SoftOx Solutions AS — Earnings Release 2022

Aug 15, 2022

SOFTOX SOLUTIONS AS: SECOND QUARTER AND HALF YEAR RESULTS

SOFTOX SOLUTIONS AS: SECOND QUARTER AND HALF YEAR RESULTS

OSLO – August 15, 2022: SoftOx Solutions AS ("SoftOx" or the "Company"), a clinical-stage pharmaceutical and medtech company based in Norway, today announces its results for the second quarter and first half year of 2022.

"Over halfway into 2022, I am proud to report on the significant progress made in our clinical and commercial development, such as demonstrating proof of concept and identifying the best partners to advance our pipeline,” said Geir Almås, CEO of SoftOx.

The first half of 2022 has been characterized by increased clinical trials and regulatory activities. In July, SoftOx announced the positive feedback on it’s European Defence Fund (EDF) application and the award of approximately NOK 97 million to develop a military inhalation solution for the European Union and its allies. The SoftOx technology and team have been carefully selected by the EU commission to develop medical countermeasures to certain threats is a testament the company’s to expertise in the field.

"Moving forward, we remain focused on delivering on our ambitious goals, advancing the clinical development and finding the right partners for our projects," Geir Almås concluded.

Operational highlights

• Through SoftOx Defense Solutions, SoftOx was granted approximately NOK 97 million from the European Defence Fund to develop an inhalation solution for the armed forces within the EU and its allies.

• In May, SoftOx announced that the Phase 1 study, SIS-01, which evaluated the safety and tolerability of the SoftOx Inhalation Solution, had met its primary objective in healthy subjects (NCT05188638).

• SoftOx submitted a Premarket Notification to obtain clearance by the US Food and Drug Administration for the SoftOx Wound Irrigation Solution (SWIS) to be used as a Class II medical device in the US.

• The Norwegian Defence Research Establishment (FFI) 's field experiment in Hemsedal evaluating non-alcohol disinfectants, including SafeDes+, SoftOx's alcohol-free hand disinfectant, showed that alcohol-free disinfectants reduced the level of volatile organic compounds (VOCs) in the air when compared with alcohol disinfectants.

• In May, SoftOx presented the results of the SWIS-02 study and hosted a symposium entitled "Future practical solutions for fighting antimicrobial resistance in wound care" at the European Wound Management Association conference in Paris.

• The positive results of the SWIS-02 study demonstrating improvement in wound healing and reduction in bacterial burden compared to Normal Saline were published in the peer-reviewed journal, Acta Dermato- Venereologica

Financial highlights

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

• Pre-tax results amounted to a loss of NOK 20.6 million in the second quarter (loss of 21,3 million)

• Total operating expenses for the second quarter were NOK 21.5 million (NOK 23.8 million)

• Cash and cash equivalents amounted to NOK 7.4 million at the end of the second quarter (NOK 31.1 million)

• In June, SoftOx entered into a NOK 15 million loan agreement with Almhaug Bolig AS, where the main shareholder is one of the shareholders in SoftOx

Presentation details

The results will be released at 07:00 (CET) on Monday, August 15th, 2022 and presented by the management at 10:00 (CET) at SpareBank 1 Markets, Olav V's gate 5, Norway.

The presentation is open to the public and can also be followed via the link: https://channel.royalcast.com/landingpage/hegnarmedia/20220815_2/

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

Please register for the event before August 15th, at 08:00 (CET), by sending your registration to corporateaccess@sb1markets.no

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 Norwegian medtech/biotech 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