Oslo, Norway, 31 August 2022

Nordic Nanovector ASA (OSE: NANOV) ("Nordic Nanovector" or the "Company")
announces its results for the second quarter and first half 2022. A presentation
by Nordic Nanovector's senior management team will be held in-person today in
Oslo and webcast live beginning at 8:30am CEST - details below.

Jan H. Egberts Chairman of Nordic Nanovector, commented: "The decision to
discontinue PARADIGME* has been a major disappointment for everyone involved,
most particularly patients. Given the difficult financing environment and the
Company's current financial position, the responsible course of action is to
conserve our resources while we explore all strategic options that may be
available to us. We believe the restructuring we have announced, together with
the appointment of Carnegie, a leading financial advisor in the Nordic region,
will provide significant support in achieving the best possible outcome for our
shareholders. We will provide further updates in a timely fashion as
appropriate."

*PARADIGME is a global Phase 2b trial of Betalutin® ([177]Lu lilotomab
satetraxetan) in 3rd-line follicular lymphoma (FL) patients, refractory to
RTX/anti-CD20 based treatments.

Q2 2022 Highlights

  · Comprehensive review of PARADIGME implemented
    · Following continued slow recruitment into PARADIGME with no additional
patients enrolled in May 2022 and only 2 since end February 2022
    · Independent data evaluation commissioned with data analysis by an
independent expert panel

Post-period events

  · Decision made to discontinue PARADIGME
    · Betalutin® profile does not fully meet objectives set out for the
PARADIGME study with only one out of three patients responding to treatment and
average duration of response of approximately six months
    · Profile no longer sufficiently competitive to bring Betalutin® to the
market in the third line relapsed/refractory FL indication within a timeframe
that makes financial and commercial sense for the Company

  · Board implements a restructuring of the Company with the purpose of reducing
costs where necessary
    · 25 employees have been made redundant, corresponding to approx. 70% of the
total staff. Leadership team has been slimmed down significantly
    · The costs to close PARADIGME are expected to be in the range NOK 170-200
million, which indicates a cash position of NOK 90-110 million

  · Carnegie appointed to explore all strategic options available to the Company
    · Aim to optimise shareholder value following decision to discontinue
PARADIGME and implement a restructuring of the Company
    · Nordic Nanovector does not intend to make any further public comment
regarding the review until it has been completed or the Company determines that
disclosure is required or appropriate

Financial Highlights

(Figures in brackets = same period 2021 unless otherwise stated)

  · Revenues for the second quarter 2022 amounted to NOK 0.0 million (NOK 0.0
million)
  · Total operating expenses for the second quarter 2022 were NOK 102.8 million
(NOK 103.9 million).
  · Comprehensive loss for the second quarter 2022 amounted to NOK 91.0 million
(loss of NOK 101.8 million).
  · Cash and cash equivalents amounted to NOK 287.4 million at the end of June
2022, compared to NOK 356.3 million at the end of March 2022, and NOK 450.1
million at the end of June 2021.

Presentation and Webcast

A presentation by Nordic Nanovector's senior management team will be held in
-person and webcast live beginning at 8:30am CEST.

  · Venue: Thon Hotel Vika Atrium, Munkedamsveien 45, 0250 Oslo
  · Meeting Room: Bjørvika

The webcast can be accessed from
www.nordicnanovector.com (https://nam10.safelinks.protection.outlook.com/?url=ht
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C637969447699637405%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIi
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QprZnP7Cj1RXCo%3D&reserved=0) in the section: Investors & Media and a recording
will also be available on this page after the event.

The results report and the presentation will be available at
www.nordicnanovector.com (https://nam10.safelinks.protection.outlook.com/?url=ht
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p%3A%2F%2Fwww.nordicnanovector.com%2F&data=05%7C01%7Cmark.swallow%40medistrava.c
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7
C637969447699637405%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIi
L
CJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=taAyaMZvLo0FvMjpbk9wYorkXn8y
h
QprZnP7Cj1RXCo%3D&reserved=0) in the section: Investors & Media/Reports and
Presentation/Interim Reports/2022 from 7:00am CEST the same day.

For further information, please contact:

IR enquiries

Malene Brondberg, Interim CEO & CFO
Cell: +44 7561 431 762
Email: ir@nordicnanovector.com

Media Enquiries

Mark Swallow/Frazer Hall (MEDiSTRAVA Consulting)
Tel: +44 203 928 6900
Email: nordicnanovector@medistrava.com

About Nordic Nanovector:

Nordic Nanovector is committed to develop and deliver innovative therapies to
patients to address major unmet medical needs and advance cancer care. The
Company aspires to become a leader in radionuclide therapy of cancer. In
addition to Betalutin®, for which Nordic Nanovector retains global marketing
rights, the Company's novel pipeline includes Humalutin®, a radioimmunotherapy
candidate based on a chimeric anti-CD37 antibody and the beta emitter lutetium
-177 for NHL