SoftOx Solutions AS — Capital/Financing Update 2022

Jul 19, 2022

SoftOx Solutions AS: Granted NOK 97 million from the European Defence Fund for the development of an inhalation solution countering CBRN -threats

SoftOx Solutions AS: Granted NOK 97 million from the European Defence Fund for the development of an inhalation solution countering CBRN -threats

SoftOx Solutions AS (SoftOx), a clinical-stage biopharmaceutical company based in Norway, announced today the positive feedback for its subsidiary company, SoftOx Defense Solutions (SDS) on its European Defence Fund (EDF) application. SDS has been granted approximately NOK 97 million to develop an EU military inhalation solution for all EU military troops.

SDS announced December 12, 2021, the submission of the EDF application with a pan-European consortium, consisting of 20 international research and development (R&D) and industry partners from 10 nations. The consortium, led by Commissariat a l'Energie Atomique et aux Energies Alternatives (CEA) in France, is developing military medical countermeasures (MCMs) against chemical substances, biological agents, radioactive and nuclear substances, so-called CBRN substances, for use in the Norwegian Armed Forces and the EU's military forces.

The consortium is granted approximately NOK 500 million and SDS is assigned 20 percent of these R&D-funds, which will be allocated at the end of 2022 for three3 years onwards. The Norwegian Ministry of Defence (FD) and SoftOx will jointly cover approximately 10 % of the awarded funding and FD has guaranteed to additionally co-finance 40% of the Norwegian contribution.

The EDF incentivises and supports collaborative, cross-border R&D in the area of defence. The Fund aims to increase the EU’s technological edge and develop capabilities key for strategic autonomy and resilience for its Member States and the protection of its citizens. To increase the resilience against these emerging threats, intended accidental or natural origin, it is critical that Europe develops necessary capabilities to protect its military and civilian population through MCMs for which today very few are approved for use. The present EDF grant seeks to enhance preparedness in CBRN security and emphasizes the urgency to improve preparedness for and response to CBRN threats through the development of appropriate MCMs.

“We are honoured and extremely proud to have been accepted as an important and integral player in this pan-European consortium and grateful for such significant funding for our research and development plans”, said Rune Jomaas, CEO of SDS. “This grant is unique in a Norwegian industry context and was made possible thanks to the support and close cooperation with the Norwegian Ministry of Defence (FD), the Norwegian Defence Research Establishment (FFI) and the Norwegian Defence and Security Industry Association (FSi). With this grant, SDS will proceed into a contractual phase preparing for an exciting pan-European research activity with dedicated partners”, concluded Jomaas.

“These funds will ensure collaboration and partnerships with leading European research institutions with a common goal to develop new and advanced technology against CBRN threats. This synergy will be instrumental and invaluable for SDS and SoftOx for advancing the SoftOx technology platform into new products as MCMs for the European defence market”, said Glenn Gundersen, Medical Director of SDS and SoftOx.

Geir Almås, CEO of SoftOx, added, "This funding is a significant recognition of our effort to develop cutting-edge technology. The grant also confirms that the SoftOx technology platform can potentially be a significant game-changer in developing new medical solutions for both the civilian and military market."

For further information, please contact:

Geir Almås, Chief Executive Officer SoftOx Solutions AS or

Rune Jomaas, Chief Executive Officer SoftOx Defense Solutions AS

Glenn Gundersen, Medical Director, SoftOx Solutions AS/SoftOx Defense Solutions AS

Mail: ir@soft-ox.com

Phone: Front Desk: (+47) 948-59-599

The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17. The announcement is made by the IR responsible.

About SoftOx Solutions AS

SoftOx Solutions AS (SoftOx), listed on Euronext Growth Oslo, is a Norwegian

pharmaceutical/medtech company based in Oslo with the aim of helping to combat major

threats to human health, namely the emergence of antimicrobial resistance (AMR),

biofilm infections in chronic wounds and the spread of viruses. For more

information on SoftOx, visit www.soft-ox.com