Investment in Vaxxas winner at 2012 Vaccine Industry Awards

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1 FOR IMMEDIATE RELEASE 17 April 2012 Investment in Vaxxas winner at 2012 Vaccine Industry Awards WASHINGTON, DC, USA and BRISBANE, QUEENSLAND, AUSTRALIA The $15m syndicated investment in Vaxxas Pty Ltd, developers of the Nanopatch, a new needle-free vaccine delivery system, was judged the Best Venture Capital Investment at the 2012 Vaccine Industry Excellence Awards, held at the World Vaccine Congress in Washington, DC last week. Dr Paul Kelly, OneVentures Partner and Chairman of Vaxxas, accepted the award on behalf of the investors and the company. The investment led by OneVentures, with co-investors Brandon Capital Partners, the Medical Research Commercialisation Fund (MRCF), and US-based HealthCare Ventures was made just seven months ago, enabling Professor Mark Kendall and his team at University of Queensland s Australian Institute for Bioengineering and Nanotechnology (AIBN) to take the Nanopatch into commercial development. The Vaccine Industry Excellence Awards have been created to honour and recognise the efforts, accomplishments, and positive contributions of companies and individuals in the vaccine industry over the previous 12 months. This year s awards were voted upon by global industry representatives and attended by more than 500 senior vaccine industry professionals. The judging criteria for the award included the structure of the deal, how innovative the investment model was, and what impact the investing company has had and will have on the business. Dr Kelly said winning the award was an acknowledgement of the innovative approach the syndicate had bought to making this investment. As well as the OneVentures team, I would like to acknowledge the contributions of my fellow syndicate Directors, Dr Stephen Thompson of Brandon Capital Partners and Douglas Onsi, of HealthCare Ventures The investment is significant because of its size, which ensures the company has appropriate initial funding to achieve key development and commercial milestones, because the investment syndicate includes both Australian and international investors, and also because those investors have a hands-on approach to supporting the company even at this early stage, Dr Kelly said. These resources are not just financial but expertise, networks and the experience in building high-growth globally significant companies and taking novel technologies through to innovative products. Colleagues in the investment syndicate have vaccine industry experience, healthcare business development experience and close relationships with major pharmaceutical companies. Dr Stephen Thompson, Managing Director of Brandon Capital Partners and the MRCF, stated that the OneVentures Innovation Fund, Brandon Biosciences Fund 1 and MRCF are all supported by the Australian Government s IIF program. The importance of the IIF program in enabling Australian venture capital firms to commercialise the outcomes of Australia's strong research capability can not be over emphasized. Without this contribution to the venture industry, technologies such as the Nanopatch, being commercialised through Vaxxas, may never make it off the laboratory bench to international markets.

2 Douglas Onsi, Managing Director of HealthCare Ventures, stated that this award is a tribute to Professor Kendall and the team in his lab at the AIBN who invented and developed the breakthrough Nanopatch technology and to UniQuest who provided the managerial and intellectual property support. A venture investment is only as good as its underlying technology and people, and this award represents recognition from the global vaccine industry of Professor Kendall and his team s accomplishments in solving some of the major issues in vaccine delivery. The entire syndicate looks forward to seeing the Nanopatch technology advance towards testing in patients. The Nanopatch has thousands of small projections designed to deliver the vaccine to abundant immune cells in the skin, whereas the traditional syringe hits the muscle where there are few immune cells. Early stage testing in animals so far has shown that a Nanopatch delivered flu vaccine was th effective with only 1/150 of the dose compared to a syringe and that the adjuvants currently required to boost the immunogenicity of vaccines may not be needed. In addition to improving the efficiency of delivery, the Nanopatch has the potential to dramatically improve patient convenience and reduce the complications associated with needle phobia, needle stick injuries and cross contamination, which are key global health issues. The Nanopatch is designed also to provide vaccine thermostability, removing the need for refrigeration, making transport much cheaper and easier, particularly to developing nations around the world. For more information about Vaxxas and the Award, please contact Vaxxas Chairman and OneVentures Partner, Dr Paul Kelly on or pkelly@one-ventures.com. Additional background information over the page.

3 Additional information: About the Nanopatch Technology The Nanopatch is a silicon patch with thousands of small projections designed to hit abundant immune cells in the skin. Professor Mark Kendall and his team have tested the Nanopatch and confirmed in animals improved immune responses compared to standard needle and syringe injection. In animals treated with influenza vaccines, the Nanopatch induced immune responses achieved equivalent th protection with 1/150 of the delivered dose; which was 10 times better than any other delivery system tested. Other significant Nanopatch results have been published with the delivery of vaccines for Human Papilloma Virus (HPV), Human Simplex Virus (HSV 2), Chikungunya and West Nile Virus. A vaccine is coated onto the Nanopatch, which could eliminate the need for the vaccines to be refrigerated when they are stored and transported, overcoming a key global challenge for vaccines. In the developed world about 14% of a vaccine s costs are attributed to maintaining the cold chain and in the developing world, the cold chain impact on vaccines is even greater. In Africa about half of vaccines aren t working properly because of a breakdown in the cold chain, said Professor Kendall. Professor Kendall has been working on the Nanopatch for the past eight years. In 2006, he returned to Australia from the University of Oxford, accepting the role of Professor of Biomedical Engineering at the University of Queensland; supported by UQ s AIBN, Diamantina Institute and the Faculty of Health Sciences. Since then, he first secured a Queensland Smart State Senior Fellowship, followed by an Australian Research Council Future Fellowship; which he currently holds. In addition, Professor Kendall s Nanopatch research has been supported by research grants from Queensland s Smart State program, the Australian Research Council (ARC), National Health and Medical Research Council, and the Bill and Melinda Gates Foundation. About OneVentures - OneVentures is a venture capital firm that invests in emerging Australian companies with differentiated products in the information technology, life sciences and clean technology sectors. The OneVentures Innovation Fund invests in research driven technology companies targeting an expanding global market. OneVentures is managed by a team of partners with a track record of hands-on business execution and operational management: a unique blend of highly successful entrepreneurs, technology business founders and corporate executives with a strong scientific pedigree, extensive off-shore experience and networks (their achievements include exits via M&A $30million to NASDAQ listings US$350million). This skill-set makes the team ideally suited to supporting and mentoring entrepreneurial management to help them drive growth and create value in their companies and subsequently, through leveraging collective experience, reduce portfolio company risk and enhance portfolio returns for OneVentures investors. In the past year, OneVentures has reviewed over 450 companies. The OneVentures Innovation Fund is a $40 million venture capital fund raised in 2010 and formed as an Early Stage Venture Capital Limited Partnership. OneVentures is supported by the Australian Government through the IIF program with this funding matched by institutional investors, individual high net worth investors and family offices. The Fund returns are tax free on income and capital account for national and international investors. The IIF is an Australian Government venture capital initiative that provides investment capital and managerial expertise through licensed venture capital fund managers to investee companies. Contact: Dr Michelle Deaker Level 2, 18 Bulletin Place, Sydney NSW 2000 Ph: mdeaker@one-ventures.com

4 About Brandon Capital Partners Brandon Capital Partners was established in 2007 and makes seed and venture capital investments in Australian life science companies. We work collaboratively with entrepreneurs to demonstrate the value of their technology creating value for them, their teams and our investors. The $50 million Brandon Biosciences Fund 1 (BBF1) is supported by the Australian Government s IIF program, a venture capital initiative that supports innovation funds and fund managers with expertise in early-stage venture capital investing to commercialise the outcomes of Australia s strong research capability. About The Medical Research Commercialisation Fund (MRCF) The $51 million Medical Research Commercialisation Fund (MRCF) Collaboration is an innovative investment collaboration established in 2007 and managed by Brandon Capital Partners. The MRCF invests in early stage development and commercialisation opportunities emanating from its membership of 32 Australian medical research institutes and allied research hospitals, which includes the Australian Institute for Bioengineering and Nanotechnology (AIBN). The MRCF IIF, LP fund is supported by AustralianSuper, StatewideSuper and the Australian Government under its IIF program. The MRCF also acknowledges the support of the State Governments of Victoria, New South Wales, Western Australia and Queensland. Contact: Dr Stephen Thompson Level 2, 210 George Street, Sydney NSW 2000 Ph: sthompson@brandoncapital.com.au About Health Care Ventures HealthCare Ventures is a leading global life sciences venture capital firm investing in early stage companies with potential to transform patient care. Since its founding in 1985, HealthCare Ventures has raised US $1.6 billion in nine funds and has invested in over 100 companies, 68 as startup ventures. Contact: Mr. Douglas Onsi 47 Thorndike Street, Cambridge, MA Ph: +1 (617) donsi@hcven.com

5 About the Research Team The University of Queensland's Australian Institute for Bioengineering and Nanotechnology (AIBN) is an integrated multi-disciplinary research institute bringing together the skills of world-class researchers in the areas of bioengineering and nanotechnology. It is home to 20 research groups working at the interface of the biological, chemical and physical science to alleviate problems in human health and environmental issues. The focus of AIBN s research efforts is on developing new products, processes and devices for improving human health and quality of life. In this way the institute goes beyond basic research to promote and develop the growth of innovative industries, which will benefit the Queensland and Australian economies. The AIBN proudly acknowledges the financial support of Atlantic Philanthropies, the Queensland State Government and The University of Queensland toward the construction of the $75 million AIBN research facility. Professor Mark Kendall leads a research team at the Australian Institute for Bioengineering and Nanotechnology (AIBN) developing needle-free delivery of vaccines targeting the skin. Professor Kendall joined UQ in 2006 as a joint appointment by AIBN, the Diamantina Institute and the Faculty of Health Sciences. Prior to this at the University of Oxford, UK, he was a Lecturer (Department of Engineering Science and Magdalen College) and also Associate Director of the PowderJect Centre for Gene and Drug Delivery.