Iomai Corp - Additional Proxy Soliciting Materials - Non-Management (definitive) (DFAN14A)

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IOMAI CORPORATION

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INTERCELL AG

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Driving Vaccine Innovation ROADSHOW PRESENTATION

Intercell develops vaccines for the prevention and treatment of infectious diseases

For more information be invited to: www.intercell.com

Safe Harbour Statement

These materials do not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

During the course of this presentation, Intercell AG (the “Company”) may make projections or other forward-looking statements regarding, among other things, the benefits of the proposed acquisition of Iomai Corporation (“Iomai”) by the Company, including future financial and operating results, the Company’s plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to the ability to obtain regulatory approvals of the transaction on the proposed terms and schedule; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; market acceptance for the transaction and approved products; risks of regulatory review and clinical trials; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to acquire and develop new products; reliance on intellectual property and having limited patents and proprietary rights; general worldwide economic conditions and related uncertainties; and the effect of changes in governmental regulations.

In addition, projections or other forward-looking statements may relate to, among other things, the progress, timing and completion of the Company’s and Iomai’s research, development and clinical trials for product candidates, the Company’s and Iomai’s ability to market, commercialize and achieve market acceptance for product candidates, their ability to protect their intellectual property and operate their respective businesses without infringing on the intellectual property rights of others, the Company’s and Iomai’s estimates for future performance and their estimates regarding anticipated operating losses, future revenues, capital requirements and their needs for additional financing. In addition, even if the Company’s and Iomai’s actual results or development are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of the Company’s and/or Iomai’s results or developments in the future. In some cases, you can identify forward-looking statements by words such as “could,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” or similar words. These forward-looking statements are based largely on the Company’s current expectations as of the date of this presentation and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Except as otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It:

In connection with the proposed acquisition of Iomai by Intercell, Iomai will be filing a proxy statement for its stockholders and other documents regarding the proposed acquisition with the Securities and Exchange Commission (“SEC”). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, IOMAI STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND IOMAI. Investors and stockholders may obtain copies of the proxy statement and other relevant documents filed with the SEC by Iomai (when they are available) free of charge at the SEC’s website at http://www.sec.gov. In addition, investors and stockholders may obtain copies of the proxy statement and other relevant documents filed with the SEC by Iomai (when they are available) by going to Iomai’s Investor Relations page on its corporate website at http://www.Iomai.com.

Iomai and its directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies from Iomai’s stockholders with respect to the proposed transaction. Information regarding Iomai’s executive officers and directors, and their beneficial ownership of Iomai’s common stock as of March 26, 2008, is available in Iomai’s proxy statement for its 2008 Annual Meeting of Stockholders, which was filed with the SEC on April 4, 2008. Other information regarding the interests of such potential participants in the proxy solicitation will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

PAGE 1 ROADSHOW PRESENTATION MAY 2008

Delivering on promises — dedication to innovation KEY MANAGEMENT

Gerd Zettlmeissl, CEO Former CEO of Chiron Behring, co-inventor of Enbrel

Werner Lanthaler, CFO Former Senior Consultant with McKinsey & Company, former Executive Director with the Federation of Austrian Industry

Alexander von Gabain, CSO Former Chair of Department of Microbiology and Genetics at the Campus Vienna Biocenter, Foreign Adjunct Professor at the Karolinska Institute

Thomas Lingelbach, COO Former Vice President Industrial Operations Chiron Vaccines, Managing Director for Novartis Vaccines Germany

PAGE 2 ROADSHOW PRESENTATION MAY 2008

Agenda

Overview Introduction to Iomai — The Target Company Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell Going Forward

PAGE 3 ROADSHOW PRESENTATION MAY 2008

A combination of cash and share consideration secures competitive deal

IOMAI TRANSACTION OVERVIEW

Acquirer Intercell (VSE:ICLL)

Target Iomai (NASDAQ: IOMI)

$6.60 per share Total consideration of $189m* ( € 122m) Offer Value ??$70m ( € 45m) in new shares** ??$119m ( € 77m) in cash

Share Exchange: between Intercell and Iomai’s major shareholders (41%) Structure Voting agreements representing over 50% of Iomai’s shareholders in place Cash Merger: between Intercell and public shareholders (59%)

File Form 8K with SEC: week of 12 May 2008 Key Dates Iomai’s stockholders meeting and merger approval: Q2/Q3 2008 Deal closing: Q3 2008

• Based on 28.6m shares outstanding including all options and warrants fully diluted ** Represents ca. 4% of Intercell shares outstanding

PAGE 4 ROADSHOW PRESENTATION MAY 2008

Acquisition of Iomai — adding late stage products and vaccine patch IOMAI ACQUISITION STRATEGIC RATIONALE

Even stronger, more diversified late stage vaccine portfolio

Leading travelers’ vaccine franchise targeting > € 750m combined market (JEV, Travelers’ Diarrhea)

Promising Flu vaccine patch franchise —pandemic and interpandemic

Complementary industry leading technology platforms —antigens, adjuvants and vaccine patch

Leverage of vaccine patch technology for multiple new vaccine indications (e.g. JEV 2nd generation, Hepatitis C, Pneumococcus)

PAGE 5 ROADSHOW PRESENTATION MAY 2008

Focus of R&D Day: hospital acquired infections, travelers’ franchise and innovative vaccine patch technology

OUR VALUE PROPOSITION

Technologies Products

AIP ^® New global travelers’ vaccines Leading technology Japanese Encephalitis vaccine — expected market generating novel approval US/EU/AUS 2008, India 2009 vaccine and antibody Market potential: € 250m — 350m products ~10 targets Travelers’ Diarrhea vaccine patch — expected start of Phase III early 2009 Market potential: > € 0.5bn

NEW* *

Hospital acquired infections (vaccines & antibodies) Leading approach for vaccines & antibodies

??S. aureus vaccine — in Phase II

IC31 ^® Market potential: > € 3bn New “Gold Standard” ??Pseudomonas vaccine — expected start of Phase II/III for vaccine adjuvants in 2008 Market potential: > € 1bn ? Other pre-clinical vaccines and antibodies — rapidly advancing (Klebsiella, Enterococcus)

Leading products for Therapeutic Hepatitis C vaccine — in Phase II *

Patch/Pandemic Flu vaccine — in Phase I/II NEW* Vaccine patch IC31 ^® /Seasonal Flu vaccine — in Phase I/II Leading technology Protein based Pneumococcus vaccine — expected start of Phase I in 2008 for vaccine delivery with patch IC31 ^® /TB vaccine — in Phase I/II NEW* * Market potential: > € 0.5-3bn per target

Most innovative biotech company for vaccines, antibodies and delivery technology with own development and strong partnerships*

• Strategic Partnerships ** Subject to closing

PAGE 6 ROADSHOW PRESENTATION MAY 2008

Agenda

Overview Introduction to Iomai — The Target Company Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell Going Forward

PAGE 7 ROADSHOW PRESENTATION MAY 2008

Perfect match for our growth — advanced products and new delivery technology COMPANY SNAPSHOT

Late stage products targeting significant infectious disease opportunities

Travelers’ Diarrhea vaccine patch (> € 0.5bn market opportunity) Vaccine enhancement patch for Pandemic Flu ( € 0.5-1.0bn market opportunity)

Leader in the application of vaccines using needle-free vaccine patch technology

Highly innovative vaccine delivery alternative to current injected vaccines Broad application opportunities for vaccine enhancement patch to reduce the dose/number of injections of existing vaccines

Clinical Validation: breakthrough results from needle-free vaccine patch

Excellent Phase II efficacy data for Travelers’ Diarrhea vaccine patch Promising Phase I/II efficacy data vaccine enhancement patch for Pandemic Flu

Headquartered in Gaithersburg, Maryland (USA), ~ 110 employees, incorporated in 1997

PAGE 8 ROADSHOW PRESENTATION MAY 2008

Travelers’ Diarrhea: substantial unmet medical need RISK AREAS FOR TRAVELERS — OVERVIEW

Significant risk for travelers to the developing world

Increasing number of business travelers to “at risk” regions

55 m travelers from developed countries to endemic areas

People at risk for TD growing at 3.6% CAGR (2000-2007) Growth driven by increasing comfort levels of tourists, diversification of tourism and products offered developing prosperity of some regions such as South America

Source: Centers for Disease Control, Medical Clinics of North America, independent consultant analysis, 2007

PAGE 9 ROADSHOW PRESENTATION MAY 2008

Low Risk Intermediate Risk High Risk

19 m travelers each year to contract Travelers’ Diarrhea — ETEC as the main cause

TRAVELERS’ DIARRHEA — INCIDENCE AND ETIOLOGY (2007)

Population 425m 54.7m 19.2m 100% 100% Unknown 90% Protozoa Viruses 80% Other Bacteria 70% Shigella No TD Salmonella 60% To non- endemic Campylo- 50% areas bacter 40%

30% ETEC 20% TD 10% To endemic areas 0% Travelers* Travelers’ Causative Diarrhea**/*** Organism**/ ****

TD affects 35% of travelers to developing regions with highest incidence in Asia, Africa and Latin America ETEC responsible for 40-50% of all TD cases

• World Tourism Organization ** Steffen (2005) Journal of Travel Medicine *** Recent independent consultant interviews and analysis **** Ansdell (1999) Medical Clinics of North America

PAGE 10 ROADSHOW PRESENTATION MAY 2008

Immunogenicity and efficacy proof for Travelers’ Diarrhea vaccine patch OVERVIEW OF PHASE II RESULTS*

Vaccinees (n=59) Placebo (n=111)

Excellent immunogenicity**

LT IgG GMT LT IgA GMT 12,000 500 450 10,000 400 350 8,000 300 6,000 250 200 4,000 150 100 2,000 50 0 0 Baseline Arrival in Exit Baseline Arrival in Exit

country country country country

Compelling efficacy** Moderate/severe diarrheal episodes 35

20 # stools/episodes 15 10 5

0 Vaccine Placebo (3 of 59) (23 of 111)

• Full data to be published in H1 2008 ** 2 vaccinations with patch at days 0 and 14-21; travel to South America 7 days post 2 ^nd vaccination with patch

Proposed indication Active immunization against moderate to severe Travelers’ diarrhea

PAGE 11 ROADSHOW PRESENTATION MAY 2008

Travelers’ diarrhea vaccine patch shows excellent efficacy and safety profile in Phase II EFFICACY AND SAFETY — CONCLUSIONS*

The Travelers’ Diarrhea vaccine patch

Prevents Diarrhea and ETEC infections

75% reduction of moderate and severe Travelers’ Diarrhea 84% reduction of severe Travelers’ Diarrhea 66% reduction of ETEC infections

?Improves episodes in the few contracting Diarrhea

Reduction of duration (from 2 to 0.5 days) and frequency clinically meaningful improvement

Travelers’ Diarrhea vaccine patch is very safe

No related Severe Adverse Events Generally mild (i.e. transient rash) self resolving patch site reactions

• Full data to be published in H1/2008 ** Expected start H1 2009

Excellent profile for rapid pivotal Phase III development**

PAGE 12 ROADSHOW PRESENTATION MAY 2008

High likelihood of bringing Travelers’ Diarrhea vaccine patch to market DEVELOPMENT AND REGULATORY PATHWAY

2006/2007 2008/2009 2010/2011 Phase II efficacy data Preparation and start of global pivotal Phase III Pivotal Phase III efficacy data

Production of patches at commercial scale efficacy studies (FDA, EMEA) Phase III safety and consistency data

Start of Phase III safety and consistency trials Build up commercial manufacturing and supply chain

Define marketing and distribution strategy in US/EU/Asia FDA/EMEA regulatory filings

PAGE 13 ROADSHOW PRESENTATION MAY 2008

A “one dose” Pandemic Flu vaccine patch is urgently needed PROBLEM AND CURRENT STATUS

Permanent threat of a global pandemic outbreak Need to vaccinate total population with fast protection ?Lower antigen doses ?Protection with one dose vaccine Currently only US approved pandemic vaccine with suboptimal profile* ?High antigen dose (90 mcg/dose) ?Two doses (day 1 and day 28) No breakthrough yet with other injectable vaccines in development** US government $7.1bn initiative to prevent and prepare for an outbreak

• sanofi pasteur ** GSK, Novartis, sanofi pasteur

PAGE 14 ROADSHOW PRESENTATION MAY 2008

Vaccine enhancement patch strongly increases Pandemic Flu immune response after one dose* PHASE I/II DATA

Study design

Study vaccine ?Injectable derived H5N1 Flu** ?With/without patch on injection site 10 study groups (~ 500 subjects total) Endpoints ?Protective immune responses*** ?Systemic and local safety

Key results

1 dose vaccine (1x45mcg) with patch protects 73% of subjects (vs. 49% without patch) Meets FDA guideline of > 70% protection rate for Pandemic Flu vaccine Exceeds protection rate (44%) of only US approved 2 dose vaccine (2x90mcg)**** Excellent local and systemic safety profile

Phase II study expected to start in H2 2008; Data suggest potential of vaccine enhancement patch to improve existing and new injectable vaccines

• Program funded and supported by United States Department of Health & Human Services ** From Solvay; different doses from 5 — 45 mcg *** Hemoglutinin inhibition (HI) titers **** from sanofi pasteur

PAGE 15 ROADSHOW PRESENTATION MAY 2008

Agenda

Overview

Introduction to Iomai — The Target Company Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell Going Forward

PAGE 16 ROADSHOW PRESENTATION MAY 2008

Strong late stage portfolio addressing high unmet medical need COMBINED INTERCELL PORTFOLIO — SNAPSHOT

Market size > € 1.5bn Market size € 500m — 1.5bn

Market size < € 500m Iomai

Market opportunity Pneumo HCV

S. aureus

High

Flu (IC31 ^® )Pseudo- Travelers’ monas Diarrhea Moderate

Japanese Encephalitis Pandemic Flu Low

High ModerateLowCompetition

PAGE 17 ROADSHOW PRESENTATION MAY 2008

Even stronger pipeline and definitive leadership in vaccines innovation PRODUCT DEVELOPMENT

Clinical vaccines

Status Expected milestones Partner

1. Japanese Encephalitis Prophylactic Filed US/EU/AUS/India market Novartis (M&D) /

Virus vaccine approvals in 2008/09 CSL / Bio. E 2. Travelers’ Diarrhea Prophylactic Phase II Phase III start 2009 In-house vaccine TD vaccine patch NEW 3. S. aureus vaccine Prophylactic Phase II Phase III start 2009 Merck 4. Pseudomonas vaccine Prophylactic Phase II Phase II/III start 2008 In-house 5. Hepatitis C Virus Therapeutic Phase II Phase II start 2009 Novartis vaccine 6. Pandemic Flu Prophylactic Phase I/II Phase II start 2008 In-house/ NEW vaccine patch HHS 7. IC31 ^® Seasonal Flu Prophylactic Phase I Phase I/II start 2008 Novartis vaccine 8. Tuberculosis vaccine Prophylactic Phase I/II Phase II/III start 2009 SSI / Sanofi 9. Pneumococcus vaccine Prophylactic Pre-clinical Phase I start 2008 In-house

10. Group A Streptococcus Prophylactic Pre-clinical Phase I start 2009 Merck

vaccine 11. Bacterial vaccine*ProphylacticPre-clinicalPhase I start Sanofi Pre-clinical vaccines 12. Group B Streptococcus ProphylacticPre-clinicalPhase I startIn-house vaccine 13. S. aureus antibodies AntibodiesPre-clinicalPhase I startMerck in infected patients 14. Pneumococcus AntibodiesPre-clinicalPhase I startKirin antibodies in the elderly 15. Group A Streptococcus AntibodiesPre-clinicalPhase I startMerck Antibodies antibodies in infected patients 16. Group B Streptococcus Antibodies Pre-clinical Phase I start In-house antibodies in premature newborns

• Undisclosed indication ** GBS vaccine strategy under review

PAGE 18 ROADSHOW PRESENTATION MAY 2008

Leading patch technology for vaccine delivery

OVERVIEW TRANSCUTANEOUS IMMUNIZATION (TCI)

Vaccine Delivery via a patch

Vaccine patch

APCs*

Epidermis

Vaccine +/-Adjuvant Migration

Dermis

Activated APCs Draining Lymph Node

Ease of use and needle-free administration (self applied) Direct antigen and adjuvant delivery to the immune system Excellent local tolerability Stable at room temperature Broad application spectrum for old and new vaccines

Immune Response

TCI technology allows large proteins to move through skin into lymphatic system

• Antigen presenting cells

PAGE 19 ROADSHOW PRESENTATION MAY 2008

Numerous applications for vaccine patch (TCI) POTENTIAL STRATEGIC APPLICATIONS

Direct antigen/adjuvant delivery, e.g.

TD vaccine patch (Phase II) Pneumococcus vaccine patch Many others

Vaccine enhancement patch*, e.g. Pandemic Flu (Phase I/II) 2nd generation JEV (one dose) Reduction of injections for childhood vaccines Many others

PAGE 20 ROADSHOW PRESENTATION MAY 2008

A leading travelers’ vaccine franchise SYNERGY 1/3

JAPANESE ENCEPHALITIS

30,000-50,000 cases p.a. 25% fatality rate ~28m travelers to endemic areas p.a. Market Opportunity ~ € 250—350m

Leading global JEV franchise Filed — expected market approval in US/EU/AUS in 2008 and India in 2009 No competing product expected in near future

TRAVELERS’ DIARRHEA

15-20m cases p.a. Most significant source of morbidity for travelers ~55m travelers to high risk areas p.a.

Market Opportunity ~ € 500m

Potential for first approved TD vaccine* Positive Phase II efficacy data for TD needle-free vaccine patch — expected start of Phase III early 2009

Creation of leading travelers’ vaccine franchise ?Expands travelers’ vaccine offering Similar regional target markets and end users (travelers and militry) ???Limited competing programs Combined Market Opportunity > € 750m

• Focused on ETEC strain —the cause of 40-50% of all TD cases

PAGE 21 ROADSHOW PRESENTATION MAY 2008

A promising Flu vaccine technology franchise SYNERGY 2/3

IC31 ^® + FLU

100,000 ~ 200,000 deaths per year in US/EU Leading global franchise for Insufficient protection of better Flu vaccine for elderly elderly/risk populations Phase II data expected 2009 Limited competition Market Opportunity ~ € 2bn

PANDEMIC FLU

Ongoing pandemic threat Millions of deaths in 20th Opportunity for one dose century outbreaks (1914, ...) vaccine patch New avian strains arising Positive Phase I/II (H5N1, ...) immunogenicity data Potential for long-term HHS stockpile contract Market Opportunity Limited competition — no € 0.5-1bn competition on patch delivery

Creation of leading Flu franchise ?Expands offering by higher efficacy products ?Expands offering by highly innovative delivery technology

PAGE 22 ROADSHOW PRESENTATION MAY 2008

Combination of complementary and industry leading technology platforms SYNERGY 3/3

ANTIGEN ADJUVANTS Antigen Identification Vaccine Improvement Program (AIP ^® ) Program (VIP ^® )

Antigens for new Leading B-cell and vaccine candidates T-cell adjuvants

?S. aureus ?IC30

?Pneumococcus ?IC31 ^® ?Borrelia ?and more... ?and more...

DELIVERY Needle Free Vaccine Patch Technology

Combination of three complementary technology platforms ?Intercell proprietary AIP ^® and VIP ^® technologies — leading identification, development and improvement of vaccines ?Vaccine patch technology — leading novel vaccine delivery alternative to current injected vaccines

PAGE 23 ROADSHOW PRESENTATION MAY 2008

Strongest antigen delivery franchise in industry VACCINE INNOVATION TECHNOLOGY: AIP ^®

Antigen Identification Program (AIP ^® ) Partner

Pathogen

Total repertoire of Identified potential antigens Antigens

Bacterial genome Antibodies Antibodies of humans exposed to the disease select protective antigens Vaccines

S. aureus (Phase II) Non-disclosed bacterial Group A Streptococcus

Pseudomonas (Phase II) In-house Pneumococcus In-house & Otitis media In-house Borrelia In-house Group B Streptococcus In-house Travelers’ diarrhea In-house More targets In-house

S. aureus

Group A Streptococcus Group B StreptococcusIn-house Enterococcus, Pseudomonas In-house and other targets Pneumococcus

Next strategic focus

PAGE 24 ROADSHOW PRESENTATION MAY 2008

Potential Co-Development programs or Opt-in for

Next Strategic Focus: Broadening the use of novel vaccine adjuvant VACCINE INNOVATION TECHNOLOGY IC31 ^®

IC31 ^® peptide + oligonucleotide

FormationAntigen uptake of Depotby APCs

Long lasting depot

Anti- bodies APC

CTLs

Humoral andMaturation/ cellular responseactivation of APCs

Prophylactic

Therapeutic

Target Partner Flu vaccine — exclusive (Phase I) Tuberculosis vaccine — exclusive (Phase I/II) Defined infectious disease vaccines — non-exclusive Malaria vaccine — non-exclusive Meningitis vaccine — non-exclusive Infectious Diseases, In-house / to Allergy, Cancer be partnered

HCV vaccine — co-development &

Infectious Diseases, In-house / to Allergy, Cancer be partnered

PAGE 25 ROADSHOW PRESENTATION MAY 2008

Execution on “JEV to All Markets” DEVELOPMENT AND REGULATORY PATHWAY

2005 2006 2008/2009

Production of Interim safety data ? Build up commercial Phase III material ? Decision on orphan drug manufacturing and supply Pivotal Phase III clinical status in EU ? chain ? trials started in September Completion of regulatory End of recruitment for 2005 filing processes ? ? pivotal Phase III clinical Distribution partnerships trial ? Pediatric data from endemic countries ? ?Australia (CSL) Phase III clinical efficacy ? India, Nepal, Bhutan FDA inspection of facility* data (mid-06) ? and Pakistan ? Build up commercialization Distribution partnership for (Biological E.) to military markets US & EU travelers’ markets Partnership for Japanese (Novartis) ? market Phase III safety data ? Market approval US filed Initiation of regulatory filing Market approval EU filed with FDA under IND ? Market approval AUS filed Market approval India

• Currently ongoing

PAGE 26 ROADSHOW PRESENTATION MAY 2008

A highest priority program with Merck S. AUREUS DEVELOPMENT AND REGULATORY PATHWAY

Until 2007 2008/20092010/2011

Extensive pre-clinicalPotential expansion of» Pivotal Phase III data program/animal indication areas (e.g.,» Phase III safety and studies dialysis) consistency data Broad Phase I study Phase II data» FDA/EMEA regulatory program completed Start of pivotal Phase IIIfilings Production of Start of Phase III safety Phase II/III clinical and consistency trials materials Start of Phase II in cardiothoracic surgery

PAGE 27 ROADSHOW PRESENTATION MAY 2008

A straight forward development in hospital acquired infections PSEUDOMONAS DEVELOPMENT AND REGULATORY PATHWAY

Until 2007 2008/20092010/2011/2012

Extensive pre-clinical »Production of clinical » Start of pivotal Phase III evaluation/animal Phase II/III materials» Pivotal Phase III data models ?» Start of Phase II/III in » Start of Phase III safety Various Phase I ICU-patientsand consistency trials studies ? » Phase III safety and Phase II data from consistency data burn victims ? » FDA/EMEA regulatory filings

PAGE 28 ROADSHOW PRESENTATION MAY 2008

Agenda

Overview Introduction to Iomai — The Target Company Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell Going Forward

PAGE 29 ROADSHOW PRESENTATION MAY 2008

Strong financial and strategic position — Excellent fundamentals for further growth KEY FIGURES* — OVERVIEW

“e” = expected

Net loss / profit, in EUR m 2005 2006 2007 Q1 08 2008e

5.0

-4.6

-16.1

-25.0 Profitability expected despite Iomai acquisition Cash, in EUR m 287.6 272.2** 94.4

50.2 2005 2006 2007 Q1 08 2008e

Very strong cash position expected

R&D spending, in EUR m 40.4

28.5 29.9

10.4

2005 2006 2007 Q1 08 2008e

Value-optimal increase in R&D spending for innovation

Revenues, in EUR m 53.2

23.5

8.4 8.6

2005 2006 2007 Q1 08 2008e

Clear increase in revenues expected 2008 and forward

• Reporting under IFRS ** not including unconditionally committed EUR 40m payment in 2008

PAGE 30 ROADSHOW PRESENTATION MAY 2008

Agenda

Overview Introduction to Iomai — The Target Company Deal Rationale & Product Development Update Q1 2008: Results & Strategic Implications Intercell Going Forward

PAGE 31 ROADSHOW PRESENTATION MAY 2008

Highly efficient integration process in place from day 1 ROADMAP FOR IOMAI INTEGRATION

Signing to closingChange of controlShort term integration Full operational integration Mid May -Day 1Day 100 Day 365 Timing Q3 2008 Joint Steering» Interim ICLL» Interim ICLL » Full matrix Gover- CommitteeMgmt TeamMgmt Team organization nance » Program stee- (site & global ring structure structures) De-risk» Define clear» Build » Empower site programsexecution goalsorganization structure Focus» Stabilize &» Implement “TD » Integrate organizationinvest intoand Pandemic Technical Top towards highorganizationFlu to Market” Operations and priorities value programs programs R&D » Integrate G&A and financial governance structure

PAGE 32 ROADSHOW PRESENTATION MAY 2008

Acceleration of growth strategy on strong fundamentals INTERCELL STRATEGY

Value

Today

Acceleration of product development (e.g., Pneumo, Travelers’ Diarrhea, antibodies, ...)

World-class strategic alliances to leverage technologies, diversify risk, and to get access to key markets e.g.: Product sales through partners and own marketing to key accounts

Establishment of globally leading science & development platforms — AIP ^® & IC31 ^® e.g.: Increased milestones,licensing income and royalties

Building of strong and robust own product pipeline (JEV, HCV, Pseudomonas, Pneumo) Additional high value alliances also in new fields(e.g., cancer, allergy, monoclonal antibodies)

Acquisition of innovative companies to broaden portfolio and leverage current expertise and technologies e.g.:

Time

PAGE 33 ROADSHOW PRESENTATION MAY 2008

Strong people and solid shareholders SHAREHOLDER STRUCTURE*

Management Treasury shares Kapital & Wert 2.0% 0.8% Temasek 4.3% Holdings 8.7% Novartis 15.9% 68.3% Free float Management Team Locations

G. Zettlmeissl (CEO) Vienna (Austria) A. von Gabain (CSO) Livingston (Scotland) W. Lanthaler (CFO) Mooresville and T. Lingelbach (COO) Gaithersburg** (US)

Total workforce: 340** Employees from 16 different nations

Supervisory Board » Michel Gréco (Chairman)

Former Deputy CEO of Aventis Pasteur » Ernst-Günter Afting (Vice-Chairman)

Former Scientific and Technical Director of Research Center for Environment and Health, Munich » Staph Bakali

Former COO of ID Biomedical » David Ebsworth

Former CEO of Oxford GlycoSciences, Bayer, Pfizer » James Sulat

Former CFO of Chiron » Hans Wigzell

Former Director of the Karolinska Institutet

• Total number of shares issued: 45,521,707 ** Subject to closing

Additional ca 1.7 m shares to be issued for Iomai acquisition

PAGE 34 ROADSHOW PRESENTATION MAY 2008

Next steps... SELECTED NEXT MILESTONES

MHRA commercial license ? Filing in Australia ? Results of Phase II clinical trials in children in endemic countries ?

JEV vaccine

Agreement with US Army Marketing agreement for Japanese market Market approvals in US, EU, Australia and India

Hospital Phase II results for S. aureus vaccine and initiation of Phase III acquired Phase II/III in Pseudomonas vaccine infections Acceleration of Klebsiella/Enterococcus programs Final Phase II clinical data in chronic HCV patients ? HCV vaccine Formulation of HCV vaccine with IC31 ^® Initiation of co-development with Novartis ? Phase I clinical data from Flu vaccine with IC31 ^® ? Further clinical trials in IC31 ^® / Flu by Novartis IC31 ^® Further data from Tuberculosis vaccine trials with IC31 ^® Additional licensing deals for IC31 ^®

Clinical start of Pneumococcus vaccine AIP ^® Establishment of antibody franchise with AIP ^®

Phase III start in Travelers’ Diarrhea Vaccine patch Phase II start in Pandemic Flu NEW**

PAGE 35 ROADSHOW PRESENTATION MAY 2008