IDO1 x TDO

NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win® technology platform, announced today two poster presentations highlighting clinical trials in progress with IO102-IO103 as an investigational agent in combination with pembrolizumab in metastatic solid tumors and in untreated, unresectable or metastatic melanoma at the American Society of Clinical Oncology (ASCO) Annual Meeting 2022. The meeting will be held in-person and virtually June 3-7, 2022 in Chicago. Presentation Details Poster Title: Randomized Phase 3 trial of IO102-IO103 plus pembrolizumab versus pembrolizumab alone in patients with previously untreated, unresectable, or metastatic melanomaAbstract Number: TPS9589Session: June 6, 2022 at 1:15 PM - 4:15 PM Hall A-14397Presenter: Alexander Eggermont, M.D., Ph.D. Poster Title: Phase 2 study of the IDO/PD-L1-targeted immune-modulatory vaccine, IO102-IO103, plus pembrolizumab as first-line treatment for metastatic non-small cell lung cancer (NSCLC), squamous cell carcinoma of the head and neck (SCCHN), or urothelial bladder cancer (UBC)Abstract Number: TPS2699Session: June 5, 2022 from 8:00 - 11:00 AM Hall A-14355Presenter: Jonathan Riess, M.D. About IO102-IO103 IO102-IO103 is an investigational cancer immunotherapy designed to target the immunosuppressive mechanisms mediated by the key proteins indoleamine 2,3-dehydrogenase (IDO) and PD-L1. About IO Biotech IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win® technology platform. The T-win® platform is a novel approach to cancer immunotherapy designed to activate naturally occurring T cells to target immunosuppressive mechanisms. IO Biotech is advancing in clinical studies its lead immuno-oncology candidate, IO102-IO103, targeting IDO and PD-L1, and through clinical and preclinical development its other pipeline candidates. IO Biotech is headquartered in Copenhagen, Denmark and has additional offices within the United States (New York, New York and Rockville, Maryland) and United Kingdom (Monmouthshire). For further information, please visit www.iobiotech.com Forward-Looking Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including regarding future clinical trials, are based on IO Biotech’s current assumptions and expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise. Company Contact:Mai-Britt Zocca, Ph.D.President and CEOIO Biotech, Inc. mz@iobiotech.com Investor Contact:Corey Davis, Ph.D.LifeSci Advisors212-915-2577cdavis@lifesciadvisors.com Media Contact:Raena Mina, Ph.D.LifeSci Communications646-606-1438rmina@lifescicomms.com

Celgene may be busy wrapping up the biggest deal in its existence — the proposed $74 billion sale to Bristol-Myers Squibb — but it’s still snapping up options to nascent immuno-oncology drugs while it can. The latest tie-up involves Kyn Therapeutics, a Boston startup backed by Atlas Venture and OrbiMed to go after metabolites that keep the immune system from attacking cancer. For $80 million upfront and an undisclosed equity investment, Celgene obtains exclusive options to two of these immunometabolism therapies — which they will make a decision about once Kyn is done with the Phase Ib. Both programs have something to do with TDO and IDO, the latter being a pathway Bristol-Myers has gambled $800 million on — only to hastily halt two Phase IIIs in the wake of a rout in the field. But instead of directly and only inhibiting IDO, Kyn has developed drugs to degrade kynurenine or antagonize the aryl hydrocarbon receptor to prevent their binding, which would result in broad suppression of the immune system. The collaboration signals Celgene’s “continued commitment to work with partners,” said Robert Hershberg, head of business development and global alliances. And not just with Kyn, either. Cambridge, MA-based Obsidian Therapeutics says it’s also scored a collaboration with Celgene featuring an exclusive option to in-license its destabilizing domain technology, which it calls an “operating system” for living medicines like CAR-T. It adds that the pact focuses on DD-regulated IL12 and CD40L, but is keeping quiet about the financials. Here’s CEO Michael Gilman on the experience: Needless to say, completing a deal with Celgene in the last couple of weeks has been… interesting. Kudos to their deal team who remained focused and professional despite the turmoil and uncertainty that was undoubtedly swirling around them. And thanks! — Michael Gilman (@michael_gilman) January 18, 2019 Once one of the industry’s most active dealmakers, Celgene has a rep for offering a supportive role for its smaller partners and paying top dollar for its best prospects.