Phase 3 Trial for Inovio's VGX-3100 in Cervical Dysplasia Gets FDA Go-Ahead

Disclosures from Maxim Group, Inovio Pharmaceuticals Inc., Company Update, June 8, 2017

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Inovio Pharmaceuticals Inc 

Maxim Group expects to receive or intends to seek compensation for investment banking services from Inovio Pharmaceuticals Inc in the next 3 months.

Disclosures from H.C. Wainwright & Co., Inovio Pharmaceuticals Inc., Company Update, June 8, 2017

I, Raghuram Selvaraju, Ph.D. and Yi Chen, Ph.D. CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Inovio Pharmaceuticals, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of May 31, 2017 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Inovio Pharmaceuticals, Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from Inovio Pharmaceuticals, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in Inovio Pharmaceuticals, Inc. as of the date of this research report. 

Disclosures from PiperJaffray, Inovio Pharmaceuticals Inc., Company Note, June 8, 2017

Analyst Certification—Charles C. Duncan, PhD, Sr. Research Analyst
The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Piper Jaffray research analysts receive compensation that is based, in part, on overall firm revenues, which include investment banking revenues.

Research Disclosures
Piper Jaffray was making a market in the securities of Inovio Pharmaceuticals, Inc. at the time this research report was published. Piper Jaffray will buy and sell Inovio Pharmaceuticals, Inc. securities on a principal basis.

Within the past 3 years Piper Jaffray participated in a public offering of, or acted as a dealer manager for, Inovio Pharmaceuticals, Inc. securities.