Market Overview

KaNDy Therapeutics Successfully Raises £25 Million in a Series C Financing

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~Funding to advance a breakthrough non-hormonal treatment for
symptoms of the menopause, into a Phase 2b study in Q4 2018~

KaNDy Therapeutics, a clinical-stage Women's Health company, today
announces it has successfully closed a Series C financing round, raising
£25 million from new US investor Longitude Capital, and existing
internationally recognised life sciences investors Advent Life Sciences,
Fountain Healthcare Partners, Forbion Capital Partners and OrbiMed.

The proceeds will enable KaNDy Therapeutics to advance its breakthrough
non-hormonal drug candidate, NT-814, for treatment of multiple symptoms
of the menopause, through a multi-country Phase 2b dose-ranging study
due to start recruiting patients in Q4 2018 with headline results
expected in late 2019.

Commenting on the financing round, Mary Kerr CEO of KaNDy
Therapeutics, said:
"We are delighted by the level of enthusiasm
and financial support we have received from our investors and would like
to welcome Longitude Capital into the syndicate and the board of
directors. Our investors and the KaNDy management team are united by the
common belief that NT-814 has the potential to be a transformational
treatment for the millions of women worldwide who suffer debilitating
symptoms of the menopause."

NT-814 is an orally administered once daily, potent and selective small
molecule dual antagonist of both the neurokinin-1 and 3 receptors. It is
being developed by KaNDy Therapeutics to provide a viable alternative to
hormone replacement therapy. In June 2018, the Company announced
positive data from the Phase Ib/IIa proof of concept clinical trial
which showed that women who were treated with NT-814 once daily for two
weeks at the most effective doses evaluated, experienced a rapid and
profound reduction in two key symptoms of the menopause, namely
frequency and severity of hot flashes and the number of night time
awakenings

Josh Richardson, M.D., Managing Director of Longitude Capital said: "We
were very pleased to participate in this funding round.
We have
been impressed with the data announced thus far, by KaNDy's business
strategy and the strong and experienced management team.
We
believe NT-814 has the potential to greatly improve the quality of life
of millions of women worldwide and we look forward to supporting the
Company as it continues to progress this potentially transformational

candidate through the clinic towards commercialization."

A Phase 2b study to further evaluate the safety and efficacy of NT-814
in women with bothersome post-menopausal symptoms, and to establish the
optimum dose to take forward into Phase 3, is anticipated to start
recruiting patients in the US, Canada and the UK in Q4 2018, with
headline results expected in late 2019.

About KaNDy Therapeutics
KaNDy Therapeutics is a
clinical-stage company focused on optimizing the potential of NT-814 as
a non-hormonal treatment for common, chronic debilitating female
sex-hormone related conditions. These conditions, such as
post-menopausal hot flashes, can impact womens' quality of life for 10
years or more and are associated with significant social, healthcare and
economic costs.

NT-814 is a once-a-day oral, potent and selective small molecule dual
antagonist of both the neurokinin-1 and 3 receptors under development by
KaNDy as a therapy for a range of Women's Health conditions. NT-814
addresses hot flashes by modulating a group of oestrogen sensitive
neurones in the hypothalamus in the brain (the KNDy neurones), that in
menopausal women due to the absence of oestrogen, become hyperactive and
consequently disrupt body heat control mechanisms resulting in the
debilitating vasomotor symptoms of HF.

About Advent Life Sciences
Advent Life Sciences is one of
Europe's leading venture teams investing in life sciences businesses.
The team consists of professionals with extensive scientific, medical
and operational experience, and a long-standing track record of
entrepreneurial and investment success across the UK, Europe and the US.
The firm invests in a range of sectors within life sciences, principally
in new drug discovery, enabling technologies and med tech. Realizations
include Algeta, Avila, CardiAQ, CN Creative, EUSA and Micromet. Current
investments include Acutus, Arrakis, Aura, Axonics, GMPO and NeRRe. For
more information, please visit www.adventls.com.

About Forbion Capital Partners
Forbion is a dedicated life
sciences venture capital firm with offices in The Netherlands and
Germany. Forbion invests in life sciences companies that are active in
the pharmaceutical, as well as the medical device space. Forbion's
investment team has built an impressive performance track record since
the late nineties with successful investments in over 50 companies.
Forbion manages well over EUR 1 billion across ten funds. Its investors
include the EIF, through its European Recovery Programme (ERP), LfA and
Dutch Venture Initiative (DVI) facilities and the KFW through the ERP –
Venture Capital Fondsfinanzierung facility. Forbion also operates a
joint venture with BGV, the manager of seed and early stage funds
focused on Benelux and Germany. www.forbion.com

About Fountain Healthcare Partners
Fountain Healthcare
Partners is a life science focused venture capital fund with €176
million ($200 million) under management. Within the life science sector,
specific areas of interest to Fountain include specialty pharma, medical
devices, biotechnology and diagnostics. The firm deploys the majority of
its capital in Europe, with the balance in the United States. Fountain's
main office is in Dublin, Ireland, with a second office in New York. For
more information, please visit www.fh-partners.com.

About Longitude Capital
Longitude Capital is a private
investment firm that makes venture growth investments in biotechnology
and medical technology companies that seek to improve clinical outcomes,
enhance quality of life and/or reduce system costs. Longitude Capital
invests in both privately held and publicly traded life science
companies through a variety of investment approaches. Since 2006,
Longitude Capital has raised over $1.2 billion across three funds and
has offices in Menlo Park, CA and Greenwich, CT. For more information,
please visit www.longitudecapital.com.

About OrbiMed
OrbiMed is a leading healthcare
investment firm, with $14 billion in assets under management. OrbiMed
invests globally across the healthcare industry, from start-ups to large
multinational corporations, utilizing a range of private equity funds,
public equity funds, and royalty/credit funds. OrbiMed maintains offices
in New York City, San Francisco, Shanghai, Hong Kong, Mumbai and
Herzliya. OrbiMed seeks to be a capital provider of choice, providing
tailored financing solutions and global team resources and support to
help build world-class healthcare companies.

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