Immunomics Investment & Valuation Milestones

June 2009

www.immunomix.com

Regulatory Timeline09 Q1

09 Q2

09 Q3

09Q4

10 Q1

10 Q2

10 Q3

10Q4

11 Q1

11 Q2

11 Q3

11 Q4

Pre-C

Phase Ia

Phase Ib

Phase IIa

Phase IIb

Phase III

Mfg/ Tox

2012

2www.immunomix.com

Value Generating Milestones

Milestone Funding Required to Achieve Milestone Impact on Valuation

Geron Publishes Results of AML Study (5/09)

Received Payment for License Fee (no cost to ITI)

$1.5 million from license & milestone payments

IND filed for Red Cedar LAMPvax Vaccine (1/10) $1,750,000 $1,750,000

Capture partner for JRC-LAMPvax (12/09) $150,000 $2.5 million from license

fees & milestone payments

Conduct Phase Ia / Ib Study with JRC LAMPvax (6/10) $500,000 > $10 million

Conduct Phase Iia / IIb Study with JRC LAMPvax

(Q1/11)$1,000,000 > $40 million

TOTALS $3,400,000 > $50 million

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Investor Return$ to Company Pre-Money Post-Money Per Share

Seed $250,000 $2.5 MM $3.5 MM $1.00

Non-dilutiveLicense / CRA $1,150,000 $1.33

LSGPA RoundCo-investment

$1,250,000$1,000,000 $5.7 MM $7.2 MM $1.70

Non-dilutiveLicense / CRA(JRC LAMPvax)

$200,000 $2.25

Series A Preferred $5,000,000 $9.2 MM $14.2 MM $3.00

Phase Ia/IiaMilestone $25 MM

Phase IIa/IibMilestone >$50 MM

Total $8,850,000 >$10.004www.immunomix.com

Building Value in Pennsylvania

ITI will re-locate its headquarters to Pennsylvania and establish a facility to develop allergy vaccines

2009 2010 2011Management CEO

Admin AsstCFO

Business Dev.

Development 1 Postdoc2 RA

1 Sr. Sci1 RA

1 Sci1 RA

Production 1 Prod Mgr QC Mgr3 Prod Staff

Total in PA 5 10 15

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