UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
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IOMAI CORPORATION
(Name of Registrant as Specified in Its Charter)
INTERCELL
AG
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Driving Vaccine Innovation
ROADSHOW PRESENTATION
Intercell develops vaccines for the prevention and treatment of infectious diseases
For more information be invited to: www.intercell.com
Safe Harbour Statement
These materials do not constitute an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities.
During the course of this presentation, Intercell AG (the Company) may make projections or other
forward-looking statements regarding, among other things, the benefits of the proposed acquisition
of Iomai Corporation (Iomai) by the Company, including future financial and operating results,
the Companys plans, objectives, expectations and intentions, the expected timing of completion of
the transaction, and other statements that are not historical facts. Important factors that could
cause actual results to differ materially from those indicated by such forward-looking statements
include risks and uncertainties relating to the ability to obtain regulatory approvals of the
transaction on the proposed terms and schedule; the risk that the businesses will not be integrated
successfully; the risk that the cost savings and any other synergies from the transaction may not
be fully realized or may take longer to realize than expected; market acceptance for the
transaction and approved products; risks of regulatory review and clinical trials; disruption from
the transaction making it more difficult to maintain relationships with customers, employees or
suppliers; competition and its effect on pricing, spending, third-party relationships and revenues;
the need to acquire and develop new products; reliance on intellectual property and having limited
patents and proprietary rights; general worldwide economic conditions and related uncertainties;
and the effect of changes in governmental regulations.
In addition, projections or other forward-looking statements may relate to, among other things, the
progress, timing and completion of the Companys and Iomais research, development and clinical
trials for product candidates, the Companys and Iomais ability to market, commercialize and
achieve market acceptance for product candidates, their ability to protect their intellectual
property and operate their respective businesses without infringing on the intellectual property
rights of others, the Companys and Iomais estimates for future performance and their estimates
regarding anticipated operating losses, future revenues, capital requirements and their needs for
additional financing. In addition, even if the Companys and Iomais actual results or development
are consistent with the forward-looking statements contained in this presentation, those results or
developments may not be indicative of the Companys and/or Iomais results or developments in the
future. In some cases, you can identify forward-looking statements by words such as could, may,
expects, anticipates, believes, intends, estimates, or similar words. These
forward-looking statements are based largely on the Companys current expectations as of the date
of this presentation and are subject to a number of known and unknown risks and uncertainties and
other factors that may cause actual results, performance or achievements to be materially different
from any future results, performance or achievement expressed or implied by these forward-looking
statements. In light of these risks and uncertainties, there can be no assurance that the
forward-looking statements made during this presentation will in fact be realized. Except as
otherwise required by applicable securities laws, we disclaim any intention or obligation to
publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional Information and Where to Find It:
In connection with the proposed acquisition of Iomai by Intercell, Iomai will be filing a proxy
statement for its stockholders and other documents regarding the proposed acquisition with the
Securities and Exchange Commission (SEC). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, IOMAI
STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND IOMAI. Investors and stockholders may obtain copies
of the proxy statement and other relevant documents filed with the SEC by Iomai (when they are
available) free of charge at the SECs website at http://www.sec.gov. In addition, investors and
stockholders may obtain copies of the proxy statement and other relevant documents filed with the
SEC by Iomai (when they are available) by going to Iomais Investor Relations page on its corporate
website at http://www.Iomai.com.
Iomai and its directors, executive officers and other members of management may be deemed to be
participants in the solicitation of proxies from Iomais stockholders with respect to the proposed
transaction. Information regarding Iomais executive officers and directors, and their beneficial
ownership of Iomais common stock as of March 26, 2008, is available in Iomais proxy statement for
its 2008 Annual Meeting of Stockholders, which was filed with the SEC on April 4, 2008. Other
information regarding the interests of such potential participants in the proxy solicitation will
be contained in the proxy statement and other relevant materials to be filed with the SEC when they
become available.
PAGE 1 ROADSHOW PRESENTATION MAY 2008
Delivering on promises dedication to innovation
KEY MANAGEMENT
Gerd Zettlmeissl, CEO
Former CEO of Chiron Behring, co-inventor of Enbrel
Werner Lanthaler, CFO
Former Senior Consultant with McKinsey & Company, former Executive Director with the Federation of
Austrian Industry
Alexander von Gabain, CSO
Former Chair of
Department of Microbiology and Genetics at the Campus Vienna Biocenter, Foreign Adjunct Professor
at the Karolinska Institute
Thomas Lingelbach, COO
Former Vice President Industrial Operations Chiron Vaccines, Managing Director for Novartis
Vaccines Germany
PAGE 2 ROADSHOW PRESENTATION MAY 2008
Agenda
Overview
Introduction to Iomai The Target Company
Deal Rationale & Product Development Update
Q1 2008: Results & Strategic Implications
Intercell Going Forward
PAGE 3 ROADSHOW PRESENTATION MAY 2008
A combination of cash and share consideration secures competitive deal
IOMAI TRANSACTION OVERVIEW
Acquirer Intercell (VSE:ICLL)
Target Iomai (NASDAQ: IOMI)
$6.60 per share
Total consideration of $189m* (
122m)
Offer Value
??$70m (
45m) in new shares**
??$119m (
77m) in cash
Share Exchange: between Intercell and Iomais major shareholders (41%)
Structure Voting agreements representing over 50% of Iomais shareholders in place
Cash Merger: between Intercell and public shareholders (59%)
File Form 8K with SEC: week of 12 May 2008
Key Dates Iomais stockholders meeting and merger approval: Q2/Q3 2008
Deal closing: Q3 2008
Based on 28.6m shares outstanding including all options and warrants fully diluted ** Represents
ca. 4% of Intercell shares outstanding
PAGE 4 ROADSHOW PRESENTATION MAY 2008
Acquisition of Iomai adding late stage products and vaccine patch
IOMAI ACQUISITION STRATEGIC RATIONALE
Even stronger, more diversified late stage vaccine portfolio
Leading travelers vaccine franchise targeting >
750m combined market (JEV, Travelers
Diarrhea)
Promising Flu vaccine patch franchise pandemic and interpandemic
Complementary industry leading technology platforms antigens, adjuvants and vaccine patch
Leverage of vaccine patch technology for multiple new vaccine indications (e.g. JEV 2nd generation,
Hepatitis C, Pneumococcus)
PAGE 5 ROADSHOW PRESENTATION MAY 2008
Focus of R&D Day: hospital acquired infections, travelers franchise and innovative vaccine patch
technology
OUR VALUE PROPOSITION
Technologies Products
AIP
®
New global travelers vaccines
Leading technology Japanese Encephalitis vaccine expected market
generating novel approval US/EU/AUS 2008, India 2009
vaccine and antibody Market potential:
250m 350m
products ~10 targets Travelers Diarrhea vaccine patch expected start of
Phase III early 2009
Market potential: >
0.5bn
NEW* *
Hospital acquired infections (vaccines & antibodies)
Leading approach for vaccines & antibodies
??S. aureus vaccine in Phase II
IC31
®
Market potential: >
3bn
New Gold Standard ??Pseudomonas vaccine expected start of Phase II/III
for vaccine adjuvants in 2008
Market potential: >
1bn
? Other pre-clinical vaccines and antibodies rapidly
advancing (Klebsiella, Enterococcus)
Leading products for
Therapeutic Hepatitis C vaccine in Phase II *
Patch/Pandemic Flu vaccine in Phase I/II
NEW*
Vaccine patch IC31
®
/Seasonal Flu vaccine in Phase I/II
Leading technology Protein based Pneumococcus vaccine expected start of Phase I in 2008
for vaccine delivery with patch
IC31
®
/TB vaccine in Phase I/II
NEW* * Market potential: >
0.5-3bn per target
Most innovative biotech company for vaccines, antibodies and delivery technology with own
development and strong partnerships*
Strategic Partnerships
** Subject to closing
PAGE 6 ROADSHOW PRESENTATION MAY 2008
Agenda
Overview
Introduction to Iomai The Target Company
Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell
Going Forward
PAGE 7 ROADSHOW PRESENTATION MAY 2008
Perfect match for our growth advanced products and new delivery technology
COMPANY SNAPSHOT
Late stage products targeting significant infectious disease opportunities
Travelers Diarrhea vaccine patch (>
0.5bn market opportunity) Vaccine enhancement patch for
Pandemic Flu (
0.5-1.0bn market opportunity)
Leader in the application of vaccines using needle-free vaccine patch technology
Highly innovative vaccine delivery alternative to current injected vaccines Broad application
opportunities for vaccine enhancement patch to reduce the dose/number of injections of existing
vaccines
Clinical Validation: breakthrough results from needle-free vaccine patch
Excellent Phase II efficacy data for Travelers Diarrhea vaccine patch Promising Phase I/II
efficacy data vaccine enhancement patch for Pandemic Flu
Headquartered in Gaithersburg, Maryland (USA), ~ 110 employees, incorporated in 1997
PAGE 8 ROADSHOW PRESENTATION MAY 2008
Travelers Diarrhea: substantial unmet medical need
RISK AREAS FOR TRAVELERS OVERVIEW
Significant risk for travelers to the developing world
Increasing number of business travelers to at risk regions
55 m travelers from developed countries to endemic areas
People at risk for TD growing at 3.6% CAGR (2000-2007) Growth driven by increasing comfort levels
of tourists, diversification of tourism and products offered developing prosperity of some regions
such as South America
Source: Centers for Disease Control, Medical Clinics of North America, independent consultant
analysis, 2007
PAGE 9 ROADSHOW PRESENTATION MAY 2008
Low Risk Intermediate Risk High Risk
19 m travelers each year to contract Travelers Diarrhea ETEC as the main cause
TRAVELERS DIARRHEA INCIDENCE AND ETIOLOGY (2007)
Population
425m 54.7m 19.2m
100% 100%
Unknown
90% Protozoa
Viruses
80%
Other Bacteria
70% Shigella
No TD
Salmonella
60% To non-
endemic Campylo-
50% areas bacter
40%
30%
ETEC
20%
TD
10% To endemic
areas
0%
Travelers* Travelers Causative
Diarrhea**/*** Organism**/ ****
TD affects 35% of travelers to developing regions with highest incidence in Asia, Africa and Latin
America ETEC responsible for 40-50% of all TD cases
World Tourism Organization ** Steffen (2005) Journal of Travel Medicine *** Recent independent
consultant interviews and analysis **** Ansdell (1999) Medical Clinics of North America
PAGE 10 ROADSHOW PRESENTATION MAY 2008
Immunogenicity and efficacy proof for Travelers Diarrhea vaccine patch
OVERVIEW OF PHASE II RESULTS*
Vaccinees (n=59) Placebo (n=111)
Excellent immunogenicity**
LT IgG GMT LT IgA GMT
12,000 500
450
10,000
400
350
8,000
300
6,000 250
200
4,000
150
100
2,000
50
0 0
Baseline Arrival in Exit Baseline Arrival in Exit
country country country country
Compelling efficacy**
Moderate/severe
diarrheal episodes
35
30
25
20
# stools/episodes 15
10
5
0
Vaccine Placebo
(3 of 59) (23 of 111)
Full data to be published in H1 2008
** 2 vaccinations with patch at days 0 and 14-21; travel to South America 7 days post
2
nd
vaccination with patch
Proposed indication
Active immunization against moderate to severe Travelers diarrhea
PAGE 11 ROADSHOW PRESENTATION MAY 2008
Travelers diarrhea vaccine patch shows excellent efficacy and safety profile in Phase II
EFFICACY AND SAFETY CONCLUSIONS*
The Travelers Diarrhea vaccine patch
Prevents Diarrhea and ETEC infections
75% reduction of moderate and severe Travelers Diarrhea 84% reduction of severe Travelers
Diarrhea 66% reduction of ETEC infections
?Improves episodes in the few contracting Diarrhea
Reduction of duration (from 2 to 0.5 days) and frequency clinically meaningful improvement
Travelers Diarrhea vaccine patch is very safe
No related Severe Adverse Events
Generally mild (i.e. transient rash) self resolving patch site reactions
Full data to be published in H1/2008 ** Expected start H1 2009
Excellent profile for rapid pivotal Phase III development**
PAGE 12 ROADSHOW PRESENTATION MAY 2008
High likelihood of bringing Travelers Diarrhea vaccine patch to market
DEVELOPMENT AND REGULATORY PATHWAY
2006/2007 2008/2009 2010/2011
Phase II efficacy data Preparation and start of global pivotal Phase III Pivotal Phase III efficacy
data
Production of patches at commercial scale efficacy studies (FDA, EMEA) Phase III safety and
consistency data
Start of Phase III safety and consistency trials Build up commercial manufacturing and supply
chain
Define marketing and distribution strategy in US/EU/Asia FDA/EMEA regulatory filings
PAGE 13 ROADSHOW PRESENTATION MAY 2008
A one dose Pandemic Flu vaccine patch is urgently needed
PROBLEM AND CURRENT STATUS
Permanent threat of a global pandemic outbreak Need to vaccinate total population with fast
protection
?Lower antigen doses
?Protection with one dose vaccine
Currently only US approved pandemic vaccine with suboptimal profile*
?High antigen dose (90 mcg/dose) ?Two doses (day 1 and day 28)
No breakthrough yet with other injectable vaccines in development** US government $7.1bn initiative
to prevent and prepare for an outbreak
sanofi pasteur ** GSK, Novartis, sanofi pasteur
PAGE 14 ROADSHOW PRESENTATION MAY 2008
Vaccine enhancement patch strongly increases Pandemic Flu immune response after one dose*
PHASE I/II DATA
Study design
Study vaccine
?Injectable derived H5N1 Flu** ?With/without patch on injection site 10 study groups (~ 500
subjects total) Endpoints ?Protective immune responses*** ?Systemic and local safety
Key results
1 dose vaccine (1x45mcg) with patch protects 73% of subjects (vs. 49% without patch) Meets FDA
guideline of > 70% protection rate for Pandemic Flu vaccine Exceeds protection rate (44%) of
only US approved 2 dose vaccine (2x90mcg)**** Excellent local and systemic safety profile
Phase II study expected to start in H2 2008; Data suggest potential of vaccine enhancement patch to
improve existing and new injectable vaccines
Program funded and supported by United States Department of Health & Human Services ** From
Solvay; different doses from 5 45 mcg *** Hemoglutinin inhibition (HI) titers **** from sanofi
pasteur
PAGE 15 ROADSHOW PRESENTATION MAY 2008
Agenda
Overview
Introduction to Iomai The Target Company
Deal Rationale & Product Development Update
Q1 2008: Results & Strategic Implications
Intercell Going Forward
PAGE 16 ROADSHOW PRESENTATION MAY 2008
Strong late stage portfolio addressing high unmet medical need
COMBINED INTERCELL PORTFOLIO SNAPSHOT
Market size >
1.5bn
Market size
500m 1.5bn
Market size <
500m
Iomai
Market
opportunity Pneumo
HCV
S. aureus
High
Flu (IC31
®
)Pseudo- Travelers
monas Diarrhea
Moderate
Japanese
Encephalitis
Pandemic Flu
Low
High ModerateLowCompetition
PAGE 17 ROADSHOW PRESENTATION MAY 2008
Even stronger pipeline and definitive leadership in vaccines innovation
PRODUCT DEVELOPMENT
Clinical vaccines
Status Expected milestones Partner
1. Japanese Encephalitis Prophylactic Filed US/EU/AUS/India market Novartis (M&D) /
Virus vaccine approvals in 2008/09 CSL / Bio. E
2. Travelers Diarrhea Prophylactic Phase II Phase III start 2009 In-house
vaccine TD vaccine patch
NEW
3. S. aureus vaccine Prophylactic Phase II Phase III start 2009 Merck
4. Pseudomonas vaccine Prophylactic Phase II Phase II/III start 2008 In-house
5. Hepatitis C Virus Therapeutic Phase II Phase II start 2009 Novartis
vaccine
6. Pandemic Flu Prophylactic Phase I/II Phase II start 2008 In-house/
NEW
vaccine patch HHS
7. IC31
®
Seasonal Flu Prophylactic Phase I Phase I/II start 2008 Novartis
vaccine
8. Tuberculosis vaccine Prophylactic Phase I/II Phase II/III start 2009 SSI / Sanofi
9. Pneumococcus vaccine Prophylactic Pre-clinical Phase I start 2008 In-house
10. Group A Streptococcus Prophylactic Pre-clinical Phase I start 2009 Merck
vaccine
11. Bacterial vaccine*ProphylacticPre-clinicalPhase I start Sanofi
Pre-clinical vaccines
12. Group B Streptococcus ProphylacticPre-clinicalPhase I startIn-house
vaccine
13. S. aureus antibodies AntibodiesPre-clinicalPhase I startMerck
in infected patients
14. Pneumococcus AntibodiesPre-clinicalPhase I startKirin
antibodies in the elderly
15. Group A Streptococcus AntibodiesPre-clinicalPhase I startMerck
Antibodies
antibodies in infected patients
16. Group B Streptococcus Antibodies Pre-clinical Phase I start In-house
antibodies in premature newborns
Undisclosed indication ** GBS vaccine strategy under review
PAGE 18 ROADSHOW PRESENTATION MAY 2008
Leading patch technology for vaccine delivery
OVERVIEW TRANSCUTANEOUS IMMUNIZATION (TCI)
Vaccine Delivery via a patch
Vaccine patch
APCs*
Epidermis
Vaccine +/-Adjuvant
Migration
Dermis
Activated
APCs Draining Lymph Node
Ease of use and needle-free administration (self applied) Direct antigen and adjuvant delivery to
the immune system Excellent local tolerability Stable at room temperature Broad application
spectrum for old and new vaccines
Immune Response
TCI technology allows large proteins to move through skin into lymphatic system
Antigen presenting cells
PAGE 19 ROADSHOW PRESENTATION MAY 2008
Numerous applications for vaccine patch (TCI)
POTENTIAL STRATEGIC APPLICATIONS
Direct antigen/adjuvant delivery, e.g.
TD vaccine patch (Phase II) Pneumococcus vaccine patch Many others
Vaccine enhancement patch*, e.g.
Pandemic Flu (Phase I/II) 2nd generation JEV (one dose) Reduction of injections for childhood
vaccines Many others
PAGE 20 ROADSHOW PRESENTATION MAY 2008
A leading travelers vaccine franchise
SYNERGY 1/3
JAPANESE ENCEPHALITIS
30,000-50,000 cases p.a. 25% fatality rate ~28m travelers to endemic areas p.a.
Market Opportunity ~
250350m
Leading global JEV franchise Filed expected market approval in US/EU/AUS in 2008 and India in
2009 No competing product expected in near future
TRAVELERS DIARRHEA
15-20m cases p.a.
Most significant source of morbidity for travelers
~55m travelers to high risk areas p.a.
Market Opportunity ~
500m
Potential for first approved TD vaccine* Positive Phase II efficacy data for TD needle-free vaccine
patch expected start of Phase III early 2009
Creation of leading travelers vaccine franchise ?Expands travelers vaccine offering
Similar regional target markets and end users (travelers and militry)
???Limited competing programs
Combined Market Opportunity >
750m
Focused on ETEC strain the cause of 40-50% of all TD cases
PAGE 21 ROADSHOW PRESENTATION MAY 2008
A promising Flu vaccine technology franchise
SYNERGY 2/3
IC31
®
+ FLU
100,000 ~ 200,000
deaths per year in US/EU
Leading global franchise for
Insufficient protection of better Flu vaccine for elderly
elderly/risk populations
Phase II data expected 2009
Limited competition
Market Opportunity
~
2bn
PANDEMIC FLU
Ongoing pandemic threat
Millions of deaths in 20th Opportunity for one dose
century outbreaks (1914, ...) vaccine patch
New avian strains arising Positive Phase I/II
(H5N1, ...) immunogenicity data
Potential for long-term HHS
stockpile contract
Market Opportunity Limited competition no
0.5-1bn competition on patch
delivery
Creation of leading Flu franchise
?Expands offering by higher efficacy products
?Expands offering by highly innovative delivery technology
PAGE 22 ROADSHOW PRESENTATION MAY 2008
Combination of complementary and industry leading technology platforms
SYNERGY 3/3
ANTIGEN ADJUVANTS
Antigen Identification Vaccine Improvement
Program (AIP
®
) Program (VIP
®
)
Antigens for new Leading B-cell and
vaccine candidates T-cell adjuvants
?S. aureus ?IC30
?Pneumococcus ?IC31
®
?Borrelia ?and more...
?and more...
DELIVERY
Needle Free Vaccine Patch Technology
Combination of three complementary technology platforms ?Intercell proprietary AIP
®
and VIP
®
technologies leading identification, development and improvement of vaccines ?Vaccine patch
technology leading novel vaccine delivery alternative to current injected vaccines
PAGE 23 ROADSHOW PRESENTATION MAY 2008
Strongest antigen delivery franchise in industry
VACCINE INNOVATION TECHNOLOGY: AIP
®
Antigen Identification Program (AIP
®
) Partner
Pathogen
Total repertoire of Identified potential antigens Antigens
Bacterial genome
Antibodies
Antibodies of humans exposed to the disease select protective antigens Vaccines
S. aureus (Phase II) Non-disclosed bacterial Group A Streptococcus
Pseudomonas (Phase II) In-house
Pneumococcus In-house &
Otitis media In-house
Borrelia In-house
Group B Streptococcus In-house
Travelers diarrhea In-house
More targets In-house
S. aureus
Group A Streptococcus
Group B StreptococcusIn-house
Enterococcus,
Pseudomonas In-house
and other targets
Pneumococcus
Next strategic focus
PAGE 24 ROADSHOW PRESENTATION MAY 2008
Potential Co-Development programs or Opt-in for
Next Strategic Focus: Broadening the use of novel vaccine adjuvant
VACCINE INNOVATION TECHNOLOGY IC31
®
IC31
®
peptide + oligonucleotide
FormationAntigen uptake
of Depotby APCs
Long
lasting
depot
Anti-
bodies
APC
CTLs
Humoral andMaturation/
cellular responseactivation of APCs
Prophylactic
Therapeutic
Target Partner
Flu vaccine
exclusive (Phase I)
Tuberculosis vaccine
exclusive (Phase I/II)
Defined infectious disease
vaccines non-exclusive
Malaria vaccine
non-exclusive
Meningitis vaccine
non-exclusive
Infectious Diseases, In-house / to
Allergy, Cancer be partnered
HCV vaccine
co-development
&
Infectious Diseases, In-house / to
Allergy, Cancer be partnered
PAGE 25 ROADSHOW PRESENTATION MAY 2008
Execution on JEV to All Markets
DEVELOPMENT AND REGULATORY PATHWAY
2005 2006 2008/2009
Production of Interim safety data ? Build up commercial
Phase III material ? Decision on orphan drug manufacturing and supply
Pivotal Phase III clinical status in EU ? chain ?
trials started in September Completion of regulatory
End of recruitment for
2005 filing processes ?
? pivotal Phase III clinical
Distribution partnerships trial ? Pediatric data from
endemic countries ?
?Australia (CSL) Phase III clinical efficacy
? India, Nepal, Bhutan FDA inspection of facility*
data (mid-06) ?
and Pakistan ? Build up commercialization
Distribution partnership for
(Biological E.) to military markets
US & EU travelers markets
Partnership for Japanese
(Novartis) ?
market
Phase III safety data
? Market approval US filed
Initiation of regulatory filing Market approval EU filed
with FDA under IND ?
Market approval AUS filed
Market approval India
Currently ongoing
PAGE 26 ROADSHOW PRESENTATION MAY 2008
A highest priority program with Merck
S. AUREUS DEVELOPMENT AND REGULATORY PATHWAY
Until 2007 2008/20092010/2011
Extensive pre-clinicalPotential expansion of» Pivotal Phase III data
program/animal indication areas (e.g.,» Phase III safety and
studies dialysis)
consistency data
Broad Phase I study Phase II data» FDA/EMEA regulatory
program completed Start of pivotal Phase IIIfilings
Production of Start of Phase III safety
Phase II/III clinical and consistency trials
materials
Start of Phase II in
cardiothoracic
surgery
PAGE 27 ROADSHOW PRESENTATION MAY 2008
A straight forward development in hospital acquired infections
PSEUDOMONAS DEVELOPMENT AND REGULATORY PATHWAY
Until 2007 2008/20092010/2011/2012
Extensive pre-clinical »Production of clinical » Start of pivotal Phase III
evaluation/animal Phase II/III materials» Pivotal Phase III data
models ?» Start of Phase II/III in
» Start of Phase III safety
Various Phase I ICU-patientsand consistency trials
studies ?
» Phase III safety and
Phase II data from consistency data
burn victims ?
» FDA/EMEA regulatory
filings
PAGE 28 ROADSHOW PRESENTATION MAY 2008
Agenda
Overview
Introduction to Iomai The Target Company
Deal Rationale & Product Development Update
Q1 2008: Results & Strategic Implications
Intercell Going Forward
PAGE 29 ROADSHOW PRESENTATION MAY 2008
Strong financial and strategic position Excellent fundamentals for further growth
KEY FIGURES* OVERVIEW
e = expected
Net loss / profit, in EUR m
2005 2006 2007 Q1 08 2008e
5.0
-4.6
-16.1
-25.0
Profitability expected despite Iomai acquisition
Cash, in EUR m
287.6 272.2**
94.4
50.2
2005 2006 2007 Q1 08 2008e
Very strong cash position expected
R&D spending, in EUR m
40.4
28.5 29.9
10.4
2005 2006 2007 Q1 08 2008e
Value-optimal increase in R&D spending for innovation
Revenues, in EUR m
53.2
23.5
8.4 8.6
2005 2006 2007 Q1 08 2008e
Clear increase in revenues expected 2008 and forward
Reporting under IFRS ** not including unconditionally committed EUR 40m payment in 2008
PAGE 30 ROADSHOW PRESENTATION MAY 2008
Agenda
Overview
Introduction to Iomai The Target Company Deal Rationale & Product Development Update Q1 2008:
Results & Strategic Implications
Intercell Going Forward
PAGE 31 ROADSHOW PRESENTATION MAY 2008
Highly efficient integration process in place from day 1
ROADMAP FOR IOMAI INTEGRATION
Signing to closingChange of controlShort term integration Full operational integration
Mid May -Day 1Day 100 Day 365
Timing
Q3 2008
Joint Steering» Interim ICLL» Interim ICLL » Full matrix
Gover- CommitteeMgmt TeamMgmt Team organization
nance » Program stee- (site & global
ring structure structures)
De-risk» Define clear» Build » Empower site
programsexecution goalsorganization structure
Focus» Stabilize &» Implement TD » Integrate
organizationinvest intoand Pandemic Technical
Top towards highorganizationFlu to Market Operations and
priorities value programs programs R&D
» Integrate G&A
and financial
governance
structure
PAGE 32 ROADSHOW PRESENTATION MAY 2008
Acceleration of growth strategy on strong fundamentals
INTERCELL STRATEGY
Value
Today
Acceleration of product development (e.g., Pneumo, Travelers Diarrhea, antibodies, ...)
World-class strategic alliances to leverage technologies, diversify risk, and to get access to
key markets e.g.: Product sales through partners and own marketing to key accounts
Establishment of globally leading science & development platforms AIP
®
& IC31
®
e.g.:
Increased milestones,licensing income and royalties
Building of strong and robust own product pipeline (JEV, HCV, Pseudomonas, Pneumo) Additional
high value alliances also in new fields(e.g., cancer, allergy, monoclonal antibodies)
Acquisition of innovative companies to broaden portfolio and leverage current expertise and
technologies e.g.:
Time
PAGE 33 ROADSHOW PRESENTATION MAY 2008
Strong people and solid shareholders
SHAREHOLDER STRUCTURE*
Management
Treasury shares Kapital & Wert 2.0% 0.8% Temasek 4.3% Holdings 8.7%
Novartis 15.9%
68.3% Free float
Management Team Locations
G. Zettlmeissl (CEO) Vienna (Austria)
A. von Gabain (CSO) Livingston (Scotland)
W. Lanthaler (CFO) Mooresville and
T. Lingelbach (COO) Gaithersburg** (US)
Total workforce: 340**
Employees from 16 different nations
Supervisory Board
» Michel Gréco (Chairman)
Former Deputy CEO of Aventis Pasteur
» Ernst-Günter Afting (Vice-Chairman)
Former Scientific and Technical Director of Research Center for Environment and Health, Munich
» Staph Bakali
Former COO of ID Biomedical
» David Ebsworth
Former CEO of Oxford GlycoSciences, Bayer, Pfizer
» James Sulat
Former CFO of Chiron
» Hans Wigzell
Former Director of the Karolinska Institutet
Total number of shares issued: 45,521,707 ** Subject to closing
Additional ca 1.7 m shares to be issued for Iomai acquisition
PAGE 34 ROADSHOW PRESENTATION MAY 2008
Next steps...
SELECTED NEXT MILESTONES
MHRA commercial license ?
Filing in Australia ?
Results of Phase II clinical trials in children in endemic countries ?
JEV vaccine
Agreement with US Army
Marketing agreement for Japanese market
Market approvals in US, EU, Australia and India
Hospital Phase II results for S. aureus vaccine and initiation of Phase III
acquired Phase II/III in Pseudomonas vaccine
infections Acceleration of Klebsiella/Enterococcus programs
Final Phase II clinical data in chronic HCV patients ?
HCV vaccine Formulation of HCV vaccine with IC31
®
Initiation of co-development with Novartis ?
Phase I clinical data from Flu vaccine with IC31
®
?
Further clinical trials in IC31
®
/ Flu by Novartis
IC31
®
Further data from Tuberculosis vaccine trials with IC31
®
Additional licensing deals for IC31
®
Clinical start of Pneumococcus vaccine
AIP
®
Establishment of antibody franchise with AIP
®
Phase III start in Travelers Diarrhea
Vaccine patch Phase II start in Pandemic Flu
NEW**
PAGE 35 ROADSHOW PRESENTATION MAY 2008
QUESTIONS & ANSWERS
SMART VACCINES
For more information be invited to: www.intercell.com
Iomai Corp (MM) (NASDAQ:IOMI)
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Iomai Corp (MM) (NASDAQ:IOMI)
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