Shareholders, Ladies and Gentlemen Welcome to Imugene’s 2004 Annual General Meeting. I will briefly outline the landmark events of the past year and then focus on our strategies and milestones for the next twelve months. Following the formal part of today’s meeting, Dr Warwick Lamb, Imugene’s Managing Director will present an update on recent developments. 2004 has seen substantial progress in maximizing shareholder value. Imugene's Annual Report details the year's operations and highlights. Allow me to elucidate the key company-changing events of the past 12 months: 1. Major efficacy advances with our lead Adenoviral Vector Delivery System Products, 2. The in-licensing of the Receptor Mimic Technology for pigs and options over all other animal species, 3. Negotiating equity in BioMimic, the company developing Receptor Mimic products for the human market, 4. The appointment of senior personnel as the company moves to commercialisation phases ABN: 99 009 179 551 Level 1, 14 – 20 Delhi Road, North Ryde NSW 2113 PO Box 307, North Ryde NSW 1870 Tel: +61 2 9870 7330 Fax: +61 2 9888 9338 website: www.imugene.com 2 Adenoviral Vector Delivery System Our platform vaccine and growth enhancing delivery system for pigs and poultry has continued to progress towards commercialisation. The results of our initial trial for the PRRS vaccine for pigs were outstanding and have grabbed the attention of the majors world-wide. This disease, whilst not occurring in Australia, is one of the big causes of economic loss for piggeries in the US and Europe. Our lead product, the Poultry productivity enhancer, has now completed all pre-regulatory trials with growth and feed conversion results that have far exceeded earlier trials. This latest trial has confirmed dosage, timing and method of administration. Accordingly, this product is now ready for the regulatory trials and commercialisation. Our latest trials showed results of 13% weight gain. This is an outstanding result. We have not seen any existing antibiotic product or any alternative technology that has come close to this. We have begun establishing the masterseed for this product in Australia. All regulatory trials must use product from this masterseed. Our first regulatory trial will occur immediately following approval from the Office of the Gene Technology Regulator, which we hope will be granted early next year. Receptor Mimic Technology The in-licensing of the commercialisation rights for RMT for animals is a major product extension for Imugene. This technology is very complementary to our Adenoviral Vector Delivery System based products. The RMT treatments apply to all of the major gastrointestinal ailments that afflict intensively farmed animals; specifically, pigs, poultry and feedlot cattle. Warwick will shortly provide a more detailed insight into the workings of these unique products and their “biological elegance”. RMT products ABN: 99 009 179 551 Level 1, 14 – 20 Delhi Road, North Ryde NSW 2113 PO Box 307, North Ryde NSW 1870 Tel: +61 2 9870 7330 Fax: +61 2 9888 9338 website: www.imugene.com 3 efficiently, safely and economically treat the major gastrointestinal diseases that impair the productivity of intensive farming businesses. A key feature of RMT products are the very low regulatory hurdles and short time frame to product approvals. We expect very quick product development journeys for each treatment to the farm gates. Each RMT product will be easily produced at existing contract facilities in Australia and elsewhere. Consequently, Imugene is planning to take the RMT products directly to market using the independent veterinary distribution channels. Our key regulatory trials are all set to occur in 2005. Dossier submissions will be lodged immediately at the conclusion of these trials. We remain confident of achieving sales of the lead RMT products in the second half of 2006. Corporate Activity We were extremely pleased with the result of the recently completed $5 million fund raising via the share placement. We also achieved our ambition of increasing the institutional shareholder base on the company’s register. Our existing institutional shareholders have continued their support and we welcome the new institutions to our register. Imugene’s register now contains over 10 institutional investors, three of which are placed in the top 10 investment institutions in Australia. The placement funding coupled with funds either received or soon receivable from our two BIF grants, tax offsets and exercise of options due to expire next month, place the Company in a fully financially resourced position. This funding is sufficient to complete the commercialisation stage of our lead products. ABN: 99 009 179 551 Level 1, 14 – 20 Delhi Road, North Ryde NSW 2113 PO Box 307, North Ryde NSW 1870 Tel: +61 2 9870 7330 Fax: +61 2 9888 9338 website: www.imugene.com 4 Personnel The appointment of Dr Paul MacLeman earlier this month adds another senior experienced executive to our management team. Paul has over 15 years experience in animal health, and until recently was head of Agenix’s global animal health business. Paul has successfully taken biological products from the laboratory, through regulatory, manufacturing, marketing and launch. Consequently his skill set complements our existing team's strengths and is timed for Imugene's shift to concentrating on product commercialisation. The Key Milestones for 2005 Imugene's key milestones for 2005 include: �� Regulatory trials and Dossier finalisation of lead products–Poultry Productivity Enhancer and RMT E.coli. �� Finalisation of sub-license arrangements with Merial with 3 products currently under option �� Finalisation of sub-license negotiations on our PRRS vaccine �� Finalisation of development work on RMT products other than E.coli and vector vaccine products �� Efficacy trials of the Bird Flu vaccine �� Finalise manufacturing and distribution arrangements for the lead products These are very achievable especially given Imugene's strong management and financial resources . Conclusion In conclusion, Imugene is a company that has fundamentally moved from being a development company to a commercialisation company. In a few short years we expect to offer products for animal producers ABN: 99 009 179 551 Level 1, 14 – 20 Delhi Road, North Ryde NSW 2113 PO Box 307, North Ryde NSW 1870 Tel: +61 2 9870 7330 Fax: +61 2 9888 9338 website: www.imugene.com 5 worldwide that are extremely effective, low cost, easy to administer and safe. We expect that strong demand will also be driven by the dire need to replace existing antibiotic and chemical treatments. On behalf of the board, I extend our appreciation to the Imugene management team, together with the many researchers, technicians and personnel at all our research and other facilities who have all contributed over the past year. Graham Dowland Executive Chairman ABN: 99 009 179 551 Level 1, 14 – 20 Delhi Road, North Ryde NSW 2113 PO Box 307, North Ryde NSW 1870 Tel: +61 2 9870 7330 Fax: +61 2 9888 9338 website: www.imugene.com
IMU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
(20min delay)