MDNA Corporate Overview | Q2 2018

TSX: MDNAOTCQX: MDNAF

©2018 Medicenna. All Rights Reserved.

Corporate Overview | Q2 2018

Forward-Looking Statements

May 2018 Medicenna Corporate Overview

Certain statements in this presentation are “forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “expect”, “seek”, “endeavour”, “anticipate”, “plan”, “estimate”, “believe”, “intend”, or stating that certain actions, events or results may, could, would, might or will occur or be taken, or achieved) are not statements of historical fact and may be “forward-looking statements”.

Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made and involve significant known and unknown risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These include, but are not limited to, the risk factors discussed in the public filings made by Medicenna with the applicable securities commissions in Canada, including the Annual Information Form dated June 15, 2017. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this document. These factors should be considered carefully and prospective investors should not place undue reliance on these forward-looking statements.

Although the forward-looking statements contained in this document are based upon what Medicenna currently believes to be reasonable assumptions, Medicenna cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, Medicenna does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances.

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May 2018 Medicenna Corporate Overview 3

MDNA55 — LEAD PROGRAM SUPERKINE PLATFORM CORPORATE SNAPSHOT

COMPELLING DATA

Phase 1/2 data inrGBM with MDNA55

ORPHAN/FAST TRACK Orphan Drug (FDA, EMA)

Fast Track (FDA)

IL-2; IL-4; IL-13Tunable cytokines

13 PATENT FAMILIESStrong technology platform protection

10 TOP-RANKED CENTERS

Currently enrolling a Phase 2b rGBMpatients

4,000Brain tumor patients can be treated with 1 gram

of MDNA55

GROWING PIPELINE

Oncology, autoimmune andinflammatory

EXPERIENCED LEADERSHIP

Biotech and drug development

250,000Annual incidence

of glioblastoma and metastatic brain cancer2

2 BILLIONPotential market of MDNA55 market for brain cancer ($US)1,3

VALIDATED TARGETS

Industry transactions support further development

$18 MillionNon-dilutive financing

1. BioXcel Strategic Analysis Report, 2014.2. Globocan 2012: Estimated Cancer Incidence, Mortality and Prevalence Worldwide 2012.3. Decision Resources, Inc Glioblastoma Report, Sept 2013.

Robust Oncology and Immunotherapy Pipeline


Candidate Discovery Pivotal

MDNA55 Recurrent GBM

Brain Metastasis

Newly Diagnosed GBM (MGMT + VE)

Diffuse Intrinsic Pontine Glioma

MDNA57 Solid Tumors

MDNA109 Cancer Immunotherapies

MDNA209 Autoimmune Diseases

MDNA413 Solid Tumors, Atopic Dermatitis, Asthma, Fibrosis

MDNA132 Solid Tumors, IL 13Ralpha2 CAR-T

Preclinical Phase 1 Phase 2

MDNA55A Powerful Molecular Trojan Horse Targeting Glioblastoma

MDNA55 Treatment

Direct infusion into tumor

convection enhanceddelivery (CED)

75%

INOPERABLE rGBM

Treatment Pathway for Glioblastoma (GBM)


* Expression of the DNA repair protein O6-methylguanine-DNA methyltransferase (MGMT) is responsible for resistance to alkylating agents used in GBM treatment.

STANDARD OF CARE FOR PATIENTS WITH GBM

DIAGNOSISADJUVANT CHEMOSURGERY

(85-90%) 55% of GBM Chemo-Resistant*

RADIOTHERAPY CHEMOTHERAPY

RELAPSE

25%

OPERABLE rGBM

GBM IS UNIFORMLY FATAL – VIRTUALLY ALL TUMORS WILL RECUR (rGBM)

MDNA55: Targeted Dual-Action Immunotherapeutic


Tumor Targeting Domain

Circularly Permuted Interleukin-4 (cpIL-4)

Tumor Killing “Cytotoxic” DomainCatalytic domain of Pseudomonas Exotoxin A (PE)

Proven payload efficacy - identical to Medimmune's anti-CD22 immunotoxin, Moxetumomab Pasudotox, met primary endpoint for Hairy Cell Leukemia (Priority Review)

Potently toxic to tumor cells with a wide therapeutic windowBypass the blood brain barrier through localized convection enhanced delivery (CED)

Simultaneously purges the tumor microenvironment (TME) and un-blinds the immune system to cancer cells

A POWERFUL MOLECULAR TROJAN HORSE

Mechanism of Action of MDNA55


ENDOCYTOSIS

FURIN PROTEASEADP RIBOSYLATION

NUCLEUS

Efficient intracellular delivery of toxin payload

Inhibit Protein Synthesis

CELL DEATH

NUCLEUS

72 Patients Treated to Date

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MDNA55: Clinical Study Summary


Consolidated Safety Profile • No deaths attributed to MDNA55• No systemic toxicity at any dose• No clinically significant laboratory abnormalities• Most adverse events were due to local effects and

similar to those typically seen in this patient population

• Manageable inflammation and edema associated with tumor cell death

• MTD established at 240 μg

STUDY PATIENT DOSE(µg)

Investigator Initiated(U.S.)

Recurrent GBM(n=9) 6–720

Multi-Center(U.S./Germany)Phase 1/2

Recurrent HGGNo-Resection

(n=25 GBM+6 AA)240–900

Multi-Center(U.S./Germany)Phase 1/2

Recurrent GBM+ Resection

(n=32)90–300

Open-Label Single Arm Study in 52 Patients

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Phase 2b Study Design Summary


PRIMARY OBJECTIVESORR

SECONDARY OBJECTIVESMOS | Safety | PFS-6

TERTIARY OBJECTIVESCorrelate IL4R expression with efficacy

DIAGNOSIS PLANNING TREATMENT FOLLOW UP

Statistical Design and Sample Size

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Efficacy Analysis


PRIMARY ENDPOINTObjective Response Rate (ORR) per RANO (Response Assessment for Neuro-Oncology) based criteria

TEST HYPOTHESISNull hypothesis that ORR is 6% (kill) versus the alternative hypothesis (pursue) that ORR is 18% following treatment with MDNA55. Hypothesis based on ORR from previous studies1

PRIMARY ANALYSISAssessed according to a single-arm, single-stage binomial design at 1-sided alpha =0.2. A total of 52 Subjects will provide >95% power. A total of 25 subjects from the revised protocol will provide greater than 80% power.

1 Levin VA, Tonge PJ, Gallo JM, et al. CNS Anticancer Drug Discovery and Development Conference White Paper. Neuro-Oncology, v17:1–26, 2015

Type of Treatment Number of Clinical Trials Number of Patients Case Number of Weighted Mean ORR (Range)

Cytotoxic Agents 21 1745 6% (0–17%)

Non-Cytotoxic/Non-Antiangioneic 18 1239 4% (0–9%)

2nd Generation CED Improves Tumor Drug Coverage


PAST STUDIES1st Generation CED

Inaccurate catheter placement

Drug leakage due to backflow

Inadequate tumor coverage

CURRENT STUDIESHIGH FLOW CED

TUMOR

CAVITY

TUMOR

INFUSION AT 3 HOURS

TUMOR

INFUSION AT 24 HOURS

64%

GREATER TUMOR COVERAGE WITH HIGH FLOW CED

Tumor coverage using new high flow CED

Image-guided catheter placement

New catheters prevent backflow

Real-time monitoring ensures

tumor coverage

MDNA55 Survival Results Consistent with Previous Studies


Overall Survival: MDNA55-05 vs. Legacy Combined Data

Overall Survival: MDNA55-05 (1.5µg/mL vs. 3.0µg/mL)

0 100 200 300 400 5000

50

100

Days elapsed

Perc

ent s

urvi

val

MDNA55-05Legacy combined

0 100 200 300 4000

50

100

Days elapsed

Perc

ent s

urvi

val

1.5 µg/mL3.0 µg/mL

Tumor Response Following Progression


Baseline11.3 cm3

Day 3019.6 cm3

Day 6015.2 cm3

Day 12013.8 cm3

Day 18011.1 cm3

Day 2406.4 cm3

Day 3009.6 cm3

Day 33012.3 cm3

Advanced Imaging to Determine Tumor Response


Baseline Day 60 Day 90 Day 120

Necrotic Tumor Active Tumor

Advanced Imaging to Determine Pseudo-Progression


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Protocol Amendments Recommended by Safety and Clinical Advisory Committees


Improving the likelihood of success with MDNA55 in

patients with rGBM

SAFETY SUMMARY

Ph 1 (n=25)

Ph 2 (n=32)

Ph 2b (n=27)

Related Serious Adverse Events 24 28 8

• Dosing up to 240 µg (MTD)• Volume personalized based on tumor size• Include advanced imaging and/or biopsy to discriminate between pseudo-

progression and true-progression• Second dose of MDNA55, if appropriate• Patients requiring surgical resection will continue on study if evidence of tumor

necrosis and no residual tumor• Allow sub-therapeutic dose of Avastin if intolerant to steroids

>2000 Patient Biopsies Analyzed Consistently Show IL4R Over-Expression

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Future Opportunity: 1 Million IL4R Cancers Annually


Glioblastoma

76%

Bladder

73%Breast

82%Colorectal

89%Head and Neck

75%

NSCLC

79%Mesothelioma

96%Ovarian

60%Pancreatic

60%

Superkine PlatformLeading a Renaissance of Interleukin-Based Immunotherapies

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Extensive Library of Tunable Superkines


IL-2, IL-4 and IL-13 Superkines were engineered by directed evolution to have unique properties

Super-agonist or super-antagonist

SELECTION

MDNA109: IL-2Super Agonist for Cancer Immunotherapy

Product Concept: Improved Version of Proleukin® (Aldesleukin)

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Rationale for a IL-2 Superkine Agonist (MDNA109)


• Proleukin first targeted immunotherapy — approved for metastatic melanoma and renal cancer

• Effector T cells and NK cells are relatively insensitive to IL-2 due to low expression of CD25

• High dose IL-2 is required to stimulate effector cells• CD25 expression on endothelium and Tregs limits use of IL-2 due to:

• Vascular leak syndrome• Pulmonary edema• Stimulation of Tregs blunts anti-tumor response

• IL-2 Superkine (MDNA109) signal independently of CD25 thereby:• Preferentially activating effector T cells while limiting stimulation of Tregs• Derive therapeutic benefits in the clinic without the underlying toxicity

Atkins et. al, Cancer J Sci Am., 2000

ORR = 16%; 6% CR, 10% PR

Survival of Melanoma Patients Treated with IL-2

A High Potency Agonist for CD122: Preferentially Activates Effector Cells

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MDNA109: A Best-in-Class IL-2 Cytokine for Cancer Immunotherapy


Comparison of the Stimulatory Effects on Key Immune Cell Populations

Proliferation

Immunosuppressive

Regulatory T Cell

CD25CD122 IL-2Rɣc

Proliferation

Immuno-stimulatory

Naïve T cellCD8 Memory

T cellNK cell

CD122 IL-2Rɣc

Proleukin® +++ +

ALKS 4230 + +

NKTR-214 + +

MDNA109 + +++

MDNA109 is More Potent and Less Toxic than Wild-type IL-2


Dose-Response of IL-2 Superkineson CD25-YT Cells

Levin, Bates, and Ring et. al, Nature, 2012

Log[IL-2 (ng/mL)]

MDNA109 MDNA109

Selective Expansion of CD8+ T Cells in Vivo

Reduced Adverse Effects in Vivo

MDNA109

5 10 15 20 25 30 35 40 450

500

1000

1500

2000

Days Post-Implant

Mea

n Tu

mor

Vol

ume

(mm

3 )PBSanti-PD-1MDNA109 (5 ug q.d.)MDNA109 (25 ug q.d.)anti-PD-1 + MDNA109 (5 ug q.d.)anti-PD-1 + MDNA109 (25 ug q.d.)

9/10 cures

1/10 cures

0/10 cures

MC38 colon cancer:

* 10 mg/kg IV q4dx3

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MDNA109 Synergizes with Anti-PD-1 Immunotherapy


Combination Therapy Produces Robust Responses in a Dose-Dependent Fashion

• MDNA109 and anti-PD-1* produce limited efficacy alone

• Combination treatment sufficient to cure most mice

• Increased efficacy of combination was well-tolerated

Additional ProgramsMedicenna’s Superkines –Unique Differentiated Profile

Medicenna’s Engineered Superkines — Unique Differentiated Profile

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Industry Leading Validation of Pre-Clinical Pipeline


SUPERKINE PROPERTIES COMPARATORS

MDNA209IL-2 Super-Antagonist; Blocks IL-2 signalling and NK cell activity

• Broad and potent inhibition of IL2R expressing cells compared to DEL106 and Daclizumab

• Efficient internalization enables payload fusion or conjugation

DEL106 (IND stage)$300 M upfront ($775 M total)Acquired by Celgene (Jan 2017)

Daclizumab (marketed)

MDNA413IL4/13 Dual Super-Antagonist; Blocks Type 2 IL-4 and IL-13 signalling

• Unique MOA focused on modulating Th2 effector cells through Type II IL4/IL13 receptor compared to Dupilumab and PRS-060

• Amenable to unique aerosol formulations like PRS-060

Dupilumab (marketed)

PRS-060 (IND stage)$2.1B partnership with AstraZeneca (May 2017)

MDNA132IL-13 Superkine; Selective for IL13Ra2

• Higher selectivity and affinity than IL-13 mutant used as targeting moiety of MB-101

• Proprietary fully human toxin fusion enables efficient tumor killing with low predicted toxicity

MB-101 (Phase I in GBM)$94.5 M private placement (Feb 2017)

Leading the Way

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Financial Snapshot


• Cash balance at December 31, 2017: CDN$6.4 million• Available to be drawn under CPRIT grant: US$6.5 million• Expected cash burn: CDN$1 million per month• Lead program fully funded: CDN$14.8 million available at December 31, 2017

Issued and Outstanding24,344,048

Fully Diluted*29,595,296

* Fully diluted includes 3,294,105 warrants with a CND$2.00 exercise price and 1,957,143 stock options with a weighted average exercise price of CDN$2.00

TSX: MDNAOTCQX: MDNAF

Seasoned Management and Experienced Board


Management TeamFahar Merchant, PhD Chairman, President & CEOFormer CEO Sophiris Bio (TSX); Former Director, President & CTO at KS Biomedix (LSE); Founder, President & CEO of Avicenna Medica and IntelliGene Expressions

Martin Bexon, MD Head of Clinical DevelopmentFormer Medical Director at CSL Behring; Medical Director at Hoffman La Roche (UK and Switzerland)

Shafique Fidai, PhD Head of Corp DevelopmentFormer VP of Business Development at Sophiris Bio; Formerly with Xenon Pharma, Chromos

Elizabeth Williams, CPA,CA Chief Financial OfficerFormer VP Finance & Admin and interim CFO at Aptose (TSX and Nasdaq); Previously with Ernst & Young

Nina Merchant, MESc. Chief Development OfficerFormer SVP Development at Sophiris Bio; Formerly VP Development at KS Biomedix(LSE); Previously at Avicenna Medica, IntelliGene, Pharmacia and Sanofi Pasteur

Board of DirectorsFahar Merchant, PhD Chairman, President & CEO

Albert Beraldo, CPA, CA Independent DirectorFounder, President and CEO of Alveda Pharmaceuticals until its acquisition by Teligent, Inc. (NASDAQ: TLGT); Former President and CEO of Bioniche (TSX).

William W. Li, M.D. Independent DirectorCEO, President and Co-Founder of the Angiogenesis Foundation. Executive strategic consultant to pharma in drug development and major investment banks. Director of Leap Therapeutics (NASDAQ)

Chandra Panchal, PhD Independent DirectorFounder, Chairman and CEO of Axcelon; Former Co-Founder, President and CEO of Procyon Biopharma Inc. (TSX); Former Senior Executive VP of Business Development at Ambrilia Biopharma Inc. (TSX).

Andrew Strong, JD Independent DirectorPartner at Pillsbury Winthrop Shaw Pittman — leading the Life Sciences Team in Houston, TX. Formerly CEO of Kalon Biotherapeutics. Director of Ashford Hospitality Prime (NYSE)

Nina Merchant, M.E.Sc Director, Chief Development Officer

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World Class Advisors and Collaborators


Clinical and Scientific Advisors Collaborators and InventorsJohn Sampson, MD, PhD, MBADuke UniversityPrincipal Investigator and Expert in Drug Delivery to the Brain

Sam Denmeade, MDJohns Hopkins UniversityProfessor of Oncology: Targeted therapies for cancer

Nicholas Butowski, MDUniversity of California San FranciscoPrincipal Investigator; Novel therapies for brain cancer

Guido Kroemer, MD, PhDUniversity of ParisChair: SAB and Expert in Cancer Immunotherapy

Ralph Smalling, MScRegulatory AdvisorFormer VP Regulatory Affairs at Amgen; Filed 40 INDs; 5 NDAs

Raj Puri, MDUSFDADirector at CBERInventor of MDNA55

Aaron Ring, MD, PhDYale UniversityAsst. Prof Immunobiology & Cancer BiologyCo-Inventor of IL-2 Superkines

Chris Garcia, PhDStanford UniversityCo-Inventor of IL-2, IL-4 and IL-13 Superkines

Haya Loberboum Galski, PhDHebrew University of JerusalemInventor of Fully Human Payloads)

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Multiple Near-Term Value Inflection Milestones


MDNA55• Complete enrollment in Phase 2b rGBM trial• Report rGBM Phase 2b interim top-line results• End of Phase 2 meeting with FDA• Commence Phase 2a clinical trial in other types of brain cancer • Phase 2 clinical results for rGBM

MDNA109• Complete manufacture of GLP API and formulation of drug product• Complete dose range finding studies for pre-IND meeting with FDA• Commence IND enabling studies in preparation for Phase 1 clinical trial

Phase 2 clinical results for MDNA55

in rGBM

MDNA109 to be IND Ready


MDNA55 — LEAD PROGRAM SUPERKINE PLATFORM CORPORATE SNAPSHOT

1 MILLIONAnnual incidence of

IL4R positive cancers1

20Number of cancers

known to over-express the IL4R1

INTERLEUKIN2,4,13

Tunable cytokines

13 PATENT FAMILIESStrong technology platform protection

250,000Annual incidence

of glioblastoma and metastatic brain cancer2

ORPHAN/FAST TRACK Orphan Drug (FDA, EMA)

Fast Track (FDA)

GROWING PIPELINE

Oncology, autoimmune andinflammatory

EXPERIENCED LEADERSHIP

Biotech and drug development

4,000Brain tumor patients can be treated with 1 gram

of MDNA55

2 BILLIONPotential market of MDNA55 market for brain cancer ($US)1,3

VALIDATED TARGETS

Industry transactions support further development

$18 MillionNon-dilutive financing

1. BioXcel Strategic Analysis Report, 2014.2. Globocan 2012: Estimated Cancer Incidence, Mortality and Prevalence Worldwide 2012.3. Decision Resources, Inc Glioblastoma Report, Sept 2013.

Thank You!Fahar MerchantPresident and Chief Executive [email protected]

Liz WilliamsChief Financial [email protected]

MDNA Corporate Overview | Q2 2018

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