The Company is undertaking a placement to raise A$3,000,000 via the issuance of 6,469,700 shares at an issue price of A$0.4637 per share, with the ability to accept oversubscriptions.

The company has received firm commitments of A$2.0m

The offer price of A$0.4637 per New Share (Offer Price) represents:

• 25% discount to the 5-day VWAP (up to and including last close of A$0.64 on 02 December 2024)

Funds raised via the placement will be utilised to provide sufficient working capital for the company to continue to progress their science program and begin Phase 3 trials for Elate Ocular in Q2 2025.

Lead Manager: Lodge Partners

Dry Eye Disease (DED) is a growing healthcare challenge, impacting over 17 million adults in the United States and millions more globally. Characterized by the eye's inability to produce adequate or quality tears, DED leads to persistent irritation, discomfort, and visual disturbances. Common factors contributing to DED include aging, hormonal shifts, autoimmune disorders, and environmental influences. For many, severe cases significantly impair their quality of life, making routine tasks like reading or driving nearly impossible.

The economic impact is substantial—in the U.S. alone, direct medical costs are over $5.5 billion each year, while productivity losses reach an estimated $55 billion. Despite the availability of treatments like lubricating drops and prescription options such as Restasis and Xiidra, many patients struggle to find long-term relief, often discontinuing use due to side effects or lack of effectiveness. This highlights a critical opportunity in the market for new, innovative solutions.

Cambium's Elate Ocular is poised to address this unmet need with a regenerative approach designed to tackle not only the symptoms but also the underlying causes of Dry Eye Disease. With a novel mechanism of action and a patient-centered design, Elate Ocular presents a promising solution in a market eager for more effective and tolerable therapies.

Cambium's flagship product, Elate Ocular®, offers a novel approach to addressing Dry Eye Disease (DED) by leveraging fibrinogen-depleted human platelet lysate (FD hPL) as its active ingredient. Unlike traditional treatments that provide only temporary symptom relief, Elate Ocular® focuses on true regenerative healing, with clinical trials demonstrating statistically significant improvements in key DED symptoms. Its unique composition—rich in growth factors and bioactive molecules—sets it apart from current treatments and positions it as a transformative solution for patients suffering from moderate to severe DED.

Phase 3 Trials Imminent: Cambium is preparing to initiate Phase 3 trials for Elate Ocular® in April 2025, with more than 700 patients participating across multiple locations in the U.S., Taiwan, and Australia. These trials will further validate Elate Ocular®'s efficacy and safety, with results expected by mid-2026. A successful outcome could pave the way for FDA approval by 2027 and subsequent commercialization. This milestone marks a significant advancement toward Cambium's vision of leading the regenerative treatment of chronic eye diseases.

Near-term Value Realization Potential:

• Recent acquisitions of dry eye companies and drugs at Phase 3 or registration stages have occurred at notable valuations, underscoring the market potential.
• Cambium Bio is considering out-licensing or selling Elate Ocular®, or even the entire company, once Phase 3 trials are underway, highlighting the substantial opportunity for value creation in the near term.