COMPANY PRESENTATION MAY/JUNE

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1 COMPANY PRESENTATION MAY/JUNE

2 Disclaimer Certain statements in this presentation contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this presentation regarding planned or future results of business segments, financial classification numbers, developments of the financial situation, or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for these forward-looking statements. It is not responsible for updating such information, which only represents the state of affairs on the day of publication. 2

3 Agenda Business Overview and Next Level Strategy 4 TLR9 Agonist Product Family: Lefitolimod 9 Market 14 TLR9 Agonist Product Family: EnanDIM 16 Key Financials 17 Appendix 22 3

4 MOLOGEN Snapshot Based in Berlin, Germany; founded 1998 Approx. 50 employees One of the pioneers in immunotherapies Focus on family of TLR9 agonists: Lead product: immunotherapy with lefitolimod Next-generation technology EnanDIM Highly attractive markets: A multi-billion US$ market Network with scientific institutions and experts EnanDIM Lefitolimod 4

5 MOLOGEN Summary Highlights Advanced immunotherapy player Safe & well tolerated lead product Multi-billion dollar target markets Value-generating milestones ahead Management with clear commercial focus and strong track record of previous successes Leading German research player transitioning to global market-ready company Strong value-generating pipeline with lead product lefitolimod in two late-stage trials and two earlier clinical programs, as well as follow-up compounds being qualified for trials in man Lefitolimod has the potential to re-activate the immune system Single-agent potential in oncology as well as infectious diseases Combination therapy potential augmenting other existing effective treatments mcrc (phase III): sizeable market; immunogenic disease SCLC (phase II): highly lethal; limited treatment advances; short survival times, exploratory study; 04/17: top-line results Combination treatment in solid tumors (phase I): broad market opportunity including potential for collaborations HIV (phase I): potential to eradicate rather than manage infection Advanced clinical development of lefitolimod (2 study read-outs in 2017: TEACH & IMPULSE) Progress follow-up compounds Adjust organization to late-stage development needs (esp. manufacturing scale-up) Propel outlicensing activities 5 Legend: HIV human immuno-deficiency virus mcrc metastatic colorectal cancer I SCLC small cell lung cancer

6 Executive Board: Clear Commercial Focus & Successful Track Record Dr Mariola Söhngen, CEO Walter Miller, CFO Dr Matthias Baumann, CMO 29 years biotech industry and corporate leadership experience as founder and former Board Member of PAION 15 key successful in- and out-licensing deals at PAION across the globe 21 years industry as well as financial expertise from leadership positions at Nuvisan and Santhera Pharmaceuticals AG Successful IPO of Santhera 27 years industry expertise R&D and corporate leadership positions in pharma, CRO and biotech Boehringer Mannheim, Roche, FOCUS, NOXXON Highly experienced senior leadership team focused on value generation 6 Legend: IPO initial public offering CRO contract research organization

7 Lefitolimod Advanced Immunotherapy Pipeline: Late-Stage Lefitolimod & Follow-Up EnanDIM MGN1601 Indication (1) PC Ph I Ph II Ph III Timeline (2) Exclusivity (3) EnanDIM Metastatic colorectal cancer (mcrc) Small-cell lung cancer (SCLC) Advanced solid malignancies (+ ipilimumab) Human immunodeficiency virus (HIV) Cancer/ infect. diseases Renal cell carcinoma (RCC) MD Anderson TEACH (Aarhus) ASET (MGN) IMPULSE (MGN) IMPALA (MGN) LPI: 05/17 Data: 19 Filing: 19/ 20 04/17: top-line results LPI: 18 Data: 19 LPI: 16 Data: 17 EU: 2030 US: 2028 EU: 2030 US: 2028 EU: 2036 US: 2036 EU: 2036 US: 2036 Pre-clinical EU: 2035 US: 2035 Ph I / II data available backup compound EU: 2036 orphan drug status US: Notes: (1) Pipeline overview excludes MIDGE platform (2) Timeline Denotes latest estimated timeline of upcoming milestones (3) Exclusivity Denotes estimated minimum market exclusivity horizon based on patent and data protection Legend: PC Pre-clinical Ph Phase LPI last patient in

8 Cancer Immunotherapy Value Proposition: Improve Long-Term Overall Survival Traditional Chemotherapy Fast effect in many patients Effect not lasting Patients alive in % Immunotherapy Needs time to be effective Long-lasting effect in a subgroup of patients Patients alive in % Immunotherapy Chemotherapy Control group time Control group time Immunotherapies target improving OS at the long end of the curve 8 Source: "Immuno-oncology: The new weapon in the war against cancer, Alistair Campbell; Berenberg Equity Highlights, February Legend: OS overall survival

9 Safe and Well Tolerated Immunotherapy: Best in Class TLR9 Agonist Lefitolimod Molecular Structure Commentary Immunologic activation and good safety profile due to molecular composition Safety established in ~400 patients to date High dosing over long periods of time as required to trigger clinical benefit possible without major toxic effects Clinical strategy optimized for lefitolimod TLR9 activation pattern Lefitolimod is geared to success given its combination of safety and tolerability by design with large potential for clinical benefit 9 Light blue area: Motifs recognized by TLR9 receptor

10 Safe and Well Tolerated Lead Product: Mode of Action in Oncology The patient s immune system generally polices the development of cancer cells occasionally, cells evade that system, developing into cancer Lefitolimod reactivates the patient s own immune system for anti-cancer surveillance Lefitolimod can work safely alongside other treatments leveraging the body s own immune surveillance system 10 Legend: mdc myeloid dendritic cell I NK cell natural killer cell I NKT cell natural killer T cell I pdc plasmacytoid dendritic cell

11 Safe and Well Tolerated Lead Product: Mode of Action in HIV Patients on ART are cleared from actively-infecting HI viruses, but T cells keep the remaining virus load in its latent stage (no immune response against the virus) Lefitolimod as kick & kill agent kicks the virus from latency into active infection, and reactivates immune surveillance to kill infected cells by NK cells and CTL 11 Legend: ART anti-retroviral therapy HIV human immuno-deficiency virus pdc plasmacytoid dendritic cell mdc myeloid dendritic cell NK cell natural killer cell CTL cytotoxic T lymphocytes

12 Safe and Well Tolerated Lead Product: Combination Therapies Represent the Next Opportunity Combination Therapy Potential Patients alive in % Control group Immunotherapy Combination therapies time Commentary Combination treatments aim to combat a disease through various synergistic ways Expected to play integral role in future new immunotherapy approaches or breakthrough outcomes Increased research and business development across the market Lefitolimod uniquely positioned as potential combination partner of choice Combination therapies are the latest advancement in the fight against several global diseases including cancer & HIV 12 Source: "Immuno-oncology: The new weapon in the war against cancer, Alistair Campbell; Berenberg Equity Highlights, Feb 2014

13 Conclusion: Late-Stage Product Lefitolimod with Unique Profile and Huge Market Potential Best in Best class in and class most TLR9 advanced agonist in and mcrc most (pivotal advanced in mcrc trial) (pivotal trial) Long-term treatment Usable for for various indications (mcrc, SCLC, SCLC, ) HIV ) Superior safety and tolerability Blockbuster potential Suitable for mono- and combination therapy Patient selection via biomarker 13 mcrc metastatic colorectal cancer SCLC small cell lung cancer

14 Multi-Billion US$ Markets in Oncology: Strong Fundamentals and Significant Unmet Needs WW Prescription Drugs 1 WW Oncology Drugs 1 Sales in US$ bn CAGR +4.8% CAGR +11.6% Oncology is expected to be among the largest and fastest growing therapeutic areas worldwide Cancer immunotherapies represent a huge market potential: ~US$ 35 bn Colorectal Cancer 2 Lung Cancer 3 SCLC 4 CAGR +1.8% CAGR +12.5% 13 4 CAGR +27.7% Source: 1 EvaluatePharma ResearchandMarkets Jan 2015 (5 EU, US, Japan & Canada) 3 MarketsandMarkets Nov 2011 (G7 Countries) 4 GlobalData, Jan 2016 (5 EU, US, Japan) Legend: CAGR Compound Annual Growth Rate I WW worldwide

15 Multi-Billion Dollar Markets in HIV: Increasing Number of Patients Living with HIV AIDS-Related Deaths (in million) People Living with HIV on ART (in million) < < Better diagnostics Improved treatment regimens Price reductions of medicines Growing patient population ART represents no cure Patients remain infectious People living with HIV have opened a market for drugs like lefitolimod Eradicating HIV would prevent risks of further transmission and of viremia, while improving QOL 15 Source: UNAIDS; Global AIDS Update (worldwide), 2016 ART antiretroviral therapy QOL Quality of Life

16 Follow-Up Molecules EnanDIM : Next-Generation TLR9 Agonists Linear DNA-structure Lefitolimod EnanDIM Linear molecules Simple, cost-effective production Stability through chemically modified structure Usually unfavorable risk / benefit ratio Stability through closed, dumbbell-shaped structure Complex production Only natural DNA components Good safety and tolerability profile Linear molecules; stability through specific feature Simple, cost-effective production No chemical modifications Good safety and tolerability profile expected New family of linear TLR9 agonists, combining safety of molecules containing only natural DNA components with simple production process of linear molecules Allow drug differentiation on molecular level Broad immune activation and anti-tumor effect shown in pre-clinical models Potential application in cancer and in anti-infective therapies 16 Legend: EnanDIM Enantiomeric DNA-based ImmunoModulator DNA sequence essential for function (so-called CG motifs ) new structural feature in EnanDIM providing protection against degradation phosphorothioate backbone (chemical modification)

17 Key Financials Q In million Q Q R&D expenses % EBIT % Cash flows from operating activities % Cash flows from financing activities Monthly cash burn % In million 31 Mar Dec 2016 Total assets % Cash & cash equivalents % Equity ratio 33% 55% -40% Slightly increased R&D expenses and related cash outflows due to advanced study program Issuance of convertible bond of 4.99 m reflected in CF from financing activities 17

18 Refinancing - Current Shareholder Structure Capital Measures Capital increase: Oct 2016 (~11 m new shares) m Convertible bond 2016/2024 (8 years, 6% interest rate) 2.54 m Convertible bond 2017/2025 (8 years, 6% interest rate) 4.99 m Total gross proceeds ~ m Cash reach until early 2018 according to current planning Shareholder Structure as at December 31, 2016 (estimates) Global Derivative Trading GmbH 58% 29% 5% 4% 4% Deutsche Balaton Aktiengesellschaft Baloise Holding AG Deutscher Ring Krankenversicherungsverein a.g. Freefloat 18

19 Key Data of Convertible Bonds 2016/ /2025 Amount 2.54 million 4.99 million Issue date 25 Nov Jan 2017 Maturity date 29 Oct Jan 2025 Coupon 6% 6% Interest payment date Quarterly Quarterly Conversion price ISIN DE000A2BPDY4 DE000A2DANN4 Listing no no Holder at issuance date Global Derivative Trading GmbH (GDT) GDT: approx. 70% 19

20 Outlook 2017 Advance product development Focus on lead compound lefitolimod and successor molecules EnanDIM - IMPALA: Finalize patient recruitment short-term - IMPULSE: Present study results in Q2 - TEACH study results extension phase by mid-year - Ongoing recruitment for combination study with ipilimumab (Yervoy ) - Advance pre-clinical study program for EnanDIM Production: Execute tech transfer and start upscaling Partnering discussions / Out-licensing activities to accelerate Ensure financing beyond early 2018 R&D expenses will further increase due to study progress; operating results below FY 2016 expected - dependent on financing structure 20

21 Financial Calendar 2017 and Contact Details 22 March 2017 Full Year Report April 2017 Annual General Meeting 11 May 2017 Quarterly Statement as of 31 March August 2017 Half-Yearly Financial Report as of 30 June November 2017 Quarterly Statement as of 30 September 2017 Claudia Nickolaus Head of Investor Relations & Corporate Communications Phone: Fax: investor@mologen.com 21 MOLOGEN, MIDGE, dslim, and EnanDIM are registered trademarks of the MOLOGEN AG

22 Appendix Lefitolimod Ongoing Clinical Trials 23 Lefitolimod Mode of Action 24 Lefitolimod Ongoing Clinical Trials Overviews 27 Lefitolimod Phase II Data mcrc 41 Oncology Competitive Landscape 46 MGN1601 RCC Clinical Trial Overview 48 Financial Information 54 22

23 Lefitolimod: Clinical Trials HIV: Phase I Two-stage single-center TEACH trial Aarhus University Hospital (DEN) Status: started Jun-2015 Stage 1 successfully completed (13 patients) Stage 2 first patient Jun (13 patients) Aim: to define value in kick and kill concept in HIV / infectious diseases Target: read-out 2017 mcrc: Phase III Pivotal multicenter (122) EU (8 countries) study IMPALA Status: started Sep-14; target 540 patients Patient recruitment to be finalized shortly Aims: to compare OS vs. local standard of care & to enable regulatory approval Targets (1) : read-out 2019 (event driven), filing 2019/ 2020 Lefitolimod (MGN1703) SCLC: Phase II Multicenter (41) EU (4 countries) study IMPULSE Status: started Mar-14 with recruitment of 102 patients completed Oct-15; Apr-17: Positive results in two pre-defined subgroup of pts. Aims: to compare OS vs. local standard of care, to inform development pathway in SCLC, to further support safety data base Solid Tumors: Phase I Single-center proof-of-concept trial combining lefitolimod with checkpoint inhibitor ipilimumab (Yervoy ) MD Anderson (US) patients envisaged Status: started Jul 2016 (first patient in) Aim: to inform development pathway in combination treatments Target: read-out 2019 MOLOGEN is developing its lead compound in various directions 23 Legend: HIV human immune deficiency virus mcrc metastatic colorectal cancer SCLC small-cell lung cancer Note: (1) Subject to actual overall survival (amongst others)

24 Lefitolimod: MOLOGEN s Immune Surveillance Reactivator (ISR) Oncological Mode of Action as a TLR9 Agonist Radiation or Chemotherapy Monocytes NK Innate Cellular Lefitolimod (MGN1703) cancer cell TAA, TSA NKT B cells Days Weeks mdc pdc Weeks to Months Adaptive Humoral cytotoxic T lymphocytes Adaptive Cellular ADCC Lefitolimod offers hope to patients with small-cell lung cancer, given its combination of safety & tolerability by design e.g., no chemical stabilization with phosphorothioates required with important potential for clinical benefit 24 NK Natural Killer cells NKT Natural Killer T cells pdc plasmacytoid Dendritic Cells mdc myeloid Dendritic Cells ADCC Antibody-Dependent Cell-Mediated Cytotoxicity TAA Tumor Associated Antibodies TSA Tumor Specific Antigen

25 Lefitolimod: Oncological Mode of Action (2/3) Immune Surveillance Reactivation (ISR) 25

26 Lefitolimod: Oncological Mode of Action (3/3) 26 Legend: ADCC antibody dependent cell-mediated cytotoxicity BCR B cell receptor mdc myeloid dendritic cells MHC Major histocompatibility complex NK cell natural killer cell NKT cell natural killer T cell pdc plasmacytoid dendritic cells TAA tumor associated antigens TCR T cell receptor

27 mcrc Program: Phase III (Ongoing) Pivotal IMPALA Study Trial Treatment Period Maintenance Re-Induction Induction CT weeks Standard first-line CT for mcrc PR/CR Responder Screening/ Randomization 1:1 Lefitolimod (MGN1703) Control group PD PD Lefitolimod (MGN1703) with induction CT Induction CT PD PD Start of 2 nd line Primary endpoint overall survival (OS) Open-label, randomized, controlled, two-arm, multinational phase III trial 540 patients in around 120 sites in 8 European countries, including top 5 European pharma markets Biomarkers used as stratification factors: CEA level and NKT activation 27 Legend: CEA carcinoembryonic antigen - a tumor marker for colorectal cancer CT chemotherapy CR complete response mcrc metastatic colorectal cancer NKT Natural Killer T cells PD progressive disease PR partial response

28 IMPALA: Inclusion & Exclusion Criteria Main Inclusion Criteria Histologically confirmed colorectal cancer with unresectable stage IV (UICC) disease (primary tumor may be present) Complete or partial response (according to RECIST 1.1) within weeks from start of induction treatment with standard first-line chemotherapy with or without biological agents ECOG performance status 0 or 1 PD Main Exclusion Criteria History of other malignant tumors within the last 5 years, except basal cell carcinoma or curatively excised cervical carcinoma in situ Known brain metastases (present or treated) Prior allogenic stem cell transplantation or organ transplantation Active or uncontrolled infections or undiagnosed febrile condition Pre-existing autoimmune or antibody-mediated diseases or immune deficiency Inadequate pulmonary function according to the investigator s judgment, history of interstitial lung disease, e.g., pneumonitis or pulmonary fibrosis or evidence of interstitial lung disease on baseline chest CT scan 28 Legend: CT computed tomography ECOG eastern cooperative oncology group RECIST response evaluation criteria in solid tumors UICC union for international cancer control

29 IMPALA: Statistical Considerations 540 patients planned sample size (270 per arm); 365 events required for analysis Two-sided stratified log-rank test at a 0.05 significance level Targeted power for superiority in OS of 1 β = 0.80% with targeted hazard ratio (HR) of 0.75 Assumptions: Median OS of 29.5 months from randomization in experimental arm vs. 22 months from randomization in control group, with the gain in OS deemed clinically relevant Proportional hazards and exponential distributions Key variables at α=0.05 and power of 80% (two-sided log-rank) (original protocol calculation): Median OS comparator [months] Median OS treatment [months] Hazard ratio Events needed [#] PD Sample size (w/o dropout) Comments Assumption of 10% drop-out (by month 10 per patient) implies sample size of Legend: OS overall survival w/o without

30 IMPALA: Secondary Endpoints Overall survival (OS) from induction start; OS rates Progression-free survival (PFS) on study treatment, until first progressive disease (PD), after re-introduction, and after first-line treatment; PFS rates Overall response rate (ORR) after randomization Toxicity and safety profile of lefitolimod (adverse events, AE) Quality of Life (QoL) and patient-reported outcomes Translational research - immunological analyses of patient samples during follow-up (e.g., immune cell activation, cytokine levels) 30 Legend: AE adverse events ORR overall response rate OS overall survival PD oprogressive disease PFS progression-free survival QoL quality of life

31 IMPULSE: Exploratory Phase II Randomized Study in Small Cell Lung Cancer (SCLC) Trial Treatment Period Maintenance Induction CT 4 cycles of platinum-based therapy Standard first-line CT for extensive disease SCLC PR/CR Responder Screening/ Randomization 3:2 Experimental Group: 5 th cycle of platinum based CT followed by lefitolimod (MGN1703) maintenance Control Group: 5 th cycle PD of platinum based CT followed by local practice PD PD Start of 2 nd line Study design Controlled, two-arm, multinational trial with 102 pts in Belgium, Austria, Germany and Spain Biomarkers used as stratification factors: NSE level and NKT activation Efficacy Primary endpoint: overall survival (OS) Secondary endpoints: progression-free survival (PFS), best objective response rate (ORR), quality of life (QOL), biomarkers Safety 31 CR complete response CT chemotherapy NKT Natural Killer T cells NSE neuron specific enolase - a tumor marker for lung cancer PD progressive disease PR partial response SCLC small cell lung cancer

32 IMPULSE: Positive Results in Two Subgroups of Patients Treated with lefitolimod IMPULSE: Exploratory phase II controlled, two-arm, multinational trial with 102 patients with extensive disease small cell lung cancer (SCLC) to evaluate efficacy and safety of lefitolimod in comparison to control group (standard therapy) Primary endpoint overall survival (OS) not met in the overall study population in this challenging indication Positive results in two pre-defined and clinically relevant subgroups of patients: Notably, an overall survival (OS) benefit was shown in comparison to the control arm (local standard of care): 1. Patients with a low count of activated B cells, an important immune parameter: Hazard ratio HR : 0.59; 95% confidence interval CI : Patients with reported Chronic Obstructive Pulmonary Disease (COPD), a frequent underlying disease: Hazard ratio HR : 0.54; 95% confidence interval CI : Results provide significant guidance for defining patient populations most likely to benefit from lefitolimod 32

33 Favorable Safety Profile of Lefitolimod The most common adverse events (AE) in the IMPULSE population were: Adverse events Lefitolimod Control Group Cough 25.0% 7.7% Asthenia 13.3% 17.9% Headache 21.7% 5.1% Nausea 11.7% 20.5% Back pain 13.3% 12.8% 33

34 Next Steps Extensive evaluation of the data is ongoing More detailed results will be presented at international scientific congresses Positive study results are important asset in ongoing partnering discussions Final read out probably in the first quarter 2018; approximately 24 months following the recruitment of the last patient 34

35 Safe and Well Tolerated Lead Product: Mode of Action in HIV KICK via immunomodulation (activation of pdc) KICK via latency reversal KILL via activated cells (NK/CD8) KILL via anti-retroviral therapy Patients on ART carry the HI virus, which is suppressed by the therapy and invisible to the immune system (latent infected cells) Lefitolimod kick & kill approach triggers viral particles to unhide so they can be eradicated by the immune system, which is also activated by lefitolimod 35 Legend: LRA latency-reversal agent ART anti-retroviral therapy NK cell natural killer cell I pdc plasmacytoid dendritic cell

36 HIV Program: Phase I (Ongoing) Collaboration agreement with Aarhus University Hospital, DK First trial of lefitolimod in HIV patients Aarhus University Hospital conducts the trial; MOLOGEN provides lefitolimod; funding received from the American Foundation for AIDS research (amfar) Extension phase: More patients to be treated for 6 months based on broad activation of immune system induced by lefitolimod as shown in first phase Activation of plasmacytoid dendritic cells (pdc), natural killer cells (NK) and T cells in HIV patients during the antiretroviral therapy (ART) Lefitolimod could play a role in kick & kill concept of HIV eradication All patients of extension phase enrolled Final results expected in mid-2017 The HIV program explores potential expansion of applications of lefitolimod 36 Legend: ART antiretroviral therapy HIV human immuno-deficiency virus NK cells natural killer cells pdc plasmacytoid dendritic cells

37 Grant by Gilead for Combination Study in HIV with Lefitolimod Aarhus University Hospital received 2.75 US$ from Gilead to fund clinical study in HIV-positive patients on antiretroviral treatment (ART) Evaluating combination of lefitolimod with novel virus-neutralizing antibodies Rationale for the study Coordinated mode of action of the compounds could generate a more effective eradication of the HIV reservoir compared to standard HIV treatment regimens, i.e., ART Promising potential for the combination of lefitolimod with virus-neutralizing antibodies New use of kick & kill concept with virus-neutralizing antibodies 37 Legend: ART antiretroviral therapy

38 Combination Program: Phase I (Ongoing) Lefitolimod and Ipilimumab (Yervoy ) Collaboration with MD Anderson Cancer Center, Texas, US First combination trial of lefitolimod with checkpoint inhibitor, commercially available ipilimumab (Yervoy ), manufactured by Bristol-Myers Squibb Co. MD Anderson Cancer Center conducts the trial; MOLOGEN provides lefitolimod and funding for the trial Phase I trial in patients with advanced solid malignancies, mainly melanoma The combination program explores further potential expansion of applications of lefitolimod 38

39 Combination Trial: Lefitolimod (MGN1703) and Ipilimumab (Yervoy ) Study Outline Open-label, single site, phase I trial Patients with advanced solid tumors Primary endpoints: Safety, toxicity, MTD, and DLTs of combination therapy; dose finding for phase 2 Dose escalation part followed by three expansion cohorts: Dose escalation: Six lefitolimod dose levels ( mg) with up to 6 patients per dose level to find MTD; Once MTD is determined, patients will be enrolled in three expansion cohorts (5-12 patients each) at this dose to further define this dose and to help determine biological endpoints. Expansion Cohorts (Malignancy / Variable): (1) Melanoma / lefitolimod SC; (2) Melanoma / lefitolimod IT; (3) Advanced malignant diseases / recent radiation to tumor Treatment Course Lefitolimod (MGN1703) administered weekly, SC (dose escalation and 2 expansion cohorts) or IT (one expansion cohort) ipilimumab always administered at 3mg/kg IV every 3 weeks Patients will receive treatment for 4 cycles a total of 12 weeks Treatment will be discontinued in case of disease progression If patients demonstrate stable disease or a response, they will be eligible to continue to receive lefitolimod for up to a year 39 Legend: MTD maximum tolerated dose DLT dose limiting toxicities SC subcutaneous IT intratumoral IV intravenous

40 Break-Through Potential for Combinations of Lefitolimod with Checkpoint Inhibitors (CPI) The mode of action of lefitolimod is ideally suited to enhance the anti-tumor effect of checkpoint inhibitors This was confirmed in mouse tumor models where lefitolimod clearly improved the anti-tumor effect of checkpoint inhibitors anti-pd-1 and anti- PD-L1: Combination of lefitolimod and anti-pd-1 was superior to each monotherapeutic approach which was also in line with in vitro experiments The combination of lefitolimod with anti-pd-l1 further reduced tumor growth compared to either lefitolimod or anti-pd-l1 monotherapy and thus prolonged survival Promising potential for the combination of lefitolimod with checkpoint inhibitors First preclinical confirmation of the combination approach of lefitolimod with checkpoint inhibitors in treatment of cancer 40

41 mcrc Program: Phase II (Completed) IMPACT Study Design Trial Treatment Period Maintenance Induction CT months mcrc patients treated first-line with FOLFOX / XELOX or FOLFIRI +/- bevacizumab * At least SD Screening / Randomization 2:1 Experimental Group: 60mg lefitolimod (MGN1703) twice weekly s.c. No maintenance Placebo Twice weekly s.c. PD ** PD ** ** Treatment after PD at investigators discretion * at investigators discretion Primary endpoint: progression-free survival Double-blind, randomized, placebo-controlled, two-arm, multinational phase II trial with 59 mcrc patients Start: June 2010 Primary completion date: February Legend: CEA carcinoembryonic antigen - a tumor marker for colorectal cancer CT chemotherapy mcrc metastatic colorectal cancer NKT natural killer T cells PD progressive disease s.c. subcutaneous injection SD stable disease

42 mcrc Program: Phase II (Completed) Primary Endpoint Suggests Efficacy PFS from start of maintenance (local assessment) ~ 10% long-term responders Results March 2013 MGN1703 (n=43) Placebo (n=16) mpfs [95% CI] 2.8 months [ ] 2.6 months [ ] HR=0.55 [95% CI: ] 4 progression-free patients still on treatment at end of study 42 Legend: CI confidence interval HR hazard ratio mpfs median progression-free survival

43 mcrc Program: Phase II (Completed) IMPACT Key Take-Aways (1/2) Primary endpoint met: progression free survival (HR 0.55, p= 0.04) Secondary endpoint Overall Survival : median OS 22.6 months (lefitolimod) vs months (p=ns), in subgroup (relevant patients for phase III: responders (PR, CR) to induction chemotherapy): median OS 24.5 months (lefitolimod) vs months (p=0.069) Predictive biomarkers identified: tumor reduction by induction therapy normalized CEA level presence of activated NKTs 43 Legend: CEA carcinoembryonic antigen - a tumor marker for colorectal cancer HR Hazard Ratio NKT Natural Killer T cells ns not significant

44 mcrc Program: Phase II (Completed) IMPACT Key Take-Aways (2/2) Long-term treatment with lefitolimod Follow-up of four patients who continued lefitolimod monotherapy in compassionate use programs since no relapse at end of study: 3 patients progression-free in excess of 58 months as of June 2016 Excellent safety and tolerability, also when treated long-term Findings from subgroup analyses were used to optimize the phase III study design 44 Legend: CEA carcinoembryonic antigen - a tumor marker for colorectal cancer HR Hazard Ratio NKT Natural Killer T cells ns not significant

45 mcrc Program: Phase II (Completed) IMPACT Sustained Efficacy April 2010: Patient 049 Initial diagnosis Colon carcinoma with multiple liver metastases December 2010: After induction chemotherapy 06/ /2010: 9 courses of CT (FOLFIRI) + bevacizumab (biologic) 12/2010: Response to induction CT: PR * March 2015: Under maintenance therapy Since 12/2010: Lefitolimod (MGN1703) maintenance therapy New PR (1) after 9 months Still ongoing PR Good medical condition, mild local skin reactions, no further severe toxicities 45 Legend: CT chemotherapy PR partial response Note: (1) Confirmed by two independent radiologists

46 Competitive Landscape Oncology (1) Indication-specific competition first-line mcrc & SCLC Today Future mcrc Chemotherapy (FOLFOX, FOLFIRI) + biologicals ( Mab : anti- VGEF or anti- EGFR) SCLC Chemotherapy Various approaches in trials (examples) 1 Checkpoint inhibitors (CTLA4, PD1, PD-L1, ) TLR agonists Cell therapies Vaccines (tumor cell or antigen based) Lefitolimod has potential to differentiate by long-term efficacy, good tolerability, and a favorable safety profile 46 Note: (1) Mostly in mcrc; limited competing developments in SCLC Legend: mcrc metastatic colorectal cancer I SCLC small cell lung cancer I Mab monoclonal antibodies

47 Competitive Landscape Oncology (2) TLR9 Agonists Across Indications Lefitolimod is the sole TLR9 agonist in phase III development in oncology, with human use safety established and efficacy supported by a significant base of ~400 patients treated Company Compound Monotherapy Combination Mologen (GER) Lefitolimod PhIII mcrc, phii SCLC PhI w. ipilimumab in solid tumors Dynavax (US) SD-101 PhI/II NHL PhIb/II w. pembrolizumab in melanoma PhI/II w. ipilimumab in B-cell lymphoma PhIb/II w. ibrutinib in follicular lymphoma PhI w. MK-1966 in advanced malignancies Idera (US) IMO-2125 PhII melanoma PhI/II w. ipilimumab in melanoma Checkmate (US) CMP-001 n/a PhI w. pembrolizumab in apd1-refractory melanoma Index, Sweden: Kappaproct is the sole other TLR9 in phase III development across indications, however in ulcerative colitis with no disclosed development in oncology BiolineRX, Israel: BL-7040 is in phase II against ulcerative colitis & in phase II against IBD 47 Source: EvaluatePharma, company websites, clinicaltrials.gov; Jan 2017 I NHL non-hodgkin s lymphoma I IBD Inflammatory bowel disease

48 MGN1601: Therapeutic Cancer Vaccine: Shipped off the Shelf 48

49 MGN1601: Cell-Based Cancer Vaccination Available off the Shelf Limitations of Previous Cell-Based Cancer Vaccines Either single or small number of tumor antigens as peptides, loaded dendritic cells, or clonally selected cell lines; HLArestricted response selects against tumors not expressing the antigen(s), and thereby driving immune evasion of the tumor Introduced tumor antigens may not be processed & presented in a natural way Long and challenging manufacturing process of autologous approaches, individually for each patient Only moderately immunogenic vaccines (clonal tumor cells, loaded dendritic cells), lacking sufficient co-stimulatory signals, use of weak adjuvants Solution Provided by the MGN1601 Tumor Vaccine Not clonally selected, allogeneic tumor cell line presents an abundance of broadly recognized key tumor antigens, thereby preventing immune evasion Unique, allogeneic tumor cell line with naturally processed and presented antigens GMP-production process in place, batch production and storage established, off the shelf shipment First 4-fold gene-modified cell-based vaccine expressing co-stimulators (CD80, CD40L) and cytokines, (GM-CSF, IL-7) to enhance immune recognition, potent TLR9 agonist reactivates immune surveillance Improved properties to conventional cell-based cancer vaccination strategies 49

50 ASET Trial with MGN1601: Promising Data Phase I/II study (12/ /2013) Open-label, proof-of-principle, multi-center phase I/II trail 19 patients with advanced renal cell carcinoma who failed prior systemic therapies Primary endpoint met: Favorable safety and tolerability profile Promising overall survival data in subgroup of patients Improved function in patient s immune cells Identification of potential biomarkers 50

51 ASET Trial with MGN1601: Study Design Trial Treatment Period TPP Extension phase Patients with advanced renal cell cancer No standard therapy available Trial inclusion 8 applications of MGN1601 in 12 weeks i.d. 8 applications of MGN1601 in 12 weeks i.d. Max. 5 SD DC applications in PD ** week 24, 36, 48, 72 and 120 PD ** ** Treatment after PD at investigators discretion Primary endpoints met: safety and tolerability Open-label, proof-of-principle, multi-center phase I/II trial 19 patients with advanced renal cell carcinoma who failed prior systemic therapies Orphan drug designation from EMA Start: December 2010 primary completion date: August Legend: SD Stable disease EMA European Medicines Agency i.d. intradermal injection PD progressive disease TPP Treatment per protocol

52 ASET Trial with MGN1601: Study Results (1/2) Overall survival benefit ITT group (19 patients): all patients who received at least one vaccination PP group (10 patients): patients received eight vaccinations within twelve weeks as planned Non-PP group (9 patients): patients dropped out before finalizing the 12 weeks course of treatment 52 Legend: ITT intent-to-treat OS overall survival PP (treatment) per-protocol

53 ASET Trial with MGN1601: Study Results (2/2) Median OS: 24.8 weeks (ITT group) vs weeks (PP group) Potential biomarker identified: MSKCC Score & NLR may have predictive value for longer overall survival (OS) First evidence of cytotoxic antitumor immune response after MGN1601 vaccination (in patient subgroup) Significant improvement of cellular immune function during treatment (in patient subgroup) Two patients had no progression after 12 weeks and continued treatment: One patient with stable disease progressed after 48 weeks One patient had sustained partial response for over 120 weeks 53 Legend: MSKCC Memorial Sloan Kettering Cancer Center NLR neutrophil-lymphocyte ratio OS overall survival

54 Quarterly Key Financials in million Q Q Q Q Q FY 2016 Q Q Q Q FY 2015 R&D expenses EBIT CF from operating activities CF from financing activities Monthly cash burn

55 COMPANY PRESENTATION MAY/JUNE