Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ONM4V 1N5

Report on Voluntis

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About the Company• Voluntis creates digital therapeutics that empower people with chronic conditions to selfmanage their treatment every day• Their solutions combines mobile and web apps, use clinical algorithms to deliver
personalized recommendations to patients and their care teams• They design and operate multiple digital therapeutics, especially in oncology anddiabetes• These digital therapeutics accompany and enhance a speci ic medication or
medical device• Their vision: the advancement of information technologies will help to resolve certain
healthcare system issues, notably related to chronic disease expansion• They design digital therapeutics that transform healthcare by:• Designing integrated care services• Aligning the interests of patients, providers and payers• Driving costs down while improving quality• Establishing a collaborative relationship between patients and their doctors• They have long-standing partnerships with leading life science companies such as
AstraZeneca, Microsoft• The company is based in Cambridge, MA and Paris, France and was founded in 2001
• Executives:• Chairman: Eric S Elliott• CEO/Founder: Pierre Leurent• CFO: Guillaume Floch• CTO/Founder: Etienne Vial
• Chief Medical Of icer: Genevieve D’Orsay• Chief Business Of ice/Founder: Romain Marmot• Chief Growth Of icer: Berkley C Nelson• Board Members:• Eric S Elliott (Voluntis SA)• Franck Noiret (Innovation Capital SASU)• Dr Jan Berger• Pierre Laurent (Voluntis SA)• Laurent Higueret• Viviane Monges• They are a founding member of the Digital Therapeutics Alliance https://dtxalliance.org• They have raised a total funding of $31.6M• Investors:• Debiopharm Innovation Fund
• Innovation Capital - lead investor• Bpifrance - lead investor• Qualcomm Ventures

Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ONM4V 1N5• Karista• Sham• Cr dit Mutuel Innovation• The company went public on Mar 30, 2018
• Their valuation at IPO was $120M, raised €30.1M at IPO
Products and Services• Voluntis’ digital therapeutic apps accompanies existing medication or medical devices• The aim to monitor side effects, guide symptom management, promote protocol
adherence, recommend dosage or connect patients with their healthcare teams• In the diabetes m-health ield, their digital therapeutic solution is the most extensively
studied on the market• Voluntis’ quality management system complies with requirements from the major, global
regulatory agencies, with particular emphasis on the US and EU regulation• Since 2010, their quality systems and processes have been ISO 9001 certi ied for global
quality processes and ISO 13485 for medical device quality systems• All validation engineers are certi ied by the ISTQB, the International Software Testing
Quali ications Board
Theraxium Platform

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fffffffffé• A comprehensive and highly lexible platform that transforms health data into medical
intelligence for better care
• It enables healthcare organizations to monitor patients remotely, support patient
assistance programs, track adverse events and prompt compliance• Theraxium is the underlying platform that supports all digital therapeutics developed byVoluntis in the ield of cancer treatment• Its technology embeds speci ic modules to design and simulate algorithms• Medical rules are coded in domain speci ic language with a high level of granularity
to re lect temporality and contextualization• Voluntis has leveraged these modules to design an off-the-self library of clinicalalgorithms, which can be furthered customized• It integrated modules with prede ined UX templates and con igurable work lows
• The platform offers a scalable architecture to develop a full suite of solution• Operated on the Cloud, Theraxium is a model web-based and mobile platform that can• Collect data
• Host data
• Process communication lows
• Analyze data
• Automate effective recall• Theraxium Oncology was developed after 4 years of research and development in
partnership with patients, life science partners and cancer institutes

• Theraxium has been implemented in 50+ programs covering more than 20 therapeuticields• 6 out of 10 top pharmaceutical leaders have deployed Theraxium• It has provided support and monitoring to over 610,000 patients in 12 countries• Theraxium ha been used as a backbone for a pipeline of oncology digital therapeutics

Software Project Delivery Expertise• The Voluntis teams has developed a unique expertise in developing software medicaldevices• Voluntis project managers ensure that clients’ projects fully meet their expectations,timeline and budget throughout design, development, validation and delivery phases• They also address all tipis speci ic to medical device manufacturing with Voluntis’
experts
Oleena®

ff• It is their proprietary digital therapeutic that enables patients to self-manage symptoms
across a wide range of cancer therapies and allows care teams to remotely monitor
patients• It is the irst FDA Class II Software-as-a-Medical Device to be marketed for use across allcancer indications• Oleena is able o support patients across a wide range of cancer types andanticancer treatments• Oleena is the irst digital therapeutic obtaining market authorization in oncology and it ispowered by Theraxium Oncology• Oleena provides patients with personalized insights to self-manage the symptoms theyexperience over the course of their disease• Symptoms such as diarrhea, pain, nausea and vomitingff

Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ON
M4V 1N5

Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ON
M4V 1N5• Using embedded evidence-based clinical algorithms, Oleena delivers automatedrecommendations to patients in real-time• Recommendations in clued personalized coaching for symptom management aswell as on-demand directions for initiation and dose of supportive therapies basedon the patients’ individual care plan
• It focuses on:• Self-management of symptoms• Evidence-based algorithms and qualifying questions within Oleena evaluateeach symptom reported in order to give personalized recommendations• Personalized dosing of medication• Guidance for self-monitoring of relevant health indicators• Patients have access to detailed information and resources within the app• Oleena continues monitoring the patient until the symptom subsides andadapts the recommendations according to how the symptom evolves• Identifying the need for escalation of care
• When security is too high for self-management, Oleena connects the patientsto the care team
• Healthcare teams get access to automated and adaptive insights on patients’ symptoms inorder to support patients wherever and whenever• Each time a patient enters data, Oleena saves it to a detailed history ile, providing
an easy way for providers to understand the patients’ current status and symptom
evolution• Oleena comes with a full set of supporting services• Data analysis - using data to improve supportive care strategies and patient
experience• Patient onboarding - get patients familiar with Oleena and provide ongoingengagement support• Practice implementation - seamlessly integrate Oleena with existing work lows
• Customer success - support practice productivity goals and maximize the potentialof Oleena
Insulia®

fff• Insulia provides automated basal insulin dose recommendations and coaching messages
for people with type 2 diabetes while enabling the health care team to remotely monitor
progress• Healthcare practitioners prescribe Insulia using their dedicated web portal and set up thetreatment plan rules that will adjust basal insulin dosing based on the patients’ speci ic
needs• The user then receives an activation code to get started with their personalized app• The app uses blood glucose readings and any hypo symptoms to recommend doses inreal-time

Eugene Consulting Inc.
1602- 111 St. Clair Ave WToronto, ON
M4V 1N5• Clinical algorithms built into the application help to calculate this• This data is shared with the health care team
• This enables providers to deliver tailored telemedicine services
Diabeo®
• Diabeo is a digital solution for type 1 and type 2 diabetes patients treated on a basalbolus insulin regimen• It provides therapeutic and decision-making support for effective diabetes management
to help adult patients dose their basal and bolus insulin, facilitate interactions between
patients and their healthcare professionals, support remote management and theimplementation of telemedicine services• It suggests insulin dosage, through algorithmic calculations that are speci ic to thepatient and based on their particular doses.
• It is a regulated healthcare product that was granted a CE Mark in 2013
• It is not approved for use in the U.S.
• Daibeo is a registered trademark of Sano ieCO (e-Cediranib Olaparib)• eCO application was designed for patient self-reporting and management of hypertension
and diarrhea using remote monitoring• AstraZeneca selected Theraxium Oncology to design a digital therapeutic that supports
women undergoing treatment for ovarian cancer• In 2016, in collaboration with AstraZeneca and the US National Cancer Institute, it wasassessed as a digital therapeutic for women undergoing treatment for recurrent
platinum-sensitive high-grade ovarian cancer in clinical trial of cediranib in combination
with olaparib• Hypertension and diarrhea events reported via the eCO app allowed rapid response
and positive overall patient experience.
• Patients provided positive responses on the use of the eCO app• Feelings of being more uncoiled in their care and better connected with theirhealthcare teamfff

Developments in 2020
November 23, 2020 - Voluntis completes a capital increase of €5.9 Million• Voluntis announced the completion of a capital increase without preferential subscription
rights exclusively reserved to the category of investors de ined below for a total amountof €5.9 million.
• The securities were subscribed by investors specialized in the healthcare sector, including
Debiopharm Innovation Fund, Corporate fund of Swiss company Debiopharm, and Indigo,Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ON
M4V 1N5the holding company of M. Eric Carreel, Chairman & co-founder of Withings, whichstrengthened its position• The issue price of the new shares was set at €4.43 per share• The net proceeds of the capital increase (€5.7 million) will be used by Voluntis tostrengthen its inancial resources, in particular to develop its commercial activities withthe pharmaceutical industry and to contribute to the inancing of R&D activities• This capital raising complements the inancing tools already in place, notably the €2
million state-guaranteed loan (PGE) and the recently obtained €1 million R&D Innovation
loan, and enables the Company to cover its inancing needs beyond the next 12 months
November 16, 2020 - Voluntis receives CE mark for Oleena• This is a key milestone that paves the way to the future commercialization of its digital
therapeutics for oncology in the EU• They have now receiving marketing authorization to commercialize Oleena in both the USand the EU• It marks the 12th regulatory clearance obtained by Voluntis for a proprietary digital
therapeutic
November 12, 2020 - Voluntis extends its digital therapeutics cloud infrastructureworldwide with Microsoft• Voluntis announced that its cloud infrastructure supporting its Theraxium Platform will
migrate to Microsoft Azure• This new cloud infrastructure provides the global reach that Voluntis and its partners
need to operate and support digital therapeutics in a growing number of countries• With this new cloud infrastructure, Voluntis’ technical operations costs are also moreclosely aligned with the actual volume of end-users worldwide - this will improve thepro itability of digital therapeutics deployed by industry partners• The new platform also offers expanded technological capabilities• The Azure solution can enrich the set of functionalities of the Theraxium platform

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October 29, 2020 - Voluntis and Redox enter unto a new partnership• Voluntis and Redox entered into a strategic partnership to work together in an effort toimprove the integration of digital therapeutics as part of routine clinical practice andenrich EHR data with actionable insights on how patients experience their treatment at
home• The partnership will allow providers to automate and adapt insights on their patients’treatment journey within their Electronic Health Records• The 2 companies will integrate Voluntis’ digital therapeutics platform, Theraxium, withRedox’ interoperability platform• Through this partnership, the Voluntis portfolio of products are interoperable with anyorganization using Redox for healthcare data exchange• Currently, more than 900 healthcare organizations using 55EHR vendors trust
Redox to digitally integrate digital health solutions into their operationsfffff

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Recent Strategic roadmap announced on March 4, 2020
• The company announced a strategic prioritization of the oncology business• In regard to diabetes, they are suspending investments links to direct commercializationin the U.S• Pro itability horizon proves to be too distant in view of the Group’s objective of
inancial break-even• These investments represent approximately 15% of the Group’s operating expenses• They have decided to postpone the additional developments required by the FDA’s
feedbacks on the version of Isulia adapted to insulin NPH during the process ofapplication of this product in the U.S.
• Instead, they aim to execute new commercial partnerships that can fully exploit thepotential of Voluntis’ diabetes solutions• In regards to Insulia, the scope of the global distribution contract with Sano i has been
refocused on the French territory only
• This is in line with Sano i’s new strategic directions in diabetes• The partnership related to Diabeo, a solution developed with Sano i France and CERITD,
will end in December 2020
• They expressed that a primary focus on the oncology business, the renewal of thepartnership approach in diabetes and the adaptation of the cost structure are the key
levers of Voluntis’ path to pro itable growth• Voluntis recently formed 2 new partnerships, with Novartis and Bristol-Mysers Squibb,related to its Theraxium Oncology platform• They are also in discussion with several other pharmaceutical companies toimprove patients’ experience with any types of cancer treatments• These collaborations will generate upfront payment and will have a signi icant
contribution to Voluntis Group’s revenues as of 2020
• They plan to make Oleena available to several cancer centers in the U.S. in the irst half of2020 to generate new real-world data and reinforce its experience with integration intoclinical work lows
• In view of the priority allocation of resources to oncology and the projected operating
loss for the 2019 inancial year, which is of a similar order of magnitude to 2018, theGroup is contemplating the implementation of a signi icant cost reduction plan in order toachieve its objective of inancial break-even in 2021
• Voluntis con irms its objective of inancial break-even (EBITDA) in 2021, for invoiced
revenues in 2021 ranging between Euro 8 and 12 million and an annual cost base of thesame order, following the prioritization of the oncology business and the adaptation of
the cost structureffEugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ONM4V 1N5

Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ON
M4V 1N5Developments in 2021
March 30, 2021 - They announced that 2020 Annual results are in line with theirstrategic roadmap announced in March 2020
• Voluntis announced they are on track on all key indicators, including, conclusion ofagreements, new milestone partnerships and improvement of results due to theoptimization of their cost structure• Their commitment to establishing major partnerships with leading pharmaceuticalcompanies to commercialize their digital therapeutics, with priority on oncology,
led to the collaboration with Bristol-Myers Squibb and Biocon Biologics• The global licensing agreement with Biocon Biologics in diabetes is based onInsulia®
• Voluntis now has a total of 10 digital therapeutics co-developed and/orcommercialized with pharmaceutical partners• Due to these large-scale partnerships, sales invoicing have increased 3.8 times comparedto 2019
• They reached € 10.2 million in iscal year 2020
• The increase in cash low linked to partnerships and the strategic reduction in the coststructure have led to a very signi icant improvement in free cash low, which stands at €-2.1 million in 2020
March 18, 2021 - Broward Health and Voluntis launch a new clinical evaluation
program on digital therapeutics for metastatic breast cancer• Voluntis announced a collaboration with Board Health• The partnership will focus on conducting a real-world evaluation of Oleena®
• Oleena will be provided to patients with HR_/HER2- metastatic breast cancer tosupport them in self-managing symptoms and side effects of their conditions andtreatments• The clinical research will start enrolling patients in 2021, following an initial
deployment of Oleena at Broward Health North• They will evaluate how a prescribed digital therapeutic application can support
remote symptom management for patients with cancer• In preparation for the clinical evaluation, during the design phase, speci ic attention waspaid to optimizing the user experience, answering health literacy challenges andsupporting multiple language

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March 4, 20201 - Voluntis strengthens its global customer support services incollaboration with Zenedesk• Voluntis announced the upgrade of its global customer support infrastructure incollaboration with customer service software company Zendesk• Voluntis will leverage Zendesk’s capabilities to integrate and streamline the support
services it provides for its Pharma partners as part of the commercialization of codeveloped digital therapeutics and in full compliance with applicable regulations

Eugene Consulting Inc.
1602- 111 St. Clair Ave W
Toronto, ON
M4V 1N5fff

fFebruary 15, 2021 - Voluntis announces issuance of European patent for drug dosing
support with its Theraxium digital therapeutic platform• Voluntis announced the issuance of a new patent by the European Patent Of ice (EPO) for
intelligent patient support in drug dosing applied in the ield of diabetes for insulin
titration support• The algorithms developed by Voluntis will automatically recommend to a patient,day by day and according tp the evolution of their monitoring data, a progressive
increase of the dose to bring the patient into the target range as speci ied by their
physician• Once the target range is reached, the dose will then remain stable as long as thepatient's follow-up data stays within the target range• Safety mechanisms are also present to decrease the dose if the situation requires it• In the ield of diabetes, the patent obtained relates to the optimization of insulin titration,
based on the evolution of fasting blood glucose levels over several days to recommend tothe patient an appropriate dose of basal insulin to be injected, in accordance with theirtreatment plan