Oslo, 12 May 2022: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, announces its first quarter 2022 results today.

The presentation by the company's management team can be followed as a live webcast at 13:00 CET and will be made available on the website. It will be possible to post questions during the presentation through the webcast.

Highlights for the first quarter of 2022:

• On 22 April 2022, Ultimovacs received a Notice of Allowance from the United States Patent and Trademarks Office (USPTO) concerning its US patent application on the use of vaccine-checkpoint inhibitor combinations to treat cancer.
• On 25 March 2022, Ultimovacs reported the complete disappearance of tumors in yet another patient in the UV1-103 study (Phase I study in malignant melanoma in combination with pembrolizumab), raising the complete response rate in the study to 33%. The objective response rate remains the same at 57%.
• In March 2022, median overall survival was reached at 66.3 months for the Phase I study in malignant melanoma where UV1 is combined with ipilimumab.
  
  

Clinical trial enrollment update

• INITIUM trial: 137 out of 154 patients have been enrolled to date, up from 120 as of the previous quarterly report.
• NIPU trial: 78 out of 118 patients have been enrolled to date, up from 66 as of the previous quarterly report.
• FOCUS trial: 18 out of 75 patients have been enrolled to date, up from 10 as of the previous quarterly report.
• DOVACC trial: 4 out of 184 patients have been enrolled to date, up from 2 as of the previous quarterly report.
• LUNGVAC trial: Preparations are ongoing for the initiation of the trial, with the first patient expected to be included during 1H 2022.
• TENDU trial: 8 patients have been enrolled to date, up from 6 as of the previous quarterly report. On 3 February 2022, Ultimovacs reported that no safety concerns had been found related to the first two dose cohorts. Thus, the study proceeded to the third dose cohort of 960 mcg, in which two patients have been enrolled so far.

Financial

• Reflecting high activity level in the clinical development program, total operating expenses amounted to MNOK 31.9 in Q1-22, and total loss for the period was MNOK 36.6.
• Net negative cash flow from operations was MNOK 45.2 in Q1-22, and net decrease in cash and cash equivalents, not including currency effects, was MNOK 44.5 during Q1-22. Cash and cash equivalents amounted to MNOK 523.7 as per 31 March 2022.
• On 21 April 2022, a total of 480,000 options for shares in the Company were distributed amongst the employees. The number of options granted corresponds to 1.40% of the outstanding number of shares in the Company. Following the award of the new share options, a total of 2,313,585 share options have been granted, corresponding to 6.76% of the outstanding number of shares in the Company. (post period event)
  
  

The report and presentation are also available on the Company website:

www.ultimovacs.com/investors/reports-and-presentations

For further information, please see 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

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

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

This stock exchange announcement was published by Joachim Midttun, Finance Manager at Ultimovacs ASA, on 12 May, 2022 at 08:00 CET.