October 20, 2016 Revefenacin (TD-4208) Phase 3 Efficacy Results Once-daily, Nebulized Long-Acting Muscarinic Antagonist (LAMA)

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Revefenacin: Positive Results in Replicate Phase 3 Efficacy Studies Robust and sustained improvements in FEV1 Effective as monotherapy and as add-on to LABA or LABA/ICS Generally well tolerated FEV1 = Forced expiratory volume in one second LABA = Long-acting-beta-agonist; ICS – Inhaled corticosteroid Primary Endpoint Met in Both Studies and at Both Doses

2 Replicate, 12-week, randomized, double-blind, placebo-controlled, parallel group studies Revefenacin: Phase 3 Efficacy Study Design and Patient Population More than 1,250 moderate to very severe COPD patients across 120 U.S. study sites Revefenacin 88 mcg QD Placebo QD Revefenacin 175 mcg QD R Run-in FEV1 = Forced expiratory volume in one second; QD = Once daily; GOLD = Global Initiative for Chronic Obstructive Lung Disease 1Patients on existing LABA or LABA/ICS continued these therapies throughout the duration of the study Patient Characteristics Average age 63.7 years Smoking history 52.3 pack years FEV1 % predicted 54.4% Patients on background LABA or LABA/ICS - 90% on LABA/ICS 38.1% Patients with underlying cardiovascular risk factors 47.1% Patients in COPD GOLD Category D (very severe) 34.5%

Revefenacin: Robust Improvements in FEV1 as Monotherapy and Add-on Therapy Primary Endpoint Achieved for Both Doses FEV1 = Forced expiratory volume in one second; Add-on therapy = Revefenacin added to LABA or LABA/ICS * P < 0.0001 versus placebo ** P <0.001 versus placebo * ** * * * **

Revefenacin: Consistent Treatment Effect Maintained for 24 hours with Once-Daily Dosing PD = Pre-dose; Note: 24-hour spirometry was assessed at baseline and after 12 weeks’ treatment in a subset of subjects in both studies Dose Dependent Effect on FEV1 with 175 mcg Consistently Better than 88 mcg (N=92) (N=89) Difference from placebo in change from baseline FEV1 [ml]

Revefenacin: Low Incidence of Serious Adverse Events and Comparable to Placebo n=1256; 1 subject was randomized but not dosed and is included in the safety population but not the efficacy population Description Placebo (N=429) 88mcg (N=425) 175mcg (N=402) Serious Adverse Events 21 (5%) 21 (5%) 15 (4%) Deaths: - Homicide 0 (0%) 0 (0%) 1 (0.2%) - Sudden death1 1 (0.2%) 0 (0%) 0 (0%) Adverse Events (AEs) 207 (48%) 227 (53%) 204 (51%) Possibly/probably Related AEs 39 (9%) 33 (8%) 41 (10%) AEs Leading to Study Drug Discontinuation 59 (14%) 50 (12%) 43 (11%) 1 Sudden death in placebo group attributed as cardiovascular by independent adjudication

Revefenacin: Most Frequently Reported Adverse Events (AEs) Description Placebo (N=429) 88 mcg (N=425) 175 mcg (N=402) Exacerbation of COPD 49 (11.4%) 43 (10.1%) 42 (10.4%) Cough 17 (4.0%) 17 (4.0%) 17 (4.2%) Dyspnea 23 (5.4%) 13 (3.1%) 12 (3.0%) Headache 11 (2.6%) 21 (4.9%) 16 (4.0%) n=1256; 1 subject was randomized but not dosed and is included in the safety population but not the efficacy population No reports of worsening of urinary retention, blurred vision or narrow-angle glaucoma Dry mouth only reported in <0.5% of patients on revefenacin Revefenacin: Generally Well Tolerated Very Low Incidence of AEs Commonly Reported with Muscarinic Antagonists

Revefenacin: Positive Results in Replicate Phase 3 Efficacy Studies Robust and sustained improvements in FEV1 Effective as monotherapy and as add-on to LABA or LABA/ICS Generally well tolerated FEV1 = Forced expiratory volume in one second LABA = Long-acting-beta-agonist; ICS – Inhaled corticosteroid Primary Endpoint Met in Both Studies and at Both Doses