Safe Harbor

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Safe Harbor

• This presentation contains forward-looking
  statements that involve risk and uncertainties. 
  All statements, other than statements of
  historical fact, are forward-looking statements,
  including, without limitation, statements
  regarding future financial position, business
  strategy, proposed acquisitions, budgets,
  research and development costs and plans, future
  sales and market size, and objectives of
  management for future operations.  You can
  identify many of these statements by looking for
  words such as believe, expects, will,
  intends, projects, anticipates,
  estimates, continues or similar words or the
  negative thereof.  The predictions described in
  these statements may not materialize if
  managements current expectations regarding our
  future performance or events prove incorrect. 
  Actual results could be materially different from
  those predicted or implied by these forward
  looking statements due to factors over which we
  have limited control including, but not limited
  to, our ability to continue as a going concern,
  our ability to enter into corporate partnering
  relationships (and the effects and terms of those
  relationships), our ability to raise additional
  funds, the outcomes from clinical trials, our
  ability to meet regulatory approval requirements,
  difficulties inherent in the manufacture of
  commercial grade drug supplies, the risk that
  even if successfully developed, our products may
  not be commercially successful and other risks
  described in our annual information form for the
  year ended December 31, 2005 under the heading
  Risk Factors.  Our forward-looking statements
  are based on currently available information. We
  assume no obligation and expressly disclaim any
  duty to update any forward-looking statement to
  reflect events or circumstances after the date of
  this presentation or to reflect the occurrence of
  subsequent events. 

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Nventa The Opportunity

• Huge unmet medical need for HPV therapies
• 20 million Americans have contracted the virus
• New awareness with Merck vaccine not a
  therapeutic
• Exciting 2nd generation compound for the
  therapeutic treatment of HPV-HspE7
• Experience in over 400 patients (1st generation)
• 10-fold potency over 1st generation
• Opportunity to advance quickly into late stage
  trials in multiple HPV related indications
• CIN, RRP, GW
• cGMP manufacturing process for HspE7 in place and
  validated
• Core HspE7 (CoVal) technology platform has
  potential for expanded indications beyond HPV

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Leadership
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Lead Product Candidate
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The Problem

• HPV (Human Papillomavirus)
• 20 million American men and women currently
  infected and 5.5 million new cases diagnosed
  each year
• Cause of three broad categories of disease
  benign lessions, pre-cursors to cancer and cancer
• Second most costly STD after HIV infection
• Few effective treatments surgery or topical
  ointment (for genital warts)

Tremendous need for therapeutic drug targeting
HPV that will decrease or eliminate the need for
surgery
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The Opportunity Premium Price Strategy
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The Solution HspE7
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The Immune System
CELLULAR IMMUNITY
HUMORAL IMMUNITY

• Prophylactic vaccines
• For PREVENTION of disease
• Marketed products
• Polio, MMR, Influenza, Hep B
• Merck/Glaxo HPV vaccines
• Antibody response
• Destroy pathogens outside of cells

• Therapeutic drugs
• For TREATMENT of disease
• Only drugs in development
• T and/or B-Cell mediated response
• Destroy cells already infected with disease

Cellular vs. Humoral
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HspE7 CoVal HPV Fusion Product

• Heat shock protein (Hsp)
• Full length M. bovis BCG Hsp65 (539 aa)
• Viral Antigen
• Full length HPV Type 16 E7 Protein (98 aa)

E7
Hsp65
Immune System Antigen Presentation
HPV Antigen Specificity
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h
Mechanism of Action
HspE7 binds to Hsp receptors on dendritic cell
Dosing sub-q x3 Day 0, 30, 60
Hsp
E7
Killer T cell is programmed to recognize HPV
infected cells containing E7
HspE7 is engulfed and portions of E7 appear on
surface of dendritic cells
HPV infected cells are destroyed by E7 specific
killer T cells
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Intellectual Property

• Composition of Matter
• Core Technology (Hsp fusion) Patents (MIT
  exclusive license)
• Two U.S. patents to expire 2019
• One European patent to expire 2014
• Hsp fusions with HPV viral antigens
• One U.S. patent for HspE7 and additional HPV
  fusions to expire 2018
• One European patent for HspE7 and additional HPV
  fusions to expire 2018
• Additional patents being filed on new formulation
• Hsp fusions targeting hepatitis B
• Hsp fusions targeting influenza
• Method-of-use
• U.S. patent for use of HspE7 for RRP to expire
  2021
• Two EU HspE7 use patents
• Manufacturing
• Composition of matter patents include claims
  covering core manufacturing steps

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Strengthened Intellectual Property

• June 2006 Granted two additional E.U. patents
  covering use of HspE7
• May 2006 Granted E.U. patent covering
  therapeutic fusion product to treat influenza
• Sept 2005 Granted U.S. patent covering
  therapeutic fusion products to treat Hepatitis B
• July 2005 Granted U.S. patent covering HspE7
  manufacturing
• Oct 2005 Received favorable response from
  European Patent Office on Antigenics patent
  challenge
• Maintains critical key composition-of-matter
  patent on lead compound HspE7
• Validates patent strategy
• Provides key competitive advantage over
  competitors

Filing new patents on 2nd generation products
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Clinical History
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HspE7 Historical Data

• Preclinical Data
• Curative in preclinical tumor model (TC-1)
• Demonstrated significant activity in two other
  potency models
• Clinical Data
• Pilot-grade HspE7 drug completed multiple Phase 2
  clinical studies in over 400 patients
• Cervical Intraepithelial Neoplasia (CIN) 2x
  Phase 2 trials
• Recurrent Respiratory Papillomatosis (RRP) Phase
  2
• Genital Warts 2x Phase 2
• Anal Intraepithelial Neoplasia (AIN) 2x Phase 2,
  1 Phase 3 (non-pivotal)
• Strong body of consistent positive results in
  four different HPV indications
• Favorable side effect profile

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Preclinical HPV Model TC-1
TC-1 tumor cells
Tumor palpation
C57Bl/6 mouse
HspE7 treatment
Day 0
Day 7
Day 10, 17, 24, 31, 38, 45
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HspE7 Potency
Could not maintain potency with commercial process
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Preclinical Development HspE7 Follow-on Product
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Adjuvant Poly-ICLCpolyriboinosinic acid
polyribocytidylic acid poly-lysine CMC
polyIC poly-Lysine
Carboxymethylcellulose
polyIC immunologically active
compound Poly-Lysine stabilizer
protector CMC solubilizer
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HspE7 Follow-on Product Key Preclinical Data
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Clinical Strategy
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HspE7 Development Pathway
Phase 1 Patients with Cervical Dysplasia
Primary Path
Additional Path
Additional Path
Genital Warts Phase 2
RRP Pivotal
Cervical Dysplasia Phase 2
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Phase 1 Cervical Dysplasia
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Cervical Dysplasia Phase 2

• Double blinded, two arm, 21 randomization
• Placebo
• New HspE7 (HspE7 adjuvant)
• Primary Endpoint downgrade in cervical dysplasia
  to CIN 1 or no dysplasia
• N 300 powered _at_ 90 to detect a plt0.05 with
  95 confidence interval
• Estimated drug response rate 40, estimated
  placebo rate 25
• Principal Institutions USC, MD Anderson
• Estimated Start Date 2H2007
• Overall Timeline 1 year
• Start Q407
• 6 months for enrollment
• 6 months to endpoint
• Data base lock Q408

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RRP Pivotal Trial

• Similar to design previously reviewed by FDA
  under Special Protocol Assessment (SPA)
• Patient Population RRP
• Double blinded, placebo controlled
• Primary Endpoint median post-surgical interval
• N 200 powered _at_ 80, to detect a plt0.05 with
  95 confidence interval
• Estimated Timeline
• 6 months for enrollment
• 12 months to endpoint
• 1 month data base lock

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Genital Warts Phase 2

• Double blinded, two arm
• Placebo
• New HspE7 (HspE7 adjuvant)
• Primary Endpoint Complete clearance or decrease
  in lesion size
• 300 subjects, randomized. Powered _at_ 80 to detect
  a plt0.05 with 95 confidence interval
• Estimated drug response rate 50, estimated
  placebo rate 30
• Estimated Start Date 2H2007
• Estimated Timeline
• 6 months for enrollment
• 6 months to endpoint
• 1 month data base lock

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24 Month Major Milestones

• Follow-on HspE7
• File IND with FDA Q406
• Submit protocol to IRBs Q406
• Dose first patient in Phase 1 trial 1H2007
• Dose first patient in cervical dysplasia Phase 2
  trial Q407
• Lock data base and announce cervical dysplasia
  Phase 2 data Q408
• Gain funding for influenza program complete IND
  enabling studies
• Explore pipeline expansion through MA

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Nventa The Opportunity

• Huge unmet medical need for HPV therapies
• 20 million Americans have contracted the virus
• New awareness with Merck vaccine not a
  therapeutic
• Exciting 2nd generation compound for the
  therapeutic treatment of HPV-HspE7
• Experience in over 400 patients (1st generation)
• 10-fold potency over 1st generation
• Opportunity to advance quickly into late stage
  trials in multiple HPV related indications
• CIN, RRP, GW
• cGMP manufacturing process for HspE7 in place and
  validated
• Core HspE7 (CoVal) technology platform has
  potential for expanded indications beyond HPV

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Nventa The Opportunity
20mm 2 Years Phase 2 Data
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HspE7 Historical Clinical Trial Data
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HspE7 Historical Clinical Trial Data
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HspE7 Historical Clinical Trial Data