1. G-200 Partnering Opportunity March 2012 Contact: Jonae R. Barnes jonae
G-200 Partnering Opportunity March Contact: Jonae R. Barnes
The patient is waiting.™ 1 1

2. Progress Update: Prophage Series G-200
NCI (CTEP) issued expedited approval for large, randomized Phase 2 trial of G-200 in recurrent GBM
Decision by CTEP validates scientific basis and promising early results of G-200 in Phase 1/2 trial in recurrent GBM
Planned Phase 2 study design is robust and could be sufficient for registration if results are positive
Report on current, single-arm Phase 2 trial with G-200 to be presented at plenary session of AANS on 17 April 2012
Agenus seeks co-development partner to contribute $15MM to support Phase 2 trial in return for WW license rights

3. “Alliance Trial” G-200+Bevacizumab
Multi-center, three arm, randomized trial
PATH
CONF I
RMED
GBM
MANUFA CTURE
≥ 6 v I a l s
G-200 +
bevacizumab R A N D O M I Z E
18 Months
Follow up S U
R V I V A L
G-200 alone followed by bevacizumab at progression
RECURRENT GBM
>90%
RESECTION; KPS>70
Bevacizumab alone
1º Endpoint: Overall survival
2º Endpoints: Safety,
Progression Free Survival
Sample Size: HR: 1.5 (estimates 13.5 months median survival in combination arms
vs. 9 months in bevacizumab)
 (1-sided) = 0.05; Power = 80%
Randomized 1:1:1; N = 255 (85 per arm)
Dosing: G-200 given id 1x per wk for 4 wks; every other wk thereafter up to 12 total injections
(up to 5 months of treatment). Bevacizumab given as standard dose (10 mg/kg)
every 2 wks
Potential Exploratory/Correlative Studies:
-Immune response
-B7H1 expression
-PI3 Kinase activation
-Molecular profiling
(initial tumor tissue and on biopsy at presumed progression)

4. Rationale for Combination with Bevacizumab
Bevacizumab currently represents best available therapy
Potential for synergy:
Bevacizumab as background therapy provides time for vaccine to work, theoretically pushing back emergence of resistance
Synergy of VEGF-targeting agents + vaccines in preclinical models
Increase in rate of tumor regression, improved survival, improved immune function1-5
Early human experience supports Avastin + active immune therapy
Phase 1, Avastin + Ipilimumab in melanoma6
Phase 1, Avastin + Provenge7
Provocative mechanism of action
Avastin reduces VEGF which is potent suppressor of APCs8
Avastin transiently normalizes blood vessels, allowing increased trafficking of T cells to tumor9
1. Li et al Clin Cancer Res 2006;12(22):
2. Manning et al. Clin Cancer Res 2007;13(13):
3. Imagawa et al. Auris Nasus Larynx 2004;31(3):
4. Gabrilovich et al. Clin Cancer Res 1999;5(10):
5. Shrimali et al. Cancer Res ;70(15):
6. Hodi et al. J Clin Oncol 29: 2011 (suppl; abstr 8511)
7. Rini et al. Cancer 2006;107(1):
8. Osada et al. Cancer Immunol Immunother 2008;57(8):
9. Jain et al. Science 2005;307(5706):58-62.

5. Prophage Series Treatment Flow
Standard of care surgery is performed to remove tumor tissue
Tumor is shipped frozen to Agenus in Lexington, MA, USA
Prophage series vaccine product is produced during the period while the patient recovers from surgery (~3 to 4 weeks)
Product is shipped frozen to the hospital pharmacy or clinician
Prophage series vaccine is given as a simple intradermal injection
Agenus Manufacturing Facility

6. Market Opportunity Est. >$300M in revenue for GBM indications in US
Multi-billion revenue opportunity for Prophage Series platform
Most clinically advanced vaccine in recurrent GBM; limited competition on horizon
Small, targeted sales effort
Significant margins realizable even at moderate pricing
Priced at $50K per patient gross margins are ~80%+
Positive commercial differentiators from Provenge® in considering an autologous product

7. Partnering Opportunity
Agenus is looking for a co-development partner to advance Prophage Series G-200 in recurrent GBM
Clinical trial costs mostly defrayed by Alliance-CTEP
Additional funding required to ensure G-200 supply for duration of clinical trial at a cost of $15MM
Terms for discussion:
In consideration of funding, Agenus will provide world-wide licensing rights to G-200 with typical milestones and royalties