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TSX: MDNAOTCQB: MDNAF

©2020 Medicenna. All Rights Reserved.

Q2 2020

Forward-Looking Statements

Q2 2020 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 24, 2019. 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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Medicenna Investment Highlights


LATE STAGE LEAD ASSET : Orphan Drug (US and EU) and Fast Track Status

PRE-CLINICAL ASSET: Industry validated target and deal heavy sector (THOR: $2.5 Billion acquisition Dec 2019)

COMPELLING INTERIM CLINICAL DATA: Phase 2b in recurrent glioblastoma upcoming meeting with US FDA

SIGNIFICANT MARKET OPPORTUNITY: $2 Billion in brain cancers

STRONG BALANCE SHEET : $35 Million offering completed March 2020

SEASONED MANAGEMENT AND WORLD CLASS ADVISORS

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Financial Snapshot


• Cash balance at December 31, 2019: CDN$7.0 million

• Gross proceeds raised March 2020: $35.0 million• No Debt, No Preferred Shares• Funded through 2022

Issued and Outstanding46,797,603

Fully Diluted*58,245,539

* Fully diluted includes 7.3 million warrants with an average exercise price of $1.86 and 4.1 million stock options with a weighted average exercise price of CDN$1.56

TSX: MDNAOTCQB: MDNAF

MDNA55 Supported by a Pipeline of Superkines

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Candidate Discovery Pivotal

MDNA55IL4 Toxin Fusion

MDNA19IL2 Super Agonist

Cancer Immunotherapies

MDNA413IL4/13 Super Antagonist

Solid Tumors

MDNA132IL13Ralpha2 selective IL13

Solid Tumors

Preclinical Phase 1 Phase 2

Recurrent GBM

Brain Metastasis

Newly Diagnosed GBM

Diffuse Intrinsic Pontine Glioma


MDNA55A Powerful Molecular Trojan Horse Targeting Glioblastoma

Patients experiencing long term survival after only one treatment vs. 6-8 months with standard of care

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One Treatment with MDNA55 – Changing Patient Outcomes


“Life is too short…but it does not have to be. Every patient with GBM should have the “opportunity to receive MDNA55. I have benefited greatly from the treatment and I’m convinced that it has enriched the quality of my life.

MDNA55 Clinical Trial Patient

Everyday is a great day, but I’m extra grateful today that I ‘graduated’ (completed 12 months) from the MDNA55 phase 2 trial! And now we keep living, making memories, fighting & moving forward.


“One year ago, marking progress from the Medicenna MDNA55 trial. Still shocked at how quickly the tumor evaporated. This is a serious breakthrough. I hope being experimented on will help other people access a treatment or cure.”


0

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Med

ian

Ove

rall

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ival

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ths)

Promising Efficacy of MDNA55 Compared to Approved

Therapies for rGBM

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TMZ1,2Gliadel3 LOM4,5 Avastin4,6

MDNA55

n =

44

IL4R

Hig

h (

n=

21)

IL4

R H

igh

/ M

GM

T U

nm

eth

yl(n

=1

0)

IL4R

Hig

h / L

ow

Ste

ro

id (

n=

7)

n=

138

n=

31

n=

72

n=

46

n=

149

n=

50

n=

85

5.4 5.6

6.5

8.08.6

8.0

9.2

15.0

16.5

11.6

Overall Survival

(months)

OS-12 (%)

TMZ1,2Gliadel3 LOM4,5 Avastin4,6

MDNA55

n =

44

IL4

R H

igh

(n

=2

1)

IL4

R H

igh

/ L

ow

Ste

ro

id (

n=

7)

n=

138

n=

31

n=

72

n=

46

n=

149

n=

50

n=

85

18*

30*

12*

30

34

2622*

57

86

46

80

*Approximations based on Kaplan-Meier curve.

1 Brada et al., Ann Oncol. 2001;12(2):259–266.

2 Kim et al., J Clin Neuroscience 22 (2015) 468–473, 2015.

3 Gliadel FDA Label 2018

15.2

IL4

R H

igh

/ M

GM

T U

nm

eth

yl

(n=

10

)

n=

44

22

(M

GM

T U

nm

eth

yl)

n=

24

<19

(M

GM

T U

nm

eth

yl)

4 Taal et al., Lancet Oncol 2014 Aug;15(9):943-53.

5 Wick et al., N Engl J Med. 2017 Nov 16;377(20):1954-1963.

6 Friedman et al., J Clin Oncol. 2009 Oct 1;27(28):4733-40.


MDNA55 Treatment

Direct infusion into tumor

convection enhanceddelivery (CED)

75%

INOPERABLE rGBM

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Treatment Pathway for GBM

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

DIAGNOSISADJUVANT TEMODARSURGERY

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

RADIOTHERAPY TEMODAR

RELAPSE

25%

OPERABLE rGBM

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


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MDNA55: A Potent IL4R Targeted Molecular Trojan Horse

Ø MDNA55: Targets the IL4R expressed in CNS tumors but not healthy brain

Ø Highly Selective: Avoids collateral damage to healthy brain

Ø Disrupts the Tumor Microenvironment (TME): Targets IL4R positive MDSCs and reversesTh2 bias

Ø Immunogenic Cell Death: Anti-tumor immunity is initiated and remains active after MDNA55 is cleared

Targeting DomainCircularly Permuted

Interleukin-4 (cpIL-4)

Lethal PayloadCatalytic domain of Pseudomonas Exotoxin A

ENDOCYTOSIS

FURIN PROTEASEADP RIBOSYLATION

Inhibit Protein Synthesis

CELL DEATH

NUCLEUS

(FDA approved in 2018, Moxetumomab pasudotox)


> 300 Patient Biopsies Analyzed Show IL-4R Over-Expression1-7

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Targeting the IL-4 Receptor in Brain Tumors

Glioblastoma

76%Mixed Adult

Glioma

>83%Mixed Pediatric

Glioma

76%Pediatric DIPG

71%

Medulloblastoma

100%Adult Pituitary

Adenoma

100%Meningioma

77%Normal Brain

Tissue

0%1. Joshi BH, et. al. Cancer Res 2001;61:8058-8061.

2. Puri RK, et. al., Cancer Res 1996;56:5631-5637.

3. Kawakami M, et. al., Cancer. 2004 Sep 1; 101(5):1036-42.

4. Berlow NE, et al. PLoS One. 2018 Apr 5; 13(4):e0193565.

5. Joshi BH, et. al. British J of Cancer (2002) 86, 285 –291.

6. Chen L, et al. Neurosci Lett. 2007 Apr 24; 417 (1):30-5.

7. Puri S, et. al., Cancer. 2005 May 15; 103(10):2132-42.


High-flow Image Guided Convection-Enhanced Delivery (CED) Improves Distribution to Tumoral & Peritumoral Areas

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By-Passing the BBB: Single Local Administration of MDNA55


Retrospective Study of an Eligibility-Matched Synthetic Control Arm:Comparison of Survival Outcomes with Subjects Enrolled in the MDNA55-05 Clinical Study

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50

100

Duration from Relapse (months)

Per

cent

sur

viva

l

MDNA55 (n=44)

Synthetic Control Arm (n=81)

Survival – All Subjects

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Group N mOS OS-12

MDNA55-05 44 12.4 53% (n=43)

Synthetic Control Arm 81 7.7 25%

p=0.0077


0 5 10 15 20 25 300

50

100

Duration from Relapse (months)

Per

cent

sur

viva

l

MDNA55 / IL4R High (n=21)

Synthetic Control Arm / IL4R High (n=17)

Survival – IL4R High Groups

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Group N mOS OS-12

MDNA55 - IL4R High 21 15.8 62%

Synthetic Control - IL4R High 17 6.2 24%

p=0.0626


Brain Cancer Market Opportunity for MDNA55

Tumor Type Annual Incidence1 Projected Market2

Recurrent Glioblastoma (rGBM) 33,300 $650M

Metastatic Brain Cancer3 91,500 $1.30B

Pediatric Glioma 3,800 $50M

Total 133,500 $2.0B

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1. GLOBOCAN 2012 http://globocan.iarc.fr/Default.aspx2. U.S., Europe and Japan3. Metastatic Brain Cancer numbers from colon, breast and kidney cancer only

Market Size Estimated at $2B Annually


>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%

Medicenna Corporate OverviewQ2 2020

MDNA109 PlatformIL-2 Super Agonist for Cancer Immunotherapy

Product Concept: Improved Version of Native IL-2 Proleukin®

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Rationale for an Engineered IL-2 (MDNA19)

Why IL-2?• Works as single-agent and combines well with other immunotherapy

agents • At high doses, it stimulates the body’s immune system (T cells) to fight

cancer • Durable complete remissions in 5-8% of patients (kidney cancer and

Melanoma)

Why is improvement necessary? • Native IL2 causes vascular leak syndrome and other toxic side effects• Must be dosed in Intensive care unit due to life threatening toxicity • Frequent (3 times per day) high doses required to stimulate cancer

fighting T cells which increases the toxic side effect

MDNA19 has been engineered to enhance efficacy of IL-2, improve safety AND reduce dosing to once every 2 weeks.

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

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

Survival of Melanoma Patients Treated with

Proleukin


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Charych, D. et al, Clin Cancer Res, 2016

Q2 2020

MDNA109-Alb + anti-CTLA4 (n=9/group)

MDNA109-Alb: 2.5 mg/Kg; 2x weekly for 2 weeks⍺CTLA4: 200 µg/dose; 2x weekly for 2 weeks

NKTR-214: 0.9 mg/kg every 9 days for 3 cycles⍺CTLA4: 100 µg/dose; 2x weekly

] Treatment duration0 10 20 30 40 50 60 100 150 200

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MDNA109-Alb

MDNA109-Alb + Anti-CTLA4

Re-challenge Re-challengeRe-challenge

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MDNA109-Alb + Anti-CTLA4

Anti-CTLA4

CT26 Colon Cancer Efficacy – MDNA vs. NKTRTumor controlled for 200 days and after 3 re-challenges compared with growth after 30 days after NKTR-214

Medicenna Corporate Overview

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THOR-707(100 µg /kg)

1.7x

2.3x

(Milla et al., ASCO 2019)

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Lymphocytes

Eosinophils

• Fold increase in lymphocytes compared to pre-treatment.• No expansion of eosinophils, responsible for Vascular Leak Syndrome.

N = 1 per dose

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Post 2ndDose


4.3x

3.8x

Q2W x 2 Q2W x 2 Q2W x 2

MDNA19 Induces Expansion of Lymphocytes Not Eosinophils

Medicenna Corporate OverviewQ2 2020

https://ascopubs.org/doi/abs/10.1200/JCO.2019.37.15_suppl.2603

MDNA19 Boosts Cancer Killing Immune Cells (CD4, CD8, NK) But Not Immune Cells That Protect Cancer (Tregs)

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Control 0.01 mg/kg

0.03 mg/kg

0.1 mg/kg

0.3 mg/kg

0.6 mg/kg

Ki6

7 Fo

ld-in

crea

se

0

5

10

15

CD4+ T-cellsCD8+ T-cellsNK cells

Tregs


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Best-in-Class IL-2 Superkine for Cancer Immunotherapy

PRODUCT MANUFACTURING CD122 POTENCY HALF-LIFE SAFETY

Proleukin® Simple Low Minutes PoorMarketed product

NKTR-214 Complex Low Hours Better than IL-2$3.6 Billion licensing transaction

NL 201 Simple Similar to MDNA19 Similar to Proleukin Unknown

Pre-clinical US$400M market cap

Synthorins Complex Low Unknown Unknown$2.5 billion acquisition

MDNA19 Simple HighPotentially

HoursBetter than

IL-2Entering the clinic in 2021


Thank You!Elizabeth WilliamsChief Financial Officer

www.medicenna.com

Fahar Merchant, PhDPresident & CEO

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