Oslo, 11 May 2021: Ultimovacs ASA ("Ultimovacs", ticker ULTI), a pharmaceutical
company developing novel immunotherapies against cancer, announces its first
quarter 2021 results today. A presentation by the Company's management team will
take place today on a webcast at 09:00 CEST. 

The presentation can be followed as a live webcast (access through the link
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210511_10 which will
also be available on our website. 


Highlights for the first quarter of 2021:

o  In the INITIUM trial, 40 patients have been enrolled as per the reporting
date as compared to 24 patients reported in the previous quarterly report. 

o  In the NIPU trial, 29 patients have been enrolled as per the reporting date
compared to 18 patients reported in the previous quarterly report.  

o  As a natural consequence of the COVID-19 pandemic, the activation of
hospitals is progressing slower than initially planned in both the INITIUM and
NIPU trials. The Company continues to implement activities to minimize the
impact on patient recruitment. The effect of the pandemic on the biotech
industry and the general ability to conduct clinical trials is still uncertain
and dependent on the speed of return to a more normal situation.

o  Ultimovacs provided details on the DOVACC trial in January 2021. Ultimovacs
will participate in this randomized Phase II collaboration study, together with
the Nordic Society of Gynaecological Oncology - Clinical Trial Unit (NSGO-CTU),
the European Network of Gynaecological Oncological Trial Groups (ENGOT) and
AstraZeneca, to evaluate Ultimovacs' proprietary universal cancer vaccine, UV1,
in combination with AstraZeneca's durvalumab and olaparib in patients with
relapsed ovarian cancer. The trial will include 184 patients in approximately 10
European countries at more than 40 sites. (Announced in Q4-20 report).

o  Preparations are ongoing for the initiation of the DOVACC and FOCUS trials,
with the first patients expected to be included in both trials around mid-year
2021.

o  On 18 February 2021, Ultimovacs started clinical evaluation of the novel
TET-Platform, with the treatment of the first patient in the Phase I TENDU study
investigating a prostate cancer-specific therapeutic vaccine. The first cohort
of three patients has been enrolled as per the reporting date.


o  On 28 April 2021, Ultimovacs announced that an abstract on the Company's
Phase I trial evaluating its universal cancer vaccine, UV1, in combination with
the checkpoint inhibitor pembrolizumab in patients with metastatic malignant
melanoma has been accepted for a poster presentation at the American Society of
Clinical Oncology (ASCO) 2021 Annual Meeting to be held virtually from June 4 to
8, 2021. (post period event)
 
o  Total operating expenses amounted to MNOK 31.2 in Q1-21.

o  Cash flow from operations was MNOK -29.5 in Q1-21. Total cash and cash
equivalents amounted to MNOK 409.3 as per 31 March 2021.


The report and presentation are also available on the Company website:
www.ultimovacs.com/investors/reports-and-presentations
 

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

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

Hans Vassgård Eid, CFO 
Email: hans.eid@ultimovacs.com
Phone: +47 482 48632