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Vaccinogen Completes Initial Closing of an $80 Million Financing
Date:8/25/2014

FREDERICK, Md., Aug. 25, 2014 /PRNewswire/ -- Vaccinogen, Inc., (OTC.QB: VGEN) a cancer immunotherapy development company, announced today that it completed the initial closing of a private placement of $80 million of units and common stock.  Vaccinogen received gross proceeds of $10 million in this first closing.

Vaccinogen is preparing to start ACTIVE, a confirmatory Phase IIIb pivotal study of the patient-specific vaccine in patients with resectable, Stage 2 colon cancer under a U.S. Food and Drug Administration (FDA) Special Protocol Assessment (SPA) classification. In a previous Phase III study, OncoVAX® reduced recurrence of cancer from approximately one in three to one in ten Stage 2 colon cancer patients[i].

A Stockholm-based investor group known as The Investment Syndicate ("TIS"), representing certain family offices and led by Swedish entrepreneur Anders Halldin, paid the initial $10 million in equity financing following Vaccinogen's satisfaction of certain closing conditions. The remaining $70 million will be delivered in four separate closings upon completion of certain milestones.

Vaccinogen also announced significant changes to its management team and Board of Directors.

Benjamin S. Carson, Sr., MD, a noted pediatric neurosurgeon and existing Vaccinogen Medical Advisory Board member, has been appointed to the Board of Directors and named Chairman of the Board. He is an Emeritus Professor of Neurosurgery, Oncology, Plastic Surgery and Pediatrics at the Johns Hopkins School of Medicine and serves on the board of directors of numerous organizations, including Kellogg's, and Costco.

"Cancer disguises itself well as non-threatening human tissue. OncoVAX pulls off that mask, exposes it as a threat and provides the immune system a roadmap to effec
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SOURCE Vaccinogen, Inc.
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