IO Biotech

• IO Biotech Inc. (“IO Biotech”), a clinical stage biotech company, has successfully entered into a €57.5 million venture debt facility with the European Investment Bank. The facility will enable IOBT to advance its immune-modulating therapeutic cancer vaccines, including potential BLA submission for IO102-IO103
• The total amount of €57.5 million consists of three committed tranches of €10 million (Tranche A), €12.5 million (Tranche B), and €15 million (Tranche C) and one uncommitted accordion tranche of €20 million, with disbursement of each tranche subject to pre-specified milestones being met. Each tranche has a maturity of 6 years from its disbursement and the loan is structured with capitalized interest and payment deferred to maturity of each tranche. In addition, the EIB will enter into a warrant agreement with IO Biotech that will entitle the EIB to receive warrants when each tranche is drawn down
• Van Lanschot Kempen acted as Sole Financial Adviser, assisting IO Biotech throughout the process to secure the most favourable and suitable terms. In addition to overall process management, VLK's assistance involved clarifying the venture debt terms and conditions as well as supporting IO Biotech in the negotiations of these terms with the EIB, and assisting in the negotiation of the loan documentation
• Amy Sullivan, Chief Financial Officer at IO Biotech: “The support from the EIB, which is provided on favorable terms, will help fund the continued development and pre-commercialization of IO102-IO103 and other therapeutic cancer vaccine candidates generated from our T-Win® platform. We expect that the capital drawn from the three committed tranches of the EIB debt facility will extend our cash runway into the second quarter of 2026”
• Following our previous involvement in IO Biotech’s successful IPO in November 2022, we are proud to have assisted this repeat client in another financing transaction
• This transaction marks Van Lanschot Kempen’s 14th alternative funding deal since 2020, with a total accrued value exceeding €820 million. It underscores VLK’s expertise in securing funding for companies at various stages, including those who are not yet eligible for the traditional debt financing routes. Our strong market position is further highlighted by a robust pipeline of alternative funding transactions worth over €250 million

IO Biotech Inc (Nasdaq: IOBT) (“IO Biotech”) is a clinical-stage biopharmaceutical company developing novel, immune-modulating therapeutic cancer vaccines based on its T-win® platform. The T-win platform is based on a novel approach to cancer vaccines designed to activate T cells to target the immunosuppressive cells in the tumor microenvironment. IO Biotech is advancing its lead cancer vaccine candidate, IO102-IO103, in clinical trials, and additional pipeline candidates through preclinical development. IO Biotech is headquartered in Copenhagen, Denmark and has US headquarters in New York, New York.

For more information about IO Biotech’s business and activities, please visit https://iobiotech.com.

In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

• Sole Financial Adviser in the recommended cash offer of SEK 725 million by Pharming Group to acquire Abliva
• Financial Adviser in the USD 479 million US Public Offering by NewAmsterdam Pharma
• Sole Financial Adviser to SNIPR Biome in securing a €20 million venture debt facility from the European Investment Bank
• Lead Manager in the USD 1.0 billion Capital Increase by Zealand Pharma
• Lead Manager in the USD 460 million Capital Increase by Merus
• Sole Financial Adviser to Pharming Group in the refinancing of its convertible bonds
• Financial Adviser in the SEK 107 million Rights Issue by Alligator Bioscience
• Co-Manager in the USD 350 million Capital Increase by Autolus Therapeutics
• Financial Adviser to Galapagos in the EUR 170 million sale of its Jyseleca business to Alfasigma
• Sole Financial Adviser to Zealand Pharma in securing a EUR 90 million venture debt facility from the European Investment Bank

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