2. Forward-Looking Statements
May 2018 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 15, 2017. 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.
2
3. May 2018 Medicenna Corporate Overview 3
MDNA55 — LEAD PROGRAM SUPERKINE PLATFORM CORPORATE SNAPSHOT
COMPELLING
DATA
Phase 1/2 data in
rGBM with MDNA55
ORPHAN/
FAST TRACK
Orphan Drug (FDA, EMA)
Fast Track (FDA)
IL-2; IL-4; IL-13
Tunable cytokines
13 PATENT
FAMILIES
Strong technology
platform protection
10 TOP-RANKED
CENTERS
Currently enrolling a Phase 2b rGBM
patients
4,000
Brain tumor patients can
be treated with 1 gram
of MDNA55
GROWING
PIPELINE
Oncology, autoimmune and
inflammatory
EXPERIENCED
LEADERSHIP
Biotech and
drug development
250,000
Annual incidence
of glioblastoma and
metastatic brain cancer2
2 BILLION
Potential market of
MDNA55 market for
brain cancer ($US)1,3
VALIDATED
TARGETS
Industry transactions support further
development
$18 Million
Non-dilutive financing
1. BioXcel Strategic Analysis Report, 2014.
2. Globocan 2012: Estimated Cancer Incidence, Mortality and Prevalence Worldwide 2012.
3. Decision Resources, Inc Glioblastoma Report, Sept 2013.
6. MDNA55
Treatment
Direct infusion
into tumor
convection enhanced
delivery (CED)
75%
INOPERABLE rGBM
Treatment Pathway for Glioblastoma (GBM)
May 2018 Medicenna Corporate Overview 6
* Expression of the DNA repair protein O6-methylguanine-DNA methyltransferase (MGMT) is responsible for resistance to alkylating agents used in GBM treatment.
STANDARD OF CARE FOR PATIENTS WITH GBM
DIAGNOSIS
ADJUVANT CHEMOSURGERY
(85-90%) 55% of GBM
Chemo-Resistant*
RADIOTHERAPY CHEMOTHERAPY
RELAPSE
25%
OPERABLE rGBM
GBM IS UNIFORMLY FATAL – VIRTUALLY ALL TUMORS WILL RECUR (rGBM)
7. MDNA55: Targeted Dual-Action Immunotherapeutic
May 2018 Medicenna Corporate Overview 7
Tumor
Targeting Domain
Circularly Permuted
Interleukin-4 (cpIL-4)
Tumor Killing
“Cytotoxic” Domain
Catalytic domain of
Pseudomonas Exotoxin A (PE)
Proven payload efficacy - identical to
Medimmune's anti-CD22 immunotoxin,
Moxetumomab Pasudotox, met primary endpoint
for Hairy Cell Leukemia (Priority Review)
Potently toxic to tumor cells with a wide therapeutic window
Bypass the blood brain barrier through localized convection enhanced delivery (CED)
Simultaneously purges the tumor microenvironment (TME) and un-blinds the immune system to cancer cells
A POWERFUL MOLECULAR TROJAN HORSE
8. Mechanism of Action of MDNA55
May 2018 Medicenna Corporate Overview 8
ENDOCYTOSIS
FURIN PROTEASE
ADP RIBOSYLATION
NUCLEUS
Efficient intracellular
delivery of toxin payload
Inhibit Protein Synthesis
CELL DEATH
NUCLEUS
9. 72 Patients Treated to Date
9
MDNA55: Clinical Study Summary
May 2018 Medicenna Corporate Overview
Consolidated Safety Profile
• No deaths attributed to MDNA55
• No systemic toxicity at any dose
• No clinically significant laboratory abnormalities
• Most adverse events were due to local effects and
similar to those typically seen in this patient
population
• Manageable inflammation and edema associated
with tumor cell death
• MTD established at 240 μg
STUDY PATIENT DOSE(µg)
Investigator Initiated
(U.S.)
Recurrent GBM
(n=9)
6–720
Multi-Center
(U.S./Germany)
Phase 1/2
Recurrent HGG
No-Resection
(n=25 GBM+6 AA)
240–900
Multi-Center
(U.S./Germany)
Phase 1/2
Recurrent GBM
+ Resection
(n=32)
90–300
10. Open-Label Single Arm Study in 52 Patients
10
Phase 2b Study Design Summary
May 2018 Medicenna Corporate Overview
PRIMARY OBJECTIVES
ORR
SECONDARY OBJECTIVES
MOS | Safety | PFS-6
TERTIARY OBJECTIVES
Correlate IL4R expression with efficacy
DIAGNOSIS PLANNING TREATMENT FOLLOW UP
11. Statistical Design and Sample Size
11
Efficacy Analysis
May 2018 Medicenna Corporate Overview
PRIMARY ENDPOINT
Objective Response Rate (ORR) per RANO (Response Assessment for Neuro-Oncology) based criteria
TEST HYPOTHESIS
Null hypothesis that ORR is 6% (kill) versus the alternative hypothesis (pursue) that ORR is 18% following treatment
with MDNA55. Hypothesis based on ORR from previous studies1
PRIMARY ANALYSIS
Assessed according to a single-arm, single-stage binomial design at 1-sided alpha =2. A total of 52 Subjects will
provide >95% power. A total of 25 subjects from the revised protocol will provide greater than 80% power.
1 Levin VA, Tonge PJ, Gallo JM, et al. CNS Anticancer Drug Discovery and Development Conference White Paper. Neuro-Oncology, v17:1–26, 2015
Type of Treatment Number of Clinical Trials Number of Patients
Case Number of Weighted
Mean ORR (Range)
Cytotoxic Agents 21 1745 6% (0–17%)
Non-Cytotoxic/Non-Antiangioneic 18 1239 4% (0–9%)
12. 2nd Generation CED Improves Tumor Drug Coverage
May 2018 Medicenna Corporate Overview 12
PAST STUDIES
1st Generation CED
Inaccurate catheter placement
Drug leakage due to backflow
Inadequate tumor coverage
CURRENT STUDIES
HIGH FLOW CED
TUMOR
CAVITY
TUMOR
INFUSION AT 3 HOURS
TUMOR
INFUSION AT 24 HOURS
64%
GREATER TUMOR COVERAGE WITH HIGH FLOW CED
Tumor coverage using new
high flow CED
Image-guided catheter
placement
New catheters
prevent backflow
Real-time
monitoring ensures
tumor coverage
13. MDNA55 Survival Results Consistent with Previous Studies
May 2018 Medicenna Corporate Overview 13
Overall Survival:
MDNA55-05 vs. Legacy Combined Data
Overall Survival:
MDNA55-05 (1.5µg/mL vs. 3.0µg/mL)
0 100 200 300 400 500
0
50
100
Days elapsed
Percentsurvival
MDNA55-05
Legacy combined
0 100 200 300 400
0
50
100
Days elapsed
Percentsurvival
1.5 µg/mL
3.0 µg/mL
14. Tumor Response Following Progression
May 2018 Medicenna Corporate Overview 14
Baseline
11.3 cm3
Day 30
19.6 cm3
Day 60
15.2 cm3
Day 120
13.8 cm3
Day 180
11.1 cm3
Day 240
6.4 cm3
Day 300
9.6 cm3
Day 330
12.3 cm3
15. Advanced Imaging to Determine Progression or Response
May 2018 Medicenna Corporate Overview 15
Baseline Day 60 Day 90 Day 120
Necrotic Tumor Active Tumor
16. Advanced Imaging to Determine Progression or Response
May 2018 Medicenna Corporate Overview 16
17. 17
Protocol Amendments Recommended by Safety
and Clinical Advisory Committees
May 2018 Medicenna Corporate Overview
Improving the
likelihood of
success with
MDNA55 in
patients with
rGBM
SAFETY SUMMARY
Ph 1
(n=25)
Ph 2
(n=32)
Ph 2b
(n=27)
Related Serious Adverse Events 24 28 8
• Dosing up to 240 µg (MTD)
• Volume personalized based on tumor size
• Include advanced imaging and/or biopsy to discriminate between pseudo-
progression and true-progression
• Second dose of MDNA55, if appropriate
• Patients requiring surgical resection will continue on study if evidence of tumor
necrosis and no residual tumor
• Allow sub-therapeutic dose of Avastin if intolerant to steroids
18. >2000 Patient Biopsies Analyzed Consistently Show IL4R Over-Expression
18
Future Opportunity: 1 Million IL4R Cancers Annually
May 2018 Medicenna Corporate Overview
Glioblastoma
76%
Bladder
73%
Breast
82%
Colorectal
89%
Head and Neck
75%
NSCLC
79%
Mesothelioma
96%
Ovarian
60%
Pancreatic
60%
20. 20
Extensive Library of Tunable Superkines
May 2018 Medicenna Corporate Overview
IL-2, IL-4 and IL-13 Superkines were engineered by directed evolution to have unique properties
Super-agonist or super-antagonist
SELECTION
22. Product Concept: Improved Version of Proleukin® (Aldesleukin)
22
Rationale for a IL-2 Superkine Agonist (MDNA109)
May 2018 Medicenna Corporate Overview
• Proleukin first targeted immunotherapy — approved for metastatic
melanoma and renal cancer
• Effector T cells and NK cells are relatively insensitive to IL-2 due to low
expression of CD25
• High dose IL-2 is required to stimulate effector cells
• CD25 expression on endothelium and Tregs limits use of IL-2 due to:
• Vascular leak syndrome
• Pulmonary edema
• Stimulation of Tregs blunts anti-tumor response
• IL-2 Superkine (MDNA109) signal independently of CD25 thereby:
• Preferentially activating effector T cells while limiting stimulation of Tregs
• Derive therapeutic benefits in the clinic without the underlying toxicity
Atkins et. al, Cancer J Sci Am., 2000
ORR = 16%; 6% CR, 10% PR
Survival of Melanoma
Patients Treated with IL-2
23. A High Potency Agonist for CD122: Preferentially Activates Effector Cells
23
MDNA109: A Best-in-Class IL-2 Cytokine for Cancer Immunotherapy
May 2018 Medicenna Corporate Overview
Comparison of the Stimulatory Effects on Key Immune Cell Populations
Proliferation
Immunosuppressive
Regulatory
T Cell
CD25
CD122 IL-2Rɣc
Proliferation
Immuno-stimulatory
Naïve T cell
CD8 Memory
T cell
NK cell
CD122 IL-2Rɣc
Proleukin® +++ +
ALKS 4230 + +
NKTR-214 + +
MDNA109 + +++
24. MDNA109 is More Potent and Less Toxic than Wild-type IL-2
May 2018 Medicenna Corporate Overview 24
Dose-Response of IL-2 Superkines
on CD25-YT Cells
Levin, Bates, and Ring et. al, Nature, 2012
Log[IL-2 (ng/mL)]
MDNA109 MDNA109
Selective Expansion of
CD8+ T Cells in Vivo
Reduced Adverse Effects
in Vivo
MDNA109
25. 5 10 15 20 25 30 35 40 45
0
500
1000
1500
2000
Days Post-Implant
MeanTumorVolume(mm3)
PBS
anti-PD-1
MDNA109 (5 ug q.d.)
MDNA109 (25 ug q.d.)
anti-PD-1 + MDNA109 (5 ug q.d.)
anti-PD-1 + MDNA109 (25 ug q.d.)
9/10 cures
1/10 cures
0/10 cures
MC38 colon cancer:
* 10 mg/kg IV q4dx3
25
MDNA109 Synergizes with
Anti-PD-1 Immunotherapy
May 2018 Medicenna Corporate Overview
Combination Therapy Produces Robust Responses
in a Dose-Dependent Fashion
• MDNA109 and anti-PD-1*
produce limited efficacy
alone
• Combination treatment
sufficient to cure most
mice
• Increased efficacy of
combination was well-
tolerated
27. Medicenna’s Engineered Superkines — Unique Differentiated Profile
27
Industry Leading Validation of Pre-Clinical Pipeline
May 2018 Medicenna Corporate Overview
SUPERKINE PROPERTIES COMPARATORS
MDNA209
IL-2 Super-Antagonist;
Blocks IL-2 signalling and
NK cell activity
• Broad and potent inhibition of IL2R expressing
cells compared to DEL106 and Daclizumab
• Efficient internalization enables payload fusion
or conjugation
DEL106 (IND stage)
$300 M upfront ($775 M total)
Acquired by Celgene (Jan 2017)
Daclizumab (marketed)
MDNA413
IL4/13 Dual Super-
Antagonist; Blocks Type 2
IL-4 and IL-13 signalling
• Unique MOA focused on modulating Th2
effector cells through Type II IL4/IL13 receptor
compared to Dupilumab and PRS-060
• Amenable to unique aerosol formulations like
PRS-060
Dupilumab (marketed)
PRS-060 (IND stage)
$2.1B partnership with AstraZeneca
(May 2017)
MDNA132
IL-13 Superkine;
Selective for IL13Ra2
• Higher selectivity and affinity than IL-13 mutant
used as targeting moiety of MB-101
• Proprietary fully human toxin fusion enables
efficient tumor killing with low predicted toxicity
MB-101 (Phase I in GBM)
$94.5 M private placement (Feb 2017)
29. 29
Financial Snapshot
May 2018 Medicenna Corporate Overview
• Cash balance at December 31, 2017: CDN$6.4 million
• Available to be drawn under CPRIT grant: US$6.5 million
• Expected cash burn: CDN$1 million per month
• Lead program fully funded: CDN$14.8 million available at December 31, 2017
Issued and Outstanding
24,344,048
Fully Diluted*
29,595,296
* Fully diluted includes 3,294,105 warrants with a CND$2.00 exercise price and 1,957,143 stock options with a weighted average exercise price of CDN$2.00
TSX: MDNA
OTCQX: MDNAF
30. Seasoned Management and Experienced Board
May 2018 Medicenna Corporate Overview
Management Team
Fahar Merchant, PhD Chairman, President & CEO
Former CEO Sophiris Bio (TSX); Former Director, President & CTO at KS Biomedix
(LSE); Founder, President & CEO of Avicenna Medica and IntelliGene Expressions
Martin Bexon, MD Head of Clinical Development
Former Medical Director at CSL Behring; Medical Director at Hoffman La Roche (UK and
Switzerland)
Shafique Fidai, PhD Head of Corp Development
Former VP of Business Development at Sophiris Bio; Formerly with Xenon Pharma,
Chromos
Elizabeth Williams, CPA,CA Chief Financial Officer
Former VP Finance & Admin and interim CFO at Aptose (TSX and Nasdaq); Previously
with Ernst & Young
Nina Merchant, MESc. Chief Development Officer
Former SVP Development at Sophiris Bio; Formerly VP Development at KS Biomedix
(LSE); Previously at Avicenna Medica, IntelliGene, Pharmacia and Sanofi Pasteur
Board of Directors
Fahar Merchant, PhD Chairman, President & CEO
Albert Beraldo, CPA, CA Independent Director
Founder, President and CEO of Alveda Pharmaceuticals until its acquisition by Teligent, Inc.
(NASDAQ: TLGT); Former President and CEO of Bioniche (TSX).
William W. Li, M.D. Independent Director
CEO, President and Co-Founder of the Angiogenesis Foundation. Executive strategic
consultant to pharma in drug development and major investment banks. Director of Leap
Therapeutics (NASDAQ)
Chandra Panchal, PhD Independent Director
Founder, Chairman and CEO of Axcelon; Former Co-Founder, President and CEO of Procyon
Biopharma Inc. (TSX); Former Senior Executive VP of Business Development at Ambrilia
Biopharma Inc. (TSX).
Andrew Strong, JD Independent Director
Partner at Pillsbury Winthrop Shaw Pittman — leading the Life Sciences Team in Houston,
TX. Formerly CEO of Kalon Biotherapeutics. Director of Ashford Hospitality Prime (NYSE)
Nina Merchant, M.E.Sc Director, Chief Development Officer
30
31. World Class Advisors and Collaborators
May 2018 Medicenna Corporate Overview 31
Clinical and Scientific Advisors Collaborators and Inventors
John Sampson, MD, PhD, MBA
Duke University
Principal Investigator and Expert in Drug Delivery to the Brain
Sam Denmeade, MD
John Hopkins University
Professor of Oncology: Targeted therapies for cancer
Nicholas Butowski, MD
University of California San Francisco
Principal Investigator; Novel therapies for brain cancer
Guido Kroemer, MD, PhD
University of Paris
Chair: SAB and Expert in Cancer Immunotherapy
Ralph Smalling, MSc
Regulatory Advisor
Former VP Regulatory Affairs at Amgen; Filed 40 INDs; 5 NDAs
Raj Puri, MD
USFDA
Director at CBER
Inventor of MDNA55
Aaron Ring, MD, PhD
Yale University
Asst. Prof Immunobiology & Cancer Biology
Co-Inventor of IL-2 Superkines
Chris Garcia, PhD
Stanford University
Co-Inventor of IL-2, IL-4 and IL-13 Superkines
Haya Loberboum Galski, PhD
Hebrew University of Jerusalem
Inventor of Fully Human Payloads)
32. 32
Multiple Near-Term Value Inflection Milestones
May 2018 Medicenna Corporate Overview
MDNA55
• Complete enrollment in Phase 2b rGBM trial
• Report rGBM Phase 2b interim top-line results
• End of Phase 2 meeting with FDA
• Commence Phase 2a clinical trial in other types of brain cancer
• Phase 2 clinical results for rGBM
MDNA109
• Complete manufacture of GLP API and formulation of drug product
• Complete dose range finding studies for pre-IND meeting with FDA
• Commence IND enabling studies in preparation for Phase 1 clinical trial
Phase 2 clinical
results for MDNA55
in rGBM
MDNA109 to be IND
Ready
33. May 2018 Medicenna Corporate Overview 33
MDNA55 — LEAD PROGRAM SUPERKINE PLATFORM CORPORATE SNAPSHOT
1 MILLION
Annual incidence of
IL4R positive cancers1
20
Number of cancers
known to over-express
the IL4R1
INTERLEUKIN
2,4,13
Tunable cytokines
13 PATENT
FAMILIES
Strong technology
platform protection
250,000
Annual incidence
of glioblastoma and
metastatic brain cancer2
ORPHAN/
FAST TRACK
Orphan Drug (FDA, EMA)
Fast Track (FDA)
GROWING
PIPELINE
Oncology, autoimmune and
inflammatory
EXPERIENCED
LEADERSHIP
Biotech and
drug development
4,000
Brain tumor patients can
be treated with 1 gram
of MDNA55
2 BILLION
Potential market of
MDNA55 market for
brain cancer ($US)1,3
VALIDATED
TARGETS
Industry transactions support further
development
$18 Million
Non-dilutive financing
1. BioXcel Strategic Analysis Report, 2014.
2. Globocan 2012: Estimated Cancer Incidence, Mortality and Prevalence Worldwide 2012.
3. Decision Resources, Inc Glioblastoma Report, Sept 2013.
34. Thank You!
Fahar Merchant
President and Chief Executive Officer
fmerchant@medicenna.com
medicenna.com
Liz Willaims
Chief Financial Officer
ewilliams@medicenna.com
