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NEOVACS SCIENTIFIC ADVISORY BOARD ENDORSES COMPANY'S UPDATED IFNα-KINOID DEVELOPMENT PLAN - Seite 3

binding anti-TNF antibodies, with indication of an association between
antibodies and clinical response (Durez et al, 2014 PlosOne). The
protocol and design of Phase IIb trial with TNF Kinoid in RA were
informed based on these Preclinical and Phase IIa results.

- The results of the phase IIb trial in RA confirmed both the good
tolerance and the immunogenicity of TFN-Kinoid. However, trial
participants' immune response proved insufficient, with no generation
of neutralizing antibodies. The lack of neutralizing antibodies appears
to be the most likely explanation for the lack of clinical improvement
versus placebo.

Neovacs has conducted preliminary analyses following the Phase II trial
results in RA and has identified two hypotheses to explain these outcomes:

- The cytokine TNF could be formed in a way that makes it impossible to
date to obtain in human a sufficient neutralization with
self-antibodies. The lack of success observed by two other companies
also working on an active immunotherapy, using different technologies,
would support this assumption.

- The strong level of inactivation of the very toxic cytokine TNF,
necessary in the production of TNF-Kinoid may have modified the
structure of the cytokine, thereby affecting its immunogenicity and
inhibiting the production of neutralizing antibodies.

Jacques Banchereau, Chairman of Neovacs' SAB and Director concluded, "Our
February session was extremely productive and offers an interesting
perspective on Neovacs' IFNα-Kinoid development program and planned
pipeline extension. We also conducted a deep review of the TNF-Kinoid data,
and these conclusions will inform the Company's ongoing research and
development initiatives. It remains very clear for us that results obtained
with that Kinoid product are specific to TNF, its target cytokine, and do
not preclude in any way the further development of kinoids with other
cytokines."

* Abstract FRI0378 Eular Congress 2014 Paris. Abstract available at
https://b-com.mci-group.com/AbstractList/EULAR2014.as


About Neovacs
Created in 1993, Neovacs is today a leading biotechnology company focused
on an active immunotherapy technology platform (Kinoids) with applications
in autoimmune and/or inflammatory diseases. On the basis of the company's
proprietary technology for inducing a polyclonal immune response (covered
by five patent families that potentially run until 2032) Neovacs is