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Filed by Antigenics Inc.
pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Aquila Biopharmaceuticals, Inc. (Registration File
No. 333-46168)
[The following slide show presentation was delivered by Garo Armen, Ph.D., of
Antigenics Inc. on October 2, 2000 at the UBS Warburg Global Life Sciences
Conference at the Pierre Hotel, New York, New York.]
SLIDE:
[Logo.]
Antigenics
SLIDE:
Sources of Important Information
This material is not a substitute for the prospectus/proxy statement Antigenics
and Aquila Biopharmaceuticals, Inc. have filed with the Securities and Exchange
Commission. Investors are urged to read that document because it contains
important information. The proxy statement/prospectus and other documents filed
by Antigenics and Aquila with the SEC are available free of charge at the SEC's
website (www.sec.gov) and from Antigenics or Aquila.
SLIDE:
Forward Looking Statements
The presentation contains forward-looking statements. These include statements
about, the future financial position of Antigenics and Aquila, their ability to
generate positive cash flows, the potential commercial success of programs in
development, and the consummation of the merger. Several risks and uncertainties
could cause actual results to differ materially from those projected in the
forward-looking statements. These factors include the ability to satisfy
regulatory requirements, the outcome of clinical trials, the ability to convince
the medical community to adopt products, competition from pharmaceutical and
biotechnology companies, difficulties and costs associated with integration of
the businesses, the strength of intellectual property rights, and the risk
factors included in the Antigenics and Aquila SEC filings, including in
Antigenics' Registration Statement on Form S-4 filed on September 20, 2000, and
any amendments thereto, under the heading "Risk Factors." We encourage you to
carefully review these risk factors.
ANTIGENICS
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SLIDE:
ANTIGENICS' STRATEGIC ADVANTAGE
- Superior technology for treatment of major diseases
- Lead product in phase III clinical development
- Science extensively published and independently validated
- Financially strong
- Blockbuster commercial potential
ANTIGENICS
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SLIDE:
WHAT WE DO
Cancer Vaccines:
In Clinical Trials
--- lymph node
--- stomach
--- kidney
[GRAPHIC OF HUMAN BODY WITH ARROWS --- pancreas
POINTING AT LISTED ORGANS OMITTED]
--- colon
--- skin
--- sarcoma
ANTIGENICS
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SLIDE:
ONCOPHAGE CLINICAL TRIAL PROGRAM
CANCER PHASE INSTITUTION PATIENTS
Renal Cell III Multi-center trial 500+
Carcinoma II M D Anderson 60
I/II M D Anderson 38
Melanoma II Istituto dei Tumori 40
I/II M D Anderson 36
Colorectal II Istituto dei Tumori 30
Non-Hodgkin's II M D Anderson 35
Lymphoma
Gastric I/II Johannes-Gutenberg 30
Pancreatic I Memorial Sloan-Kettering 5
Sarcoma II Memorial Sloan-Kettering 35
SLIDE:
WHAT WE DO
Drugs for Infectious Diseases
BACTERIA
(e.g. Tuberculosis)
[GRAPHIC OF BACTERIA
IMAGE OMITTED]
PARASITE
(e.g. Malaria)
[GRAPHIC OF PARASITE
IMAGE OMITTED]
[GRAPHIC OF HUMAN
BODY OMITTED]
VIRUS
(e.g. Herpes)
[GRAPHIC OF VIRUS
IMAGE OMITTED]
ANTIGENICS
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SLIDE:
THE IMMUNE SYSTEM:
The Natural Guardian Against Disease
- Distinguishes healthy
from diseased cells
[GRAPHIC OF OUTLINE OF - Result is reduced toxicity
HUMAN BODY OMITTED]
- Immunological memory
ANTIGENICS
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SLIDE:
NEED FOR DRUGS WHICH ACTIVATE
CELLULAR IMMUNITY
- Cancer
- Herpes
[GRAPHIC OF HUMAN BODY - HIV
WITH SPHERICAL IMAGES
IN VARIOUS LOCATIONS - Tuberculosis
OMITTED]
- Malaria
ANTIGENICS
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SLIDE:
HEAT SHOCK PROTEINS
- Natural molecules that
exist in all cells
[GRAPHIC OF HEAT SHOCK - Natural role in generation
PROTEIN OMITTED] of immune response
[GRAPHIC OF HUMAN BODY [GRAPHIC OF HEAT SHOCK - Bind proteins and
WITH ARROWS POINTING PROTEIN OMITTED] peptides
TO DIFFERENT PARTS
OMITTED] - Comprise cell's antigenic
[GRAPHIC OF HEAT SHOCK repertoire or "fingerprint"
PROTEIN OMITTED]
- Act as natural adjuvants
ANTIGENICS
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SLIDE:
HOW HSPs WORK
Normal Cell
[GRAPHIC OF NORMAL CELL OMITTED]
Diseased Cell
[GRAPHIC OF DISEASED CELL OMITTED]
- Heat shock proteins bind
the entire antigenic repertoire
ANTIGENICS
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SLIDE:
HOW HSPs WORK
[GRAPHIC OF HEAT SHOCK PROTEIN
AND TUBULAR SHAPED OBJECT OMITTED]
- Purification of HSP antigen
complexes from diseased cells
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
[GRAPHIC OF HEAT SHOCK PROTEIN WITH
SUBSTANCE ENTERING TUBULAR
SHAPED OBJECT OMITTED]
- Purification of HSP antigen
complexes from diseased cells
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
[GRAPHIC OF HUMAN BODY WITH
SYRINGE POINTED AT
ARM OMITTED]
- Injection of purified
HSP-peptide complexes
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
HSP RECEPTOR INTERACTION
[DENDRITIC
CELL
GRAPHIC OMITTED]
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
HSP RECEPTOR INTERACTION
[DENDRITIC
CELL
GRAPHIC OMITTED]
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
[GRAPHIC OF HUMAN BODY WITH
SPHERICAL IMAGES GROUPED IN VARIOUS
LOCATIONS OMITTED]
[ANTIGENICS
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SLIDE:
HOW HSPs WORK
[GRAPHIC OF HUMAN BODY WITH SPHERICAL IMAGES
GROUPED IN VARIOUS LOCATIONS]
[ANTIGENICS
LOGO]
SLIDE:
EMERGENCE OF INDIVIDUALIZED MEDICINE
[UPPER RIGHT ARROW GRAPHIC OMITTED] [LOWER RIGHT ARROW GRAPHIC OMITTED]
Diseases are more
diverse (individualized)
than historically believed
Discoveries in: Requirement for
Immunology individualized
Molecular Biology treatment
Genomics
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SLIDE:
EMERGENCE OF INDIVIDUALIZED MEDICINE
ANTIGENICS
IS LEADING
THE DEVELOPMENT
OF PERSONALIZED MEDICINES
Discoveries in: Requirement for
Immunology individualized
Molecular Biology treatment
Genomics
SLIDE:
PRECLINICAL STUDIES
SURVIVAL CURVES
Micrometastatic Disease Bulky Disease
Percentage Survival
100
80
60 [LINE GRAPH OMITTED] [LINE GRAPH OMITTED]
40
20
N=40 N=10
0 25 50 75 100 125 150 175 200 225 0 20 40 60
Days After Surgery Days After Tumor Challenge
- Oncophage
- Placebo
ANTIGENICS
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SLIDE:
CLINICAL STUDIES: METASTATIC MELANOMA
SURVIVAL CURVES
ADJUVANT PATIENTS RESIDUAL DISEASE PATIENTS
Percentage of Patients
100 Oncophage
80
Oncophage
60 [LINE GRAPH OMITTED] [LINE GRAPH OMITTED]
40
20
N=20 N=16
0 0 6 12 18 24 0 6 12 18 24
Overall Survival Overall Survival
(months) (months)
New cases in 1999: 44,200 Deaths: 7000
ANTIGENICS
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SLIDE:
CLINICAL STUDIES: RENAL CELL CARCINOMA
ANTIGENICS TRIAL GLEAVE ET AL NEJM 1998
Percentage of Patients
100
80
[LINE GRAPH OMITTED] [LINE GRAPH OMITTED]
60
40 Oncophage
Placebo
20
N=34 N=90
0 5 10 15 20 0 5 10 15 20
Time to Progression Time to Progression
(months) (months)
ANTIGENICS
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SLIDE:
CLINICAL STUDIES:
PANCREATIC AND GASTRIC CANCERS
Pancreatic Cancer Gastric Cancer
Treated: N=5 Treated: N=10
Alive: N=3 (>2 years) Alive: N=5
Expired: N=2 Expired: N=5
New cases 1999: 28,600 New cases 1999: 21,900
Deaths 1999: 28,600 Deaths 1999: 13,500
ANTIGENICS
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SLIDE:
STATUS OF ANTIGENICS'
PERSONALIZED MEDICINE
- Logistically feasible
- Cost competitive
- Easy to administer
ANTIGENICS
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SLIDE:
ANTIGEN DELIVERY WITH HSPS
Gene-encoded antigens Heat Shock Proteins
[GRAPHIC OF ANTIGENS OMITTED] [GRAPHIC OF HEAT SHOCK PROTEINS OMITTED]
[DOWN ARROW OMITTED] [DOWN ARROW OMITTED]
Therapeutic Vaccine
[GRAPHIC OF THERAPEUTIC VACCINE OMITTED]
ANTIGENICS
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SLIDE:
PRODUCT PIPELINE
<TABLE>
<CAPTION>
CLINICAL
PRODUCT INDICATION RESEARCH PRECLINICAL PHASE I/II PHASE II PHASE III
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CANCER
Oncophage(R) Renal Cell Carcinoma ------------------------------------------------------------ >
Melanoma ------------------------------------------------------------- >
Colorectal Cancer ----------------------------------------------------- >
Gastric Cancer------------------------------------------------- >
Pancreatic Cancer ------------------------------------------------- >
NHL -------------------------------------------------------------------- >
Sarcoma ---------------------------------------------------------------- >
HSPPC-70-C Various Cancers--------------------- >
HSPPC-90-C Various Cancers -------------------- >
HSPPC-56-C Various Cancers -------------------- > Target Market:
> $15 billion
INFECTIOUS DISEASES in annual
HSPPC-96-GH Genital Herpes -------------------------------- > revenue US
HSPPC-70-GH Genital Herpes ------------------------------- > products
HSPPC-56-I Various Infect. Dis. -------------- >
HSPPC-70-I Various Infect. Dis. -------------- >
AUTOIMMUNE DISORDERS
gp96 Type 1 Diabetes ------------------- >
Multiple Sclerosis ---------------- >
</TABLE>
ANTIGENICS
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SLIDE:
LEADING PATENT ESTATE
Antigenics' issued US patents cover use of HSPs in treatment of cancer,
infectious diseases and autoimmune disorders
- In US, 13 issued, 7 allowed & over 40 pending
patents
- Patents and applications cover:
- Composition of matter
- Medical use
- Treatment protocol
- Methods of manufacturing
ANTIGENICS
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SLIDE:
OUR KEY PEOPLE
- Successful companies
(Elan Corporation, Alza Corporation, Immunex, PerSeptive Biosystems,
Warner Lambert, Genzyme, Boerhinger Mannheim)
- Global financial institutions
(Deutsche Bank, Barclays Bank)
- Centers of cutting edge research
(University of Connecticut, Rockefeller University, Imperial Cancer
Research Fund, Max Planck Institute, Memorial Sloan-Kettering
Cancer Center)
- Nobel Laureate
(Physiology or Medicine)
ANTIGENICS
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SLIDE:
TERMS OF AQUILA ACQUISITION
- Stock-for-stock, tax-free transaction
- Aquila's shareholders receiving .2898 Antigenics' shares
- 2.5 million Antigenics shares issued (- 9%)
- $40 million equity value
- Transaction expected to close Nov 2000
- Transaction will be neutral to Antigenics' earnings in 2001 and
02 and accretive in '03 and '04
SLIDE:
WHAT WE ARE ACQUIRING
- One marketed product
- 11 products in clinical trials
- Two technology platforms
- QS-21 adjuvant
- CD1 antigen discovery
- 6 partnerships with leading pharmaceutical companies
- $5 million expected revenue in 2000
- 40 professionals
- Manufacturing capacity
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SLIDE:
BENEFIT OF ACQUISITION
- Additional tools for vaccine development
- QS-21 activates antibody response (also enhances CTL response)
- HSP activates CTL response
- Combination can better target infectious diseases
- Expands Antigenics' product pipeline
- Aquila's trials primarily in infectious and neurodegenerative diseases
- Antigenics' trials in cancer
- Combination better positions Antigenics as leader in immunotherapy
- Aquila's existing corporate partnerships complement Antigenics
direct marketing strategy
SLIDE:
ANTIGENICS' STRATEGIC ADVANTAGE
- Superior technology for treatment of major diseases
- Lead product in phase III clinical development
- Science extensively published and independently validated
- Financially strong
- Blockbuster commercial potential
[LOGO]
ANTIGENICS
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SLIDE:
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wwww.antigenics.com
