On April 8, 2020, the Board of Directors (the “Board”) of PDS Biotechnology Corporation (the “Company”), based upon the recommendation of the Nominating and Corporate Governance Committee of the
Board, appointed Ilian Iliev, Ph.D., as a director and new member of the Board, effective April 8, 2020. Dr. Iliev was presented to the Board as a designee for approval by NetScientific plc (“NetScientific”), pursuant to the Board designee rights
granted to NetScientific in connection with the Company’s February 2020 public offering, as previously disclosed. Based on his relationship with NetScientific, the Board determined that Dr. Iliev is not an independent director, as determined in
accordance with the applicable rules and regulations of the Securities and Exchange Commission and the Nasdaq Stock Market. Accordingly, Dr. Iliev will not serve on any of the Board’s committees.
Dr. Iliev, age 44, has served as a Managing Director of EMV Capital since September 2018, a London-based investor in B2B companies in the healthcare, transportation, energy and technology sectors.
Dr. Iliev spun EMV Capital out of EcoMachines Ventures, which he co-founded in March 2013. From September 2006 through January 2013, Dr. Iliev served as the Chief Executive Officer and co-founder of CambridgeIP Ltd, a market- leading technology
business intelligence provider in the United Kingdom and has served as a Founder Director of CambridgeIp Ltd since February 2013. Dr. Iliev also currently serves as a Non-Executive Director of NetScientific plc, a transatlantic healthcare IP
commercialization group that funds and develops companies that are working to significantly improve the health and well-being of people with chronic diseases. Dr. Iliev also serves on the Board of Directors of Sofant Technologies, Pointgrab, Q-Bot,
Vortex Biosciences and Wanda Health. Dr. Iliev holds a Ph.D. from Cambridge University’s Judge Business School, focused on Venture Capital business models in emerging economies. Dr. Iliev also received a Master of Commerce in Economics, and
Bachelor of Arts in Politics, Economics and International Relations from the University of Witwatersrand.
Except as noted above, there are no arrangements or understandings between Dr. Iliev and any other persons pursuant to which he was chosen as a director of the Company. There are no family
relationships between Dr. Iliev and any of the Company’s directors, executive officers, or persons nominated or chosen by the Company to become a director or executive officer. Dr. Iliev is not a party to any current or proposed transaction with
the Company for which disclosure is required under Item 404(a) of Regulation S-K.
On April 8, 2020, Dr. Iliev was granted an option to purchase 4,500 shares of the Company’s common stock at an exercise price of $0.72 per share, which was the closing price of the Company’s common
stock on the Nasdaq Capital Market on the date of grant. The option will vest in three equal annual installments of 1,500, each following the date of grant, subject to Dr. Iliev’s continuous service on the Board.