Medicenna corporate presentation

1. One Target. Infinite Hope™…
Corporate Presentation
Fall 2017
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TSX: MDNA

2. One Target. Infinite Hope™…
TSX: MDNA
Certain statements in this presentation are “forward-looking statements. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always using words or phrases such as “expect”, “seek”, “endeavour”, “anticipate”, “plan”,
“estimate”, “believe”, “intend”, or stating that certain actions, events or results may, could, would, might or will occur or be
taken, or achieved) are not statements of historical fact and may be “forward-looking statements”.
Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that
involve a number of risks and uncertainties which would cause actual results or events to differ materially from those
presently anticipated. Forward-looking statements are based on expectations, estimates and projections at the time the
statements are made and involve significant known and unknown risks, uncertainties and assumptions. A number of
factors could cause actual results, performance or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such forward-looking statements. These include, but are
not limited to, the risk factors discussed in the public filings made by Medicenna with the applicable securities commissions
in Canada, including the Annual Information Form dated June 15, 2017. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance
or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this
document. These factors should be considered carefully and prospective investors should not place undue reliance on
these forward-looking statements.
Although the forward-looking statements contained in this document are based upon what Medicenna currently believes to
be reasonable assumptions, Medicenna cannot assure prospective investors that actual results, performance or
achievements will be consistent with these forward-looking statements. Except as required by law, Medicenna does not
have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking
statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new
events or circumstances.
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Forward Looking Statements

3. One Target. Infinite Hope™…
MDNA55 (lead): Compelling, Phase 1
and 2 clinical data (N=66) for recurrent
glioblastoma (rGBM)
Publicly listed (TSX: MDNA), clinical-stage,
immuno-oncology company developing
novel therapies targeting the Type 2
Interleukin-4 Receptor (IL4R)
MDNA55 has Orphan Drug (FDA, EMA) &
Fast Track Designations (FDA)
Currently enrolling in a Phase 2b recurrent
GBM trial at 9 centers in the U.S.
Exciting pre-clinical IL-2, IL-4 and
IL-13 Superkine platform
Technology platform protected by
13 patent families
Well funded with $14M US non-dilutive
grant and $14M CAD Private Placement
Well established cGMP compliant
commercial scale manufacturing process
Seasoned management, advisors and
directors
Corporate Highlights
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4. One Target. Infinite Hope™…
Seasoned Management & Experienced Board
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Management Team
Fahar Merchant, PhD
Chairman, President & CEO
Former CEO Sophiris Bio
(TSX); Former Director,
President & CTO at KS
Biomedix (LSE); Founder,
President & CEO of Avicenna
Medica and IntelliGene
Expressions
Jay Stoudemire, PhD
Chief Scientific Officer
Former VP Preclinical
Development, Regulatory, and
QA at Mirna Therapeutics,
previously at Genentech,
Ascenta, Chugai-Roche, Cytel,
Genetics Institute, and Xoma
Nina Merchant, MESc.
Chief Development Officer
Former SVP Development at
Sophiris Bio; Formerly VP
Development at KS Biomedix
(LSE); Previously at Avicenna
Medica, IntelliGene, Pharmacia
and Sanofi Pasteur
Elizabeth Williams, CPA,CA
Chief Financial Officer
Former VP Finance & Admin
and interim CFO at Aptose
(TSX and Nasdaq); Previously
with Ernst & Young
Martin Bexon, MD
Head of Clinical Development
Former Medical Director at
CSL Behring; Medical Director
at Hoffman La Roche (UK and
Switzerland)
Patrick Ward, MBA
Chief Operating Officer
Former COO of Aviara
Pharma; President/COO at
Ocusoft, Executive Director at
Encysive Pharma
Shafique Fidai, PhD
Head of Corp Development
Former VP of Business
Development at Sophiris Bio;
Formerly with Xenon Pharma,
Chromos
Board of Directors
Fahar Merchant, PhD
Chairman, President & CEO
Albert Beraldo, CPA, CA
Independent Director
Founder, President and CEO of
Alveda Pharmaceuticals until its
acquisition by Teligent, Inc.
(NASDAQ: TLGT); Former
President and CEO of Bioniche
(TSX).
William W. Li, M.D.
Independent Director
CEO, President and Co-
Founder of the Angiogenesis
Foundation. Executive
strategic consultant to pharma
in drug development and
advised leaders at major
investment banks. Director of
Leap Therapeutics (NASDAQ)
Chandra Panchal, PhD
Independent Director
Founder, Chairman and CEO of
Axcelon; Former Co-Founder,
President, and CEO of Procyon
Biopharma Inc (TSX); Former
Senior Executive VP of
Business Development at
Ambrilia Biopharma Inc. (TSX).
Andrew Strong, JD
Independent Director
Partner at Pillsbury Winthrop
Shaw Pittman - leading the Life
Sciences Team in Houston,
TX. Formerly CEO of Kalon
Biotherapeutics. Director of
Ashford Hospitality Prime
(NYSE)
Nina Merchant, M.E.Sc
Director, Chief Development
Officer

5. One Target. Infinite Hope™…
World Class Advisors and Collaborators
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Clinical & Scientific Advisors
John Sampson, MD, PhD,
MBA
Duke University
Principal Investigator and
Expert in Drug Delivery to the
Brain
Sam Denmeade, MD
John Hopkins University
Professor of Oncology:
Targeted therapies for cancer
Nicholas Butowski, MD
University of California San
Francisco
Principal Investigator; Novel
therapies for brain cancer
Guido Kroemer, MD, PhD
University of Paris
Chair: SAB and Expert in
Cancer Immunotherapy
Ralph Smalling, MSc
Regulatory Advisor
Former VP Regulatory Affairs
at Amgen; Filed 40 INDs; 5
NDAs
Collaborators & Inventors
Michael Rosenblum, PhD
MD Anderson Cancer Center
Head, Immunopharmacology
and Targeted Therapy
Collaborator: MDNA57
Raj Puri, MD
USFDA
Director at CBER
Inventor of MDNA55
Aaron Ring, MD, PhD
Yale University
Asst. Prof Immunobiology &
Cancer Biology
Co-Inventor of IL-2
Superkines
Chris Garcia, PhD
Stanford University
Co-Inventor of IL-2, IL-4 and
IL-13 Superkines
Haya Loberboum Galski,
PhD
Hebrew University of
Jerusalem
Inventor of Fully Human
Payloads)

6. One Target. Infinite Hope™…
Treatment Pathway for Glioblastoma (GBM)
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Surgery
(85-90%)
GB Diagnosis
Radiotherapy
+ Chemotherapy
Relapse
Chemotherapy
GB is uniformly fatal; virtually all tumors will recur (rGB)
55% of GBM Chemo-Resistant*
* Expression of the DNA repair protein O6-methylguanine-DNA
methyltransferase (MGMT) is responsible for resistance to alkylating
agents used in GBM treatment.
MDNA55 Treatment
(Direct infusion into tumor - CED)
NON-OPERABLE rGBM
75%
Surgery Add’l Chemotherapy
or Experimental Therapies
25%
OPERABLE rGBM

7. One Target. Infinite Hope™…
 Potently toxic to tumor cells with a wide therapeutic window
 Simultaneously purges the Tumor Microenvironment (TME) and un-blinds the
immune system to cancer cells
 Proven payload efficacy– identical to Medimmune’s anti-CD22 immunotoxin,
Moxetumomab Pasudotox, currently in PhIII trial for Hairy Cell Leukemia1
MDNA55
Targeted Dual-Action Immunotherapeutic
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A Powerful Molecular Trojan Horse
Tumor Targeting Domain
Circularly Permuted
Interleukin-4 (cpIL-4)
Tumor Killing “Cytotoxic” Domain
Catalytic domain of Pseudomonas
Exotoxin A (PE)

8. One Target. Infinite Hope™…
Mechanism of Action of MDNA55
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MDNA55
NUCLEUS
Efficient intracellular
delivery of Toxin
Payload
ADP Ribosylation
Endocytosis
Inhibits Protein
Synthesis - Apoptosis

9. One Target. Infinite Hope™…
MDNA55 Brain Cancer Market Opportunity
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Tumor Type Annual Incidence Projected Market
Recurrent Glioblastoma
(rGB)
33,300 $650M
Metastatic Brain Cancer 91,500 $1.30B
Pediatric Glioma 3,800 $50M
TOTAL 133,500 $2.0B

10. One Target. Infinite Hope™…
 55% of GBMs are chemo-resistant 1
 Immunosuppressive tumor
microenvironment (TME) comprises
40% of GBM tumor mass 2
 Blood Brain Barrier (BBB) blocks
transport of therapeutic to tumor
 High doses are required due to
BBB causing systemic toxicities
Current Therapies Do Not Address
Key Challenges
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Therapeutic Challenges Rationale for MDNA55
1. Hegi ME (2005). N Engl J Med;352(10):997-1003.
2. Kennedy B, et al (2013). J Oncol. Vo; 2013: 486912.
3. Shimamura, et al.(2007.Cancer Res;67:9903-9912.
4. Kohanbash et al (2013).Cancer Res.;73(21):6413-23
 MDNA55 targets resistant tumors3
 IL4R over-expressed in GBM and its
TME (Myeloid Derived Suppressor
Cells) but not in normal brain4
 Delivery by direct injection (CED) of
MDNA55 by-passes the BBB
 Precision delivery achieves high
doses without systemic exposure

11. One Target. Infinite Hope™…
Compelling Efficacy in Non-Resected rGBM
(n=25)
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Pre-treatment 9 months Pre-treatment Week 26
Complete Response
(CR): 5/25
Partial Response
(PR): 9/25
High Objective Response Rate
Kawakami, et al (2003)
Interleukin-4-Pseudomonas exotoxin chimeric fusion
protein
for malignant glioma therapy
Journal of Neuro-Oncology Vol 65 p 15-25

12. One Target. Infinite Hope™…
MDNA55 Survival Results Consistent
with Immunotherapy Benefits
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MDNA55 Overall Survival in
Non-Resectable (Phase 1 - Blue) and
Resectable (Phase 2 - Red) rGBM
100
PercentSurvival
Non-Resectable Recurrent GBM:
Survival of Responders vs Non Responders
0 300 600 900 1200 1500
0
Days
Responders (CR +PR): MS =
379 days (n=14)
Non-Responders (SD +PD) MS
= 98 days (n=11)
SD –Stable disease
PD –Progressive disease
Investigators Brochure (page 82)
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Log-Rank test p-value is 0.9430 (N=57)

13. One Target. Infinite Hope™…
2nd Generation Infusion
Will Improve Outcomes
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Images courtesy of John Sampson, Duke University
 Inaccurate
catheter placement
 Drug leakage
due to backflow
 Inadequate
tumor coverage
1st Generation CED: Past Studies
 Image-guided
catheter placement
 New catheters
prevent backflow
 Real-time monitoring
ensures tumor coverage
2nd Generation CED: Future Studies
Real-Time Monitoring
of Drug Distribution
Saito and Tominaga (2012), Neurol Med Chir (Tokyo) 52, 531

14. One Target. Infinite Hope™…
US Sites Participating in the Study
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OSU (Columbus, OH)
Cleveland Clinic (Cleveland,
OH)
Weill Cornell +
MSKCC
(New York, NY)
Duke
(Durham, NC)
UT Southwestern (Dallas, TX)
UT San Antonio (San Antonio,
TX)
UCSF
(San Francisco, CA)
JWCI
(Santa Monica, CA)
Marcus
Neuroscience
Institute
(Boca Raton, FL)

15. One Target. Infinite Hope™…
Future Indications: 1 Million IL4R Cancers Annually
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B-Cell CLL
78%
Bladder
73%
Head and Neck
60%
Pancreatic
60%
Anaplastic Thyroid
91%
67%
Hodgkins
Lymphoma
>2000 Patient BiopsiesAnalyzed Consistently Show IL4R Over-Expression
NSCLC
79%
Biliary Tract
56%
Breast
82%
Mesothelioma
96%
89% 75%
Colorectal
Ovarian

16. One Target. Infinite Hope™…
Deep Early Stage Pipeline
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Candidate
Targets Validated by Multiple Big Pharma Transactions
Potential
Indications
Deal Size
Target and
Mechanism
Recent Transactions
MDNA413
MDNA109
MDNA209
IL4/13 Dual
Super-
Antagonist
IL2 Super-
Agonist
IL2 Super-
Antagonist
Solid Tumors,
Respiratory,
Fibrotic and
Atopic Diseases
Autoimmune
Diseases
Cancer
Immunotherapy
$2 Billion
with $60M
Upfront
$775M with
$300M
Upfront
Undisclosed
Undisclosed
$400M with
$150M
Upfront

17. One Target. Infinite Hope™…
MDNA109 Synergizes With Anti-PD-1
Immunotherapy
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Combination Therapy Produces Robust Responses
 MDNA109 and anti-PD-1 produce limited efficacy alone
 Combination treatment sufficient to cure most mice without increased toxicities

18. One Target. Infinite Hope™…
Recurrent GBM
Brain Metastasis
Newly Diagnosed
GBM (MGMT + VE)
Pediatric GBM &
Medulloblastoma
Diffuse Intrinsic
Pontine Glioma
Product Pipeline
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INDICATIONS
DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PIVOTAL
2017/2018 2018/2019
Development Plans
CANDIDATE
MDNA55
MDNA109
MDNA413
Cancer
Immunotherapies
Solid Tumors
MDNA132 Solid Tumors:
IL13Ralpha2 CAR-T

19. One Target. Infinite Hope™…
Multiple Near Term Value Inflection Milestones
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Milestone Estimated Timing
Commenced Enrollment in Phase 2b rGBM Trial 
First Patient In - Phase 2b rGBM Trial 
Commence Phase 2 Trial in other types of Brain Cancer Q4/2017
Complete Enrollment in Phase 2b rGBM Trial Q4/2017
Report rGBM Phase 2b Interim Top-Line Results Q1/2018
End of Phase 2 Meeting with FDA Q2/2018
Commence IND Enabling Studies with MDNA109 Q2/2018
Pursue Accelerated Approval for rGBM Q4/2018
Report Interim Top-Line Results from P2 Brain Cancer Trial Q3/2018
Commence IND Enabling Studies with MDNA57 Q4/2018
Pursue Accelerated Approval for rGBM in 2018

20. One Target. Infinite Hope™…
Financial Snapshot
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TSX: MDNA
 Cash balance at June 30, 2017: CDN$12 million
 Available to be drawn under CPRIT grant: US$6.5 million
 Expected cash burn: CDN$1 million per month
 Cash available to fund operations until Q1 2019
Number
Issued and Outstanding 24,344,048
Fully Diluted* 29,024,096
* Fully diluted includes 3,294,105 warrants with a $2.00 exercise price
and 1,382,143 stock options with a weighted average exercise price of $2.03

21. One Target. Infinite Hope™…
Medicenna Public Company Comparables
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(1) Medicenna market cap estimate based on current basic shares O/S and current share price. Enterprise value estimate based on net debt as of Jun. 30, 2017
Source: FactSet & Company filings

22. One Target. Infinite Hope™…
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Medicenna Corporate Highlights
1
Focused on ONE
TARGET: the IL4R
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Number of Cancers
Known to Over-
Express the IL4R
1 Million
Annual Incidence of IL4R
Positive Cancers
40
Number of Patents
Filed or Issued
250,000
Annual Incidence of
Glioblastoma and
Metastatic Brain Cancer
∞HOPE
10,000
Brain Tumor Patients
that can be treated with
1 Gram of MDNA55
30+ million
Non-Dilutive Grant and Equity
(funding in Cdn$)
2 Billion
Potential Market of
MDNA55 Market for Brain
Cancer ($US)

23. One Target. Infinite Hope™…
Thank You.
Fahar Merchant, PhD
Chairman, President & CEO
fmerchant@medicenna.com
www.medicenna.com
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