Press Release

Calidi Biotherapeutics Secures Series A Investments to Advance Manufacturing

SAN DIEGO–(BUSINESS WIRE)–Calidi Biotherapeutics, Inc., a clinical‐stage immuno-oncology company at the forefront of cell-based oncolytic virus immunotherapies for cancer, today announced Series A investments from two South Korean firms to advance manufacturing in preparation for Calidi’s pre-IND and IND filings.

The investment efforts were led by Heehyoung Lee, Ph.D., co-founder and managing partner of LumeBio, advisor to Calidi Biotherapeutics and a fifteen-year veteran in the biopharmaceutical space. Dr. Lee facilitated the relationships between Calidi Biotherapeutics and the South Korean investment firms: Won & Partners and Greentable Co., Ltd.

“We are excited to grow Calidi Biotherapeutics and further our mission to bring lifesaving treatments to cancer patients.” said Allan Camaisa, CEO of Calidi Biotherapeutics. “Dr. Lee and Lumebio have been instrumental in helping us close out our series A raise. This funding will allow us to continue advancing our manufacturing processes as we prepare our pre-IND and IND package for Supernova 1 (SNV1c), a tumor-selective vaccinia virus combined with allogeneic adipose-derived mesenchymal stem cells (AD-MSC). We are excited to advance this asset into the clinic to target multiple cancer types.”

“The promise of oncolytic viral therapy has yet to be fulfilled,” said Heehyoung Lee, Ph.D., “Calidi’s unique allogeneic stem cell delivery platform utilizing adipose tissue will revolutionize the field of oncolytic viruses.”

Dr. Lee previously held positions at Hanmi Pharmaceuticals, Sorrento Therapeutics, and City of Hope. Upon completing her Ph.D. in Pathology & Molecular Medicine in 2002, Dr. Lee received the American Heart Association Fellowship and held a postdoctoral position at Moffitt Cancer Center. Dr. Lee became an Assistant Professor at City of Hope, where she focused on tumor immunobiology and cancer. She led the seminal findings in linking lipid metabolism to JAK-STAT-driven cancer, which is published in Nature Medicine and Nature Reviews Cancer. Her extensive background also includes global strategic planning and alliance management with Sanofi, Genentech, and Eli Lilly.

About Calidi Biotherapeutics

Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that is revolutionizing the effective delivery of oncolytic viruses for targeted therapy against difficult to treat cancers. Calidi Biotherapeutics is advancing a potent allogeneic stem cell and oncolytic virus combination for use in multiple oncology indications. In addition, our team is developing a universal cell delivery system to house, protect, and potentiate any oncolytic viruses currently in development which can potentially enhance efficacy and improve patient safety. Calidi Biotherapeutics is headquartered in San Diego, California. For more information, please visit www.calidibio.com.

Forward Looking Statement

Some of the statements in this press release may be forward-looking statements that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control. Calidi Biotherapeutics does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Calidi Biotherapetucs and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.