Ultimovacs ASA: Second quarter 2020 result presentation

Oslo, 21 August 2020: Ultimovacs ASA (“Ultimovacs”, ticker ULTIMO), a
pharmaceutical company developing novel immunotherapies against cancer,
announces its second quarter 2020 results today. A presentation by the company’s
management team will take place today on a webcast at 09:00 CEST.

The presentation can be followed as a live webcast (access through the link
https://channel.royalcast.com/webcast/hegnarmedia/20200821_4/ which will also be
available on our website.

Highlights for the second quarter of 2020:
o The first patient in the INITIUM trial was enrolled in June, and a total of
three patients have been enrolled as per reporting date. The first site in the
INITIUM trial opened for patient inclusion in May. The INITIUM trial is a
randomized, comparative, multi-center Phase II trial for evaluating UV1 as a
treatment for first-line patients with metastatic malignant melanoma.
o Similarly, the first patient in the NIPU trial was enrolled in June, and
four patients are enrolled as per reporting date. The NIPU trial is a
randomized, comparative, multi-center Phase II trial in which UV1 is
investigated as a second-line treatment in mesothelioma.
o In the US based Phase I trial in malignant melanoma, patient enrollment is
now completed with all 10 patients in cohort 2 (dose finding GM-CSF) included.
No unexpected safety issues have been observed to date.
o The Covid-19 situation has so far had limited impact regarding site openings
and patient inclusion. The longer-term effect of the pandemic on the biotech
industry and the general ability to conduct clinical trials is still uncertain.
o In May 2020, Ultimovacs announced a collaboration with a non-specified big
pharma company and a leading European oncology clinical trial group to evaluate
UV1 in a third Phase II clinical trial. More information is expected to be
disclosed during the third quarter of 2020.
o A private placement of new shares to fund the above-mentioned clinical trial
was successfully completed in May 2020, raising gross proceeds of MNOK 160.
o Carlos de Sousa was appointed the new CEO of Ultimovacs ASA effective 1 June
o Cash flow from operations was MNOK -33.2 in Q2-20. With the proceeds from
the private placement in May 2020, total cash and cash equivalents increased by
MNOK 115.2 during Q2-20 and amounted to MNOK 483.2 as per 30 June 2020.

The report and presentation are also available on the company website:

For further information, please visit www.ultimovacs.com or contact:

Carlos de Sousa, CEO
Email: carlos.desousa@ultimovacs.com
Phone: +47 908 92507

Hans Vassgård Eid, CFO
Email: hans.eid@ultimovacs.com
Phone: +47 482 48632