SoftOx Solutions AS — Capital/Financing Update 2023

Mar 13, 2023

SoftOx Solutions AS: Update on company status and financing

SoftOx Solutions AS: Update on company status and financing

With reference to the stock exchange announcements from SoftOx Solutions AS ("SoftOx" or the "Company") on February 15, 2023, on the challenging liquidity situation and on March 8, 2023, the webcast presentation. The Company provides an update on the financing process and the company status.

Financing

SoftOx is working diligently on securing both its short-term and long-term financing. The company is in close dialogue with both existing stakeholders and interested outside investors. SoftOx is currently in discussions with a select number of investors, and the company is evaluating different potential models. The aim is to secure approx. NOK 40 million, to secure the company runway for 6 months. Payment from the European Defence Fund is expected but not included in the Company’s budgets going forward.

If the Company decides to propose a solution with a basis from new investors, it is the intention that the existing shareholders will be given ample opportunities to also participate. SoftOx would like to underline that there is uncertainty as to whether a solution with outside investors may materialise at this point.

Company status

SoftOx has recently reached several important milestones in its product development and believes that the underlying values are material. All completed studies have shown excellent clinical results and confirmed safety and tolerability with a broad spectrum of antiviral and antimicrobial effects. In the treatment for leg ulcers, it was observed over 99% reduction in bacterial burden in the wound together with observed dose dependent reduction in wound size with 24% reduction in wound size in the group which received treatment one time per day in 5 days and 36% reduction in wound size in the group which received treatment with SoftOx two times per day in 5 days. External health economic models from EXCITE International estimate the health economic saving by faster wound healing and avoiding infections in leg ulcers to be up to USD 6,404 per patient, which would give up to USD 14 billion in reduced health care cost in the US alone. For the infectious disease (SIS) project, the Company observed infection prevention ability in an influenza-like mouse model together with tolerability and safety in phase 1.

As material financing discussions are ongoing, the company has decided to postpone its announced extended presentation scheduled for March 14, 2023. However, attached to this release is an extended presentation that describes the technology development, results and progress in detail.

SoftOx will revert with further updates in due course.

For further information, please contact:

Geir Almås, Executive Chairman of SoftOx Solutions AS

Christian Harstad, Interim CEO of SoftOx Solutions AS

Mail: ir@soft-ox.com

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

About SoftOx Solutions AS

SoftOx Solutions AS (SoftOx, listed on Euronext Growth Oslo) is a medtech and clinical-stage pharmaceutical company based in Oslo, Norway, with the goal of reducing the spread of infection and emergence of antimicrobial resistance. For more information on SoftOx, visit www.soft-ox.com