Arctic Bioscience — Regulatory Filings 2021

Jun 17, 2021

Arctic Bioscience awarded grant from The Research Council of Norway for its pharmaceutical development

Arctic Bioscience awarded grant from The Research Council of Norway for its pharmaceutical development

Arctic Bioscience announces today a grant of NOK 4.8 million for the company's

pharmaceutical development activities under the IPN-program

(Innovasjonsprosjekter i Næringslivet) from The Research Council of Norway, the

Norwegian Government`s research policy advisor working to promote innovation

research-based innovation and knowledge-building.

The Innovation project grant was awarded to elucidate the mechanism of action

for HRO350; the investigational medicinal product aimed for mild-to-moderate

psoriasis, currently under development by Arctic Bioscience. The drug

development of HRO350 has an innovative approach, manufactured from sustainably

sourced herring roe according to cGMP using proprietary technology. The herring

roe used is a residual side stream from herring fillet production.

Commenting on the award, CEO Ole Arne Eiksund said "We very much appreciate

Norwegian government' support for our innovative pharmaceutical development

supporting our ambition to make life better for a large group of psoriasis

patients in Norway and abroad. We also see the award as a confirmation of the

Norwegian Government's efforts to support the growth and expansion of our life

science ecosystem and are proud to be part of an industry with significant

stakeholder value creation potential".

Mild-to-moderate psoriasis constitutes a large patient population where there is

substantial need for effective, convenient, and cost-effective new treatments

with beneficial safety profiles. Psoriasis prevalence rates range from 2% to 6%

of the population in western countries, and approximately 90% suffer from mild

-to-moderate forms of the disease. This corresponds to around 21 million

psoriasis patients based in the USA and the EU-5 alone and an annual revenue

opportunity of more than $1 billion. A large, randomized Phase IIb study is

scheduled to start in 2022. The company plans to manufacture HRO350 at the

company's new facility in Ørsta

The consortium for the Innovation project consists of Arctic Bioscience, local

research institute Møreforskning and NOFIMA a leading institute for applied

research within the fields of fisheries, aquaculture and food research.

For more information, please contact

Danielle Glenn

CFO Arctic Bioscience

Email: danielle@arctic-bioscience.com

Phone: +47 909 98 201

Ole Arne Eiksund

CEO Arctic Bioscience

Email: olearne@arctic-bioscience.com

Phone: +47 908 43 944

About Arctic Bioscience

Arctic Bioscience is a biotech company developing pharmaceutical and

nutraceutical products based on the unique properties of herring roe oil,

composed of complex bioactive marine compounds, including lipids essential to

maintaining cell membranes. The nutraceutical products contain lipids which

contribute to the normal functioning of brain, heart and vision.

The company is developing a novel drug candidate (HRO350) for mild-to-moderate

psoriasis, a large global patient population where there is substantial need for

effective, convenient and cost-effective new medicines with beneficial safety

profiles. Nutraceuticals from Arctic Bioscience are sold worldwide as bulk

ingredients to other companies making dietary supplements (B2B) and as finished

goods under the ROMEGAT brand (B2C),

with significant expansion potential all channels and regions.

To support its long-term growth strategy, Arctic Bioscience is planning a state

-of-the-art manufacturing facility in Ørsta. Easy access to the raw material and

proprietary production processes will increase control of the value chain,

improve margins and enable large-scale, high-quality manufacturing.

Arctic Bioscience is led by a highly competent team with significant expertise

developing marine oils and extensive experience from some of the world's leading

pharmaceutical, technology and financial services companies.