University of North Carolina - Chapel Hill Endowment Fund

Mr. Smith joins IO Biotech bringing over two decades of legal and compliance experience in the life science industriesNEW YORK, Jan. 23, 2023 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer vaccines based on its T-win® vaccine platform, today announced the appointment of Devin Smith as the company’s first General Counsel and Chief Compliance Officer. Mr. Smith will oversee all company legal activities and provide strategic guidance and corporate governance. “We are excited to welcome Devin as a member of our executive team,” said Mai-Britt Zocca, Ph.D., President and Chief Executive Officer of IO Biotech. “With over two decades of legal experience in the industry, his knowledge and insight will be invaluable throughout IO Biotech. He will play a critical role in our operations as we continue to grow as a company, build partnerships and advance our pipeline through the clinic.” Mr. Smith added, “IO Biotech is at an incredibly exciting point in their journey. I’m thrilled to join the IO Biotech team and I look forward to not only help support the company execute its strategic plan, but also contributing to IO Biotech’s continued growth and its commitment to disrupting the way cancer is treated.” Mr. Smith has more than 25 years of legal and compliance experience serving clients in the life science industries. Mr. Smith joins IO Biotech from Yumanity Therapeutics, Inc., a publicly traded biotechnology company, where he served as Senior Vice President and General Counsel. At Yumanity, he helped lead the sale of the company’s neuroscience assets to Johnson & Johnson and a reverse merger with a privately held oncology immunotherapy company. Prior to Yumanity, Mr. Smith served as Senior Vice President and General Counsel of Minerva Neurosciences, Inc., where he was responsible for all legal, governance and compliance matters, and led the sale of potential royalties to Royalty Pharma for upfront and potential milestone payments of $155 million. Before joining Minerva, Mr. Smith served as General Counsel of Stallergenes Greer plc, a publicly traded, global biopharmaceutical company focused on allergy immunotherapy products. Previously, Mr. Smith led the North American legal department for EMD Serono, Inc., the biopharmaceutical division of Merck KGaA. Mr. Smith received his J.D. from Suffolk University Law School and his bachelor’s degree from the University of North Carolina – Chapel Hill. About IO Biotech IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win® vaccine platform. The T-win® platform is a novel approach to cancer vaccines designed to activate T cells to target the most important immunosuppressive cells in the tumor microenvironment. IO Biotech is advancing in clinical studies its lead cancer vaccine candidate, IO102-IO103, targeting IDO and PD-L1, and through preclinical development its other pipeline candidates. IO Biotech is headquartered in Copenhagen, Denmark and US headquarters in New York, New York. For further information, please visit www.iobiotech.com. Forward-Looking Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including regarding future clinical trials and results, are based on IO Biotech’s current assumptions and expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise. Company Contact:Amy SullivanChief Financial OfficerIO Biotech, Inc. asu@iobiotech.com Investor Contact:Corey Davis, Ph.D.LifeSci Advisors212-915-2577cdavis@lifesciadvisors.com Media Contact:Raena Mina, Ph.D.LifeSci Communications646-606-1438rmina@lifescicomms.com

When Aravind Asokan and Mavis Agbandje-McKenna first pulled together their respective research at the University of North Carolina-Chapel Hill and the University of Florida on engineering adeno-associated virus vectors and started StrideBio in 2015, the FDA was still two years away from an eventual groundbreaking first approval for an AAV gene therapy. But even then — and moreso since — preclinical and clinical studies had exposed the glaring room for improvement in the way genes are delivered.