Montreal Canada, Inversago Pharma, is a privately owned, clinical stage company, and leader in the development of next generation CB1 receptor blocker therapies designed to help patients with complications associated with metabolic and fibrotic diseases. Inversago aims to provide new treatment options that improve the lives of patients affected by a wide range of cardiometabolic disorders. For more information, visit inversago.com.

About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 59,000 people in 80 countries and markets its products in around 170 countries. For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.

Contacts for further information

Inversago Media:
Philippe Périou
pperiou@inversago.com

Inversago Investors:
Glenn S. Vraniak
1-513-476-2669
gvraniak@inversago.com