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A Cancer Immunotherapy Company Harnessing the Human Immune System To Diagnose and Treat Cancer January 2015 January 2015 1 Disclaimer Disclaimer Forward Looking Statements THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS AND


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A Cancer Immunotherapy Company

Harnessing the Human Immune System To Diagnose and Treat Cancer January 2015 January 2015

1

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SLIDE 2

Disclaimer Disclaimer

Forward Looking Statements THIS PRESENTATION CONTAINS FORWARD‐LOOKING STATEMENTS AND PROJECTIONS. THE COMPANY MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY AS TO THE COMPLETENESS OF THIS INFORMATION OR, IN THE CASE OF THE PROJECTIONS, AS TO THEIR ATTAINABILITY OR THE ACCURACY AND COMPLETENESS OF THE ASSUMPTIONS FROM WHICH THEY ARE DERIVED, AND IT IS EXPECTED THAT EACH PROSPECTIVE INVESTOR WILL PURSUE HIS, HER, OR ITS OWN INDEPENDENT INVESTIGATION IT MUST BE RECOGNIZED THAT ESTIMATES OF THE COMPANY’S PERFORMANCE ARE NECESSARILY SUBJECT TO A

  • INVESTIGATION. IT MUST BE RECOGNIZED THAT ESTIMATES OF THE COMPANY S PERFORMANCE ARE NECESSARILY SUBJECT TO A

HIGH DEGREE OF UNCERTAINTY AND MAY VARY MATERIALLY FROM ACTUAL RESULTS. IN PARTICULAR, THIS PRESENTATION CONTAINS STATEMENTS, INCLUDING WITHOUT LIMITATION THE PROJECTIONS, THAT CONSTITUTE “FORWARD‐LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE STATEMENTS APPEAR IN A NUMBER OF PLACES IN THIS PRESENTATION AND INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS REGARDING THE COMPANY’S PLANS, INTENTIONS, BELIEFS, EXPECTATIONS AND ASSUMPTIONS, AS WELL AS OTHER STATEMENTS THAT ARE NOT NECESSARILY HISTORICAL FACTS. THE COMPANY COMMONLY USES WORDS IN THIS MEMORANDUM SUCH AS “ANTICIPATES,” “BELIEVES,” “PLANS,” “EXPECTS,” “FUTURE,” “INTENDS,” AND SIMILAR EXPRESSIONS TO IDENTIFY FORWARD‐LOOKING STATEMENTS AND PROJECTIONS. YOU ARE CAUTIONED THAT THESE FORWARD‐LOOKING STATEMENTS AND PROJECTIONS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES. THE COMPANY’S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE FORWARD‐LOOKING STATEMENTS AND PROJECTIONS DUE TO VARIOUS FACTORS, INCLUDING COMPETITION MARKET FACTORS GENERAL ECONOMIC CONDITIONS AND THOSE DESCRIBED IN THE “RISK FACTORS” INCLUDING COMPETITION, MARKET FACTORS, GENERAL ECONOMIC CONDITIONS AND THOSE DESCRIBED IN THE “RISK FACTORS”

  • SECTION. THE INFORMATION CONTAINED IN THIS PRESENTATION DESCRIBES SEVERAL, BUT NOT NECESSARILY ALL, IMPORTANT

FACTORS THAT COULD CAUSE THESE DIFFERENCES. 2

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SLIDE 3

Differentiated Cancer I th C Immunotherapy Company

  • Advancing two unique and complementary oncology‐focused immunotherapy

t h l i h ith lti l d t ith t i fl ti i t technologies each with multiple products with near term inflection points

– Intersection is the intact human immune system – Antibody discovery platform leverages vaccine program in clinical trials

  • Cancer vaccine program backed by NIH funding
  • Cancer vaccine program backed by NIH funding

– In‐licensed portfolio of therapeutic cancer vaccines from Memorial Sloan‐Kettering Cancer Center – Two vaccines (sarcoma and ovarian cancer) in late Phase 2 POC with 2016 readout – Neuroblastoma vaccine received Orphan Drug Designation; on track to enter Phase 2 in 2015 p g g

  • Antibody discovery platform with >100 fully‐human antibody leads

– Discovered novel human antibodies from blood samples of patients vaccinated with the licensed vaccines – Lead antibody program, HuMab 5B1, targeting metastatic pancreatic cancer, to enter Phase 1 in 2H2015 with early data readout by year end for diagnostic and therapeutic indications

  • Capital efficient development model
  • Experienced management and board with significant public company experience
  • Experienced management and board with significant public company experience

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Capital Efficient Business Model p

  • Operate as virtual company in all areas but discovery (14 FTEs)
  • Focus on discovery and early development where resource requirements

are less intensive

  • Develop products to earliest proof of concept and then partner

p p p p p

  • No discovery or early development costs for vaccine program

– Discovery and early development completed at MSKCC at no expense to MabVax – Product transferred to MabVax at entry into Phase 2 Product transferred to MabVax at entry into Phase 2

  • Plan is that each antibody candidate developed through Phase 1
  • Early partnering objective to obtain additional capital and provide early

returns to investors returns to investors

  • Preclinical antibody pipeline robust enough to support early partnering of

first assets

4

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SLIDE 5

Capital Efficient Business Model Significant Progress Since Becoming A bli

2014

Model Public Company In 2014

Series C financing raised $3M Common stock financing and warrant exercise raised $4.5M Merger/ name change/ reverse stock split/ ticker symbol change Strengthened Board of Directors with 4 new members Agreement with Juno Therapeutics and MSKCC on development of CAR T‐cell products h 2 f d f $ d l ib d b d di i Phase 2 of NIH award of $1.75M to develop 5B1‐antibody based diagnostic product Orphan Drug Designation for childhood cancer‐neuroblastoma vaccine Initiated GMP manufacturing of lead antibody product candidate Initiated GMP manufacturing of lead antibody product candidate

5

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SLIDE 6

Management and Board of Directors

Management

J D id H

MabVax Avanir Xenerex

Board of Directors

K C h

F d F P id t d CEO

Management and Board of Directors

  • J. David Hansen

Founder, President & CEO Board Member MabVax, Avanir, Xenerex Biosciences, Dura, Schering‐ Plough, Key, BMS

Philip Livingston, M D

Memorial Sloan Kettering Cancer Center

Ken Cohen

Founder, Former President and CEO

  • f Somaxon Pharmaceuticals,

Synbiotics, Canji

Robert Hoffman

Senior VP Finance & CFO of Arena Pharmaceuticals, CFO Polaris Group,

M.D.

Founder & Chief Science Officer

Gregory Hanson

Chief Financial Officer Avanir, First Cornerstone, Brinson Patrick Securities, Mast Therapeutics, Xxsys Technologies, Member FASB Advisory Committee

Jeffery Ravetch, M.D., Ph.D

Rockefeller University, National Academy of Sciences and Institute

  • f Medicine, Academy of Arts and

Sciences and the American p y g L‐3 Communications

Wolfgang Scholz, Ph.D.

Founder & Vice President Avanir, Xenerex Biosciences, Tanabe Research Laboratories USA, Desmos, Scripps Research Institute Sciences and the American Association for Advancement of Science

Paul Maier

Former CFO Seqenom Inc., Former

  • Sr. VP & CFO Ligand

h i l Founder & Vice President Antibody Discovery Institute

Paul Maffuid, Ph.D.

Vice President Product De elopment & Operations AAIPharma Services, Biopharmalogics, Arena Pharmaceuticals, Amylin, Pharmaceuticals

Michael Wick, M.D., Ph.D.

  • Telik. CV Therapeutics, Lederle Labs.

Associate Professor Harvard Medical School. Development & Operations Pharmaceuticals, Amylin, Magellan Labs, Cabrillo Labs, Glaxo Research Institute

Philip Livingston, M.D.

Corporate Officer

  • J. David Hansen

Corporate Officer

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Robust Pipeline with Multiple Near‐ l

2014 2015 2016 Partner

Term Milestones

Antibody Program

5B1 Antibody PET Agent

2014 2015 2016

Pancreatic Cancer Diagnostic

Antibody Program

Partner

MSKCC/ NIH Early Phase 1 Results YE2015 Completion

  • f Phase 1

5B1 Therapeutic Antibody 5B1 Antibody Drug Conjugate

Pancreatic & Colon Cancer Therapeutic Agent

MSKCC/ Gallus Heidelberg

Pancreatic & Colon

Early Phase 1 Results YE2015 Completion

  • f Phase 1

Preclinical Work GMP Mfg. and Tox 5B1 Antibody Drug Conjugate

Vaccine Program

Sarcoma Vaccine

Adjuvant Therapy to Prevent Recurrence and Prolong Survival Phase 2 POC Trial

Heidelberg Pharma MSKCC

Cancer Therapeutic

Phase 2 OS Results Preclinical Work GMP Mfg. and Tox Sarcoma Vaccine Ovarian Vaccine

Phase 2 POC Trial

MSKCC NIH/GOG/ MSKCC

Adjuvant Therapy to Prevent Recurrence and Prolong Survival Phase 2 POC Trial

OS Results 1H2016 Phase 2 OS Results 1H2016 Neuroblastoma Vaccine MSKCC/NIH NANT/SKC

Initiate Phase 2 Trial

7

Positive Phase 1 Trial Completed Vaccine Mfg. IND

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SLIDE 8

Clinically Advanced Cancer Vaccine P

  • Vaccines elicit an immune response against validated tumor antigens present on

Program

solid tumors

  • Two late stage Phase II clinical programs; sarcoma and ovarian cancer

– All patients enrolled and vaccinated and minimal expense for survival follow‐up

  • Plan to pursue out‐licensing option for sarcoma and ovarian cancer vaccines after

survival endpoint reached 2016

  • Neuroblastoma vaccine ready for Phase 2 trial initiation in 2H2015

– Childhood cancer with 700 new cases per year and received US FDA as Orphan Drug Designation – Phase 1 trial in neuroblastoma completed with strongly encouraging results on time to progression and survival

  • Broader portfolio includes completed early stage clinical trials in melanoma

Broader portfolio includes completed early stage clinical trials in melanoma, neuroblastoma, sarcoma, breast cancer , ovarian cancer, and small cell lung cancer

8

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Cancer Vaccine POC Phase II R lt D 1H2016 Results Due 1H2016

13 230 21 880 13,230 100,000 21,880 174,000

Medical Management Of Recurrent Disease

  • 13,850 deaths per year
  • Recurrence rate is 70% and 5‐year survival is 40%
  • Current therapies ineffective at preventing recurrence

Medical Management Of Recurrent Disease

  • 5,290 deaths per year
  • Recurrence rates up to 50%
  • Current therapies ineffective at preventing recurrence

p p g

Clinical Program Status

  • Completely NCI funded and managed by GOG
  • Randomized, multicenter, double‐blind Phase II trial of 164

patients initiated in July 2010 at 20+ sites p p g

Clinical Program Status

  • Randomized, multicenter, double‐blind Phase II trial of 136

patients at 13 sites

  • Statistically powered to show a 50% improvement in PFS and

p y

  • Statistically powered to show a 50% improvement in PFS

and OS

Commercial Opportunity

  • Market opportunity is ~$200MM to ~$400MM in annual

sales y p p OS

Commercial Opportunity

  • Market opportunity is ~$150MM to ~$300MM in annual

sales

All incidence and survival date from National Cancer Institutes SEER data

9

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Neuroblastoma: Childhood C O h D P Cancer Orphan Drug Program

Favorable Results From Phase 1 Clinical Trial

  • Patients with high risk NB in second (or later)
  • Patients with high‐risk NB in second (or later)

complete, very good partial, or partial remission.

  • 12 of 15 remain free of disease and all are

alive alive

  • Treatment well tolerated
  • Better than standard of care results which

have relapse rate of 40% to 60% and therapies have significant toxicities therapies have significant toxicities Transitioning to Phase 2 Clinical Trial

  • NIH SBIR Phase 1 grant for manufacturing

Phase II clinical material awarded

Clin Cancer Res 2014;20:1375‐1382. Published February 11, 2014.

  • Draft Protocol reviewed and accepted by

NANT Scientific Review Committee

  • Orphan Drug status granted by FDA
  • Single study approval possible
  • Launch Phase II study 2H2015

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Antibody Discovery Technology Leverages Immune Response From Many Vaccinated

  • Repeatedly vaccinate to drive and

p y Patients

achieve a specific antibody response

  • Take full advantage of unique

characteristics of human immune system to produce highly useful and

Vaccine Delivered to

system to produce highly useful and protective antibodies

  • From patient blood samples, our

experienced team can rapidly identify neutralizing target specific human

Multiple Patients

(Range 7 to 68)

neutralizing target specific human antibodies

  • Fully human antibodies have natural

advantages; minimize side effects,

Each Patient Immune System Generates Response to Vaccine Best Antibodies

cross reactivity and immunogenicity

  • Created a discovery library of >100

fully human antibody leads

  • Lead antibody discovery entering

Best Antibody Cloned & Expressed Patient Receives Fully‐Human B A ib d Best Antibodies Identified

  • Lead antibody discovery entering

clinical trials in 2015

11 Cloned & Expressed As Monoclonal Best Antibody As Monoclonal

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SLIDE 12

Lead Antibody Program Meets Significant Need In M t t ti P ti d C l C Metastatic Pancreatic and Colon Cancer

  • HuMab 5B1 target is overexpressed in

g p pancreatic and colon cancer

  • Target is the most extensively studied and clinically

useful biomarker for pancreatic cancer O l tl lid t d d b FDA

  • Only currently validated assay approved by FDA
  • High copy numbers on cancer cell membrane makes an

attractive molecular target

  • Target facilitates tumor proliferation, invasion,

metastatic spread1

  • Increased expression correlated to poor survival1
  • HuMab 5B1 derived from a patient vaccinated

with MabVax’s vaccine with MabVax s vaccine

  • Seven Stage IV patients vaccinated in 4Q08 and six are

still alive (median: 197 weeks post vaccination)

  • Patient from whom derived the HuMab 5B1 antibody

d f

2 1. Ben‐David T, Sagi‐Assif O, Meshel T, et al. Immunol Lett 2008; 116: 218‐24.20, 2. Personal communication with lead investigator at MSKCC

remains disease free at 5+ years2

MSKCC

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HuMab 5B1 Clinical Candidate S l ti S

  • HuMab 5B1‐T1: Lead 5B1 Program Therapeutic Antibody

Selection Summary

Binds to target on cancer cells with high specificity and affinity Does not cross react with related carbohydrates Potent cancer cell killing Efficacy in animal models of pancreatic, colon, small cell lung cancer Curative in prophylactic model Active as antibody drug conjugate Active as antibody drug conjugate Acceptable profile in acute and repeat dose toxicology model

  • 89Zr‐HuMab 5B1 : Lead 5B1 Program Diagnostic Antibody

Zr HuMab 5B1 : Lead 5B1 Program Diagnostic Antibody

  • 89Zr‐5B1 selected based on PET imaging established in animal models
  • Demonstrates potential utility as a therapeutic agent, a PET diagnostic,

Demonstrates potential utility as a therapeutic agent, a PET diagnostic, and as an antibody drug conjugate

13 CONFIDENTIAL – MabVax Therapeutics, Inc.

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SLIDE 14

HuMab 5B1 Antibody Target Significantly O d O M lti l C Overexpressed On Multiple Cancers

Pancreas ductal Sigmoid colon Lung adenocarcinoma

Significant homogeneity and staining intensity of cancer cells in these tissues

Pancreas, ductal adenocarcinoma, stage III Sigmoid colon, carcinoma stage IIIB (Ɨ) Lung, adenocarcinoma, Stage IB Ovary, metastatic carcinoma from colon Lymph node, metastatic carcinoma , IIIA Urinary bladder, muscinous adenocarcinoma, stage IV

Unpublished data. All work performed at Pathology Department, MSKCC

14 CONFIDENTIAL – MabVax Therapeutics, Inc.

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SLIDE 15

5B1 Staining in Normal Tissues Probed by Immunohistochemistry on Tissue Microarrays Immunohistochemistry on Tissue Microarrays

Normal Tissue Stain

B t d t

Brain neg Breast + Colon + Kid

  • Positive cells are

restricted to the

Breast, ducts Sigmoid colon, goblet cells

Kidney neg Liver neg Lung neg Lymph node neg

secretory ducts and lumen of these tissues. Th l ti

Lymph node neg Muscle neg Pancreas + Placenta neg

  • These locations are

inaccessible to the immune effector mechanisms.

Pancreas, exocrine

Skin neg Spleen neg Stomach neg 15

Unpublished data. All work done at Pathology Department MSKCC

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HuMab 5B1-PET Improves Imaging Compared To Standard Agent In Use Today Compared To Standard Agent In Use Today

Journal of Nuclear Medicine (Nov 2013) Mice ortho‐topically transplanted with BxPC3‐luc pancreatic tumor xenografts Medicine (Nov. 2013) pancreatic tumor xenografts

The co‐registration of FDG‐PET and computed tomography (CT) (left) and planar sections of FDG‐PET only (right) displayed minimal tumor detection of the tracer with a high uptake in highly metabolic tissues Acquired

89Zr radiolabed‐5B1 antibody (89Zr‐

5B1) PET image of the same mouse co‐ registered with CT exhibited exceptional tumor detection of the BxPC3‐luc tumor xenografts.

Received$1.75 Million NIH Contract for Development of Imaging Product

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Positive Effect Of 5B1 On Human Colon And Small Cell Lung Cancer Tumors in Animal Models Cell Lung Cancer Tumors in Animal Models

DMS‐79 SCLC

Co 10 100 30 ntr

  • l

µg µg µg Day 0 Week 5

Cell injection: 5 million DMS79 cells into hind flank of 6 weeks

  • ld female CB17 SCID mice (Day 0).

Treatment: Start on Day 21 after tumors are grown to 193±64

3 H

I G 1 (0 1 ) i i i k Cells: 0.5 million Colo205‐luc cells injected IV on day 0 into 5‐8 weeks old female SCID mice. Treatment: r5B1 i.p. injection on Day 4 after tumor cell

  • mm3. Human IgG or 5B1 (0.5 or 1 mg) was given ip twice a week,

Taxol (0.2 mg/dose) was administered iv on days 23,30, 37 and

  • 44. Significantly different from control by 2‐way ANOVA at

p<0.01 (**) and p<0.001 (***), N=5. Treatment: r5B1 i.p. injection on Day 4 after tumor cell

  • injection. 5B1was given twice a week for first

two weeks and once a week for next 7 weeks. Five of 10 control animals shown in imaging, 1 animal dead by week 5.

17

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SLIDE 18

Therapeutic Treatment of Pancreatic Cancer X h M d l Xenograph Models

1800

BXPC3 s.c

1400

Con

Capan 2 s.c.

1000 1200 1400 1600 is Title con H I G

600 800 1000 1200 volume (mm³)

IgG Gem 5B1 IgGGEM 5B1GEM 200 400 600 800 Ax HuIgG 5B1 Taxel 5B1+Taxel

200 400 600

5 8 1 5 8 1 5 8 1 5 8 1 5 8 2 6 9 3 7 4 8 1 5 2 9 6 3

Tumor v

5B1GEM Day 14 Day 17 day 21 day 24 day 28 day 31 day 34 Day 37 Day 41 Day 44 Day 48 Day 51

Arrow stands for treatment day. blue: taxol, red. mAb

Mouse: CB17 SCID 6 weeks old Cell injection: 1 million BxPC3 cells subcutaneous injection. Treatment: 5B1 500ug/100ul/ms i p twice a week for 4 weeks

Day 15 Day 18 Day 21 Day 25 Day 28 Day 31 Day 35 Day 38 Day 41 Day 45 Day 48 Day 51 Day 55 Day 58 Day 62 Day 66 Day69 Day 73 Day 77 day 80 day 84 day 88 day91 day 95 Day 102 Day 109 Day 116 Day 123

Mouse: CB17 SCID 6 weeks old Cell injection: 1 million Capan2 cells subcutaneous injection. Treatment: 5B1 500ug/100ul/ms i. p, twice a week for 4 weeks. Taxol at 200ug/mouse. once a week for 4 weeks. Treatment begins

  • n day 14.

Tumor volume measurement: length x width x width x 0.5 Cell injection: 1 million Capan2 cells subcutaneous injection. Treatment: 5B1 1mg/ms twice a week for 4 weeks. Gemcitabine at 150mg/kg/mouse. Twice a week for 4 weeks. Treatment begins on day 15. Tumor volume measurement: length x width x width x 0.5

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Feasibility Established for 5B1‐Toxin C j

BrdU Cell Proliferation Assay with BxPC3 and Colo205 Cells. WST‐I Assay with Jurkat Cells As Control

Conjugates

ADC ADC

ADC ADC ADC ADC

ADC ADC

  • 5B1‐Toxin ADC demonstrates potent

in vitro and in vivo cytotoxicity in two pancreatic cell lines known to express sialyl Lewisa E i th ti i d

ADC ADC ADC ADC

  • Encouraging therapeutic window
  • Successful conjugation of linker and

toxin to antibody without apparent loss of specificity and binding efficiency

Single dose Rx on day 0, median values shown (Group2 had one outlier/non‐ responder). Dose dependent mean tumor inhibition by 5B1‐ADC but not 5B1

  • alone. (Data from final report July 2014)

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efficiency

  • 5B1 –Toxin ADC is not cytotoxic to

target antigen‐negative cells

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SLIDE 20

$1 Billion Market Opportunity For New Metastatic Pancreatic And Colon Cancer Treatment

Critical Unmet Medical Need: Metastatic Pancreatic and Colon Cancer Significant Number of New Patients Means Cancer

  • Extremely poor 5‐Year survival rate for metastatic pancreatic

and colon cancer

  • Significant need for improved imaging agents to diagnosis,

stage and assess impacts of treatment of pancreatic cancer New Patients Means Significant Market Opportunity

  • Relevant patient

Poten al Pa ent Popula on

Colon/Rectal Ini al Metasta c

stage, and assess impacts of treatment of pancreatic cancer

  • Relevant patient

population exceeds 96,000 new patients per year

  • $1B Annual Market

Pancrea c Ini al Metasta c Colon/Rectal Subsequent Metasta c

16,945 23,270 56,480 Total

  • 96 695
  • $1B Annual Market

Opportunity

  • Potential utility in

small cell lung and and breast cancers

  • Colon

Rectal Not Metasta c Pancrea c Not Metasta c

Total

  • 96,695

breast cancers

All incidence and survival date from National Cancer Institutes SEER data

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SLIDE 21

MabVax – Juno – MSKCC CAR T ll A t CAR T‐cell Agreement

  • Scientific founders of Juno and researchers at MSKCC working on CAR T‐cell

Scientific founders of Juno and researchers at MSKCC working on CAR T cell therapy for solid tumors

  • Requested use of variable binding domains from antibody sequences

discovered by MabVax as targeting mechanism for new CAR constructs discovered by MabVax as targeting mechanism for new CAR constructs

  • MabVax jointly owns (including patent rights) these new inventions with

MSKCC

  • License agreement between MSKCC and Juno required additional

agreement between MabVax and Juno

  • Juno has a right to license CAR T‐cell therapies incorporating MabVax

Juno has a right to license CAR T cell therapies incorporating MabVax targeting sequences in exchange for milestones and royalties paid to MabVax as well as MSKCC.

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Robust Intellectual Property Robust Intellectual Property

  • 20 issued vaccine patents in United States and 41 in ROW

20 issued vaccine patents in United States and 41 in ROW

– Issued patents covering monovalent vaccines, methods of manufacture, methods of use

l d d d

  • 8 applications pending: 2 in United States and 6 in ROW

– Covering proprietary antibody discovery program and lead development candidates – Covering combinations of monovalent vaccines in areas of small cell, breast, and ovarian cancer cancer

  • Orphan drug designation available for vaccine and antibody products

– Received US FDA ODD in Sept 2014 for neuroblastoma vaccine

22

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SLIDE 23

Unaudited Condensed Consolidated Balance Sheet

As of Sept Nasdaq Capital Market Initial Listing As of Sept. 30, 2014 Assets Current assets ( $ 3.5 cash) 3.9 $ M PP&E 0.1 M Initial Listing Requirement Goodwill 6.1 M Total assets 10.1 $ M Liabilities, preferred stock and stockholders equity $ Accounts payable 0.7 $ M Accrued liabilities 1.8 M Warrant liability 0.3 M Total current liabilities 2.8 M Redeemable preferred stock 1.8 M Stockholders equity 5.5 M $ 5.0 M Total liabilities, preferred stock and stockholders equity 10.1 $ M 23 q y 10.1 $ M

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SLIDE 24

Capitalization Table p

Common Stock

  • r
  • Equivalents

Dec. 31, 2014 Public Float Common Stock 2.9 M 2.3 M Preferred Stock

  • Series

A‐1 * 0.9 M

  • Series

B

  • *
  • 1.3

M

  • Series

C (Common Stock Exchange) ** 0.1M Subtotal common stock and preferred stock as t d 5 3 M

Market has absorbed 700,000+ new shares in last quarter of 2014 from conversions and Rule 144 li ibilit

converted 5.3 M Excludes 1.3M warrants to purchase common stock at $1.80 to $3.61 a share*

144 eligibility

* Contains certain anti‐dilution rights if a financing is below conversion

  • r

exercise price ** Effective Sept 4, 2014, MabVax created Series C preferred stock with no liquidation preference

  • ver

common stock, to exchange for common stock to allow large holders to exercise warrants for common

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stock and stay below 4.99% voting rights

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SLIDE 25

Company By Market Cap (01/07/15) p y y p ( / / )

MacroGenics 913

700

MacroGenics, 913 Oncomed, 723

600

Five Prime, 496 Xencor, 517 Immunomedics, 439

400 500

  • ns

Sorrento , 278 Peregrine, 256 Northwest Bio, 337

200 300 Milli

MabVax $100/Share Advaxis, 156 Argos, 187

100 200

MabVax $50/Share MabVax $20/Share

25

MabVax, 5 Globeimmune, 44

Company

MabVax $10/Share

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SLIDE 26

Significant Milestone And News Flow I 2015 In 2015

2015

IND enabling toxicology completed GMP manufactured clinical trial material available Pre‐IND meeting with FDA IND for diagnostic PET imaging agent and therapeutic antibody HuMab 5B1 antibody products enter dual phase 1 trials Expand ADC antibody development program as a follow‐on therapeutic agent Expand preclinical development program for follow‐on antibodies Report preliminary safety results from phase 1 diagnostic and therapeutic product clinical trials Initiate neuroblastoma vaccine Phase 2 clinical trial Initiate neuroblastoma vaccine Phase 2 clinical trial

26

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SLIDE 27

Differentiated Cancer Immunotherapy C With N T Mil t Company With Near Term Milestones

  • Advancing two unique and complementary oncology‐focused

Advancing two unique and complementary oncology focused immunotherapy technologies each with multiple products with multiple near term inflection points

– Cancer vaccine program p g

  • Backed by NIH funding delivers results in 18 months
  • Lead antibody program

– Delivers early results in ~12 months for diagnostic and therapeutic products (end of 2015)

  • Robust pipeline allows early stage partnering of first programs for early

p p y g p g p g y return

  • Capital efficient development model

E i d d b d i h i ifi bli

  • Experienced management and board with significant public company

experience

27

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SLIDE 28

A Cancer Immunotherapy Company

Harnessing the Human Immune System To Diagnose and Treat Cancer

Company Contacts Company Contacts David Hansen Gregory Hanson President and CEO Chief Financial Officer dhansen@mabvax com gregoryhanson@mabvax com dhansen@mabvax.com gregoryhanson@mabvax.com 858‐259‐9405 x 301 858‐259‐9405 x 303

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