Ann: Imugene Presentation to JPMorgan Healthcare Conference, page-70

Hi sorest!

Well - I would say it's because the Pembro combo arm of the trial started later than the monotherapy. So as of 31 Oct there were just fewer Pembro patients in the trial. Only 8 in total, and of those only 6 had reached the point of first scan (Day 42).

The Pembro trial is still lagging behind the mono trial - because it started later. The Mono trial is now dosing at 3 x 10⁸ in both IT and IV. By contrast the Combo trial is only at 3 x 10⁷ in IT and 1 x 10⁸ in IV.

It will catch up, of course, once they confirm optimum biologic dose. From the data - the combo patients seem to be doing roughly as well as the monotherapy - but these are still small numbers. What impresses me is how well the mono patients are doing - just on Vaxinia alone. Maybe - over time - the combo arm will generate better results, but who knows? That's why they have both mono and combo arms. We will know when the data tells us....

Cheers

Dave