Cerus Corporation Annual Report 2005

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FY2005 Annual Report · Cerus Corporation

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C O O L S C I E N C E. DY N A M I C P EO P L E. PAT I E N T FO C U S .

Cerus Corporation 2411 Stanwell Drive, Concord, California 94520 925.288.6000 T 925.288.6001 F www.cerus.com

CERUS CORPORATI ON 2005 ANNUAL REPORT

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Executive Management, Directors and Scientiﬁ c Advisory Boards
Executive Management, Directors and Scientiﬁ c Advisory Boards

Executive Management
Claes Glassell
President and Chief Executive Ofﬁ cer

David N. Cook, Ph.D.
Vice President, Research and Development

Laurence M. Corash, M.D.
Vice President and Chief Medical Ofﬁ cer

William J. Dawson
Vice President, Finance and
Chief Financial Ofﬁ cer

Thomas W. Dubensky, Ph.D.
Vice President, Vaccine Research

Howard G. Ervin
Vice President, Legal Affairs

William M. Greenman
Vice President, Business Development

Lori L. Roll
Vice President, Administration and
Corporate Secretary

Board of Directors
B.J. Cassin
Chairman of the Board, Private Venture Capitalist

Timothy B. Anderson
Former Senior Vice President,
Baxter International Inc.

Laurence M. Corash, M.D.
Vice President and Chief Medical Ofﬁ cer

Bruce C. Cozadd
Executive Chairman, Jazz Pharmaceuticals, Inc.

Claes Glassell
President and Chief Executive Ofﬁ cer

William R. Rohn
Former Chief Operating Ofﬁ cer, Biogen Idec Inc.

Corporate Information

Corporate Headquarters
2411 Stanwell Drive
Concord, CA 94520
Telephone: (925) 288-6000
Fax: (925) 288-6001
www.cerus.com

Corporate Counsel
Cooley Godward LLP
San Francisco, California

Patent Counsel
Morrison & Foerster LLP
Palo Alto, California

Auditors
Ernst & Young LLP
Palo Alto, California

Registrar and Transfer Agent
Wells Fargo Bank, N.A.
161 North Concord
South St. Paul, Minnesota 55075

Immunotherapy Scientiﬁ c Advisory Board
Drew Pardoll, M.D., Ph.D. (Chair)
Co-Director, Sidney Kimmel Cancer Center,
The Johns Hopkins University School of Medicine

James Allison, Ph.D.
Chairman, Immunology Program,
Memorial Sloan-Kettering Cancer Center

Nina Bhardwaj, M.D., Ph.D.
Professor, Medicine, Pathology, and Dermatology,
and Director, NYU Cancer Institute’s Tumor
Vaccine Program

Harry B. Greenberg, M.D.
Senior Associate Dean for Research,
Stanford University School of Medicine

Philip D. Greenberg, M.D.
Professor, Fred Hutchinson Cancer Research
Center and Division of Oncology, University of
Washington

Elizabeth M. Jaffee, M.D.
Professor, Medical Oncology, The Johns Hopkins
University School of Medicine

Daniel Portnoy, Ph.D.
Professor, Molecular and Cellular Biology and
Professor, School of Public Health, University of
California, Berkeley

Annual Report on Form 10-K
A copy of the company’s Annual Report on
Form 10-K as ﬁ led with the Securities and
Exchange Commission is available without
charge on request to:

Investor Relations Department
Cerus Corporation
2411 Stanwell Drive
Concord, California 94520
Telephone: (925) 288-6000

Stock Information
Common stock, traded on the Nasdaq
Stock Market under the symbol: CERS

Annual Meeting of Stockholders
9:00 a.m.
Monday, June 5th, 2006
Cerus Corporation
2411 Stanwell Drive
Concord, California 94520

Blood Safety Scientiﬁ c Advisory Board
Richard Benjamin, MBChB, Ph.D. (Chair)
Chief Medical Ofﬁ cer, Biomedical Headquarters,
American Red Cross Blood Services,
Washington, DC

James P. AuBuchon, M.D., FCAP, FRCP (Edin)
Chair of Pathology, Dartmouth-Hitchcock
Medical Center

Morris A. Blajchman, M.D., FRCP
Professor, Pathology and Molecular Medicine,
McMaster University

Christopher D. Hillyer, M.D.
Tenured Professor, Department of Pathology
and Laboratory Medicine, Emory University
School of Medicine

Paul V. Holland, M.D.
Clinical Professor, Medicine, Division of
Hematology and Oncology, Department of
Internal Medicine, UC Davis Medical Center

Jeffrey McCullough, M.D.
Professor, Laboratory Medicine and Pathology
and Director, Biomedical Engineering Institute,
University of Minnesota Medical School

Paul David Mintz, M.D.
Professor, Pathology and Internal Medicine,
Director, Division of Clinical Pathology
and Director of Clinical Laboratories and
Transfusion Services, University of Virginia
School of Medicine

Darrell Triulzi, M.D.
Medical Director, Institute for Transfusion
Medicine, Pittsburgh, PA, Associate Professor,
Pathology and Director, Division of Transfusion
Medicine, University of Pittsburgh Medical
Center

Statements in this annual report regarding
future clinical trials, future regulatory ﬁ lings,
potential efﬁ cacy of products, potential
collaborations, future product development
and commercial potential are forward-looking
statements that involve risks and uncertainties.
Actual results could differ materially from
these forward-looking statements as a result
of certain factors, including the risks and
uncertainty of the timing and results of clinical
trials and other development activities, actions
by regulatory authorities at any stage of the
development process, additional ﬁ nancing
activities, performance by partners, manufac-
turing, market acceptance of any products,
competitive conditions, legal proceedings
and other factors discussed in the company’s
most recent ﬁ lings with the Securities and
Exchange Commission. You are cautioned not
to place undue reliance on these forward-
looking statements, which speak only as of the
date of this annual report. The company does
not undertake any obligation to update any
forward-looking statements as a result of new
information, future events, changed assumptions
or otherwise.

Cerus, Helinx, INTERCEPT and INTERCEPT
Blood System are trademarks of Cerus
Corporation.

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...because of you.

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Product Pipeline

Discovery

Preclinical

Phase I

Phase II

Phase III

Marketing

US & EU

BLOOD SAFETY
INTERCEPT Platelets
INTERCEPT Plasma
INTERCEPT Red Cells

IMMUNOTHERAPY
Cancer Therapy
CRS-100
CRS-207
MEDI 543 (EphA2)
Research

Infectious Disease
Anthrax
Tularemia
Research

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Because of people like you, the people
Because of people like you, the people
Because of people like you, the people
Because of people like you, the people
of Cerus are developing new approaches
of Cerus are developing new approaches
proaches
proaches
proaches
proaches
of Cerus are developing new approaches
of Cerus are developing new ap
of Cerus are developing new ap
of Cerus are developing new ap
of Cerus are developing new ap
to improving blood safety, targeting cancer and treating and
to improving blood safety, targeting cancer and treating and
to improving blood safety, targeting cancer and treating and
preventing infectious diseases. In each of these areas, we have
preventing infectious diseases. In each of these areas, we have
preventing infectious diseases. In each of these areas, we have
developed proprietary technologies that may create new
developed proprietary technologies that may create new
developed proprietary technologies that may create new
paradigms for protecting and improving human health. We
paradigms for protecting and improving human health. We
paradigms for protecting and improving human health. We
work with leaders in each ﬁ eld to address areas of signiﬁ cant
work with leaders in each ﬁ eld to address areas of signiﬁ cant
work with leaders in each ﬁ eld to address areas of signiﬁ cant
medical need and to innovate safe and effective solutions to
medical need and to innovate safe and effective solutions to
medical need and to innovate safe and effective solutions to
some of the health challenges of the 21st century. Through
some of the health challenges of the 21st century. Through
some of the health challenges of the 21st century. Through
cutting-edge science and a focus on patients, we’re making
cutting-edge science and a focus on patients, we’re making
cutting-edge science and a focus on patients, we’re making
a difference. Because we can. Because we care. Because of you.
a difference.
a difference. Because we can. Because we care. Because of you.
Because we can. Because we care. Because of you.

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To Our Shareholders:

2005 was a year of signiﬁ cant achievement across all aspects of our business and within each of

our core product development areas. These achievements are a direct result of the passion

and commitment that drive us to develop and commercialize innovative products to improve

human health. On behalf of everyone at Cerus, I am pleased to share with you the highlights of our

success in 2005.

Our INTERCEPT Blood Systems are our most advanced product opportunities, with the

INTERCEPT platelet system already approved in Europe. In 2005, we submitted a CE mark

application for approval to market the INTERCEPT plasma system in Europe. We also attained

several critical goals around the INTERCEPT red cell system, solving important technical issues

enabling us to re-enter clinical development with a modiﬁ ed approach. Currently there are no

products or devices approved to inactivate pathogens in donated red blood cell preparations. From a

clinical perspective, we believe that the INTERCEPT red cell system can be an important component

in a comprehensive blood safety management program. Additionally, we believe there is a signiﬁ cant

commercial opportunity in the red cell pathogen inactivation market. As a next step, we are working

to initiate a Phase I trial of the modiﬁ ed INTERCEPT red cell system.

“Through the diligent efforts of our research, development and regulatory teams,
we were able to ﬁ le an Investigational New Drug (IND) application to begin clinical
trials of CRS-100, our ﬁ rst cancer immunotherapy.”

In addition to advancing the scientiﬁ c, clinical and regulatory development of the INTERCEPT

program, we executed strategic business transactions that will enhance our ability to commercialize

our multiple INTERCEPT product opportunities. In June 2005 we entered into an agreement with

BioOne Corporation to commercialize the INTERCEPT plasma system in select Asian territories.

This transaction is valued at up to $33 million in up-front and milestone payments, including

$5 million in up-front payments that we have received to date.

In February 2005, and again in February 2006, we amended our agreements with subsidiaries of

Baxter International, Inc. related to the development, commercialization and marketing of the

INTERCEPT systems. Taken together, these agreements allowed us not only to gain exclusive

worldwide rights to the INTERCEPT Blood System, excluding certain Asian countries in which

we have licensed rights to BioOne, but also provided us with signiﬁ cantly improved economics on

product sales and resulted in net gains in excess of $28.6 million. Already we have begun implementing

a transition strategy for a smooth transfer of regulatory, sales and marketing activities from Baxter

to Cerus. We expect to complete the transition of responsibilities before the end of 2006. With

in-country approval for the platelet system in France now in hand, we look forward to making

commercial progress in Europe in the coming year.

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We are also very excited about the achievements in our immunotherapy programs. We were

able to meet our corporate goal of ﬁ ling an Investigational New Drug (IND) application to begin

clinical trials of CRS-100. This is our ﬁ rst cancer immunotherapy product candidate, designed to

treat cancers metastasized to the liver. It will be the ﬁ rst program using our proprietary Listeria

platform to advance to the clinic. We believe that CRS-100 has the potential to more potently

stimulate the immune system to ﬁ ght cancer. Our efforts on advancing our immunotherapy

opportunities also position us to leverage CRS-100’s clinical data as we conduct late-stage preclinical

work in preparation for ﬁ ling an IND for our second cancer program, CRS-207, designed to treat

pancreatic and ovarian cancers.

In our infectious disease program, we received notiﬁ cation of $2.8 million in funding over three years

as our part of a contract awarded by the National Institute of Allergy and Infectious Disease to a

tularemia vaccine research consortium of which Cerus is a member. One of the consortium’s goals is

to develop a vaccine for tularemia based on our Killed But Metabolically Active (KBMA) technology.

The awarding of this contract highlights the scientiﬁ c community’s excitement and enthusiasm

for the potential of the KBMA platform as a novel approach to developing vaccines. Additionally,

it reﬂ ects the rapid progress that we have made in advancing the KBMA platform. The ﬁ rst proof-

of-concept data were published just last year, and we are now positioned to begin work on a

product-focused development program based on the technology. The funding we receive will help

support our efforts toward developing therapeutic KBMA vaccines to treat infectious diseases such

as hepatitis.

Throughout the year we continued to build our intellectual property position around our blood

safety and immunotherapy technologies. We also worked closely with the members of our scientiﬁ c

advisory boards to develop strategies for advancing these technologies in a manner that will yield

signiﬁ cant value in the clinic and the market. Establishing a new INTERCEPT scientiﬁ c advisory

board was a key achievement in this area, and we expect that our advisors’ insight and expertise will

provide valuable guidance as we assume operational control of the INTERCEPT portfolio.

I am proud of our success in 2005 in attaining our corporate goals, and look forward to continuing

that progress in the months ahead. Whether you are a shareholder, a patient or an employee, I thank

you for your support. We do what we do because of you.

Claes Glassell

President and Chief Executive Ofﬁ cer

Cerus Corporation

April 21, 2006

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Every two seconds, somebody in
the United States needs blood, and
each year 4.5 million lives are saved
by transfusions.* That is hundreds
of thousands of units annually.
We’re committed to improving the
safety of every unit.

Laurence M. Corash, M.D.
Vice President and
Chief Medical Ofﬁ cer
Cerus Corporation

“The INTERCEPT Blood System has the potential to enhance the safety of donated
blood by inactivating pathogens that may not be detected with current tests, as well as
emerging pathogens not yet identiﬁ ed as threats to human health.”

Improving Blood Screening and Safety
Improving Blood Screening and Safety
Improving Blood Screening and Safety
Improving Blood Screening and Safety
Improving Blood Screening and Safety

Today, blood safety strategies rely on strict donor selection criteria and screening donated blood
Today, blood safety strategies rely on strict donor selection criteria and screening donated blood
Today, blood safety strategies rely on strict donor selection criteria and screening donated blood

for the presence of a limited number of pathogens. We are developing the INTERCEPT Blood
for the presence of a limited number of pathogens. We are developing the INTERCEPT Blood
for the presence of a limited number of pathogens. We are developing the INTERCEPT Blood

System as an important enhancement to the safety of platelets, plasma and red blood cells derived
System as an important enhancement to the safety of platelets, plasma and red blood cells derived
System as an important enhancement to the safety of platelets, plasma and red blood cells derived

from donated blood. For each of these components, we have developed a proprietary process to
from donated blood. For each of these components, we have developed a proprietary process to
from donated blood. For each of these components, we have developed a proprietary process to

inactivate harmful pathogens, including viruses such as HIV, hepatitis B and hepatitis C, as well as
inactivate harmful pathogens, including viruses such as HIV, hepatitis B and hepatitis C, as well as
inactivate harmful pathogens, including viruses such as HIV, hepatitis B and hepatitis C, as well as

bacteria and parasites, without diminishing the therapeutic utility of the treated blood component.
bacteria and parasites, without diminishing the therapeutic utility of the treated blood component.
bacteria and parasites, without diminishing the therapeutic utility of the treated blood component.

After blood is collected from donors and separated into platelets, plasma or red blood cells, the
After blood is collected from donors and separated into platelets, plasma or red blood cells, the
After blood is collected from donors and separated into platelets, plasma or red blood cells, the

individual components are treated with our proprietary Helinx technology, which cross-links the
individual components are treated with our proprietary Helinx technology, which cross-links the
individual components are treated with our proprietary Helinx technology, which cross-links the

DNA or RNA of pathogens and contaminating white blood cells.
DNA or RNA of pathogens and contaminating white blood cells.
DNA or RNA of pathogens and contaminating white blood cells.

Signiﬁ cantly, the INTERCEPT systems inactivate pathogens that may go undetected by existing tests
Signiﬁ cantly, the INTERCEPT systems inactivate pathogens that may go undetected by existing tests
Signiﬁ cantly, the INTERCEPT systems inactivate pathogens that may go undetected by existing tests

or for which tests are not performed. Moreover, because the INTERCEPT systems use Cerus’s
or for which tests are not performed. Moreover, because the INTERCEPT systems use Cerus’s
or for which tests are not performed. Moreover, because the INTERCEPT systems use Cerus’s

proprietary Helinx technology to crosslink DNA and RNA of susceptible pathogens, we believe that
proprietary Helinx technology to crosslink DNA and RNA of susceptible pathogens, we believe that
proprietary Helinx technology to crosslink DNA and RNA of susceptible pathogens, we believe that

they will inactivate most emerging pathogens that have not yet been identiﬁ ed or for which tests
they will inactivate most emerging pathogens that have not yet been identiﬁ ed or for which tests
they will inactivate most emerging pathogens that have not yet been identiﬁ ed or for which tests

have not yet been developed. The INTERCEPT systems are designed to ensure that the blood supply
have not yet been developed. The INTERCEPT systems are designed to ensure that the blood supply
have not yet been developed. The INTERCEPT systems are designed to ensure that the blood supply

becomes safer, even as new pathogens emerge that would otherwise pose threats to its safety.
becomes safer, even as new pathogens emerge that would otherwise pose threats to its safety.
becomes safer, even as new pathogens emerge that would otherwise pose threats to its safety.

*www.americasblood.org
*www.americasblood.org
*www.americasblood.org

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...because of her.

...because of him.

Nearly 1.4 million people in
the United States alone will be
diagnosed with cancer in 2006.
Our proprietary immunotherapy
platform may enable new treat-
ments that harness the power of
each patient’s immune system
to ﬁ ght cancer.

Drew Pardoll, M.D., Ph.D.
Co-Director
Sidney Kimmel Cancer Center
The Johns Hopkins University
School of Medicine
Chair, Cerus Immunotherapy
Scientiﬁ c Advisory Board

“By stimulating cancer-speciﬁ c immune responses, Cerus’s proprietary Listeria
platform has the potential to eliminate cancer cells without harming normal tissue.
Listeria-based immunotherapies represent a leap forward from those that have
thus far been tested and may also be combined with other therapeutic modalities,
enabling novel treatment paradigms.”

Novel Cancer Immunotherapies
Novel Cancer Immunotherapies
Novel Cancer Immunotherapies
Novel Cancer Immunotherapies
Novel Cancer Immunotherapies
Novel Cancer Immunotherapies
Novel Cancer Immunotherapies

In 2005 we made signiﬁ cant progress in advancing our proprietary Listeria-based cancer immu-
In 2005 we made signiﬁ cant progress in advancing our proprietary Listeria-based cancer immu-
In 2005 we made signiﬁ cant progress in advancing our proprietary Listeria-based cancer immu-

notherapy program. Preclinical data regarding the safety and anti-tumor activity of Listeria-based
notherapy program. Preclinical data regarding the safety and anti-tumor activity of Listeria-based
notherapy program. Preclinical data regarding the safety and anti-tumor activity of Listeria-based

therapeutic cancer vaccines were presented at the American Association of Cancer Research Annual
therapeutic cancer vaccines were presented at the American Association of Cancer Research Annual
therapeutic cancer vaccines were presented at the American Association of Cancer Research Annual

Meeting. We are pleased to see a growing enthusiasm for this innovative therapeutic approach by
Meeting. We are pleased to see a growing enthusiasm for this innovative therapeutic approach by
Meeting. We are pleased to see a growing enthusiasm for this innovative therapeutic approach by

members of the scientiﬁ c and medical communities.
members of the scientiﬁ c and medical communities.
members of the scientiﬁ c and medical communities.

A focused effort on advancing our cancer immunotherapy program enabled us to ﬁ le an Investi-
A focused effort on advancing our cancer immunotherapy program enabled us to ﬁ le an Investi-
A focused effort on advancing our cancer immunotherapy program enabled us to ﬁ le an Investi-

gational New Drug (IND) application for CRS-100 with the U.S. Food and Drug Administration
gational New Drug (IND) application for CRS-100 with the U.S. Food and Drug Administration
gational New Drug (IND) application for CRS-100 with the U.S. Food and Drug Administration

in 2005. In 2006, we expect to initiate a trial of CRS-100 in patients with cancers that have
in 2005. In 2006, we expect to initiate a trial of CRS-100 in patients with cancers that have
in 2005. In 2006, we expect to initiate a trial of CRS-100 in patients with cancers that have

metastasized to the liver. Data generated through the clinical trial of CRS-100 will provide a foundation
metastasized to the liver. Data generated through the clinical trial of CRS-100 will provide a foundation
metastasized to the liver. Data generated through the clinical trial of CRS-100 will provide a foundation

on which to advance the additional Listeria-based therapeutic cancer vaccines that are in develop-
on which to advance the additional Listeria-based therapeutic cancer vaccines that are in develop-
on which to advance the additional Listeria-based therapeutic cancer vaccines that are in develop-

ment. These include our second cancer immunotherapy, CRS-207, which we are developing as a
ment. These include our second cancer immunotherapy, CRS-207, which we are developing as a
ment. These include our second cancer immunotherapy, CRS-207, which we are developing as a

treatment for pancreatic and ovarian cancer and MEDI 543 (EphA2), which is being developed by
treatment for pancreatic and ovarian cancer and MEDI 543 (EphA2), which is being developed by
treatment for pancreatic and ovarian cancer and MEDI 543 (EphA2), which is being developed by

Medimmune, Inc., for treatment of solid tumors.
Medimmune, Inc., for treatment of solid tumors.
Medimmune, Inc., for treatment of solid tumors.

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Many known infectious diseases,
emerging pathogens and potential
biological weapons cannot be
addressed with current treatment
and prevention strategies. Cerus is
leveraging two proprietary platforms
to develop novel infectious disease
therapies and prophylactic vaccines.

David N. Cook, Ph.D.
Vice President, Research
and Development
Cerus Corporation

“Cerus’s KBMA (Killed But Metabolically Active) technology is a signiﬁ cant
advance in vaccine development. This technology, as well as the company’s Listeria
platform, may enable new paradigms for treating and preventing life-threatening
infectious diseases.”

Novel Anti-Infectives
Novel Anti-Infectives
Novel Anti Infectives
Novel Anti Infectives
Novel Anti Infectives
Novel Anti Infectives
Novel Anti-Infectives

Our KBMA vaccine platform gained important visibility in 2005. In July, preclinical data describing the
Our KBMA vaccine platform gained important visibility in 2005. In July, preclinical data describing the
Our KBMA vaccine platform gained important visibility in 2005. In July, preclinical data describing the

safety and efﬁ cacy of KBMA vaccines in models of infectious diseases and cancer were published as the
safety and efﬁ cacy of KBMA vaccines in models of infectious diseases and cancer were published as the
safety and efﬁ cacy of KBMA vaccines in models of infectious diseases and cancer were published as the

. As part of a research consortium, we received notiﬁ cation
Nature Medicine. As part of a research consortium, we received notiﬁ cation
cover story in the journal Nature Medicine
cover story in the journal
cover story in the journal Nature Medicine. As part of a research consortium, we received notiﬁ cation

of a three-year, $2.8 million contract from the National Institute of Allergy and Infectious Diseases to
of a three-year, $2.8 million contract from the National Institute of Allergy and Infectious Diseases to
of a three-year, $2.8 million contract from the National Institute of Allergy and Infectious Diseases to

. There is growing concern that Francisella
develop a KBMA-based vaccine against Francisella tularensis
develop a KBMA-based vaccine against
develop a KBMA-based vaccine against Francisella tularensis. There is growing concern that Francisella
Francisella

Francisella tularensis. There is growing concern that

could be developed for use as a biological weapon. This contract will help to advance the
tularensis could be developed for use as a biological weapon. This contract will help to advance the
tularensis could be developed for use as a biological weapon. This contract will help to advance the
tularensis

science underlying the KBMA platform, supporting our efforts to leverage the potential of the
science underlying the KBMA platform, supporting our efforts to leverage the potential of the
science underlying the KBMA platform, supporting our efforts to leverage the potential of the

technology to treat chronic infectious diseases. Additionally, we believe that our biodefense programs
technology to treat chronic infectious diseases. Additionally, we believe that our biodefense programs
technology to treat chronic infectious diseases. Additionally, we believe that our biodefense programs

provide potential out-licensing opportunities.
provide potential out-licensing opportunities.
provide potential out-licensing opportunities.

Capabilities gained through our biodefense programs will enhance our ability to apply the KBMA
Capabilities gained through our biodefense programs will enhance our ability to apply the KBMA
Capabilities gained through our biodefense programs will enhance our ability to apply the KBMA

technology to the development of therapeutic vaccines for life-threatening infectious diseases such
technology to the development of therapeutic vaccines for life-threatening infectious diseases such
technology to the development of therapeutic vaccines for life-threatening infectious diseases such

as hepatitis B and C. Most therapies in development for hepatitis B and C are designed to limit viral
as hepatitis B and C. Most therapies in development for hepatitis B and C are designed to limit viral
as hepatitis B and C. Most therapies in development for hepatitis B and C are designed to limit viral

replication. In contrast, therapeutic KBMA vaccines are designed to stimulate the patient’s own
replication. In contrast, therapeutic KBMA vaccines are designed to stimulate the patient’s own
replication. In contrast, therapeutic KBMA vaccines are designed to stimulate the patient’s own

immune system to kill infected cells and thus eliminate the virus. This may provide a new path to a
immune system to kill infected cells and thus eliminate the virus. This may provide a new path to a
immune system to kill infected cells and thus eliminate the virus. This may provide a new path to a

cure for chronic infectious diseases that affect millions of people around the world.
cure for chronic infectious diseases that affect millions of people around the world.
cure for chronic infectious diseases that affect millions of people around the world.

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...because of them.

We do what we do...

At Cerus, we know that what we have done in 2005 creates the
foundation of what we must do in 2006 and beyond. Protecting
health, improving outcomes, extending survival. This is what
patients need. This is what we strive to do. You are why we care
so much about reaching our goals.

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Because we can. Because we care. Because of you.

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