NON-REGULATORY PRESS RELEASE


Oslo,  October 25, 2023: Ultimovacs  ASA ("Ultimovacs")  (OSE ULTI), a clinical-
stage  biotechnology leader  in novel  immunotherapeutic cancer  vaccines, today
announces  that the Company  will host a  webcast presentation and discussion of
the results from the NIPU study presented at the ESMO Congress 2023.

The  results from the  randomized Phase II  trial showed that Ultimovacs' cancer
vaccine  UV1,  in  combination  with  ipilimumab  and  nivolumab, demonstrated a
statistically  significant  and  clinically  meaningful  improvement  of overall
survival  versus ipilimumab and nivolumab alone, a key secondary endpoint. Twice
as  many patients in  the UV1 arm  responded to treatment.  No additional safety
concerns were reported from the UV1 treatment.

The  positive  outcome  from  the  NIPU  study  is  the first demonstration of a
universal  cancer  vaccine  efficacy  in  a  randomized Phase II clinical trial,
showing  Proof of  Concept and  supporting further  clinical development  as per
investigators' recommendation.

NIPU    (NCT04300244   (https://clinicaltrials.gov/study/NCT04300244))   is   an
investigator-initiated,  randomized, multi-center, open-label  Phase II clinical
trial  for second-line treatment in  patients with malignant mesothelioma (MPM).
The      data      from      the      study      was     published     initially
(https://newsweb.oslobors.no/message/601533)   in   a   late-breaking   abstract
(https://www.annalsofoncology.org/article/S0923-7534(23)04266-7/fulltext) at the
ESMO  Congress in Madrid. Further details  were provided in an oral presentation
by  the Principal Investigator at the ESMO  Congress and was detailed in a press
release (https://newsweb.oslobors.no/message/601816) announced by the Company on
Monday, October 23, 2023.

This  webcast  follows  the  presentation  of  the  NIPU  results at ESMO by the
Principal  Investigator, Professor Åslaug Helland, MD,  PhD. The webcast held in
Madrid on Monday, October 23, 2023, had technical difficulties due to unexpected
bandwidth issues at the premises.

The webcasts will take place on Tuesday, October 31, 2023, at:

9:00 am             CET             (in             Norwegian):             Link
(https://channel.royalcast.com/landingpage/hegnarmedia/20231031_2/)

2:00 pm        CET/        8:00 am       ET       (in       English):       Link
(https://channel.royalcast.com/landingpage/hegnarmedia/20231031_3/)

The  webcasts can be accessed live or as  a replay. Questions can be sent during
the webcast, or in advance to IR@ultimovacs.com (mailto:IR@ultimovacs.com)

UV1  is a therapeutic cancer vaccine used to generate an immune response against
the enzyme human telomerase (hTERT).  The enzyme is essential for the ability of
cancer  cells to  proliferate. Telomerase  is present  in 85-90% of all cancers,
across  the stages of  the disease. The  vaccine is manufactured  as an off-the-
shelf  product with a long shelf  life. UV1 is easy to  use and does not require
sophisticated  hospital infrastructure, enabling patient  access to therapy also
in community centers, and in rural and underserved communities.

Ultimovacs  is evaluating the  universal cancer vaccine  UV1 in a broad clinical
development program across various cancer indications with different biology and
disease stages, in combination with different checkpoint inhibitors. The topline
data from NIPU are the first results among the five randomized trials in the UV1
Phase  II  clinical  program.  In  addition  to malignant mesothelioma, Phase II
studies  are ongoing in patients with  malignant melanoma, head and neck cancer,
ovarian  cancer,  and  non-small  cell  lung  cancer.  The topline data from the
malignant melanoma and head and neck cancer trials are expected during the first
and  second half  of 2024. UV1  is a  patented, proprietary  technology owned by
Ultimovacs.

                                    ==ENDS==

About Ultimovacs
Ultimovacs  is a clinical-stage biotechnology  leader in novel immunotherapeutic
cancer  vaccines  with  broad  applicability.  Ultimovacs'  lead  cancer vaccine
candidate  UV1 is directed against human  telomerase (hTERT), an antigen present
in  85-90% of cancers in all  stages of tumor growth.  A broad clinical program,
with  Phase  II  trials  in  five  cancer  indications  enrolling more than 670
patients,   aims   to   demonstrate  UV1's  impact  in  combination  with  other
immunotherapies  in  multiple  cancer  types  expressing  telomerase  and  where
patients  have unmet medical needs. UV1  is universal, off-the-shelf and easy to
use, and is a patented technology owned by Ultimovacs.
In  addition, Ultimovacs' adjuvant  platform, based on  the proprietary Tetanus-
Epitope-Targeting   (TET)   technology,  combines  tumor-specific  antigens  and
adjuvant  in  the  same  molecule  and  is  in Phase I clinical development. The
Company is listed on Euronext Oslo Stock Exchange (ULTI.OL).

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

Carlos de Sousa, CEO
Email: carlos.desousa@ultimovacs.com
Phone: +47 908 92507

Anne Worsøe, Head of IR & Communication
Email: anne.worsoe@ultimovacs.com
Phone: +47 906 86815

This  stock exchange announcement  was published by  Anne Worsøe, Head  of IR at
Ultimovacs ASA, on October 25, 2023 at 17:45 CET.