IO Biotech Appoints Faiçal Miyara, Ph.D., as Chief Business Officer

NEW YORK, April 05, 2024 (GLOBE NEWSWIRE) -- IO Biotech (NASDAQ:IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulating therapeutic cancer vaccines based on its T-win^® platform, today announced that Faiçal Miyara, Ph.D., has been appointed as the company's chief business officer. Dr. Miyara, who has more than 17 years of experience in the pharmaceutical industry, will be responsible for global business development activities including strategic partnerships. Dr. Miyara will be based in the United States, report to IO Biotech's CEO, Mai-Britt Zocca, Ph.D., and be a member of the company's executive team, effective immediately.

"We are very excited to welcome Faiçal to IO Biotech," said Dr. Zocca. "His deep experience in business development with proven ability to execute strategic transactions will be invaluable as we look at opportunities to advance our wholly owned proprietary T-Win platform. The coming months will be a critical period for the development of our company with the outcome of the pivotal Phase 3 interim analysis of our lead therapeutic cancer vaccine, IO102-IO103, expected in the third quarter of this year, as well as the readout of the primary endpoint of progression free survival estimated to follow in the second half of 2025."

Dr. Miyara added, "I am thrilled to join the IO Biotech team at this important time in the company's development. I believe the novel dual-mechanism approach of the vaccines being developed is very promising and has the potential to significantly improve the current treatment paradigm for people living with cancer. I look forward to developing new partnerships to further progress the company's growing portfolio."

Dr. Miyara is a seasoned executive with nearly two decades of experience in the pharmaceutical and biotechnology industry with a track record of successful deals and partnerships across several key therapeutic areas. Most recently, he served as Vice President, Head of Business Development Oncology, then Head of External Innovation Oncology, Lead on Venture Capital Activities at Ipsen Biosciences. Prior to this role, he was Senior Vice President, Head of Business Development and External Research at Kadmon Corporation. Earlier in his career, Dr. Miyara served in leadership roles at Pfizer and Eli Lilly and Company. Dr. Miyara holds a Ph.D. in reproductive, molecular, and cellular biology from the Université Pierre & Marie Curie Paris, and a Master of Engineering of Medical Biology degree from Université Joseph Fourier Grenoble.

Inducement Equity Awards

In connection with Dr. Miyara's acceptance of employment with the company, Dr. Miyara will, as of the close of business on April 5, 2024, be granted a non-statutory option to purchase 310,000 shares of the company's common stock. The option will vest over four years, with 25 percent of the shares vesting on the first anniversary of Dr. Miyara's hire date and the remainder vesting in equal monthly installments over the following three years. The option will have an exercise price per share equal to the closing price of the company's common stock on the grant date, have a ten-year term, be granted outside of outside of the company's 2021 Equity and Incentive Plan, but be governed by the company's 2023 Inducement Award Plan, and be subject to the terms and conditions of stock option agreement covering the grant. The stock option was granted as an inducement material to the employee entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

About IO102-IO103

IO102-IO103 is an investigational off-the-shelf therapeutic cancer vaccine designed to kill both tumor cells and immune-suppressive cells in the tumor microenvironment (TME) by stimulating activation and expansion of T cells against indoleamine 2,3-dioxygenase (IDO) and/or programmed death-ligand 1 (PD-L1) cells. The company is currently conducting a pivotal Phase 3 trial (IOB-013/KN-D18; NCT05155254) investigating IO102-IO103 in combination with pembrolizumab versus pembrolizumab alone in patients with advanced melanoma, a Phase 2 basket trial (IOB-022/KN-D38; NCT05077709) investigating IO102-IO103 in combination with pembrolizumab as first line treatment in patients with solid tumors, and a Phase 2 basket trial (IOB-032/PN-E40; NCT05280314) investigating IO102-IO103 in combination with pembrolizumab as neo-adjuvant/adjuvant treatment of patients with solid tumors.

The clinical trials are sponsored by IO Biotech and conducted in collaboration with Merck, and Merck is supplying pembrolizumab. IO Biotech maintains global commercial rights to IO102-IO103.

KEYTRUDA^® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

About IO Biotech

IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating therapeutic cancer vaccines based on its T-win^® platform. The T-win platform is based on a novel approach to cancer vaccines designed to activate T cells to target the immunosuppressive cells in the tumor microenvironment. IO Biotech is advancing its lead cancer vaccine candidate, IO102-IO103, in clinical trials, and additional pipeline candidates through preclinical development. Based on positive Phase 1/2 first line metastatic melanoma data, IO102-IO103, in combination with pembrolizumab, has been granted a breakthrough therapy designation for the treatment of advanced melanoma by the US Food and Drug Administration. IO Biotech is headquartered in Copenhagen, Denmark and has US headquarters in New York, New York.

For further information, please visit www.iobiotech.com. Follow us on our social media channels on LinkedIn and X (@IOBiotech).

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including regarding the timing of the interim and primary analyses of the company's Phase 3 trial, current or future clinical trials, their progress, enrollment or results, or the company's financial position or cash runway, are based on IO Biotech's current assumptions and expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.

Contact:

Maryann Cimino, Director of Investor Relations

IO Biotech, Inc.

617-710-7305

[email protected]