E-602

WALTHAM, Mass.--(BUSINESS WIRE)-- Palleon Pharmaceuticals, a clinical-stage company pioneering glyco-immunology drug development to treat cancer and inflammatory diseases, today announced that Fierce Biotech has recognized the company as one of its “Fierce 15” for 2023. This annual report features the most innovative and promising biotechnology companies in the industry. “It is an honor to be named to the Fierce 15 and to be recognized for our work pioneering the transformational field of glyco-immunology,” said Jim Broderick, M.D., Chief Executive Officer and Founder of Palleon. “As we continue to advance our therapies in the clinic, this recognition provides validation of the strength of our team, our technologies, and our strategy to bring much-needed new therapeutic options to patients across multiple disease areas.” Palleon was co-founded by Dr. Carolyn Bertozzi, recipient of the 2022 Nobel Prize in Chemistry for the invention of bioorthogonal chemistry, a technology which enabled the company’s foundational science. In April 2023, Palleon announced Phase 1 results from the GLIMMER-01 trial to evaluate its lead candidate in oncology, E-602 as a monotherapy, demonstrating proof of mechanism, including dose dependent desialylation and dose dependent immune system activation. Additionally, E-602 was found to be well tolerated across the entire dose range evaluated with no dose limiting toxicities. For the past 21 years, the Fierce Life Sciences team has assessed hundreds of companies for inclusion in the 'Fierce 15' special report. To curate this list, Fierce considers a diverse range of factors, including the robustness of technology, partnerships, venture support, and competitive positioning within the market. This special report celebrates innovation and creativity in the face of intense competition. About Palleon Pharmaceuticals Palleon Pharmaceuticals, co-founded by Nobel laureate Carolyn Bertozzi, is a biotechnology company pioneering glyco-immunology drug development to transform the treatment of cancer and inflammatory diseases. The Company’s proprietary platforms overcome technical barriers unique to glycobiology to enable drug discovery, patient selection, and indication prioritization to de-risk clinical development. The company’s lead program in oncology, E-602, is a first-in-class, glyco-immune checkpoint inhibitor which restores antitumor immunity by enzymatically degrading immunosuppressive sialoglycans on hypersialylated tumors and immune cells. It is being evaluated in a Phase 1/2 clinical trial. Palleon has a rich pipeline of additional drug candidates including several advancing toward IND-enabling studies. About Fierce Biotech Fierce Biotech is the biotech industry’s daily monitor, providing the latest news, articles, and resources related to clinical trials, drug discovery, FDA approval, FDA regulation, patent news, pharma news, biotech company news and more. More than 300,000 top biotech professionals rely on Fierce Biotech for an insider briefing on the day’s top stories. View source version on businesswire.com: Contacts Palleon Media Thomas Stephenson Ten Bridge Communications thomas@tenbridgecommunications.com (857) 244-0246 Source: Palleon Pharmaceuticals View this news release online at:

PatSnap Synapse, a novel, AI Powered Drug Competitive Intelligence database. Access to drugs, clinical trials, patents, literature and news in one search. Palleon Pharmaceuticals, a biopharmaceutical company focused on developing therapies for neoplasms, has presented initial results from the GLIMMER-01 clinical trial for E-602, the first-ever glyco-immune checkpoint inhibitor. This drug is an enzyme that stimulates T lymphocytes and is being developed as a potential treatment for neoplasms. In the Phase 1 trial, E-602 was was found to be well tolerated across the entire dose range evaluated with no dose limiting toxicities. Having met pre-specified gating criteria based on safety and pharmacodynamic activity, Palleon announced plans to proceed with Phase 2 evaluation. Phase 2 studies will evaluate clinical activity of E-602 monotherapy in patients with lung cancer and melanoma. E-602 is a promising drug being developed by Palleon Pharmaceuticals, Inc. It falls under the category of enzyme drugs and works by stimulating T lymphocytes. Its primary therapeutic focus is on neoplasms, and it is currently being tested in Phase 1/2 clinical trials for its effectiveness against neoplasms. Palleon Pharmaceuticals is the originator and active organization behind this innovative drug. Palleon Pharmaceuticals, Inc. was founded in 2016 and is headquartered in Massachusetts, United States. The company is listed on NASDAQ under the symbol MDGL and is focused on developing therapies for neoplasms using fusion protein and enzyme technologies. Their most frequently developed targets include HER2, PDL1, and SIGLEC1. In summary, the initial results from the GLIMMER-01 trial for E-602, a glyco-immune checkpoint inhibitor developed by Palleon Pharmaceuticals, show promise as a potential treatment for neoplasms. The company's focus on developing therapies for neoplasms using fusion protein and enzyme technologies could lead to innovative treatments for patients in the future.