PCI Biotech Holding — Earnings Release 2016

Nov 22, 2016

PCI Biotech: Third quarter 2016 results

PCI Biotech: Third quarter 2016 results

Oslo, 22 November 2016 - Please find enclosed the financial report for third

quarter 2016 for PCI Biotech Holding ASA.

Highlights

fimaChem

* Completed Phase I study in bile duct cancer, with early promising results

confirmed at central expert review

* Oral presentation of the Phase I results as late-breaking news at United

European Gastro Week 2016

* Granted Orphan Drug Designation of fimaporfin for treatment of bile duct

cancer in EU

* Lancet Oncology publication of the fimaporfin (Amphinex) first-in-man Phase

I study, with independent expert commentary

fimaVacc

* Initiated clinical validation of the vaccination technology - a major

development milestone

fimaNAc

* Research collaboration agreement with BioNTech signed

Financials

* The Company proposes to carry out a fully underwritten rights issue of NOK

70 million at a subscription price of NOK 7 per share

CEO, Per Walday, comments:

"We have reached several important milestones for the fimaChem program in 2016.

On the back of this progress, we were very pleased to recently announce a fully

underwritten rights issue of NOK 70 million. The funding will enable the company

to complete the initiated interactions with regulatory authorities to determine

the best approach to marketing approval. In addition, the rights issue will

fully fund translation of our fimaVacc technology into man. Improving

immunogenicity of vaccine candidates is a main priority in the immunotherapy

industry and we believe that the fimaVacc technology may play an important part

in solving this challenge. We are also facing increased interest in our fimaNAc

technology and we look forward to explore synergies with BioNTech's pioneering

disruptive technologies".

About PCI Biotech

PCI Biotech is a biopharmaceutical company focusing on development and

commercialisation of novel therapies for the treatment of cancer through its

innovative photochemical internalisation (PCI) technology platform. PCI is

applied to three distinct anticancer paradigms: fimaChem (enhancement of

chemotherapeutics for localised treatment of cancer), fimaVacc (T-cell induction

technology for therapeutic vaccination), and fimaNAc (nucleic acid therapeutics

delivery).

Photochemical internalisation induces triggered endosomal release that is used

to unlock the true potential of a wide array of therapeutic modalities. The

company's lead fimaChem programme consists of a Phase I/II clinical study in

bile duct cancer, an orphan indication with a high unmet need and without

approved products. fimaVacc applies a unique mode of action to enhance the

essential cytotoxic effect of therapeutic cancer vaccines, which works in

synergy with several other state-of-the-art vaccination technologies. fimaNAc

utilises the endosomal release to provide intracellular delivery of nucleic

acids, such as mRNA and siRNA therapeutics, thereby addressing one of the major

bottlenecks facing this emerging and promising field.

For more information visit: www.pcibiotech.com

Contact information: PCI Biotech Holding ASA, Ullernchausséen 64, N-0379

Oslo

Ronny Skuggedal, CFO, rs@pcibiotech.no, Mobile: +47 9400 5757

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.