StephenHoffman

We intend to use the vaccine initially in two markets. The first, and most important, is in mass administration campaigns to eliminate Plasmodium falciparum malaria in geographically defined areas in Africa and other parts of the world with endemic malaria. This will involve immunizing almost the entire population. For these campaigns the vaccine will be provided at low cost. The second market for the vaccine will be in non-immune individuals (e.g. traveler and military market) who travel from areas without malaria to areas with malaria in order to prevent malaria. The price of the vaccine will be higher for these individuals.

Thus far, the project has cost more than $100M. The funds have come from many sources. The most funds have come from competitive grants and support of the clinical trial by the National Institute of Allergy and Infectious Disease (NIAID), NIH. However, the PATH-Malaria Vaccine Initiative (MVI) using funds from the Bill and Melinda Gates Foundation has also provided substantial funding. Additional support has come from the Military Infectious Disease Program, the Naval Medical Research Center, TI-Pharma (a Dutch non profit), European Vaccine Initiative, Marathon Oil, The Tanzanian Commission on Science and Technology, the Ifakara Health Institute (Tanzania), the Swiss TPH, German Centre for Infection Research and University of Tubingen, Oxford University, Barcelona Centre for International Health Research, Wellcome Trust, Institute for OneWorld Health with funds from the Gates Foundation, the State of Maryland, and others.

Our primary return on our investment will be to eliminate Plasmodium falciparum malaria. However, in selling the vaccine to travelers, we do anticipate a significant profit.

The vaccine was an idea when we moved into our first 800 square foot facility using $550,000 of funds from an NIAID, NIH Small Business Innovation Research grant, exactly 10 years ago.

Thank you very much. We are very encouraged by our results so far and are certainly very happy with the attention that our publication has received; we have had feedback on this paper from all over the world. However, there is still much work to do and our efforts must continue for some time to come before we reach the target of licensing, commercializing and deploying an effective malaria vaccine.

Thanks. I will.