The CF33, Vaxinia and Oncarlytics Deal, page-298

Dear Mason

The text you quote simply illustrate Imugene's point with regard to Checkvacc, Vaxinia, OnCARlytics, Her-vaxx, PD1-vaxx and indeed the whole B cell platform.

If IMU had "no clear strategy for why they will be successful" - or if they had "no strong product differentiation" - then the argument presented in the article might apply.

However both the B-cell immunotherapies and the CF33 variants have extremely strong differentiation from existing products, and from others currently under development. The value proposition for both platforms has been explained in detail, repeatedly, in both company presentations and in peer reviewed journal articles.

Seriously - I do wonder about you. This is really starting to look as though you have a genuine fear that IMU will succeed and RAC will fail.

Personally - although I do not hold RAC, I would be truly delighted to see RAC succeed and I sincerely hope they do. If Imugene were to fail, across all 5 major products, and if RAC were to succeed with their sole drug candidate - I would be sad for the cancer sufferers hoping that IMU might save them, sad for the IMU team, and sad for my own investment - but I would till be very happy for RAC and RAC investors. Why would I be otherwise?

There is a line from a song by Frazey Ford which goes "my joy, my joy, my joy takes nothing from you."

I suggest you reflect upon that concept. You might end up having a happier and less fearful life.

Best wishes

Dave