This announcement is made by ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (the “Company,” together with its subsidiaries, the “Group”) on a voluntary basis to inform shareholders and potential investors of the Company about the latest business development of the Group. 

Reference is made to the announcements of the Company dated August 1, 2024, August 22, 2024 and September 11, 2024, in relation to the entry into a license and collaboration agreement (the “License and Collaboration Agreement”) dated August 1, 2024, between the Company and Axion Bio, Inc. (“Axion Bio,” formerly known as SynBioTx Inc.) and the payments received under the License and Collaboration Agreement. The board (the “Board”) of directors (“Directors”, and each a “Director”) of the Company is pleased to announce that the Company has received the second near-term payment of US$5 million from Axion Bio in accordance with the License and Collaboration Agreement. As of the date of this announcement, the Company has received an aggregate of US$20 million in upfront and near-term payments under the License and Collaboration Agreement, marking a significant milestone in its collaboration with Axion Bio and laying a solid foundation for further advancement. Pursuant to the License and Collaboration Agreement, the Company expects to receive the remaining potential near-term payments of up to US$30 million in the future.

ABOUT IMM2510 (PALVERAFUSP α) 

IMM2510 (palverafusp α), independently developed by the Group, is a bispecific molecule with a mAb-Trap structure targeting vascular endothelial growth factor (VEGF) and programmed cell death ligand 1 (PD-L1). IMM2510 (palverafusp α) can inhibit angiogenesis, leading to tumor shrinkage, and sensitize tumor cells to immune responses, while activating T cells, NK cells, and macrophages via the blockade of PD-L1/programmed cell death protein 1 (PD-1) interaction and the induction of Fc-mediated antibody-dependent cellular cytotoxicity (ADCC)/antibody-dependent cellular phagocytosis (ADCP) activity. 

ABOUT IMM27M (TAZLESTOBART)

IMM27M (tazlestobart) is a new generation cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) antibody with enhanced ADCC activity. It can induce potent immune responses targeting CTLA-4 overexpressed immune-suppressive Treg cells and promote Treg depletion from the tumor microenvironment (TME), thus enhancing T-cell antitumor response. 

ABOUT AXION BIO 

Axion Bio, Inc. (formerly known as SynBioTx Inc.), is a company incorporated in Delaware, the United States on July 30, 2024, which is a wholly-owned subsidiary of Instil Bio, Inc. It is principally engaged in clinical research and development. Instil Bio, Inc. is a company incorporated in 2018 and headquartered in Dallas, Texas, the United States, which is listed on the NASDAQ Global Market (NASDAQ: TIL). It is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies. For further details of Instil Bio, Inc., please refer to its website atwww.instilbio.com.