dfan14a - SEC.gov | HOME addition, projections or other forward-looking statements may relate to,...

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0000950133-08-001965.txt : 200805130000950133-08-001965.hdr.sgml : 2008051320080513143644ACCESSION NUMBER:0000950133-08-001965CONFORMED SUBMISSION TYPE:DFAN14APUBLIC DOCUMENT COUNT:38FILED AS OF DATE:20080513DATE AS OF CHANGE:20080513EFFECTIVENESS DATE:20080513

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:IOMAI CORPCENTRAL INDEX KEY:0001125001STANDARD INDUSTRIAL CLASSIFICATION:PHARMACEUTICAL PREPARATIONS [2834]IRS NUMBER:522049149FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:DFAN14ASEC ACT:1934 ActSEC FILE NUMBER:000-51709FILM NUMBER:08827043

BUSINESS ADDRESS:STREET 1:20 FIRSTFIELD ROAD, SUITE 250CITY:GAITHERSBURGSTATE:MDZIP:20878BUSINESS PHONE:301-556-4537

MAIL ADDRESS:STREET 1:20 FIRSTFIELD ROAD, SUITE 250CITY:GAITHERSBURGSTATE:MDZIP:20878

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:INTERCELL AGCENTRAL INDEX KEY:0001432401IRS NUMBER:000000000

FILING VALUES:FORM TYPE:DFAN14A

BUSINESS ADDRESS:STREET 1:CAMPUS VIENNA BIO CENTER 6CITY:1030 VIENNASTATE:C4ZIP:00000

MAIL ADDRESS:STREET 1:CAMPUS VIENNA BIO CENTER 6CITY:1030 VIENNASTATE:C4ZIP:00000

DFAN14A1w58371dfan14a.htmDFAN14A

dfan14a

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 14A
(Rule14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section14(a)
of the Securities Exchange Act of 1934

Filed bythe Registrant o
Filed by a Party other than the Registrant
Check the appropriate box:

o Preliminary Proxy Statement

o Confidential, For Use of the Commission Only (as permitted by Rule14a-6(e)(2))

o Definitive Proxy Statement

o Definitive Additional Materials

Soliciting Material Under Rule14a-12

IOMAI CORPORATION

(Name of Registrant as Specified in Its Charter)

INTERCELLAG

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

No fee required.

o Fee computed on table below per Exchange Act Rules14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

[]

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(3) Per unit price or other underlying value of transaction computedpursuant to Exchange Act Rule0-11 (set forth the amount on which thefiling fee is calculated and state how it was determined):

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o Check box if any part of the fee is offset as provided by Exchange ActRule0-11(a)(2) and identify the filing for which the offsetting feewas paid previously. Identify the previous filing by registrationstatement number, or the form or schedule and the date of its filing.

(1) Amount previously paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

Driving Vaccine InnovationROADSHOW 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 thesolicitation of an offer to buy any securities.

During the course of this presentation, Intercell AG (the Company) may make projections or otherforward-looking statements regarding, among other things, the benefits of the proposed acquisitionof Iomai Corporation (Iomai) by the Company, including future financial and operating results,the Companys plans, objectives, expectations and intentions, the expected timing of completion ofthe transaction, and other statements that are not historical facts. Important factors that couldcause actual results to differ materially from those indicated by such forward-looking statementsinclude risks and uncertainties relating to the ability to obtain regulatory approvals of thetransaction on the proposed terms and schedule; the risk that the businesses will not be integratedsuccessfully; the risk that the cost savings and any other synergies from the transaction may notbe fully realized or may take longer to realize than expected; market acceptance for thetransaction and approved products; risks of regulatory review and clinical trials; disruption fromthe transaction making it more difficult to maintain relationships with customers, employees orsuppliers; 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 limitedpatents 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, theprogress, timing and completion of the Companys and Iomais research, development and clinicaltrials for product candidates, the Companys and Iomais ability to market, commercialize andachieve market acceptance for product candidates, their ability to protect their intellectualproperty and operate their respective businesses without infringing on the intellectual propertyrights of others, the Companys and Iomais estimates for future performance and their estimatesregarding anticipated operating losses, future revenues, capital requirements and their needs foradditional financing. In addition, even if the Companys and Iomais actual results or developmentare consistent with the forward-looking statements contained in this presentation, those results ordevelopments may not be indicative of the Companys and/or Iomais results or developments in thefuture. In some cases, you can identify forward-looking statements by words such as could, may,expects, anticipates, believes, intends, estimates, or similar words. Theseforward-looking statements are based largely on the Companys current expectations as of the dateof this presentation and are subject to a number of known and unknown risks and uncertainties andother factors that may cause actual results, performance or achievements to be materially differentfrom any future results, performance or achievement expressed or implied by these forward-lookingstatements. In light of these risks and uncertainties, there can be no assurance that theforward-looking statements made during this presentation will in fact be realized. Except asotherwise required by applicable securities laws, we disclaim any intention or obligation topublicly 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 proxystatement for its stockholders and other documents regarding the proposed acquisition with theSecurities and Exchange Commission (SEC). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, IOMAISTOCKHOLDERS AND INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALSCAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THE DOCUMENTS WILL CONTAIN IMPORTANTINFORMATION ABOUT THE PROPOSED TRANSACTION AND IOMAI. Investors and stockholders may obtain copiesof the proxy statement and other relevant documents filed with the SEC by Iomai (when they areavailable) free of charge at the SECs website at http://www.sec.gov. In addition, investors andstockholders may obtain copies of the proxy statement and other relevant documents filed with theSEC by Iomai (when they are available) by going to Iomais Investor Relations page on its corporatewebsite at http://www.Iomai.com.

Iomai and its directors, executive officers and other members of management may be deemed to beparticipants in the solicitation of proxies from Iomais stockholders with respect to the proposedtransaction. Information regarding Iomais executive officers and directors, and their beneficialownership of Iomais common stock as of March26, 2008, is available in Iomais proxy statement forits 2008 Annual Meeting of Stockholders, which was filed with the SEC on April4, 2008. Otherinformation regarding the interests of such potential participants in the proxy solicitation willbe contained in the proxy statement and other relevant materials to be filed with the SEC when theybecome available.

PAGE 1 ROADSHOW PRESENTATION MAY 2008

Delivering on promises dedication to innovationKEY MANAGEMENT

Gerd Zettlmeissl, CEOFormer CEO of Chiron Behring, co-inventor of Enbrel

Werner Lanthaler, CFOFormer Senior Consultant with McKinsey & Company, former Executive Director with the Federation ofAustrian Industry

Alexander von Gabain, CSOFormer Chair ofDepartment of Microbiology and Genetics at the Campus Vienna Biocenter, Foreign Adjunct Professorat the Karolinska Institute

Thomas Lingelbach, COOFormer Vice President Industrial Operations Chiron Vaccines, Managing Director for NovartisVaccines Germany


Agenda

OverviewIntroduction to Iomai The Target CompanyDeal Rationale & Product Development UpdateQ1 2008: Results & Strategic ImplicationsIntercell Going Forward


A combination of cash and share consideration secures competitive deal

IOMAI TRANSACTION OVERVIEW

AcquirerIntercell (VSE:ICLL)

TargetIomai (NASDAQ: IOMI)

$6.60 per shareTotal consideration of $189m* (122m)Offer Value??$70m (45m) in new shares**??$119m (77m) in cash

Share Exchange: between Intercell and Iomais major shareholders (41%)StructureVoting agreements representing over 50% of Iomais shareholders in placeCash Merger: between Intercell and public shareholders (59%)

File Form8K with SEC: week of 12 May2008Key DatesIomais stockholders meeting and merger approval: Q2/Q3 2008Deal closing: Q3 2008

Based on 28.6m shares outstanding including all options and warrants fully diluted ** Representsca. 4% of Intercell shares outstanding


Acquisition of Iomai adding late stage products and vaccine patchIOMAI ACQUISITION STRATEGIC RATIONALE

Even stronger, more diversified late stage vaccine portfolio

Leading travelers vaccine franchise targeting > 750m combined market (JEV, TravelersDiarrhea)

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)


Focus of R&D Day: hospital acquired infections, travelers franchise and innovative vaccine patchtechnology

OUR VALUE PROPOSITION

TechnologiesProducts

AIP New global travelers vaccinesLeading technologyJapanese Encephalitis vaccine expected marketgenerating novelapproval US/EU/AUS 2008, India 2009vaccine and antibodyMarket potential: 250m 350mproducts ~10 targetsTravelers Diarrhea vaccine patch expected start ofPhase III early 2009Market potential: > 0.5bn

NEW* *

Hospital acquired infections (vaccines & antibodies)Leading approach for vaccines & antibodies

??S. aureus vaccine in Phase II

IC31 Market potential: > 3bnNew Gold Standard ??Pseudomonas vaccine expected start of Phase II/IIIfor vaccine adjuvantsin 2008Market potential: > 1bn? Other pre-clinical vaccines and antibodies rapidlyadvancing (Klebsiella, Enterococcus)

Leading products forTherapeutic Hepatitis C vaccine in Phase II *

Patch/Pandemic Flu vaccine in Phase I/IINEW*Vaccine patchIC31/Seasonal Flu vaccine in Phase I/IILeading technologyProtein based Pneumococcus vaccine expected start of Phase I in 2008for vaccine delivery with patchIC31/TB vaccine in Phase I/IINEW* * Market potential: > 0.5-3bn per target

Most innovative biotech company for vaccines, antibodies and delivery technology with owndevelopment and strong partnerships*

Strategic Partnerships** Subject to closing


Agenda

OverviewIntroduction to Iomai The Target CompanyDeal Rationale & Product Development Update Q1 2008: Results & Strategic Implications IntercellGoing Forward


Perfect match for our growth advanced products and new delivery technologyCOMPANY SNAPSHOT

Late stage products targeting significant infectious disease opportunities

Travelers Diarrhea vaccine patch (> 0.5bn market opportunity) Vaccine enhancement patch forPandemic 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 applicationopportunities for vaccine enhancement patch to reduce the dose/number of injections of existingvaccines

Clinical Validation: breakthrough results from needle-free vaccine patch

Excellent Phase II efficacy data for Travelers Diarrhea vaccine patch Promising Phase I/IIefficacy data vaccine enhancement patch for Pandemic Flu

Headquartered in Gaithersburg, Maryland (USA), ~ 110 employees, incorporated in 1997


Travelers Diarrhea: substantial unmet medical needRISK 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 levelsof tourists, diversification of tourism and products offered developing prosperity of some regionssuch as South America

Source: Centers for Disease Control, Medical Clinics of North America, independent consultantanalysis, 2007


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)

Population425m 54.7m 19.2m100% 100%Unknown90% ProtozoaViruses80%Other Bacteria70% ShigellaNo TDSalmonella60% To non-endemicCampylo-50% areasbacter40%

30%ETEC20%TD10% To endemicareas0%Travelers* Travelers CausativeDiarrhea**/*** Organism**/ ****

TD affects 35% of travelers to developing regions with highest incidence in Asia, Africa and LatinAmerica ETEC responsible for 40-50% of all TD cases

World Tourism Organization ** Steffen (2005)Journal of Travel Medicine *** Recent independentconsultant interviews and analysis **** Ansdell (1999)Medical Clinics of North America


Immunogenicity and efficacy proof for Travelers Diarrhea vaccine patchOVERVIEW OF PHASE II RESULTS*

Vaccinees (n=59) Placebo (n=111)

Excellent immunogenicity**

LT IgG GMTLT IgA GMT12,000 50045010,0004003508,0003006,000 2502004,0001501002,000500 0BaselineArrival inExitBaselineArrival inExit

country country country country

Compelling efficacy**Moderate/severediarrheal episodes35

30

25

20# stools/episodes 15105

0VaccinePlacebo(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 7days post2nd vaccination with patch

Proposed indicationActive immunization against moderate to severe Travelers diarrhea


Travelers diarrhea vaccine patch shows excellent efficacy and safety profile in Phase IIEFFICACY 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 TravelersDiarrhea 66% reduction of ETEC infections

?Improves episodes in the few contracting Diarrhea

Reduction of duration (from 2 to 0.5days) and frequency clinically meaningful improvement

Travelers Diarrhea vaccine patch is very safe

No related Severe Adverse EventsGenerally 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**


High likelihood of bringing Travelers Diarrhea vaccine patch to marketDEVELOPMENT AND REGULATORY PATHWAY

2006/2007 2008/2009 2010/2011Phase II efficacy data Preparation and start of global pivotal Phase III Pivotal Phase III efficacydata

Production of patches at commercial scale efficacy studies (FDA, EMEA) Phase III safety andconsistency data

Start of Phase III safety and consistency trials Build up commercial manufacturing and supplychain

Define marketing and distribution strategy in US/EU/Asia FDA/EMEA regulatory filings


A one dose Pandemic Flu vaccine patch is urgently neededPROBLEM AND CURRENT STATUS

Permanent threat of a global pandemic outbreak Need to vaccinate total population with fastprotection?Lower antigen doses?Protection with one dose vaccineCurrently 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 initiativeto prevent and prepare for an outbreak

sanofi pasteur ** GSK, Novartis, sanofi pasteur


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 (~ 500subjects 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 FDAguideline of > 70% protection rate for Pandemic Flu vaccine Exceeds protection rate (44%) ofonly 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 toimprove existing and new injectable vaccines

Program funded and supported by United States Department of Health & Human Services ** FromSolvay; different doses from 5 45 mcg *** Hemoglutinin inhibition (HI)titers **** from sanofipasteur


Agenda

Overview

Introduction to Iomai The Target CompanyDeal Rationale & Product Development UpdateQ1 2008: Results & Strategic ImplicationsIntercell Going Forward


Strong late stage portfolio addressing high unmet medical needCOMBINED INTERCELL PORTFOLIO SNAPSHOT

Market size > 1.5bnMarket size 500m 1.5bn

Market size < 500mIomai

MarketopportunityPneumoHCV

S.aureus

High

Flu (IC31)Pseudo- Travelersmonas DiarrheaModerate

JapaneseEncephalitisPandemic FluLow

HighModerateLowCompetition

PAGE 17 ROADSHOW PRESENTATIONMAY 2008

Even stronger pipeline and definitive leadership in vaccines innovationPRODUCT DEVELOPMENT

Clinical vaccines

Status Expected milestones Partner

1.Japanese Encephalitis Prophylactic Filed US/EU/AUS/India market Novartis (M&D) /

Virus vaccineapprovals in 2008/09 CSL / Bio. E2. Travelers DiarrheaProphylacticPhase IIPhase III start 2009 In-housevaccineTD vaccine patchNEW3. S. aureus vaccineProphylacticPhase IIPhase III start 2009 Merck4. Pseudomonas vaccineProphylacticPhase IIPhase II/III start 2008 In-house5. Hepatitis C VirusTherapeuticPhase IIPhase II start 2009 Novartisvaccine6. Pandemic FluProphylacticPhase I/IIPhase II start 2008 In-house/NEWvaccine patchHHS7. IC31 Seasonal FluProphylacticPhase IPhase I/II start 2008 Novartisvaccine8. Tuberculosis vaccineProphylacticPhase I/IIPhase II/III start 2009 SSI / Sanofi9. Pneumococcus vaccineProphylacticPre-clinicalPhase I start 2008 In-house

10.Group A Streptococcus Prophylactic Pre-clinical Phase I start 2009 Merck

vaccine11. Bacterial vaccine*ProphylacticPre-clinicalPhase I startSanofiPre-clinical vaccines12. Group B StreptococcusProphylacticPre-clinicalPhase I startIn-housevaccine13. S. aureus antibodiesAntibodiesPre-clinicalPhase I startMerckin infected patients14. PneumococcusAntibodiesPre-clinicalPhase I startKirinantibodiesin the elderly15. Group A StreptococcusAntibodiesPre-clinicalPhase I startMerckAntibodiesantibodiesin infected patients16. Group B StreptococcusAntibodiesPre-clinicalPhase I startIn-houseantibodiesin premature newborns

Undisclosed indication ** GBS vaccine strategy under review


Leading patch technology for vaccine delivery

OVERVIEW TRANSCUTANEOUS IMMUNIZATION (TCI)

Vaccine Delivery via a patch

Vaccine patch

APCs*

Epidermis

Vaccine +/-AdjuvantMigration

Dermis

ActivatedAPCsDraining Lymph Node

Ease of use and needle-free administration (self applied) Direct antigen and adjuvant delivery tothe immune system Excellent local tolerability Stable at room temperature Broad applicationspectrum for old and new vaccines

Immune Response

TCI technology allows large proteins to move through skin into lymphatic system

Antigen presenting cells


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 childhoodvaccines Many others


A leading travelers vaccine franchiseSYNERGY 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 in2009 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 vaccinepatch expected start of Phase III early 2009

Creation of leading travelers vaccine franchise ?Expands travelers vaccine offeringSimilar regional target markets and end users (travelers and militry)???Limited competing programsCombined Market Opportunity > 750m

Focused on ETEC strain the cause of 40-50% of all TD cases


A promising Flu vaccine technology franchiseSYNERGY 2/3

IC31 + FLU

100,000 ~ 200,000deaths per year in US/EULeading global franchise forInsufficient protection ofbetter Flu vaccine for elderlyelderly/risk populationsPhase II data expected 2009Limited competitionMarket Opportunity~ 2bn

PANDEMIC FLU

Ongoing pandemic threatMillions of deaths in 20thOpportunity for one dosecentury outbreaks (1914, ...) vaccine patchNew avian strains arisingPositive Phase I/II(H5N1, ...) immunogenicity dataPotential for long-term HHSstockpile contractMarket OpportunityLimited competition no0.5-1bncompetition on patchdelivery

Creation of leading Flu franchise?Expands offering by higher efficacy products?Expands offering by highly innovative delivery technology


Combination of complementary and industry leading technology platformsSYNERGY 3/3

ANTIGENADJUVANTSAntigen IdentificationVaccine ImprovementProgram (AIP) Program (VIP)

Antigens for newLeading B-cell andvaccine candidatesT-cell adjuvants

?S. aureus ?IC30

?Pneumococcus ?IC31?Borrelia ?and more...?and more...

DELIVERYNeedle Free Vaccine Patch Technology

Combination of three complementary technology platforms ?Intercell proprietary AIP and VIPtechnologies leading identification, development and improvement of vaccines ?Vaccine patchtechnology leading novel vaccine delivery alternative to current injected vaccines


Strongest antigen delivery franchise in industryVACCINE INNOVATION TECHNOLOGY: AIP

Antigen Identification Program (AIP) Partner

Pathogen

Total repertoire of Identified potential antigens Antigens

Bacterial genomeAntibodiesAntibodies of humans exposed to the disease select protective antigens Vaccines

S.aureus (Phase II) Non-disclosed bacterial Group A Streptococcus

Pseudomonas (Phase II) In-housePneumococcusIn-house &Otitis mediaIn-houseBorreliaIn-houseGroup B StreptococcusIn-houseTravelers diarrheaIn-houseMore targetsIn-house

S.aureus

Group A StreptococcusGroup B StreptococcusIn-houseEnterococcus,PseudomonasIn-houseand other targetsPneumococcus

Next strategic focus


Potential Co-Development programs or Opt-in for

Next Strategic Focus: Broadening the use of novel vaccine adjuvantVACCINE INNOVATION TECHNOLOGY IC31

IC31 peptide + oligonucleotide

FormationAntigen uptakeof Depotby APCs

Longlastingdepot

Anti-bodiesAPC

CTLs

Humoral andMaturation/cellular responseactivation of APCs

Prophylactic

Therapeutic

TargetPartnerFlu vaccine exclusive (Phase I)Tuberculosis vaccine exclusive (Phase I/II)Defined infectious diseasevaccines non-exclusiveMalaria vaccine non-exclusiveMeningitis vaccine non-exclusiveInfectious Diseases, In-house / toAllergy, Cancerbe partnered

HCV vaccine co-development&

Infectious Diseases, In-house / toAllergy, Cancerbe partnered


Execution on JEV to All MarketsDEVELOPMENT AND REGULATORY PATHWAY

2005 2006 2008/2009

Production ofInterim safety data ? Build up commercialPhase III material ? Decision on orphan drugmanufacturing and supplyPivotal Phase III clinicalstatus in EU ? chain ?trials started in SeptemberCompletion of regulatoryEnd of recruitment for2005 filing processes ?? pivotal Phase III clinicalDistribution partnershipstrial ? Pediatric data fromendemic countries ??Australia (CSL)Phase III clinical efficacy? India, Nepal, BhutanFDA inspection of facility*data (mid-06) ?and Pakistan ? Build up commercializationDistribution partnership for(Biological E.) to military marketsUS & EU travelers marketsPartnership for Japanese(Novartis) ?marketPhase III safety data? Market approval US filedInitiation of regulatory filingMarket approval EU filedwith FDA under IND ?Market approval AUS filedMarket approval India

Currently ongoing


A highest priority program with MerckS. AUREUS DEVELOPMENT AND REGULATORY PATHWAY

Until 2007 2008/20092010/2011

Extensive pre-clinicalPotential expansion of Pivotal Phase III dataprogram/animalindication areas (e.g., Phase III safety andstudiesdialysis)consistency dataBroad Phase I studyPhase II data FDA/EMEA regulatoryprogram completedStart of pivotal Phase IIIfilingsProduction ofStart of Phase III safetyPhase II/III clinicaland consistency trialsmaterialsStart of Phase II incardiothoracicsurgery


A straight forward development in hospital acquired infectionsPSEUDOMONAS DEVELOPMENT AND REGULATORY PATHWAY

Until 2007 2008/20092010/2011/2012

Extensive pre-clinical Production of clinical Start of pivotal Phase IIIevaluation/animalPhase II/III materials Pivotal Phase III datamodels ? Start of Phase II/III in Start of Phase III safetyVarious Phase IICU-patientsand consistency trialsstudies ? Phase III safety andPhase II data fromconsistency databurn victims ? FDA/EMEA regulatoryfilings


Agenda

OverviewIntroduction to Iomai The Target CompanyDeal Rationale & Product Development UpdateQ1 2008: Results & Strategic ImplicationsIntercell Going Forward


Strong financial and strategic position Excellent fundamentals for further growthKEY FIGURES* OVERVIEW

e = expected

Net loss / profit, in EUR m2005 2006 2007 Q1 08 2008e

5.0

-4.6

-16.1

-25.0Profitability expected despite Iomai acquisitionCash, in EUR m287.6 272.2**94.4

50.22005 2006 2007 Q1 08 2008e

Very strong cash position expected

R&D spending, in EUR m40.4

28.5 29.9

10.4

2005 2006 2007 Q1 08 2008e

Value-optimal increase in R&D spending for innovation

Revenues, in EUR m53.2

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


Agenda

OverviewIntroduction to Iomai The Target Company Deal Rationale & Product Development Update Q1 2008:Results & Strategic ImplicationsIntercell Going Forward


Highly efficient integration process in place from day 1ROADMAP FOR IOMAI INTEGRATION

Signing to closingChange of controlShort term integrationFull operational integrationMid May -Day 1Day 100 Day 365TimingQ3 2008Joint Steering Interim ICLL Interim ICLL Full matrixGover- CommitteeMgmt TeamMgmt Teamorganizationnance Program stee- (site & globalring structurestructures)De-risk Define clear Build Empower siteprogramsexecution goalsorganizationstructureFocus Stabilize & Implement TD Integrateorganizationinvest intoand PandemicTechnicalToptowards highorganizationFlu to Market Operations andprioritiesvalue programs programsR&D Integrate G&Aand financialgovernancestructure


Acceleration of growth strategy on strong fundamentalsINTERCELL 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 tokey 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) Additionalhigh value alliances also in new fields(e.g., cancer, allergy, monoclonal antibodies)

Acquisition of innovative companies to broaden portfolio and leverage current expertise andtechnologies e.g.:

Time


Strong people and solid shareholdersSHAREHOLDER STRUCTURE*

ManagementTreasury shares Kapital & Wert 2.0% 0.8% Temasek 4.3% Holdings 8.7%Novartis 15.9%68.3% Free floatManagement TeamLocations

G.Zettlmeissl (CEO)Vienna (Austria)A. von Gabain (CSO)Livingston (Scotland)W. Lanthaler (CFO)Mooresville andT. Lingelbach (COO)Gaithersburg** (US)

Total workforce: 340**Employees from 16 different nations

Supervisory Board Michel Grco (Chairman)

Former Deputy CEO of Aventis Pasteur Ernst-Gnter 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


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 ArmyMarketing agreement for Japanese marketMarket approvals in US, EU, Australia and India

HospitalPhase II results for S. aureus vaccine and initiation of Phase IIIacquiredPhase II/III in Pseudomonas vaccineinfectionsAcceleration of Klebsiella/Enterococcus programsFinal Phase II clinical data in chronic HCV patients ?HCV vaccineFormulation of HCV vaccine with IC31Initiation of co-development with Novartis ?Phase I clinical data from Flu vaccine with IC31 ?Further clinical trials in IC31 / Flu by NovartisIC31Further data from Tuberculosis vaccine trials with IC31Additional licensing deals for IC31

Clinical start of Pneumococcus vaccineAIPEstablishment of antibody franchise with AIP

Phase III start in Travelers DiarrheaVaccine patchPhase II start in Pandemic FluNEW**


QUESTIONS & ANSWERS

SMART VACCINES

For more information be invited to: www.intercell.com

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