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Discovery Lecture Series Purdue University Discovery Park Thursday, November 8, 2007

“Esperion Therapeutics: A Biotech Success Story in the Midwest” . Roger S. Newton, Ph.D., FAHA Former Senior VP and Director, Pfizer Global R & D. Discovery Lecture Series Purdue University Discovery Park Thursday, November 8, 2007. Time Frame of 1998-Key Questions.

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Discovery Lecture Series Purdue University Discovery Park Thursday, November 8, 2007

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  1. “Esperion Therapeutics: A Biotech Success Story in the Midwest” Roger S. Newton, Ph.D., FAHA Former Senior VP and Director, Pfizer Global R & D Discovery Lecture Series Purdue University Discovery Park Thursday, November 8, 2007

  2. Time Frame of 1998-Key Questions What issues existed within the cardiovascular therapeutic space within the pharmaceutical industry which promoted change? What critical business factors provided a template for the establishment of Esperion? What financial conditions fostered the rapid growth and development of Esperion and its product candidates?

  3. Key Factors Affecting Innovation in CV Franchises Increased merger and acquisition activity/ reorganizations lead to consolidation Outcomes: a. Reduced number of CV R & D groups b. Company/departmental integration leads to chaos and a lack of focus c. Loss of continuity and institutional memory d. Monolith organizations lacking innovation with a “Blockbuster” mentality e. New innovative opportunities are created outside of Big Pharma as small, high risk, but focused biotech companies

  4. Key Factors Affecting Innovation in CV Franchises Every cloud has a silver lining…

  5. Esperion- From Big Pharma to Biotech • Big pharma mergers and reorganizations (people and process) can leave researchers with an inability to pursue their science. • Decision Point: • Stay in stable, low risk, comfortable but compromised setting • Start anew with a high risk, uncertain future • Co-founders combined a common vision, a willingness to embrace risk, access to appropriate levels of financial support, and a proven record of success. Our Story .

  6. Esperion Therapeutics Our Name Esp refers to esprit de corps: the common spirit existing in the members of a group, inspiring enthusiasm, devotion, comradeship Esper refers to “esperance” – hope -ion a suffix meaning activity, process, resulting from Our Mission Esperion Therapeutics is dedicated to discovering new therapies through vibrant teamwork in the hope of treating patients with cardiovascular diseases

  7. Esperion Therapeutics Individual Dignity Vibrant Teamwork Excellence in Science Our Values To Explore To Create To Build Our Purpose To treat cardiovascular disorders by discovering new therapies using an approach which integrates traditional and cutting edge theories and technologies Our Vision

  8. Heart Disease and HDL • Heart Disease is # 1 Killer- 65M Americans have it • 20% of all individuals with lipid disorders have low • levels of HDL-cholesterol • 50% of all CHD patients have low HDL- cholesterol • No drugs indicated only for low HDL-cholesterol

  9. The Function of HDL and the Esperion Solution

  10. The Esperion Solution HDL Therapy for promoting Reverse Lipid Transport (RLT) The Four-Step RLT Pathway 4 Elimination 2 Conversion 1 Removal 3 Transport Cholesterol-loaded Artery Liver Waste HDL HDL

  11. HDL Therapy The Acute Coronary Syndrome (ACS) Patient • Usual care: aspirin, clopidogrel, heparin, nitrates, IIb/IIIa inhibitors, beta-blockers, fibrinolytic therapy, statins, ACE inhibitors, revascularization • Short-term risk for recurrent events: 6.2% - 25% • Can HDL Therapy target unstable plaques?

  12. Esperion History Business Series C & D $27 million Series A & B $16 million SIDF $6 million Secondary Financing $67 million IPO $62 million PIPE $24 million Company Downsizing 1998 1999 2000 2001 2002 2003 Patent Small Molecules In-license HDL Product Candidates Phase 1 Clinical Trials Phase 2 Clinical Trials Phase 1/2 Clinical Trials Proof of concept Clinical Trials Science

  13. HDL Therapies from Esperion Biopharmaceuticals (Infused) Small Molecules (Oral) ETC-588 LUV ETC-1001 ETC-216 AIM ETC-1002 Sub-acute Chronic ETC-642 RLT Peptide Next generation

  14. Limone sul Garda “Gain of Function” Mutation Characteristics of human ApoA-IMilano Carriers Discovered in 1979 •Rare R173C mutation in apoA-I •Circulates as dimers and monomers •HDL/apoA-I deficiency •Mild hypertriglyceridemia •Paradoxical resistance to heart disease

  15. Trial Design and Objectives • We sought to test the potential of recombinantApoA-I Milano to regress human coronary artery disease. • We employed intravascular ultrasound to assess effect of short term infusions of an ApoA-I Milano/ phospholipid complex (ETC-216, Esperion Therapeutics). • Primary hypothesis: • Five weekly infusions of ETC-216 would produce significant regression of coronary atherosclerosis as measured by intravascular ultrasound (IVUS) Nissen et al. JAMA 2003;290:2292-2300

  16. EEM area 14.37 mm2 EEM area 11.58 mm2 Lumen area6.23 mm2 Lumen area6.27 mm2 Side Branch Atheromaarea - 8.10 mm2 Atheromaarea - 5.35 mm2 SideBranch Nissen et al. JAMA 2003;290:2292-2300

  17. Conclusions • Five weekly infusions of an ApoA-I Milano/ phospholipid complex produced significant regression of coronary atheroma burden by IVUS. • There was no detectable difference in efficacy for two different doses of ETC-216 (15 mg/kg and 45 mg/kg). • Adverse events were similar to placebo. • Coronary disease is more dynamic than previously realized and can be rapidly affected by agents that augment reverse cholesterol transport.

  18. Key Advantages of HDL Therapy • Rapidly eliminates cholesterol and other lipidsfrom thearterial walls and related tissues • Disease modifying therapyto treat unstable plaques • May preventfuture ischemic events, such as heart attacks and strokes • Can be usedsynergisticallywith established cardiovascular medications, including statins • Acute or sub-acutetreatment

  19. $1.3B Pfizer Acquisition of Esperion • Cash tender offer to acquire shares of common stock at $35 per share (55% premium) • Announced December 21, 2003 • Deal closed on Feb. 10, 2004 • Operated in Ann Arbor, Michigan as Esperion Therapeutics, A Pfizer Inc. Company • Esperion closed its doors in May 2007 Pfizer Offer

  20. Lessons Learned Along the Journey • Do the best science you can do and be fiscally conservative • Don’t eliminate your options, develop competing alternatives, and constantly (re)assess your prospects • Surround yourself with people who complement your strengths and counteract your weaknesses • Never burn your bridges no matter how chaotic the situation • Your colleagues are your teammates, not your adversaries • Never underestimate the resilience of you and your team- be optimistic that new opportunities abound

  21. Lessons Learned on the Entrepreneurial Road • Never lose your passion!!! • Live your mission • Keep your values alive • Focus on your purpose • Avoid unnecessary reorganization • Maintain and grow your vision • Make a difference • Communicate…Communicate…Communicate Maximize investor return in a people-first, science-driven organization

  22. Conclusion The triumph of innovation lies with the focused franchise players who have numerous “shots on goal” in a specific therapeutic category, in which they can be the best in the world.

  23. Special Recognition to Esperion Colleagues/Advisors • Co-Founders: Charlie Bisgaier, Mike Pape and Tom Rea • Senior Leaders: Tim Mayleben (CFO, COO), Frank Thomas (Finance), Dawn Evans (Administration), Brian Krause (Discovery), Jean-Louis Dasseaux (Chemistry), Marianne Andreach (Medical Affairs), Bill Brinkerhoff (Business Development), Narendra Lalwani (Toxicology) and others • Business/Bank Advisors: David Scheer, Bob Quinn, Robertson-Stephens, Lehman Brothers • Venture/Loan Capital: Oak, TL, HealthCap, Alta, Canaan, Domain, Investor, Swedish Industrial Development Fund • Board Members: David Scheer, Annie Lamont, Ginger More, Seth Rudnick, Anders Wiklund, Susan Bayh, Tony Gotto, Henry Blair, Ronnie Cresswell

  24. Institute of Pharmacological Sciences, Milan, Italy Giulia Chiesa Elena Monteggia Marta Marchesi Guido Franceschini Cesare R. Sirtori Columbus Clinic, Milan,Italy Evangelia Karvouni Carlo Di Mario Bracco S.p.A.,Milan, Italy Paolo Lorenzon Massimo Laucello Vito Lorusso Cleveland Clinic Steve Nissen and the ETC-216 Investigators Cedars Sinai Medical Center,CA P.K.Shah and his Collaborators University of British Columbia, Canada Inex Corporation, British Columbia, Canada Talaria, Boston, MA Esperion Therapeutics, Inc. Ann Arbor, MI, Kalamazoo, MIand Stockholm, Sweden Acknowledgements

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