Aim Immunotech Inc. · AMEX:AIM
Aim Immunotech — Proxy Contest (November 2024)
55 slides from Aim Immunotech's proxy contest presentation, November 2024
Slide 1: Safeguard AIM
NYSE American: AIM aimimmuno.com Safeguard AIM November 2024
Slide 2: Forward Looking Statements
Forward Looking Statements Forward Looking Statements Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “continue,” “b
Slide 3: Table of Contents
Table of Contents I Executive Summary 4 II AIM is Executing on its Strategy to Create Long-Term Value 16 Our Board is Well Qualified to Oversee AIM’s Continued III 28 Momentum The Activist Group Has Repeatedly Misled Shareholders in its IV 34 Attempts to Take Control of AIM’s Board We Believe the Ac
Slide 4: Executive Summary
AIM Executive Summary 4
Slide 5: Focus on Advancing Programs to Date
Focus on Advancing Important Clinical Asset Programs to Date Ampligen® - Advancing a Broad Pipeline in Multiple Indications Disease Areas We are a late-stage clinical immuno-pharma company Immuno-Oncology Immune Disorders focused on developing therapeutics across a number Viral Diseases of disease a
Slide 6: AIM at a Glance
AIM at a Glance Ampligen® – Our Lead Program in Pancreatic and Recurrent Ovarian Cancers • Ampligen induces a wide range of immunologic / antitumor activities and is unique amongst TLR agonists in its mechanism of action, specificity and safety profile • AIM is overseeing multiple active and ongoing
Slide 7: Well-Developed Safety Profile With Clinical Trials in Multiple High-Value Disease Areas
Well-Developed Safety Profile With Clinical Trials in Multiple High-Value Disease Areas ~100,000 Approved in Argentina IV doses in humans, for treatment of severe generally well-tolerated Disease chronic fatigue syndrome Area Focus Demonstrated Safety Positive Phase 3 Generally well-tolerated across
Slide 8: AIM's Clinical Pipeline Development Has Significant Momentum
AIM’s Clinical Pipeline Development Has Significant Momentum Indications Approach Preclinical Phase 1 Phase 2 Phase 3 Highlights Locally Advanced Ampligen Following Pancreatic FOLFIRINOX AMP-270 Protocol Recently Amended Adenocarcinoma Metastatic Pancreatic Ampligen and Reported positive preliminary
Slide 9: AIM Has Been Successfully Executing a Turnaround
AIM Has Been Successfully Executing a Turnaround Since 2016, we have been focused on turning the Company around from what was a very challenging situation and creating a path to generating long-term value for patients and shareholders Implemented Cost Controls Extended Cash Runway Adjusted executive
Slide 10: Our Nominees are Well Qualified to Continue Overseeing AIM
Our Nominees are Well Qualified to Continue Overseeing AIM The Board has the right mix of experience and skillsets needed to oversee the Company's strategy for long-term value creation Stewart L. Nancy K. Thomas K. William M. Appelrouth Bryan Equels, M.S., J.D. Mitchell, M.D., Ph.D. Audit Committee
Slide 11: The Activist Group Includes Individuals Who Have Attempted to Mislead Shareholders for Years
The Activist Group Includes Individuals Who Have Attempted to Mislead Shareholders for Years × A group of activist investors is attempting to take × In 2022, certain members of the Activist Group attempted control of the AIM Board for the third year in a to submit a nomination notice that the Delawa
Slide 12: The Activist Group is Misleading Shareholders About Our Stock Price
The Activist Group is Misleading Shareholders About Our Stock Price • The Activist Group stated in its public materials: “On February 25, 2016, the day that Mr. Equels assumed the role of CEO, AIM’s stock closed at this is misleading $87.15”* • A little over two weeks later on March 15, 2016, AIM (f
Slide 13: The Activist Group Wants to Repay Itself With AIM's Shareholder Capital
The Activist Group Wants to Repay Itself With AIM’s Shareholder Capital THE ACTIVIST GROUP’S BILL FOR AIM SHAREHOLDERS IF ELECTED TO THE BOARD AS STATED IN THEIR PROXY STATEMENT $5+ MILLION $$$ ? (cost for 2023 failed attempt to take (potential cost for 2024 takeover of the control of the AIM Board)
Slide 14: We Believe the Activist Group's Nominees Lack the Necessary Skills to Serve on the Board
We Believe the Activist Group’s Nominees Lack the Necessary Skills to Serve on the Board Ted D. Kellner Todd Deutsch Robert L. Chioini Paul Sweeney Retired co-founder of Fiduciary Private investor and Managing member of Bright Co-founder of PS Capital Partners Management Inc. entrepreneur Rock Holdi
Slide 15: AIM's Board Will Protect the Company's Significant Momentum
AIM’s Board Will Protect the Company’s Significant Momentum AIM’s directors have the right backgrounds AIM’s clinical pipeline has significant and experience needed to oversee the momentum Company’s strategy • We believe AIM’s greatest value creation opportunities • The Board is composed of proven l
Slide 16: AIM is Executing on its Strategy to Create Long-Term Value
AIM AIM is Executing on its Strategy to Create Long-Term Value 16
Slide 17: We know that shareholders have lost money due to our share price performance
We know that shareholders have lost money due to our share price performance and we are doing what we can to change that The Board and management team strongly believe in Ampligen’s potential and the opportunity it presents for patients and shareholders We are working as expeditiously as possible to
Slide 18: Focused On Unlocking the Value of Ampligen
Focused On ✓Encouraging Data Clinical Execution Unlocking the Value ✓Multiple Ongoing Clinical Studies of Ampligen ✓Big Pharma Collaborators 18
Slide 19: Lead Program Ampligen (rintatolimod)
Lead Program Ampligen® (rintatolimod) Ampligen is a double-stranded RNA (“dsRNA”) molecule being developed for globally important cancers, viral diseases and disorders of the immune system S I G N I F I C A N T U N M E T N E E D A C R O S S O N C O L O G Y I N D I C AT I O N S Pancreatic Cancer Ovar
Slide 20: Ampligen is Demonstrating Positive Data in Numerous Human Trials
Ampligen is Demonstrating Positive Data in Numerous Human Trials Indications Approach Preclinical Phase 1 Phase 2 Phase 3 Highlights Locally Advanced Ampligen Following Pancreatic FOLFIRINOX AMP-270 Protocol Recently Amended Adenocarcinoma Metastatic Pancreatic Ampligen and Reported positive prelimi
Slide 21: Pancreatic Cancer is a Major Market Opportunity for Ampligen
Pancreatic Cancer is a Major Market Opportunity for Ampligen Locally Advanced Pancreatic Metastatic Pancreatic Ductal • Pancreatic cancer is a primary focus for Ampligen’s Phase 2 Adenocarcinoma Phase 2 Adenocarcinoma development given the high unmet need, granted FDA and EMA orphan designations and
Slide 22: Advanced Ovarian Cancer Programs are Seeing Encouraging Results
Advanced Ovarian Cancer Programs are Seeing Encouraging Results • AIM has two combination trials in recurrent Advanced, Recurrent Advanced, Recurrent ovarian cancer underway at The University of Phase 2 Ovarian Cancer Phase 2 Ovarian Cancer Pittsburgh AMPLIGEN / KEYTRUDA Combo AMPLIGEN / Dendritic C
Slide 23: Key Accomplishments in 2024
Key Accomplishments in 2024 Metastatic Pancreatic Ductal Adenocarcinoma Locally Advanced Pancreatic Adenocarcinoma • Commenced enrollment and dosing in DURIPANC Phase 1b/2 study combining Ampligen® with AstraZeneca’s anti-PD-L1 immune checkpoint inhibitor Imfinzi® (durvalumab) for the treatment of l
Slide 24: AIM is Focused on Advancing Our Clinical Asset
AIM is Focused on Advancing Our Clinical Asset Our patents and pending applications make us a desirable company to work with top-notch collaborators, top research centers and world-class researchers Industry and University Collaborators 46 Ampligen® 7 year market exclusivity following FDA approval 1
Slide 25: Improvement Efforts are Driving Efficiencies
Improvement Efforts are Driving Efficiencies • Over the past year, AIM and its UK-based manufacturing partner, Sterling Pharma Solutions, have been developing ways to optimize and streamline the production of the building blocks of Ampligen • As a result, AIM is now able to remove certain processing
Slide 26: Third Parties Agree With Ampligen's Value Opportunity
Third Parties Agree With Ampligen’s Value Opportunity Positive high risks versus rewards: We acknowledge that AIM’s oncology drugs still have long development roads left (~3 years), but we believe the ~billion dollars market potentials presents a high reward for the risks. August 2024, Edward Woo In
Slide 27: Looking Forward: AIM's Development and Commercialization Strategy
Looking Forward: AIM’s Development and Commercialization Strategy Oversee robust business development Maintain encouraging clinical results strategy with major collaborators Catalyzed by the positive oncology data, AIM Continue to deliver encouraging data in engaged Azenova, a specialized oncology b
Slide 28: Our Board is Well Qualified to Oversee AIM's Continued Momentum
AIM Our Board is Well Qualified to Oversee AIM’s Continued Momentum 28
Slide 29: Our Nominees are Well Qualified to Continue Overseeing AIM
Our Nominees are Well Qualified to Continue Overseeing AIM ✓ Mr. Appelrouth has valuable financial and ✓ Mr. Equels is Executive Vice Chairman, Chief regulatory expertise as a certified public Executive Officer and President of the Company accountant with over 40 years of accounting and and has over
Slide 30: AIM's Proven Management Team
AIM’s Proven Management Team Thomas K. Equels, M.S., J.D. Chief Executive Officer David R. Strayer, M.D. Medical Officer Peter W. Rodino III, J.D. Rodino Consulting; Chief Operating Officer, Executive Director for Rodino & Rodino; Governmental Relations, General Rodino & Scalera Inc.; Counsel, Secre
Slide 31: AIM Continues to Enhance Governance Practices
AIM Continues to Enhance Governance Practices Increased Investor Communications Recently Expanded Board • Initiated quarterly earnings calls with Q&A in Q2 2023 to keep investors and Aligned Compensation with market informed on strategic and • Appointed Nancy Bryan to the Board in scientific updates
Slide 32: Our Board is Aligned with AIM Shareholders
Our Board is Aligned with AIM Shareholders ~3.3% Total Beneficial Ownership in AIM Stewart L. Nancy K. Thomas K. William M. Appelrouth Bryan Equels, M.S., J.D. Mitchell, M.D., Ph.D. 321,752 Shares Owned 38,462 Shares Owned 1,657,968 Shares Owned 76,706 Shares Owned The Board is deeply invested in th
Slide 33: AIM's Executive Compensation is In-Line with Industry Peers
AIM’s Executive Compensation is In-Line with Industry Peers • In November 2022, the Compensation Committee re-engaged Steven Hall & Partners, a nationally recognized independent compensation consultant, to conduct a marketplace assessment comparing the compensation of AIM’s CEO and COO with the exec
Slide 34: The Activist Group Has Repeatedly Misled Shareholders
AIM The Activist Group Has Repeatedly Misled Shareholders in its Attempts to Take Control of AIM’s Board 34
Slide 35: A Multi-Year Effort to Take Control of AIM's Board
A Multi-Year Effort to Take Control of AIM’s Board For the third year in a row, a group of activist investors is attempting to take control of the Board Electing the Activist Group’s nominees could severely disrupt the Company’s forward momentum, give them access to AIM’s capital and destroy the cha
Slide 36: 2022 Campaign – Board Takeover Attempt #1
2022 Campaign – Board Takeover Attempt #1 Orchestrator of Financial backer of campaign campaign • The Activist Group’s nomination notice in connection with Franz Tudor Michael Xirinachs the 2022 Annual Meeting was invalid because it contained Convicted criminal – insider trading; Convicted criminal
Slide 37: 2023 Campaign – Board Takeover Attempt #2
2023 Campaign – Board Takeover Attempt #2 Kellner claimed in his 2023 “…Todd Deutsch … and a gentleman Ted Kellner named Franz Tudor, commenced a proxy • Many of the same individuals from the Activist Group nomination to replace all of [AIM’s] directors and notice that he was not resurfaced the foll
Slide 38: 2024 Campaign – Mainly the Same Cast of Characters
2024 Campaign – Mainly the Same Cast of Characters • This year, several of the same individuals are attempting to take control of the Board by seeking to replace the entire incumbent slate • Mr. Kellner once again nominated himself, Mr. Chioini and Mr. Deutsch, in addition to Mr. Kellner’s long-time
Slide 39: The Activist Group Includes Individuals with Checkered Pasts
The Activist Group Includes Individuals with Checkered Pasts and Close Ties to Securities Law Felons An Interconnected Web of Cronies: Ted Jonathan Franz Walter Michael Kellner Jorgl Tudor Lautz Xirinachs Michael Robert Todd Paul Rice Chioini Deutsch Sweeney Robert Chioini Franz N. Tudor Todd Deutsc
Slide 40: The Activist Group's Questionable Conduct
The Activist Group’s Questionable Conduct The Activist Group attempted to spread disparaging misinformation through numerous misleading StockTwits posts by Mr. Tudor under his handle “beaufordb” (which he conceded belonged to him during a deposition in connection to the Activist Group’s lawsuit agai
Slide 41: The Delaware Courts Agreed with AIM's Board
The Delaware Courts Agreed with AIM’s Board in Rejecting the Activist Group’s Nominations “…the Board acted reasonably and equitably in rejecting the [nomination notice submitted by Ted D. Kellner]. It did not breach its fiduciary duties in enforcing valid advance notice bylaws. The plaintiff’s grou
Slide 42: We Believe the Activist Group's Nominees Would Not Be Additive to the Board
AIM We Believe the Activist Group’s Nominees Would Not Be 42 Additive to the Board
Slide 43: We Believe the Activist Group's Interests Are Not Aligned with Those of All Shareholders
We Believe the Activist Group’s Interests Are Not Aligned with Those of All Shareholders • AIM’s current cash position is critical to our strategy and funding upcoming clinical milestones • If elected, the Activist Group intends to seek over $5 million from AIM to pay for its previous takeover attem
Slide 44: The Activist Group Does Not Have Any Compelling New Ideas
The Activist Group Does Not Have Any Compelling New Ideas The Activist Group’s Ideas Reality ✓ AIM initiated earnings calls with Q&A in Q2 2023 to keep investors and market Review Financing and Investor Communications informed on strategic and scientific updates “communicate with shareholders AIMs p
Slide 45: The Activist Group Continues to Move the Goalposts in Settlement Talks
The Activist Group Continues to Move the Goalposts in Settlement Talks AIM has made multiple attempts to reach a constructive solution which would have avoided a costly and distracting proxy contest • Specifically, AIM offered to expand the Board to six seats, with their nominees Mr. Kellner and Mr.
Slide 46: We Believe Mr. Chioini is Unfit to Serve as a Public Company Director
We Believe Mr. Chioini is Unfit to Serve as a Public Company Director – Let Alone CEO • Under current nominee Mr. Chioini’s leadership, Rockwell Medical failed to execute a go-to-market strategy for its FDA-approved product, Triferic, and was described as an “operational disaster”1 By Adam Feuerstei
Slide 47: Mr. Deutsch Has a Questionable History
Mr. Deutsch Has a Questionable History • Current nominee Mr. Deutsch and former Activist Group member Mr. Tudor worked together at the Galleon Group, a hedge fund at the center of an insider trading scandal in 20091 • The case led to over 50 convictions or guilty pleas – including Mr. Tudor, who ple
Slide 48: AIM's Nominees are the Right Choice for Shareholders
AIM’s Nominees are the Right Choice for Shareholders AIM’s directors have the right AIM is executing on its strategy to backgrounds and experience needed to create long-term value oversee AIM’s continued momentum • AIM’s Board is overseeing the clinical execution to unlock • The current Board posses
Slide 49: Vote the WHITE Universal Proxy Card to Safeguard AIM
Vote the WHITE Universal Proxy Card to Safeguard AIM P R O T E C T YO U R I N V E S T M E N T I N A I M Safeguard AIM by voting for the election of the Board’s incumbent candidates – Stewart L. Appelrouth, Nancy K. Bryan, Thomas K. Equels and Dr. William M. Mitchell – on the WHITE universal proxy ca
Slide 50: Appendix
AIM Appendix 50
Slide 51: Stewart L. Appelrouth
Stewart L. Appelrouth Mr. Appelrouth has valuable financial and regulatory expertise as a certified public accountant with over 40 years of accounting and audit experience. His extensive experience as an accountant and provider of business and tax consulting services equips him to serve as Chairman
Slide 52: Nancy K. Bryan
Nancy K. Bryan Ms. Bryan possesses deep commercial, marketing, business development and corporate finance expertise from her service at major pharmaceutical companies including Merck, GlaxoSmithKline and Bayer Pharmaceuticals as well as startup biotech companies including Indevus Pharmaceuticals and
Slide 53: Thomas K. Equels
Thomas K. Equels Mr. Equels is Executive Vice Chairman, Chief Executive Officer and President of the Company and has over 25 years of experience as a practicing attorney specializing in complex business litigation. He also has extensive experience in clinical trial design and development, creating i
Slide 54: Dr. William M. Mitchell
Dr. William M. Mitchell Dr. Mitchell serves as Chairman of the Board and has extensive medical industry experience, including as a Professor of Pathology at Vanderbilt University School of Medicine, a board-certified physician and a former member of the board of directors of Chronix Biomedical, a co
Slide 55: SS AIM
SS AIM IimmunoTech 55