PBMD

Prima BioMed Ltd (PBMD)

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Prima Biomed Ltd. (PBMD)

Q1 2013 Earnings Call

April 23, 2013 7:00 pm ET

Executives

Matthew Lehman – Chief Executive Officer

Dr. Sharron Gargosky – Chief Technical Officer

Marc Voigt – Chief Business Officer and Chief Financial Officer

Analysts

Zara Lyons – Nomura Securities

David Stanton – Nomura Group

Steve Morse – HELM Capital Partners

Anton Uvarov – RM Capital

George Gladstone – Ord Minnett Research

Presentation

[Presentation will be updated soon]

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Our first question comes from [Anton] with Ord Minnett. Please go ahead.

Unidentified Analyst

I just wanted to ask a question around the grant from the Saxony Development Bank $3.8 million. Can you tell me how the grant was as far as you qualify for that and significance going forward?

Matthew Lehman

Yes, sure. So I think just a little bit of background. So we have a subsidiary and we have one of our main offices is based on Leipzig, Germany. We worked with one of the manufacturing collaborators in that region. It’s called the Fraunhofer Institute for Cell Therapy and Immunology. So we worked with this for actually to develop management for clinical trials. They are also doing some additional work on some immune monitoring and some additional like our companion screening, where we have to do the screening test for mucin 1 positive tumor. So, we’ve been working with the institute in a number of ways.

We were first to award a, this does goes back years, we are awarded a €4.1 million grant to help support some of our initial work in that region and then this is an additional grant that will help support, really a lot of it’s dedicated to the phase II program of additional cancer indications of offering additional manufacturing and immune monitoring testing. So primarily our eligibility for this is basically we’re a development stage company, we’re trying to invest in the State of Saxony, we hire people, it’s very much an economic development program and trying with tract innovative and development stage companies to the region.

And yeah, I mean it is competitive, we have to make an application, it was quite an extensive one so we discuss both the merits of the program, the background where we are to date, what we’re trying to do with the money and the way this works practically. They were at the grant and then basically as money expense on the development program it’s kind of reimbursed from the State of Saxony, it’s Saxony Development Bank that administers the funds. Did that answer the question?

Unidentified Analyst

Yes, thank you.

Marc Voigt

Okay, yeah thanks. Good question.

Operator

Thank you. The next question comes from [Violet Zara Lyons] with Nomura. Please go ahead.

Zara Lyons – Nomura Securities

Good morning it’s Zara Lyons from Nomura.

Matthew Lehman

Good morning, Zara.

Zara Lyons – Nomura Securities

I just want to – good morning. I just wanted to clarify with the projected loss for 2013, does that include the grant from the Bank of Saxony, please?

Matthew Lehman

Yeah.

Marc Voigt

That includes the grant. As Matt has explained, the reimbursement of the grant comes over time so we are not drawing down the $3.8 million to start of the project but over time when we spent money, we make applications to get reimbursed. So part of the grants maybe reflected in that loss but obviously huge amount of this grant as well as of the existing first grant of €4.1 million will come over time and the majority we expect in 2014.

Zara Lyons – Nomura Securities

Thank you. And just a second clarification, did I expect any remit of funds back to then as the technologies commercialized?

Marc Voigt

No in principal it’s non-dilutive, non-refundable grant.

Zara Lyons – Nomura Securities

Right. Thank you very much. I’ll get back in the queue.

Operator

Thank you. The next question comes from David Stanton with Nomura Group. Please go ahead.

David Stanton – Nomura Group

Hi, thanks for taking my question. Just interested in your Phase 2 clinical trials that you in addition to cancer indications. Can you give us – do you ever said publicly what in the cancer indications you’re going for, it’s my first question?

Matthew Lehman

Hi, David. No, so we haven’t made that announcement yet. I mean we have gone through the last several months, I would say lot of background research feasibility. We have been working really at about six or seven different potential cancer types of expression of mucin 1. We expect we will be able to finalize next one to two months. If you just go ahead and talk about we certainly looked at there was couple of criteria looking at, we may choose that. There is really the feasibility of conducting the clinical trials ability to find patients in relatively reasonable amount of time looking a bit on the market side, we’re attracted to unmet medical needs, places where a little bit more of a moderate kind of commercial situation or good competition situation.

And certainly if we look at the cancer trend will benefit from products like CVac. So cancer types have sort of demonstrated themselves and better to be reactive to immune approaches, ovarian cancers has been demonstrated to be, as well as disposable (inaudible) of any immune therapy.

It looked most times that potential survival time or potential time patients staying with mission because there is time that immune therapies need to really be able to get a full effect and that again looking at the literature and different clinical trials that is certainly several months.

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