Oslo, 20 August 2021: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, announces its second 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/20210820_5 ) which will also be available on our website.

Highlights for the second quarter of 2021:

• Data from cohort 1 in the Phase I clinical trial of UV1 combined with pembrolizumab were presented in June at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting. The primary endpoint of safety and tolerability was achieved with strong initial signs of clinical response.
• Results from the 10 patients in cohort 2 of the same trial released on 12 August also showed strong safety and efficacy data after one year (60% objective response, 30% complete response, 90% overall survival and median progression-free survival not reached), reinforcing the cohort 1 data presented at ASCO.
• INITIUM trial: 68 patients enrolled to date compared to 40 patients in the previous quarterly report.
• NIPU trial: 38 patients enrolled to date compared to 29 patients in the previous quarterly report.
• FOCUS trial: The first patient was enrolled on 4 August 2021.
• DOVACC trial: Regulatory approval is in place and the first patient is expected to be enrolled during Q3 2021.
• TENDU trial: Enrollment of the first cohort of three patients treated with a 40 μg dose was completed. In June 2021, having found no safety concerns in the first cohort, the Drug Safety Monitoring Board allowed the dose to be increased to 400 μg for the next patient in cohort 2.
• COVID-19: 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. The Company continues to monitor the situation and to implement activities to minimize the impact on patient recruitment.
• Total operating expenses amounted to MNOK 39.2 in Q2-21, and MNOK 70.4 YTD.
• Cash flow from operations was MNOK -29.8 in Q2-21, and MNOK -59.2 YTD. Total cash and cash equivalents were reduced by MNOK 29.7 during Q2-21 and amounted to MNOK 381.8 as per 30 June 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

Mary-Ann Chang, LifeSci Advisors
Email: mchang@lifesciadvisors.com
Phone: +44 7483 284 853

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 Hans Vassgård Eid, CFO at Ultimovacs ASA, on 20 August, 2021 at 08:00 CET.