AmpliPhi Biosciences / C3J Therapeutics Conference Call to Discuss Proposed Merger - Script

AmpliPhi Biosciences / C3J Therapeutics

Conference Call to Discuss Proposed Merger

January 14, 2019, 4:30 p.m. ET

Speaker Dial-In Phone Number: 1-866-250-8117

Conference ID: 10127534

Introduction: Robert Uhl, Westwicke

Thank you, operator. Good morning everyone

and thank you for joining us on today's call to discuss the proposed merger of AmpliPhi Biosciences with C3J Therapeutics,

as announced in a news release on January 4, 2019.

To share more information concerning the proposed

transaction, with me today are Dr. Paul Grint, Chief Executive Officer of AmpliPhi Biosciences, Steve Martin, Chief Financial Officer

of AmpliPhi Biosciences, Todd Patrick, President and Chief Executive Officer of C3J Therapeutics and Dr. Brian Varnum, Chief Development

Officer of C3J Therapeutics.

Before we begin, I'd like to remind

everyone that today's call will include remarks about future expectations, plans and prospects for AmpliPhi Biosciences and

C3J Therapeutics, which constitute forward-looking statements for the purpose of the Safe Harbor provisions under applicable federal

These forward-looking statements include,

without limitation, statements regarding the completion of the merger and related transactions, the combined company's expected

cash position, AmpliPhi's and C3J's expectations with respect to future performance, the nature, strategy and focus

of the combined company, the merger delivering significant value to AmpliPhi shareholders, and the potential development timeline

of the combined company's product candidates.

These forward-looking statements involve significant

risks and uncertainties that could cause actual results to differ materially from those expected, including the risk that the closing

conditions of the transactions are not satisfied and uncertainties as to the timing of the consummation of the transactions, and

risks related to the combined company's development and commercialization of its product candidates.

You are advised to read AmpliPhi Bioscience's

filings with the SEC regarding the transaction, including a proxy statement to be used in connection with solicitation of proxies

for the special meeting of AmpliPhi Bioscience shareholders to approve the merger transaction, when available, because these documents

will contain important information about the merger and related transactions and the participants' interests in the transactions.

When available, these documents can be obtained without charge at the SEC's website, www.sec.gov.

Important Information for Investors

This communication may be deemed to be

solicitation material in respect of the proposed transaction between AmpliPhi Biosciences Corporation and C3J Therapeutics, Inc.

In connection with the proposed transaction between AmpliPhi and C3J, AmpliPhi will file a proxy statement with the Securities

and Exchange Commission (the "SEC"). This communication is not a substitute for the proxy statement or any other documents

that AmpliPhi may file with the SEC or send to AmpliPhi shareholders in connection with the proposed transaction. Before making

any voting decision, investors and securityholders are urged to read the proxy statement and all other relevant documents filed

or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain

important information about the proposed transaction and related matters.

You may obtain free copies of the proxy

statement and all other documents filed or that will be filed with the SEC regarding the proposed transaction at the website maintained

by the SEC www.sec.gov. Once filed, the proxy statement will be available free of charge on AmpliPhi's website at www.ampliphibio.com

or by contacting AmpliPhi's Investor Relations by email at investor.ampliphibio.com or by phone at 858-829-0829 or by mail

at Investor Relations, AmpliPhi Biosciences Corporation, 3579 Valley Centre Drive, Suite 100, San Diego, CA 92130.

Participants in Solicitation

AmpliPhi, C3J and their respective directors and executive officers

may be deemed to be participants in the solicitation of proxies from the holders of AmpliPhi's common stock in connection

with the proposed transaction. Information about AmpliPhi's directors and executive officers is set forth in AmpliPhi's

Definitive Proxy Statement for its 2018 Annual meeting, which was filed with the SEC on November 9, 2018. Other information regarding

the interests of such individuals, as well as information regarding C3J's directors and executive officers and other persons

who may be deemed participants in the proposed transaction, will be set forth in the proxy statement, which will be filed with

the SEC. You may obtain free copies of these documents as described in the preceding paragraph.

This communication will not constitute an offer to sell or

the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities

in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the

securities laws of any such jurisdiction.

Following the prepared remarks, we will open

the call for Q&A. I will now turn it over to Paul Grint, CEO of AmpliPhi Biosciences.

Good afternoon, everyone and thank you for

joining our call today.

I am very excited to announce that, following

an extensive and thorough review of strategic alternatives, AmpliPhi Biosciences and C3J Therapeutics have agreed to merge, which

is expected to create a leader in the development of targeted bacteriophage therapeutics.

As you may recall, in December of 2017, AmpliPhi

began a process to review strategic alternatives for the company. That review continued throughout 2018 and has now concluded with

the announcement of our merger agreement with C3J Therapeutics.

We are confident that this proposed merger

provides the best path forward for both companies, and that it will deliver significant value to AmpliPhi shareholders.

C3J Therapeutics is a Los Angeles-based biotechnology

company focused on the discovery and development of novel targeted antimicrobials - namely synthetic bacteriophage and antimicrobial

peptides. Importantly, C3J has a partnered synthetic bacteriophage program with a U.S.-based global pharmaceutical company.

The proposed merger will establish a better-capitalized

company with greater resources to develop and commercialize targeted bacteriophage therapeutics, which will continue to be publicly

listed. This is especially important now, a time when key regulatory bodies, including the U.S. Food and Drug Administration and

the World Health Organization recognize the imminent threat posed by increased antimicrobial resistance.

The combined company will be led by Todd Patrick

as Chief Executive Officer, Dr. Brian Varnum as President and Chief Development Officer and Steve Martin as Chief Financial Officer.

Post-merger, I will be acting in a clinical consulting role for the new company.

With that, I will now hand the call over to

Todd Patrick who will share an overview of the transaction and his plans for our combined companies.

Thanks, Paul, and thank you to everyone who

has joined us this afternoon.

I am very excited to share details about the

combined company that we are creating, but first, I would like to thank Paul for his leadership of AmpliPhi Biosciences in recent

years and his drive in helping consummate the merger of our two companies. In addition, we are fortunate that he has agreed to

act as a clinical consultant for the newly combined company.

Following completion of the merger and concurrent

capital raise, our combined company will have a sound financial footing as well as a diverse clinical-stage pipeline, including

a Phase 1/2-ready natural phage candidate targeting bacteremia, a synthetic phage candidate targeting respiratory infections poised

to enter Phase 1 clinical trials in 2019, and an existing partnership with a U.S.-based global pharmaceutical company for an undisclosed

large market indication.

In addition, the company will have an extensive

natural phage library and the capability to develop synthetic phage against a wide range of microbial agents. Furthermore, the

combined company will have two Phage-specific GMP manufacturing sites, with the C3J GMP facility in Los Angeles and AmpliPhi's

phage-specific GMP drug manufacturing capabilities in Slovenia. We believe this is a key differentiator for the combined company

in this exciting field.

The combination of our two companies takes

places against the backdrop of the rising and unmet medical need created by antibiotic resistant infections. Our shared philosophy

is that phages can provide a solution to this urgent public health threat.

According to the Center for Disease Control