Medicenna corporate presentation march

1. one Target: infinite Hope™
Corporate Presentation
March 2017

2. Forward Looking Statements
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 filing statement dated February 27, 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.
3

3. Medicenna: Corporate Highlights
‣ Publicly listed, clinical-stage, immuno-oncology company developing a novel targeted
therapy for cancers with Interleukin-4 Receptor (IL4R) biomarker
‣ Every year >1 million cancer patients afflicted with IL4R tumors1
‣ MDNA55 (lead): highly compelling, Phase II clinical data for recurrent glioblastoma
(rGB), the most common and aggressive form of brain cancer
‣ MDNA55 market opportunity: $650 million in annual sales for rGB; >$2 billion
including other brain cancers1,2
‣ MDNA55 has Orphan Drug (FDA, EMA) & Fast Track Designations (FDA)
‣ Awarded a USD$14.1M non-dilutive grant from Cancer Prevention & Research
Institute of Texas (CPRIT)
‣ Exciting pre-clinical IL-2, IL-4 and IL-13 Superkine platform
‣ Seasoned management with technology platform protected by 12 patent families
1. BioXcel Strategic Analysis Report, 2014.
2. Decision Resources, Inc Glioblastoma Report, Sept 2013
4

4. Treatment Pathway for Glioblastoma (GB)
Surgery
(85-90%)
GB
Diagnosis
Radiotherapy
+ Chemotherapy
Relapse
Chemotherapy
SurgeryMDNA55 Treatment
(Direct infusion into tumor - CED)
Add’l Chemo.or
Experimental
Therapies
GB is uniformly fatal; virtually all tumors will recur (rGB)
55% of GB
Chemo.
Resistant*
* Expression of the DNA repair protein O6-methylguanine-DNA methyltransferase (MGMT) is
responsible for resistance to alkylating agents used in GB treatment.
25%
75% of rGB is non-operable
5

5. MDNA55: A Powerful Molecular Trojan Horse
Potently toxic to tumor cells with a wide therapeutic window
‣ Specific targeting of known cytotoxic agent to tumor cells
‣ Proven payload efficacy– identical to Medimmune’s anti-CD22 immunotoxin,
Moxetumomab Pasudotox, currently in PhIII trial for Hairy Cell Leukemia1
‣ Reliable, cost-efficient fermentation-based manufacture
‣ Ability to modulate the tumor microenvironment (TME)
1 https://www.medimmune.com/our-therapy-areas/oncology.html
PE AAs 253-364, 381-608
Tumor Targeting Domain Tumor Killing “Cytotoxic” Domain
6

6. MDNA55: Brain Cancer Market Opportunity
Tumor Type Annual Incidence Projected Market
Recurrent Glioblastoma
(rGB)
33,3001 $650M2
Metastatic Brain Cancer 91,5003 $1.30B4
Pediatric Glioma 3,8001 $50M4
TOTAL 133,500 $2.0B
1. Decision Resources Glioblastoma Report, Sept 2013
2. Assumes peak sales for rGB monotherapy and combination therapy at $43K per patient – BioXcel Strategic Analysis Report, 2014
3. Breast, Colon and Kidney Cancer Metastasis to Brain – BioXcel Strategic Analysis Report, 2014
4. Assumes 33% treatable with MDNA55 and priced at $43K per patient - BioXcel Strategic Analysis Report, 2014
7

7. Current Therapies Do Not Address
Key Challenges
Therapeutic Challenges Rationale for MDNA55
‣55% of GBs are chemo-resistant 1
‣Immunosuppressive tumor
microenvironment (TME) comprises
40% of GB tumor mass 2
‣Blood Brain Barrier (BBB) blocks
transport of therapeutic to tumor
‣High doses are required due to BBB
causing systemic toxicities
‣ MDNA55 targets resistant tumors3
‣ IL4R over-expressed in GB and its TME
(Myeloid Derived Suppressor Cells) but
not in normal brain 4
‣ Delivery by direct injection (CED) of
MDNA55 by-passes the BBB
‣ Precision delivery achieves high doses
without systemic exposure
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
8

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

9. MDNA55: Clinical Efficacy
Non-Resectable rGB (n=25)
10
SD – Stable disease
PD – Progressive disease
Investigators Brochure (page 82)
p – p-value showing statistical significance. Original
design was that less than 0.2 would be considered
statistically significant.

10. 2nd Generation Infusion Will Improve Outcomes
Images courtesy of John Sampson, Duke University
• Inaccurate catheter
placement
• Drug leakage due to
backflow
• Inadequate tumor
coverage
• Image-guided
catheter placement
• New catheters
prevent backflow
• Real-time monitoring
ensures tumor
coverage
Real-Time
Monitoring
of Drug
Distribution
1st Generation CED: Past Studies 2nd Generation CED: Future Studies
Saito and Tominaga (2012), Neurol Med Chir (Tokyo) 52, 531
11

11. NeuroExact™: Personal Molecular Neurosurgery
Combining Personalized Therapy with Precision Delivery
DRUG: MDNA55 Selectively Targets Tumor
Over-Expressing the IL4R
DELIVER: Precise Image Guided Convection
Enhanced Delivery of MDNA55
DISTRIBUTE: Ensure Complete Tumor
Coverage with MDNA55 Using Real Time
Monitoring
12

12. MDNA55: A Pipeline in a Product Opportunity
13

13. Future Indications: 1 Million IL4R Cancers Annually
>2000 Patient BiopsiesAnalyzed Consistently Show IL4R Over-Expression1-14
1. BioXcel Strategic Analysis Report, 2014
2. Ishige et al (2008); Int J Cancer;123(12):2915-22.
3. Joshi et al (2014 Cancer Med. 3(6):1615-28.
4. P. Leland, et al (2000) Mol Med; 6(3): 165–178.
5. Koller , et al (2010); Carcinogenesis 31(6), 1010-17
6. Strome SE, et al (2002).Clin Cancer Res.n;8(1):281-6.
7. Puri, et al (1996). Cell Immunol.10;171(1):80-6.
8. Kawakami, et al (2005) Blood; 105(9): 3707–3713.
9. Kay, et al (2005) Leuk Res.;29(9):1009-18.
10. Kawakami, at al (2002). Clin Cancer Res.;8(11):3503-11.
11. Burt, et al (2012) Clin Cancer Res;18(6):1568-77
12. Kioi, et al (2005) Cancer Res;65(18):8388-96
13. Kawakami et al (2002) Cancer Res.;62(13):3575-80.
14. Joshi et al (2015) Discov. Med.;20(111):273-84.
14

14. Multiple Near Term Value Inflection Milestones
Pursue Accelerated Approval for rGB in 2018
Milestone Estimated Timing
Commenced Enrollment in Phase 2b rGB Trial Q4/2016
Commence Phase 2 Metastatic Brain Cancer Trial Q3/2017
Complete Enrollment in Phase 2b rGB Trial Q4/2017
Report rGB Phase 2b Interim Top-Line Results Q1/2018
End of Phase 2 Meeting with FDA Q2/2018
Pursue Accelerated Approval for rGB Q3/2018
Report Interim Top-Line Results from P2 Metastatic Brain
Cancer Trial
Q3/2018
Commence IND Enabling Studies with MDNA57 Q4/2018
14

15. Seasoned Management and Experienced Board
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
Sam Denmeade, MD: Chief Scientific Officer
Prof Oncology at JHU; Former CSO at Sophiris Bio; Co-founder and
Chief Clinical Advisor of Inspyr Therapeutics
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)
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
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) and Director of Telesta (TSX); Currently
Independent Director of Helix Biopharma (TSX).
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 General Counsel and Compliance
Officer for the Texas A&M University System. Led formation of bio-
manufacturing company, Kalon Biotherapeutics; CEO of Kalon until its
sale to FujiFilm Diosynth Biotech. Director of Ashford Hospitality Prime
(NYSE)
Nina Merchant, M.E.Sc
Director, Chief Development Officer
16

16. World Class Advisors and Collaborators
Collaborators & InventorsClinical & Scientific Advisors
John Sampson, MD, PhD, MBA
Duke University:
Principal Investigator and Expert in Drug Delivery to the Brain
Stewart Grossman, MD
Johns Hopkins University:
Novel therapies for primary & metastatic brain tumors
Nicholas Butowski, MD
UCSF:
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
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
17

17. USD$14M Non-Dilutive Grant Validates Platform
‣ Diligence by top-tier scientific, clinical, regulatory, chemistry manufacturing
and control, intellectual property & venture capital teams
‣ Solid third-party platform validation
‣ Funds MDNA55 Phase 2b rGB clinical development and next generation pre-
clinical IL-4 Empowered Cytokine program
‣ The USD$14.1M grant effectively provides 2:1 leverage on USD$7M
investment1
‣ Favorable grant repayment terms begin post-launch (low single digit royalties
to a maximum payment amount of 4 times the original grant)
1. http://www.cprit.state.tx.us/images/uploads/rfa-172-txco.pdf
Recipient of Cancer Prevention & Research
Institute of Texas (CPRIT) Grant
18

18. Capitalization
21
Publicly Listed as of March 3, 2017
‣ Listed on the TSX Venture on March 3, 2017 at $2.00 per share following
a successful Reverse Takeover
‣ Trading to begin on March 8, 2017 under the Ticker “MDNA”
‣ Fully funded for two years with cash on hand and funds remaining to be
advanced under the CPRIT grant
Number
Issued and Outstanding 24,307,343
Fully Diluted* 28,852,583
* Fully diluted includes 4,402,383 options and warrants with a $2.00 exercise price
and 142,857 options and warrants with a $1.40 exercise price

19. Medicenna Public Company Comparables
Company (Listing/Symbol) Price
(16-Jan-17)
Market
Cap (MM)
Enterprise
Value (MM)
Lead Indication (Stage)
ZIOPHARM Oncology, Inc.
(NASDAQ:ZIOP)
$5.78 $761.4 $817.9
Breast Cancer (PhII), Recurrent Glioblastoma
(Ph I)(w/ CED*)
Agenus Inc.
(NASDAQ:AGEN)
$3.95 $344.1 $373.2 Glioblastoma and Recurrent Glioblastoma (Ph II)
Stemline Therapeutics, Inc.
(NASDAQ:STML)
$12.10 $231.8 $180.4 Recurrent Glioblastoma (Ph I/II)
Celldex Therapeutics, Inc.
(NASDAQ:CLDX)
$3.52 $420.7 $163.9
Glioblastoma (Ph III), Recurrent Glioblastoma
(Ph II)
Vascular Biogenics Ltd.
(NASDAQ:VBLT)
$5.20 $139.6 $92.2 Recurrent Glioblastoma (Ph II)
Diffusion Pharmaceuticals Inc.
(NASDAQ:DFFN)
$5.75 $59.5 $62.2 Glioblastoma (Ph II)
TRACON Pharmaceuticals, Inc.
(NASDAQ:TCON)
$5.25 $84.5 $41.7
Recurrent Glioblastoma (Ph II x 2), among other
cancers
Peregrine Pharmaceuticals, Inc.
(NASDAQ:PPHM)
$0.29 $74.7 $21.9 Recurrent Glioblastoma (Ph II)(w/ CED*)
Average $264.5 $219.2
Median $185.7 $128.1
Medicenna Therapeutics1
$1.50 $37.5 $29.5 Recurrent Glioblastoma (Ph II)
(1) Medicenna market cap estimate based on current basic shares O/S and the initial listing price of Cdn $2.00. Enterprise value for Medicenna calculated using pro forma cash at
September 30, 2016 including the February 28, 2017 financing estimated net proceeds.
Source: FactSet & Company filings
22
All amounts in USD

20. 20
Medicenna: Corporate Highlights
1 See entire list of References on Slide 14 (Also see BioXcel Strategic Analysis Report); 2 BioXcel Strategic Analysis Report (2014);
3 Globocan 2012: Estimated Cancer Incidence, Mortality and Pervalence Worldwide 2012; 4 Extrapolated using the Effective Dose per patient
1
Focused on ONE
TARGET: the IL4R
20
Number of Cancers
Known to Over-
Express the IL4R1
250,000
Annual Incidence of
Glioblastoma and Metastatic
Brain Cancer3
10,000
Brain Tumor Patients that
can be treated with 1
Gram of MDNA554
∞HOPE
2
Billion
Potential Market of
MDNA55 Market for Brain
Cancer ($US)
40
Number of Patents Filed
or Issued
1
Million
Annual Incidence of IL4R
Positive Cancers2
30+
Million
Non-Dilutive Grant and Equity
(Funding in Cdn$)

21. Thank You
one Target: infinite Hope™
www.medicenna.com
24