Zelluna ASA - Earnings Release 2019

Ultimovacs ASA: First half 2019 results

Oslo, 21 August 2019: Ultimovacs ASA ("Ultimovacs", ticker ULTIMO), a pharmaceutical company developing novel immunotherapies against cancer, announces its first half 2019 results today. A presentation by the company's management team will take place today in Oslo Cancer Cluster Innovation Park (Ullernchausséen 64) in Jónas Einarsson Auditorium (2nd floor, entrance 2B) at 08:00 CET.

The presentation can be followed as a live webcast (access through link

https://webtv.hegnar.no/presentation.php?webcastId=98044203) which will also be available on our website. It will be possible to post questions during the presentation through the webcast.

Highlights for the first half of 2019

• Successful initial public offering (‘IPO’) on the Oslo Stock Exchange with first day of trading 3 June 2019. In this process, the company carried out an equity issue raising gross proceeds of MNOK 370 by offering 11,840,000 new shares. The price per Offer Share was set at NOK 31.25, corresponding to market capitalisation of Ultimovacs at IPO of approximately MNOK 870.

• In the US based phase I trial in malignant melanoma, in which UV1 is given in combination with a PD-1 checkpoint inhibitor, 16 patients (15 as per 30 June 2019) have been included out of the planned 20 patients. No unexpected safety issues have been observed to date.

• Ultimovacs will seek approval for an additional cohort of 10 patients to be enrolled in this ongoing trial to investigate an increased dosage of the adjuvant GM-CSF.

• The planning of the randomized phase II trial in malignant melanoma is progressing according to plan towards inclusion of first patient in Q1 2020.

• Total loss for the period amounted to MNOK 18.6, negative cash flow from operations was MNOK 31.4 and net increase in cash and cash equivalents was MNOK 330.6. Total cash and cash equivalents per 30 June 2019 amounted to MNOK 446.0.

• The European Patent Office has granted Ultimovacs patent for UV1 in Europe which gives protection for UV1 until 2031.

• The abstract “Phase I Clinical Trial Investigating the Therapeutic Cancer Vaccine UV1 in Combination with Pembrolizumab as First-Line Treatment of Patients with Malignant Melanoma” has been accepted for poster presentation during the ESMO 2019 Congress, 27 September - 1 October 2019, Barcelona, Spain. (July-19)

The report and presentation are also available on the company website.

For further information, please see www.ultimovacs.com or contact:

Øyvind Kongstun Arnesen, CEO

[email protected], +47 469 33810

Hans Vassgård Eid, CFO

[email protected], +47 469 19822