To: andy.taft@panacead.com

From: karen.norris@panacead.com

Date: 1 September 2025, 9:51

Subject: Thoughts on Krynoxi/Introdisem Acquisition

Morning Andy, 

Hope you’ve had a good start to the week!

I was wondering if you had any thoughts on the Krynoxi/Introdisem acquisition since our call on Monday? I think everyone on the team can see that it is a good idea on paper - but I’m unsure whether we’d want the whole of Krynoxi or just Introdisem. 

Anyway, I know you’re more of an expert regarding our actual product line, so do let me know whether there are synergies beyond just Permorbus and Introdisem!

Many thanks, 

Karen

To: karen.norris@panacead.com

From: andy.taft@panacead.com

Date: 1 September 2025, 10:25

Subject: RE: Thoughts on Krynoxi/Introdisem Acquisition

Good morning Karen,

It’s been busy as always - organising a roadshow to keep stoking the interest in Permorbus is a little tricky when the venue managers won’t reply!

Regarding the acquisition - I think it is a great idea! Having Introdisem in our arsenal would present several lucrative opportunities. 

First, combining Introdisem and Permorbus into one package (i.e. a separate product) would cement Panacead’s position as the sole supplier of the “gold standard” of glioblastoma treatment. Simply put, no other pharmaceutical company offers this kind of one-stop-shop product package so there is a perfect gap in the market for us to fill. 

And, in response to your last remark, there is no reason why this should be limited to just Permorbus! We have a whole range of medications that could benefit from Introdisem. To begin with, we already supply five other cancer-combating drugs around the world and we have another two in the pipeline. However, I’m sure that my R&D team could find uses for Introdisem beyond combating cancer; for example, using Introdisem to administer and target medications for more common diseases, like glaucoma. 

So, all in all, selling our medications with Introdisem would make our products the (extraordinarily high!) benchmark to beat in the pharmaceuticals market. Admittedly, this would probably increase the cost of such a product as we are essentially bundling two into one, but I’m sure, over time, we would benefit from economies of scale. 

Second, if we own the rights to Introdisem, we could also choose to sell it to other pharmaceutical companies. As I mentioned, I think administering drugs with Introdisem will be the gold standard for the next 5-10 years. Hence, if our competitors don’t want to lose out on business, they’ll need to start using it too! So, if we own Introdisem, we can use it for our own products and/or sell Introdisem to our competitors to turn a profit. I think there will be quite a high demand for it, and if we are the only supplier, that can only benefit us! 

Anyway, apologies for the overly long email but I think there are some great benefits to acquiring Krynoxi/Introdisem!

Best, 

Andy

To: andy.taft@panacead.com

From: karen.norris@panacead.com

Date: 1 September 2021, 10:32

Subject: RE: RE: Thoughts on Krynoxi/Introdisem Acquisition

Hey Andy, 

Wow - no wonder you made Chief Research Officer so quickly! I don’t suppose you’ve got something for my bad back…?

Anyway, thank you so much for your email - I’ll schedule a call with the lawyers soon to discuss some of these points. 

Just as an aside - if we were to go ahead with this transaction - would purchasing the whole of Krynoxi be necessary? Or could we just carve out Introdisem and take that? I know you don’t necessarily know the ins and outs of it all, but it would be good to hear if you had a perspective! 

Best, 

Karen

To: karen.norris@panacead.com

From: andy.taft@panacead.com

Date: 1st September 2025, 10:40

Subject: RE: RE: RE: Thoughts on Krynoxi/Introdisem Acquisition

Hi Karen,

Nothing for the back I’m afraid - the team and I are more focused on liver right now! 

Truth be told, I don’t know too much about acquiring companies and the like. However, in my experience (especially in pharmaceuticals), if you don’t buy the whole company (say, you just get a product), you’ll usually want to also acquire some of the people who developed it. 

I only say this because we research, develop and manufacture drugs, whilst Krynoxi make equipment. So, whilst my team and I can work out what Introdisem does, I think we’d be hard-pressed to manufacture it and quickly improve upon it on our own, as, at this precise moment, we don’t have the experts or the factories. 

I don’t know whether that helps or not - but that’s my two cents! 

Best, 

Andy

To: andy.taft@panacead.com

From: karen.norris@panacead.com

Date: 1 September 2025, 10:32

Subject: RE: RE: RE: RE: Thoughts on Krynoxi/Introdisem Acquisition

Hi Andy, 

Okay, that’s interesting - I’ll have a chat with the lawyers soon.  

Right, I’ll leave you to your Wednesday morning! 

Thanks, 

Karen