PCI Biotech Holding — M&A Activity 2016

Jan 27, 2016

PCI Biotech and Ultimovacs initiates preclinical research collaboration

PCI Biotech and Ultimovacs initiates preclinical research collaboration

Oslo, 27 January 2016 - PCI Biotech (OSE: PCIB), a cancer focused

biopharmaceutical company, and Ultimovacs, a pharmaceutical company developing

novel immunotherapy against cancer, today announced that they are initiating a

preclinical research collaboration. The purpose of the collaboration is to

utilise the companies' complementary scientific platforms to explore potential

synergies.

The partnership is governed by a preclinical research collaboration agreement.

In brief, the preclinical research collaboration will evaluate technology

compatibility and synergy based on in vivo studies. The companies will evaluate

results achieved from this research collaboration and then explore the potential

for a further partnership.

Per Walday, CEO of PCI Biotech, said: "I'm very pleased to announce our first

research agreement in the field of cancer vaccination. We believe that the PCI

technology has the potential to play a role in the realisation of several new

therapeutic modalities, including cancer immunotherapy.  Our preclinical

research with other peptide vaccines have demonstrated strong enhancement of

important cellular immunity responses and we look forward to explore synergies

with Ultimovacs promising vaccination technology."

Øyvind Kongstun Andersen, CEO of Ultimovacs, said: "Through this preclinical

collaboration we are able to explore possible synergies between our two

technologies. PCI has a very promising novel technology. Our therapeutic cancer

vaccine is documented in patients to activate the immune system against cancer.

We find it important for small biotech companies to collaborate and explore

synergistic potential when there is an underlying scientific rationale. Such

collaborative efforts may further strengthen the position of Norwegian companies

within immunotherapy, which has become an important cancer treatment with a fast

growing market."

About PCI Biotech

PCI Biotech is a cancer focused biopharmaceutical company headquartered in

Norway and listed on the Oslo Stock Exchange (Axess). The company is developing

therapeutic products based on its proprietary photochemical internalisation

(PCI) technology. The PCI technology works by inducing triggered endosomal

release and may be used to unlock the true potential of a wide array of

therapeutic modalities, such as small molecules, vaccines and nucleic acids.

The company has a clinical Phase I/II program in bile duct cancer, which is an

orphan indication without approved medicinal products and a high need for better

local treatments. The indication is well suited for PCI treatment, with easy

light access through routine endoscopic methods and an active generic drug

(gemcitabine) significantly enhanced by PCI.   The company is also developing

PCI as a vaccination technology. When applied in the emerging field of cancer

immunotherapy, PCI can be used to enhance the important cytotoxic effect of

therapeutic cancer vaccines. The PCI technology is also very well suited for

intracellular delivery of nucleic acids, such as RNA therapeutics. By releasing

nucleic acid compounds from endosomes where they are trapped following

administration, PCI addresses one of the major bottlenecks facing this emerging

and exciting field.  PCI Biotech follows a strategy to create value by improving

the effect of existing cancer drugs and by realising the large potential in new

therapeutics.

About Ultimovacs

Ultimovacs is a small pharmaceutical company developing novel immunotherapy

against cancer. The leading product is UV1, a therapeutic cancer vaccine

directed against human telomerase (hTERT). The vaccine is a result of many years

of preclinical and clinical research at the Norwegian Radium Hospital. UV1 is a

synthetic peptide vaccine.  The peptides included in the vaccine is based on

observation of immune responses in patients with advanced malignant disease

surviving several years after vaccination with a hTERT based therapeutic cancer

vaccine.  The company is currently performing three clinical trials with UV1.

Two trials are documenting safety and the vaccines ability to activate the

immune system against cancer cells expressing the hTERT fragments that are the

components of the vaccine when given on top of standard treatment in prostate

cancer and lung cancer.  A third clinical trial is assessing safety and clinical

outcomes when combining UV1 with ipilimumab in patients with malignant melanoma.

Contact information:

PCI Biotech Holding ASA, Ullernchausséen 64, N-0379 Oslo, Norway.

www.pcibiotech.com

Per Walday, CEO, pw@pcibiotech.no, Mobile: +47 917 93 429.

Ultimovacs AS, Ullernchausséen 64, N-0379 Oslo, Norway. www.ultimovacs.com

Øyvind Kongstun Andersen, CEO, oeyvind.arnesen@ultimovacs.com, Mobile:

+47 909 71 226

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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