Ann: Investor Webinar featuring COO, Dr Glover & CMO, Dr Woodard, page-236

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17/11/23

12:23

Post #: 70961323
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Originally posted by Jov88: ↑

Special thanks to all those who've provided their feedback already. The webinar was on at around 1 a.m., which is way past my bedtime, so I didn't have time to post my notes—watched it again this morning. If it wasn't clear to holders that Azer-Cel was purchased to benefit the current pipeline and not a change in strategy and/or because the rest of the therapies were duds, it should be abundantly clear now.

Some key takeaways:

- Paul Woodard on preclinical OnCARlytics + Azer Cel combo data - "I have done/seen many of the studies, and it is very rare to see 100% killing of TNBC & gastric cancers of any cancer type in vitro studies."

- Azer-Cel will cut the waiting period to gain access to CAR-T therapy from 1 month to when it can be taken out of frozen storage and sent. i.e. minimal delay. ****I spoke to a friend who attended the Melbourne luncheon earlier and relayed that doses of Azer-Cel that were made around a year ago still remain extremely potent. He also mentioned the overall cost comparison is circa 10 to 1 compared to Auto CAR T. It is Cheap to make and can travel to where and when it's needed at a fraction of the cost.

- Bradley Glover reiterated the market size for Azer-Cel in DLBLC CAR-T relapse patients. $2.5 Billion pa. They would likely be the only player in this space also and have a first-mover advantage. This market is set to grow 4x also as the Auto CAR-T market grows. Based on that, I mentioned in an earlier post that I couldn't reconcile the commercial outcome here for IMU, given that Azer-Cel was arguably bought to combo with OnCARlytics.

- Q: Is there any chance Azer-Cel be granted accelerated approval and allow IMU to market the drug parallel to a confirmatory trial? "Yes...thats why we are doing the 10 patient study (DLBCL)..."

- Combo of OnCARlytics + Azer-Cel doesn't need to wait for the registrational study to occur.

- Q: Potential NASDAQ listing - "The simple answer is yes."

- Q: How many doses to achieve CR for the Bile Duct patient (who progressed off at least 3 lines of therapy) - "A couple of doses, 200+ days without treatment" - wow.

- Q: Would the goal be to move to a registration Phase II trial if the Bile Duct trial is deemed a success - "Anything can happen with response rates... but yes, that's why we are expanding in the 10 patients."

- PD1/Her-Vax trucking along in the background. My gut feeling is some positive updates here soon.

Based on what was discussed here, there is no way IMU will sell Azer-Cel before the rubber hits the road for the OnCARlytics combo. So then, a licensing deal for Azer-Cel solely in the blood cancer space makes sense. Looking at comparable deals, a multiple of 4-5X of peak sales is a good gauge; so conservatively, a $10 billion ($2.5b x 4) value deal would be something to aim expectations at. Mind you, this is for a subset of a subset patient cohort ONLY in the blood cancer space.

Ideally, IMU would receive an upfront payment (special divi anyone?!) plus royalties on sales, which could fund the full development of Vaxinia & OnCARlytics + Azel-Cel for the solid tumour market. That would really put IMU in the drivers seat to develop those therapies at speed with less dilution required. Let's see how it all pans out but it looks extremely positive to me.

Cheers.

Expand

Thanks Jov88.

One thing that still seems odd to me. Precision Bio had pretty much got Azer-Cel most of the way there. Already had fast track designation and manufacturing facility. Already had IND and plans for registrational study.

And of course they knew about the target market size.

Why did they accept our miniscule deal? You reckon we can progress it the last of the way, with much of the work already done, and license it out for circa $10B total deal?

Did they accept a small deal because of the potential market onCARlytics could open up for them? Seems like a balsy move.

IMU Price at posting: 9.6¢ Sentiment: Buy Disclosure: Held
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