Ann: Imugene Corporate Presentation, page-216

g’day JFlo

Any answer I provide can only be speculative as no one knows at this stage. People privy to the inner-workings of IMU might have a more substantial idea but at this stage all thoughts of an IMU 2.0 remain in a hypothetical space.

cashisking’s response hit the nail on the head, as they have provided a direct quote from LC. The pathways to value realisation include company acquisition, partnership with BP, and/or out-licensing of products. These seem fairly stock standard pathways and not unique to IMU. My view on the 2.0 comment is that Imugene could partner with BP and run as an arm / independent entity under ownership
of a BP company. It all remains to be seen.

Another note of caution that has come to mind today. Leslie mentioned during the presentation that even if a universal solution to treat cancer as one disease is achieved (ie. onCARlytics), they would still need trials and data for each individual cancer and treatment. Again, this will take time. Even if all solid tumours can be marked with a CD19 flag and treated (or even cured) with existing oncology products, each individual disease (cancer type) will require trials and data for regulatory approval. This reaffirms to me that the phase 1 Vaxinia trial has been designed in such a clever way (100 patients, 10+ clinical sites), with deep knowledge and experience of regulatory requirements, in order to achieve favourable FDA outcomes. This will
hopefully facilitate CF33 treatments to be approved (breakthrough therapy, fastrack) while concurrently conducting trials for each individual cancer type, saving lives of patients and providing a revenue source for shareholders. Very clever.

I remain excited and bullish towards the future achievements of IMU, with a renewed respect that these amazing achievements will take time.