SoftOx Solutions AS — Earnings Release 2022

Oct 26, 2022

SOFTOX SOLUTIONS: THIRD QUARTER 2022 RESULTS

SOFTOX SOLUTIONS: THIRD QUARTER 2022 RESULTS

OSLO – October 26, 2022: SoftOx Solutions AS ("SoftOx" or the "Company"), a medtech and clinical-stage pharmaceutical company based in Oslo, Norway, today announces its results for the third quarter of 2022.

"In the third quarter of 2022, SoftOx achieved two major milestones: the selection of our technology by the European Defence Fund (EDF) to develop countermeasures against CBRN threats and the end of the Phase 1 study evaluating the safety and tolerability of the SoftOx Biofilm Eradicator. Both accomplishments were years in the making and represent the persistence, expertise and commitment of the SoftOx team."

"The company is in an opportune position to initiate and continue talks with European and international market players. We are now focused on ending the year with successful clinical results and continue exploring opportunities to develop our exciting platform technology," said Geir Almås, Chief Executive Officer of SoftOx Solutions.

Operational highlights

• SoftOx announced the early completion of the Phase 1 SBE-01 trial, with positive results of the SoftOx Biofilm Eradicator (SBE) in treating chronic wounds. SBE was demonstrated to be safe and well tolerated as well as reducing the bacterial burden and improving wound healing in chronic leg wounds.

• SoftOx received final approval on biocidal products application for hand and surface disinfection from the Swedish Chemicals Agency (KemI). This approval allows SoftOx to sell its disinfection products in Sweden.

• The SoftOx technology, through its subsidiary SoftOx Defense Solutions (SDS), was granted NOK 97 million from the European Defence Fund to develop a military inhalation solution for the EU and its allies as part of a pan-European consortium.

• SDS's leadership team was strengthened with the addition of Jørgen Berggrav as Senior Advisor and Johan Christian Harstad as Project Director.

Financial highlights

(Figures in brackets represent the corresponding period in 2021 unless states otherwise)

• Q3 pre-tax results ended with a loss of NOK 23,7 million (loss of 22 million). Results are characterized by high levels of activity in research and development.

• Total operating expenses for the third quarter were NOK 25.3 million (NOK 23,4 million)

• Cash and cash equivalents amounted to NOK 3.2 million at the end of the second quarter (NOK 16.6 million)

• In October, SoftOx secured a convertible loan from existing shareholders for NOK 25 million and refinanced the NOK 15 million convertible loan as reported on 28 June 2022.

Presentation details

The results will be presented by the management via webcast at 09:00 (CET).

To register for the presentation, click the following link:

https://teams.microsoft.com/registration/GPWsOGT7vUCuf-It04UbWQ,oEPfirp3r0GbFmWNBzTZNg,ebnx2uZTkE2EPvewJm782g,A7wyP47zO0yXrzMTR20aXA,QniapSBGZ0urCimjTSRqIw,ziH9X8hk9U2QqA8bEDZFxg?mode=read&tenantId=38acf518-fb64-40bd-ae7f-e22dd3851b59

The presentation will be held in English and followed by a Q&A session.

For any questions or interview requests, please contact:

Geir Almås, CEO of SoftOx Solutions AS

Kristine Rød, CFO at 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