Iomai is specialized in delivering vaccines and immune system boosters through the skin in a needle-free way. The firm has a proprietary technology, transcutaneous immunization, which used to deliver the needle-free products. The vaccine targets a specialized component of the immune system located in the outer layers of the skin called Langerhans cells. Through these cells adjuvants or antigens are delivered. Why did it need the money? To develop four products in its pipeline. Three of theses products target influenza and pandemic flu, and one to prevent E. coli-related travelers' diarrhea. IOMAI developed: 1- A needle-free flu vaccine patch that combines flu antigens with an adjuvant in a single patch (completed Phase 1 trials). 2- An IS patch to improve the immune response of the elderly to injectable influenza vaccines (completed various Phase I studies in the United States and Phase I and 2 studies in Europe). 3- An IS patch for pandemic flu (preclinical program), and 4 - Needle-free travelers diarrhea vaccine patch (completed a double-blind, placebo-controlled safety and efficacy trial in the United States). Stock Price: $4.80. Market Cap: 92 million.

RECENT NEWS

Results from its double-blind challenge study of its vaccine patch for travelers' diarrhea are published in the journal Vaccine. These results revealed that volunteers who received the vaccine before being exposed to high levels of enterotoxigenic E. coli (ETEC) bacteria had less severe diarrhea and were significantly less likely to require intravenous fluids than patients who were not vaccinated. The results were published in the journal Vaccine.

IOMAI (IOMI) entered into a definitive agreement with accredited investors for the private placement of approximately 6.29 million units, each unit consisting of one share of common stock and two warrants to purchase, in total, 0.7 shares of common stock, at a purchase price of $5.0675 per unit. The purchase price for the share component of each unit is $4.98 per share, the bid price for the firm’s common stock was due to close on March 1, 2007. The exercise price for each warrant will be $5.25. The first warrant will expire on March 2, 2012 and the second warrant will expire within four months after the resale registration statement for the shares becomes effective. To make the story short, gross proceeds from the private placement will be approximately $31.9 million. The private placement was meant to close on or about March 2, 2007. The Company intends to use the proceeds from the placement for general working capital purposes.