starting updie wundersame reise ins ungewisse

von einem, der´s getan hat

500.000.000

start cash

$/€

500.000.000

start cash

$/€

VentureCapital

View

Wo ist mein Deal?

TECHNOLOGY

TCHERNOBYL

THERAPY

THEHYPE

$/€

500.000 cash per start-up

500.000.000 cost per drug 5.000.000.000

revenues per year

krebs

one target - one drug

golden pharma rule

1

2

3

11

Canc er immu notherapy on fr ie n d, not foe.

At Provecs , w e a re convinced t h at c ontro l of the immun o lo g i c tum o r neigh b orhood is key to ther apy of c ancer.

Our i m mu ne t h e r apeu t i c s d e l i ver a l l s i gnal s necessa ry to ma ke th e i mmune sy s t em respond - a n d the patient surv ive .

provecs medical corporate presentation

non-confi dentia l © prove cs medical 2015

See Appendix A-1 for Analyst Certification, Important Disclosures and non-US research analyst disclosures. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author’s published research) are available only on Citi's portals.

14 February 2014 Ň 48 pages Pharmaceuticals

EMEA

Immunotherapy: Bigger, Broader, Bladder Writing the Next Chapter for the Cancer Revolution

� What’s New- Immunotherapy for (almost) all: we provide a cutting edge update

to our May 2013 report (Immunotherapy – The Beginning of the End for Cancer. -

Transforming Cancer into Chronic Disease). This report is technical in nature but we

provide a PM summary (pg 10-12). We are confident that peak revenues will reach

and potentially exceed our previous $35bn estimate. We reiterate our BUY

recommendations on key immunotherapy winners: BMY Roche and Ono. Legacy

cancer companies (SAN, LLY, NVS) continue to have little exposure.

� Consensus still only reflects c.30% of potential. Next stop bladder cancer. Immunotherapy will become the cornerstone for the majority of solid and blood

cancers. We anticipate compelling data for Roche’s anti-PDL1 in bladder cancer

($4bn pa potential) at ASCO 2014 (June), with multiple additional cancers to follow

including, breast, prostate and blood cancers.

� Updating immunotherapy basket. We update our immunotherapy basket (up 35%

since inception) and also identify a number of companies that are exposed to the

immunotherapy space.

� We have added BUY rated Roche to Citi’s European Focus List and we reiterate our BUY rating. Our PT increases from SFr 280 to SFr300 (>20% ETR).

We anticipate compelling efficacy data with Roche’s anti-PDL1 in bladder cancer at

ASCO 2014, a novel indication with $4bn pa revenue potential. The market is

overlooking the growing breadth of Roche’s clinical IT portfolio that encompasses

vaccines, multiple checkpoints among others. Roche Holding AG (ROG.VX) -

Immunotherapy Ninja. BUY SFr300 TP. Adding to Citi Focus List

� “Personalized immunotherapy” is the future. Diagnostic advances will enable

“personalized cancer immunotherapy”, analogous to the current drug based

management of HIV. Diagnostics can predict: (i) disease prognosis, (ii) baseline

responsiveness to immunotherapy (iii) adverse event risk. We highlight emergent

PCR based diagnostic companies Adaptive Biotechnologies (QuanTILfy assay) and

ImmunID (ImmunTraCkeR assay)

� Long term revenue risk to BUY-rated Celgene and Gilead among others. The

use of short duration anti-PD1/L1 drugs in several blood cancers (including CML,

MM, and CLL) as well as HIV could allow many patients to ultimately cease their

current chronic, expensive, oral therapies and attain a “treatment free remission”

minimizing treatment payor costs.

� Chemokine inhibitors, a new blockbuster class. We expect data from oral CCR5

inhibitor Selzentry (PFE) in colorectal cancer in 1Q14. We anticipate multiple

chemokine combinations with PD1 targeting agents. Pfizer, Merck, Incyte, BMY and

even Sanofi all have interesting chemokine compounds.

� Cancer vaccines are an undervalued and invaluable induction strategy to

address non-inflamed/immunogenic cancers that are otherwise non responsive to

checkpoint inhibitors such as PD1. We anticipate the gene signature data for GSK’s

MAGE-A3 in 1Q 2015 for both melanoma and lung cancer. We discuss outcomes.

Citi Research

World Champions | Equities

Andrew S Baum, MD +44-20-7986-4498 andrew.baum@citi.com

Peter Verdult, CFA +44-20-7986-4164 peter.verdult@citi.com

Ramaswamy Narayanan, MBBS CFA +44-20-7986-3991 ramaswamy.narayanan@citi.com

Liav Abraham liav.abraham@citi.com

Hidemaru Yamaguchi hidemaru.yamaguchi@citi.com

Yaron Werber, MD yaron.werber@citi.com

Nirav Jhaveri, CFA nirav.jhaveri@citi.com

STRONG MARKET DRIVER !

• Private Biopharmaceutical Company

• Focus Cancer Immunotherapy

• Research + Project Management

• Spin-out of University Medical Center Hamburg-Eppendorf

• Private Investors + High-Tech Gründerfonds + Grants

• 5 FTE + Consulting and Services Network

• Experienced Team

• Pharma Collaboration Preclinical Stage Established 2012

About Provecs.

Plac

ebo

Imm

unal

on®

1 d before… 3 weeks after... 7 weeks after treatment

Starting Point 2002.

IP = Wertsteigerung.

Business Angel

Investment

Hamburger Innovations-

stiftung

In vivo Studien

erfolgreich

Kooperation mit

Medac GmbH Immunalon®

Platz 4 Science4Life

Provecs Medical GmbH HTGF

Peppermint Holding

Start VC

Fundraising

In vivo Studien

erfolgreich

Business Angel

Investment Business Angel

Investment

Hamburger Innovations-

stiftungTop 10

Startbahn Ruhr

Provecs GmbH & Co. KG

Business Angel

Investment

DE PCT

JP*

US*

EU*

€ 2001

2005

20032002

2006

2007

2008

2009

2010

2011

2012

2013

2 Mio. €

2004

DE*

HTGF Investment II

Provecs History.

The Multi-Target Solution.

1 2 3 4

E N V I R O

1919

E N V I R O EN VIRO = IN A VIRUS

MICRO ENVIRO NMENT.

baustellen

Analysis Protocol

• mRNA Extraction

• cDNA-Synthesis + Biotin labelling

• cDNA hybridization to beads

• detection with iSCAN

GenomeStudio Gene Expression Software

• transcript annotation • statistics, tables, graphics

Gene Expression Library

for Urinary Bladder Cancer

Ingenuity Pathway Analysis, IPA Software

• Immunalon® induced differential gene expression profile

• pathway analysis • biomarker analysis

Expression Profiling Work Flow.

PP2 PP1

PM

GMP Lot Manufacture

Tox Dose Escalation Biodistribution

Preclinical Studies

Clinical Phase I

Clinical Phase II

CMC

REG PEI Scientific Advice

Immunalon®-BC Market Approval

Bladder CA

PEI Regulatory Votum

Clinical Phase III

IMPD Immunalon® Various Indications

PP3

Provecs´ Business Model.

PP1 Bladder Carcinoma, est. Partnership 1

PM

REG

Manufacturing

Provecs Medical

Regulatory Affairs

CMC

PP2

PP3

Indication 2 in Pharma Partnership 2

Indication 3 in Pharma Partnership 3

Proof of Concept

PoCProduct

Candidates

by

ENVIRO &

EXVIRO

technology platforms

i

key business drivers

Motivation. Intuition.Vison. Discipline.

Control.Rules.

Intelligence. Experience.

Leadership.Courage.

Precaution.

Risk Tolerance.

Braveness.

Perfection.

Self-Organization.

© S

ebas

tian

Wal

ter

timing

€ 560 Mio. in 2 Fonds

> 300 StartUps Coaching

Networking

Das Vorher.

wichtig

Business Plan, Planzahlen, Forecast, Finanz- und Personalbedarf.

Netzwerke, Experten, Berater liefern wichtige Informationen.

Finanzierungsoptionen für Start, Wachstum, Exit erforschen.

Reputation, Wissenschaftliche Qualität und Geschäftsmodell.

Plan A und Plan B. Es gibt immer einen weiteren/besseren Weg.

Lange planen. Nicht zu lange planen.

Mit viel Mut und Schwung starten.

Das Vorher. Starker Mentor mit soliden Industriekontakten

Ex-Chef, Professor, Industriekontakte

Gute Vorbereitung aller Prozesse und des Finanzbedarfes. Industrie-relevante Zahlen!

Erfahrene aktive Mitstreiter. Wen rufe ich an, wenn es ein Problem gibt.

Kundenkontakte, Industriekontakte brauchen Zeit. Früh zu Konferenzen, Messen, Tagungen.

Industrieverbände und -vereine nutzen. Life Science Nord, Bay-To-Bio, BioDeutschland, VDI, etc.

Durchhaltevermögen. Resistenz gegen Unsicherheit. Lernen aus Fehlern. Und immer wieder aufstehen.

super wichtig

starten

ziele

unmöglich?

netzwerk

spielen

forschen

danke