PART 2: PRODUCT PIPELINE Investor & Press Presentation Paris, - - PowerPoint PPT Presentation

PART 2: PRODUCT PIPELINE

Investor & Press Presentation Paris, 11th March 2009

Cautionary note regarding forward-looking statements

This presentation contains forward-looking statements referring to the planned clinical testing and development of Transgene’s therapeutic vaccine candidates, and the possible entry into new partnership agreements.. However, clinical testing and successful product development depend on a variety of factors, including the timing and success of future patient enrolment and the risk of unanticipated adverse patient reactions. Results from future studies with more data may show less favorable outcomes than prior studies, and there is no certainty that product candidates will ever demonstrate adequate therapeutic efficacy or achieve regulatory approval or commercial use Furthermore, the entry into new partnerships involves a process of negotiation with partner candidates, including with respect to financial, technical, commercial and legal matters, and there is no certainty that appropriate partnerships will be established or will be successful.. For further information on the risks and uncertainties involved in the testing and development of Transgene’s product candidates, see Trangene’s Document de Référence on file with the French Autorité des marchés financiers on its website at http://www.amf-france.org and Transgene’s website at www.transgene.fr .

11/03/2009

3

TABLE OF CONTENTS

Slide 1. Key Events 4 2. Product Update

• Pipeline Summary

5

• TG4010 (NSCLC)

6

• TG4040 (HCV)

22

• TG4001 (HPV)

25

• TG1042 (Onco-Dermatology)

28

• TG4023 (HCC and mCRC) 31

3. Business Outlook 37 4. Pipeline News Flow 38

11/03/2009

4

2005 2006 2007 2008

New Management New Strategy Portfolio Refocus €34.9m capital increase Positive results Phase I/II CBCL/CTCL trial (TG1042) Promising TG4010 phase IIa results in solid tumors

€14.3m raised (warrants

exercised)

Launched phase IIb trial

in NSCLC (TG4010)

Positive phase II results

in HPV trial (TG4001)

Partnership with Roche €100m capital increase Launch of Phase I in

HCV (TG4040)

Recruitment for Phase II

trial in NSCLC and CBCL €18m OSEO grant – Biomarker program Phase IIb NSCLC trial for TG4010 meets primary endpoint Start of partnership discussions for TG4010 franchise Phase II CBCL trial meets primary endpoint Seeking partner for TG1042 franchise Positive Phase I preliminary results from HCV trial France (TG4040) Launch 2nd phase I trial for HCV (TG4040) in Canada

Summary of Key Events

Conclusion: A substantial reinforcement of the company ► Roche partnership validates strategy and technology ► Cash position covers some 3 years of operations ► Refocus of product portfolio delivering desired clinical results

11/03/2009

5

Portfolio

• f Products in Development

Non Small Cell Lung Cancer

PRODUCT

► Indication Preclinical Phase I Phase II Phase III Partnership Strategy TG1042

(Ad-IFNγ)

Cutaneous B Cell Lymphoma

TG4040

(MVA-HCV)

Chronic Hepatitis C Treatment of precancerous lesions

• f the cervix caused

by the HPV virus Currently seeking a Partner Seeking partnership in broader onco- dermatological franchise. Sole development up to proof of concept

TG4001/R3484

(MVA-HPV-IL2)

TG4010

(MVA-MUC1-IL2)

TG4023

(MVA-FCU1)

Metastatic Colerectal Cancer Hepatocarcinoma Sole development up to proof of concept

11/03/2009

6

TG4010

a Promising Vaccine to fight Cancer

CONSTRUCTION AND MECHANISM OF ACTION ► A targeted immunotherapy for the treatment of MUC1 positive tumors ► Sub-cutaneous injection

immunogenic vector tumoral antigen cytokine adjuvant

MVA + MUC1 + IL2

TARGET MARKET

►First line treatment of metastatic non small cell lung cancer (NSCLC) in combination with chemotherapy ► Other NSCLC stage of diseases and all epithelial cancers expressing MUC1 (prostate, breast, kidney etc.)

TG4010 / MVA-Muc1-IL2

MUC1 Protein Definition - Expression In Major Cancers

• 7

11/03/2009

8

TG4010: A Wide Range of

Potential Indications

High ~ 30-50 000

Pancreatic Cancer - Advanced

Moderate ~ 70-90 000

Colorectal Cancer – Advanced Stage IV

High ~ 100-150 000

Breast Cancer – Advanced

Moderate ~ 50 000

NSCLC IIIA unresectable

Disease burden, recent drug approvals Annual Incidence (EU / US / Japan)

Selection of potential Sub-indications

Moderate Low High High

Unmet Need

~ 300-350 000 ~ 350-400 000 ~ 100-120 000 ~ 280 000

Addressable Population Prostate Cancer – Early Stage I & II Prostate Cancer – Hormone Refractory Breast Cancer – Early Stage 0, I, II NSCLC IIIB/IV

11/03/2009

9

TG4010: Global NSCLC

Incidence

NSCLC Incidence data (ww) - 2008

223 233 67 829 US Europe Japan Other

• NSCLC: the cancer with the highest incidence: >1.3m
• Developed countries are weighting ~40% of global incidence

Source : Globocan, National Cancer Institute, L.E.K. interviews & analysis

Developed countries ~40% of global Incidence Developed countries ~40% of global Incidence

No of Patients, 000

Lung cancer is the leading cause of cancer deaths in both men and women (worldwide)

TG4010: Global Lung

Cancer Mortality

► Lung cancer = NSCLC (80%) + SCLC (20%) ► Highest mortality among cancers: 1.18 million deaths/yr . ~25% of all cancer deaths worldwide (more than colon, breast and prostate cancers combined) ► Europe:

• 334,800 deaths in 2006 [Ferlay J et al. Annals of Oncology Advance Access, Feb 7, 2007]
• 253,300 men, representing 27% of total cancer deaths
• 81,500 women, representing 11% of total cancer deaths

► USA:

• 160,390 deaths in 2007 [National Cancer Institute]
• 161,840 deaths expected in 2008: 90,810 men and 71,030 women

10

11/03/2009

11

TG4010: Therapeutic Intervention

Points (TIP) for NSCLC

NSCLC NSCLC Recurrence Stage IA Stage IA Stage II Stage II Stage IIIA Stage IIIA Stage IIIB Stage IIIB Surgery Surgery Chemoradiation Return to Tx path Return to Tx path Yes No TIP 1 2nd Line Treatment (Tarceva, Alimta, Taxotere) Platinum-based Chemotherapy + bevacizumab (~30-40% of patients eligible for bevacizumab ) Surgery Surgery Surgery Surgery Platinum-based Adjuvant Chemotherapy + Radiation Observation with follow-up Observation with follow-up Recurrence Supportive/ Palliative Care Supportive/ Palliative Care Yes No Observation with follow-up Observation with follow-up TIP 3 Resectable Cancer Resectable Cancer Unresectable Cancer Unresectable Cancer 3rd Line Treatment (Tarceva, Taxotere) TIP 5 TIP 2 Stage IB Stage IB Surgery Surgery TIP 4 Stage IV Stage IV Performance Status = 0-2 Performance Status = 0-2 Performance Status = 3-4 Performance Status = 3-4

Chemotherapies Chemotherapies Targeted therapies / Add-on Targeted therapies / Add-on Avastin / Genentech TG4010/ Transgene Erbitux / Merck Gemzar/ Taxol/ Navelbine/ Alimta

11/03/2009

12

TG4010: Histological Types

• f Lung Cancers

25% 20% 10% 45%

Adenocarcinomas: Glandular cell non- anaplastic carcinomas including bronchial carcinoïds Incidence Small cell anaplastic carcinomas (SCLC): Agressive and invasive Early metastasis Large cell carcinomas: Same outcome as adecarcinomas NSCLC SCLC Squamous cell carcinomas: Epidermoid and non-anaplastic carcinomas Incidence

• NSCLC represent ~ 80% of Lung cancers
• NSCLC is a heterogeneous aggregate of histologies: the most common histologies are adenocarcinoma epidermoid,

squamous cell carcinoma and large cell carcinoma

• These histologies are often classified together because approaches to diagnosis, staging, prognosis and treatment

may in some cases be similiar

11/03/2009

13

TG4010: Competitive Product

Positioning in Metastatic (IIIb/IV) NSCLC

31% 13% 56%

Gemzar/Alimta (Ely Lilly) Erbitux (Merck) Navelbine (Pierre Fabre) Taxol (Bristol Myers)

Adenocarcinoma Squamous cell carcinoma Others

Ref: Scagliotti study (JCO July 2008), FLEX study (ASCO 2008), ECOG4599 retrospective analysis (JTO 2008 suppl #4)

Avastin (Genentech) Erbitux (Merck) Gemzar/Alimta (Ely Lilly) Navelbine (Pierre Fabre) Taxol (Bristol Myers) Gemzar (Ely Lilly) Navelbine (Pierre Fabre) Erbitux (Merck) Taxol (Bristol Myers) Other therapies Current chemotherapies

► !"# ► $%&

Other therapies Current chemotherapies

11.3 15.0 (skin rash patients) 10.1 8.8 (skin rash patients) vinorelbine cisplatin EGFR detectable tumor

cetuximab (Erbitux)

12.6 10.9* cisplatin Adenocarcinoma

pemetrexed (Alimta)

9.4 ** 10.3 Overall Survival in control arm (months) 10.8 12.3 Overall Survival in experimental arm (months) cisplatin paclitaxel carboplatin Combined chemotherapy Squamous cell carcinoma non Squamous tumor Patient population

gemcitabine (Gemzar) bevacizumab (Avastin) Drug

' (%) *'' (&)

► So far clinical results are demonstrating ~+ 2 months median overall survival ► Cetuximab, with some selected patients (skin rash), is reaching ~ 6 months median

• verall survival ( ~similar to TG4010)

TG4010: First Line Treatments for

mNSCLC – Phase II Results

14

11/03/2009

15

TG4010

Clinical Development Strategy

Phase IIa Exploratory Phase IIb Partnership Phase III Lung & other Indications Registration Commercialization 2002 - 2005 2006 - 2008 2009

• Non Small Cell Lung

Cancer

• Prostate
• Breast
• Kidney

Non Small Cell Lung Cancer

• Non controlled clinical

trials

• 184 patients included
• Objectives of trial:

Assess efficacy

• f TG4010 combined

with chemotherapy in patients with advanced NSCLC

• 148 patients
• 27 centres in Europe
• Stage IIIb (8%)
• Stage IV (92%)
• Combined with

gemcitabine / cisplatine

• Large Biomarker program

in progress

TRANSGENE OBJECTIVES

Indication of efficacy in different settings. Decision to make POC study in first line treatment of NSCLC in combination with chemotherapy

• +!#
• ,-.//

32

%" ,"1. #

26

• +!#
• ,-.//

27

%" ,".2 ",-.//0 "3 "0#

20

4,,565 6789:#

• !"##$

% &'$$&#$

(/;3 (/;/

TG4010: PFS at 6 months

(ITT population – cut off date: Jan 09)

16

• (
• +!#

)$

• ,-.//

26

%" ,".2 ",-.//0 " 3" 0#

15

4,,565 6789:#

( (

• +!#

)$

• ,-.//

31

%" ,"1. #

21

• !"##$

% &'$$&#$ (/;/2 (/;//2

TG4010: Response Rate

(ITT population – cut off date: Jan 09)

17

TG4010.09: TIME TO PROGRESSION IN ALL POPULATION 2 4 6 8 10 12 14 16 18 20 22 Time To Progression (months) 0% 50% 100% Fraction of Patient Population Not Progressing Complete Censored Arm1: TG4010 + CT Arm2: CT ALONE n=148 HR= 0.72 [95% CI : 0.51 - 1.03] Log-Rank test*: p=0.08

*stratified for tumor stage and PS at baseline.

med surv = 5.2 mos [95% CI: 4.0 - 5.9] n=74 med surv = 5.9 mos [95% CI: 5.4 - 6.5] n=74

TG4010.09: TIME TO PROGRESSION IN PATIENTS WITH NORMAL aNK LEVELS 2 4 6 8 10 12 14 16 18 20 22 Time To Progression (months) 0% 50% 100% Fraction of Patient Population Not Progressing Complete Censored Arm1: TG4010 + CT Arm2: CT ALONE n=101 HR= 0.58 [95% CI : 0.38 - 0.88] Log-Rank test*: p=0.007

med surv = 4.7 mos [95% CI: 3.4 - 6.2] n=53 med surv = 6.3 mos [95% CI: 5.7 - 7.3] n=48

TTP between Arm 1 (TG4010 + chemotherapy) and Arm 2 (chemotherapy) is statistically in favor of Arm 1 in patients with normal levels of activated NK cells at baseline

TG4010:Time to Progression

(ITT population – cut off date: Jan 09)

18

TG4010.09: PATIENTS WITH NORMAL aNK LEVELS 5 10 15 20 25 30 35 40 Survival (months) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Frac tion of Patient Population Surv iving ARM 1: TG4010 + CT ARM 2: CT ALONE n=101 HR=0.58 [95% CI: 0.35-0.94] p=0,02 Complete Censored med surv = 17,05 mos (n=48) med surv = 11,3 mos (n=53) TG4010.09: ALL POPULATION, ARM1 vs ARM2 5 10 15 20 25 30 35 40 Survival(months) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% F rac tion of Patie nt Population Surv iv ing ARM 1: TG4010 + CT ARM 2: CT ALONE n=148 HR=0.88 [95% CI: 0.60-1.30] p=0,438 Complete Censored med surv = 10.7 mos (n=74) med surv = 10.3 mos (n=74)

Median survival is statistically in favor of Arm 1 (TG4010 + chemotherapy) compared to Arm 2 (chemotherapy) in patients with normal levels of activated NK cells at Baseline

TG4010: Overall Survival

(ITT population – cut off date: Jan 09)

19

HR: 0.88 [95%CI: 0.60-1.30] 10.3 months 10.7 months Whole study population Median Survival HR: 0.58 [95%CI: 0.35-0.94] Large biomarker program ongoing aimed at defining mode of action, and contribute to Phase III design 11.3 months 17.1 months Patients with normal level of activated NK cells at baseline* Not statistically significant difference (p= 0.06) 38% 56% Patients with normal level of activated NK cells at baseline* Not statistically significant difference (p=0.08) 28% 42% Whole study population Response Rate HR: 0.58 [95%CI: 0.38-0.88] – (p=0.007) 4.7 months 6.3 months Patients with normal level of activated NK cells at baseline* HR: 0.72 [95%CI: 0.51-1.03] – (p=0.08) 5.2 months 5.9 months Whole study population Time to Progression Statistically significant difference (p=0.008) 28% 54% Patients with normal level of activated NK cells at baseline* Primary end point met 35% 43% Whole study population Progression Free Survival at 6 months Classical vaccination reactions. Quality of Life not statistically different between arms N/A Good (most related adverse events are injection site reaction and asthenia) Safety

Comments Control Arm

(chemo) n=74

Experimental Arm

(TG4010 + chemo) n=74

Safety & Efficacy

11/03/2009

20

TG4010

Phase IIb Results to Date

*Patients with normal level of activated Natural Kill Cells at baseline represent 101

• f the 138 patients evaluable for immunology analysis with respectively 48 in the

experimental arm and 53 in the control arm

11/03/2009

21

TG4010 • Conclusion

Phase IIb RESULTS ALLOW US

► To pursue the next development steps toward registration in advanced NSCLC ► To negotiate a partnership agreement covering multiple indications

FURTHER RESULTS ARE DUE IN Q2 2009

► Include overall survival ► Full biomarker program analysis

11/03/2009

22

TG4040

Treatment of Hepatitis C

CONSTRUCTION AND MECHANISM OF ACTION ► A targeted immunotherapy for the treatment of chronic carriers of Hepatitis C Virus ► Sub-cutaneous injection

immunogenic vector Non structural antigens of the HCV virus

MVA + NS 3/4/5B

TARGET MARKET

170 million people infected wordwide 12 million people infected in Europe, North America and Japan (genotype 1)

► Standard of treatment

Combination with pegylated interferon alpha and ribavarin

◼ 48 weeks of treatment ◼ Effective in only 50% of genotype 1 cases ◼ Major side effects

FINAL RESULTS Q2 2009 FINAL RESULTS EXPECTED END 2009

11/03/2009

23

TG4040

Clinical Development Strategy

Additional Results

(March 2009)

► Good safety: All studied doses were safe and well tolerated ► viral load reduction (0.5 log10 to 1.4 log10) in 6 out of 15 patients ► encouraging preliminary immunological analysis PHASE I CANADA ► 24 patients ► Relapsers after SCT ► Escalating doses ► 3 initial injections ► 1 boost after 6 months EXTENSION PHASE I ► 27 patients ► Earlier boosts at 2 and 4 months ► With more advanced liver disease (2N<ALT<5N) PHASE I FRANCE ► 15 patients ► Treatment naive ► Escalating dose ► 3 initial injections ► Boost injection at 6 months at highest dose Interim Results (March 2009): Good Safety

11/03/2009

24

► The most comprehensive ongoing therapeutic vaccine development program targeted to treat HCV ► Interim results show evidence of coincident viral load decrease and mounting vaccine-specific immune responses ► Further data (clinical, Immunological) to be published in Q2, 2009 ► We intend to initiate phase II trial in combination with SOC, in late 2009 / early 2010

TG4040 • Conclusion

11/03/2009

25

TG4001/R3484

A Promising Treatment for Diseases Caused by the HPV Virus

CONSTRUCTION AND MECHANISM OF ACTION ► A targeted immunotherapy for the treatment of diseases caused by Human Papilloma Virus (HPV) ► Sub-cutaneous injection

immunogenic vector antigens cytokine adjuvant

MVA + HPV16 + IL2

E6 & E7 TARGET MARKET

◼ Prevention of uterine cancer through the treatment of severe precancerous cervical lesions (CIN2/3) caused by HPV16 virus ◼ HPV infection: common sexually transmitted disease ◼ 900,000 new cases of women with severe lesions are diagnosed each year (EU/US) ◼ 50% a target for TG4001/R3484 ◼ Potential in other genotypes related to type 16. Exploratory studies to be conducted on CIN1 positive women and patients with cervical cancer

► Current Treatments

◼ Spontaneous clearance in less than a year (70% of cases) ◼ CIN2/3 lesions treated via surgery

• Side effects: bleeding, miscarriage, infertility
• Significant relapse rate (37%)

11/03/2009

26

TG4001/R3484: PARTNERED WITH ROCHE

Phase IIa Phase IIb Phase III Filing Registration Commercialization

Further payments tied to sales targets Up to €195m in various indications Progressive double digit royalties on sales Commercial supply of vaccines to Roche Payment of additional development milestones Signature April 2007, €23m Payment

A WORLD CLASS PARTNERSHIP AGREEMENT WITH ► Exclusive world-wide rights to TG4001/R3484 franchise ► Substantial income flow

11/03/2009

27

► Roche activities related to start of controlled phase IIb trials in both Europe/US are progressing as planned. ► Commercial Manufacturing Agreement: Term Sheet discussion initiated.

TG4001 • Current Status

11/03/2009

28

TG1042 • Immunotherapy

for Dermatological Cancers

CONSTRUCTION AND MECHANISM OF ACTION ► Local stimulation of the immune system through production of interferon gamma (local sustained expression) ► Intralesional injection into tumors

E1°E3° - deleted vector Gene expressing IFNγ

Adenovirus + IFNγ

TARGET MARKET

► Oncology Indications

• Cutaneous Lymphomas (CBCL / CTCL)
• Basal Cell Carcinoma (nBCC)
• Melanoma
• Bladder Cancer

► Onco-dermatology

• nBCC incidence: 0.35-0.4% population in

developed countries

• Melanoma incidence: Globally 160.000

new cases per year

• Prevalence high in developed countries

and steadily increasing

• Current standard of care: Surgery &

Chemotherapy

• CBCL prevalence: 10 to15.000 patients

EU/US

11/03/2009

29

TG1042 • Clinical Development

and Commercial Strategy

Phase II Step 2 Filing / Registration Commercialization 2000 - 2005 2006 2008 Phase I/II Preparation Phase II Phase II Step 1 2009

Seeking collaborative partnership in broader

• nco-dermatological franchise

► 33 patients ► CTCL ► CBCL

PHASE II Step 1

RESULTS Nov. 2008

► 13 patients ► CBCL RESULTS

• DEC. 2005

► Good safety ► Response rate CTCL: 46% (n=26) ► Response rate CBCL: 100% (n=5) ► Primary end

point met ► Response rate: 10 out of 12 evaluable patients ► Good safety ► DSMB conclusion positive

11/03/2009

30

► Positive phase II step 1 results in CBCL- Favorable recommendation by independent DSMB ► Preclinical results in other indications and clinical results

• f TG1024 (Adeno IL2) promising

► Market analysis and medical positioning ongoing for nBCC ► Considering scope of possible franchise – new development strategy likely to be decided with a partner ► Business development update in H2 09

TG1042 • Adenoviral Platform

Current Status and Next Steps

11/03/2009

31

TG4023 • A Unique Approach

Combining Immunotherapy and Targeted Chemotherapy

CONSTRUCTION AND MECHANISM OF ACTION

► TG4023 is a gene-directed therapy which may increase the efficacy of chemotherapy in solid tumors accessible to intra-tumoral injection ► Intra-tumor/metastasis injection in combination with lower dose systemic chemotherapy

TARGET MARKET

► Treatment of cancerous lesions

• f the liver:
• Primary liver tumors: hepatocellular

carcinomas (HCC)

• Liver metastasis of other cancers, mainly

colorectal cancer (mCRC)

► Market potential

• Hepatocarcinoma – 500K+ new cases p.a.
• 60% of patients not operable
• Colorectal cancers 1m new cases p.a;
• 60% of patients develop liver metastasis
• 80% of patients non resectable
• Medical Need High – Increase cure rate of

HCC and mCRC patients and prolong survival of inoperable patients

<='

Immunogenic vector Suicide Gene *FCU1 = Bifunctional chimeric enzyme (Cdase;UPRTase) FCU1 converts the prodrug 5-FC (5-Fluorocytosine) into 5-FU (5-Fluorouracil)

immunogenic vector

TG4023 = MVA + FCU1

suicide gene

>=

• &

>=+ & >= &

? ?# +00@%," +@,#

=

=(%" 0 A

>=B>= >=B>=

TG4023 • A Targeted

Chemotherapy

11/03/2009

33

TG4023 • Product Description

and Rationale

What is 5-FU? ► Chemotherapy with strong clinical practice background (since 1957) ► Remains the cornerstone of chemotherapy ► It is low in efficacy and high in toxicity ► Short half life > need for continuous infusion ► No oral administration of 5-FU Product Rationale for TG4023: ► TG4023 aims at delivering 5-FU in the tumor ► It aims to improve 5-FU efficacy while abrogating its systemic toxicity ► Targets all solid tumors accessible to IT injections in combination with lower dose chemotherapy ► New option for patients with non-operable tumor/metastases ► New option for patients non eligible for local ablation techniques ► New option for patients after chemo. failure 5-FU (IV, IP, IHA)

Systemic 5-FU

* *

5-FC (oral, IV) TG4023 (IT)

TG4023

Systemic Toxicity of 5-FU No systemic toxicity of 5-FU High intra-tumoral concentration

► FCU1 converts the prodrug 5-FC into 5-FU, resulting in:

– Sustained (15 days) and high level of in situ production of 5-FU (at a concentration not attainable through systemic administration of 5-FU) – Efficacy against neighboring tumor cells that do not express the FCU1 gene through a bystander killing effect

• 1% infected cells is sufficient to kill the whole cell population
• 5-FU can diffuse by nonfacilited diffusion into adjacent cells

– Possible activation of the immune system through cell killing and presence of the virus

+*#,

• +
• *
• *.
• *
• *
• *
• *
• *
• *
• *

TG4023 • Mechanism of Action

34

In vivo results:

► The anti-tumor effect of TG4023 was demonstrated in nude mice after subcutaneous injection of human tumor cells (colon cancer, liver cancer and glioblastoma). ► Significant control growth tumor observed in mice treated with TG4023 + 5-FC compared to control mice treated with systemic 5-FU.

?+,4 ,<3#)>$ / / C/ 3/ ./ / / // C// 3// .//

• )>=

<>=) <>=)>=

• *

./0- +*#1- +

&$& 2

TG4023 • Preclinical Proof of

Concept (2)

11/03/2009

36

TG4023 • Clinical Development

Strategy

► Preclinical studies provide encouraging data to support future clinical development ► In vitro and in vivo results, including biological and toxicological studies, suggest a favorable safety profile of TG4023 ► In conclusion it is a promising, safe candidate for a targeted chemotherapy approach in the treatment of hepatic metastasis ► We anticipate Phase I entry Q3 2009 ► Further details will be provided at product entry into the clinic

11/03/2009

37

Outlook

Phase IIa Exploratory Phase IIa Phase III Partnership Phase IIb

► Comfortable cash position which allows us to execute

• ur strategy and accelerate development of our pipeline

► Focus on signing a partnership agreement for TG4010 ► Adding one new product to the pipeline, TG4023 ► Preparing for a phase II in HCV within one year ► Strategic update on our onco-dermatological franchise in H2 2009 ► Phase IIb entry for TG4001/R3484 ► Lower operational cash burn at €20 Million in 2009

TG4010 (NSCLC): TG4040 TG4010 (NSCLC) TG4001/R3484 (HPV) TG4010 (NSCLC) TG4023 (HCC & mCRC): TG4040 (HCV): TG1042 (onco- dermato): TG4040 (HCV):

11/03/2009

38

R&D OUTLOOK ► Strong pre-clinical pipeline with a large program in virology ► Bring one new product into clinic yearly ► Adjuvant, TLR agonists to further strengthen viral based vaccines ► Mab against well characterized receptor ► Cell line for viral production PIPELINE NEWSFLOW (provisional)

2 9

Q1 Q2 Q3 Q4

Phase II median survival data TG Annual results Phase I (France) and next steps Phase II final results Phase IIb launch Expected partnership Phase I entry & strategic positioning Phase I results extension (France) Update strategic positioning Final results phase I Canada Expected entry into phase II

Contacts

• Philippe Archinard, CEO
• Philippe Poncet, CFO
• Elisabetta Castelli, Director IR