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Forbius (Formation Biologics) Awarded $18.8 Million Grant by the Cancer Prevention and Research Institute of Texas

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Forbius (Formation Biologics) announced today that it has been awarded a
Product Development grant totaling $18.75 million from the Cancer
Prevention and Research Institute of Texas (CPRIT). The grant will
support operations and Phase 2a development of AVID100, a highly potent
anti-EGFR antibody-drug conjugate, in three cancer indications with
significant unmet medical need.

The new CPRIT grant award follows a successful completion of an AVID100
Phase 1 clinical trial. The CPRIT review for this grant included an
in-depth evaluation of AVID100 preclinical, manufacturing, and clinical
data by a panel of scientific, medical, commercialization, and financial
experts. The evaluation also included rigorous regulatory, product
development, and intellectual property due diligence. Acceptance of the
award is subject to completion of contract negotiations.

This grant will support additional preclinical and translational
research, manufacturing, personnel costs, and clinical development of
AVID100 in patients with confirmed EGFR overexpression in three Phase 2a
clinical trials: breast cancer, squamous cell carcinoma of the head and
neck (SCCHN), and non-small cell lung cancer (NSCLC). Currently, no
therapy is approved for treatment of patients whose tumor overexpresses
EGFR.

"AVID100 demonstrated a compelling profile in preclinical and Phase 1
clinical studies, and this significant CPRIT grant supports and
accelerates development of this agent for several cancers with unmet
medical needs. We are especially pleased to receive this award after the
in-depth evaluation by CPRIT's highly experienced panel of experts. We
will commence dosing of patients with AVID100 in Phase 2a trials later
this year," commented Ilia A. Tikhomirov, CEO of Forbius.

About Forbius (Formation Biologics)

Forbius is a clinical stage company that designs and develops
biotherapeutics for treatment of cancer and fibrotic diseases. Forbius'
medicines are designed to radically transform patients' lives. We use
our strength in biology and diverse protein engineering technologies to
design superior inhibitors of validated biological pathways.

We have particularly deep expertise in targeting the transforming growth
factor-beta (TGF-β) and epidermal growth factor receptor (EGFR)
pathways. For both of these pathways, there is a significant body of
evidence validating their role as drivers of multiple life-threatening
conditions, including cancer and fibrosis. However, in the case of the
EGFR pathway, the majority of patients do not benefit from currently
marketed EGFR inhibitors; and in the case of the TGF-β pathway, no agent
targeting this pathway has yet been approved. By using multiple
complementary platform technologies, Forbius' team overcame barriers
that prevented the development of effective therapeutics targeting these
pathways. For more information, please visit www.forbius.com.

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