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

tively destroy the cancer. Based on Phase III OncoVAX data published in The Lancet, I believe that Vaccinogen's unique tumor-cell vaccine approach to 'train' the body to attack its own cancer has the potential to significantly reduce recurrences and mortality in colon cancer and many other pervasive malignancies affecting the global population," said Dr. Carson.

Vaccinogen co-founder and President Andrew L. Tussing, has been appointed to the Board of Directors and named Chief Executive Officer (CEO) to replace Michael G. Hanna, Jr., Ph.D., inventor of OncoVAX and co-founder of Vaccinogen. Dr. Hanna has stepped down as CEO and as Chairman of the Board effective as of this initial closing. Dr. Hanna will continue to serve as a director and will now be Chairman Emeritus. Dr. Hanna will also remain on Vaccinogen's Medical Advisory Board and serve as special advisor to the CEO to assure his transfer of technical knowledge to new clinical and technical personnel to be hired for development of cancer therapeutic products.

Mr. Halldin has been appointed to the Board of Directors as the TIS representative under which he will also serve as Vice Chairman.  It is currently anticipated that Mr. Halldin will also serve as Chairman of the compensation, nominating and audit committees.

Alan Cohen, Daniel Fitzgerald and Daniel Kane have each resigned from Vaccinogen's Board of Directors effective with this initial closing.

"Vaccinogen thanks Mr. Cohen, Mr. Fitzgerald and Mr. Kane for their years of service on the Vaccinogen Board of Directors and wishes them all well in their other endeavors," Tussing said. "This new funding round represents a potentially transformative investment that if fully realized could support Vaccinogen through the final stages of development of OncoVAX, which, if approved by
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SOURCE Vaccinogen, Inc.
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