Ultimovacs ASA: First Quarter 2021 Result Presentation

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, which will also be available on our website.

Highlights for the first quarter of 2021:

• 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.

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

• 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.

• 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).

• 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.

• 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.

• 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).

• Total operating expenses amounted to MNOK 31.2 in Q1-21.

• 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.

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