CEO Bent Frandsen comments:      
"I am proud to announce that the Board of Directors and Executive Management have unanimously agreed to fully exercise their T04 warrants. Collectively, our holdings amount to 67,036 T04 warrants, representing 1.2% of the total outstanding T04 warrants. Our participation reflects our full commitment to the direction of the company, including the transition to a pipeline driven strategy, as well as the potential for our leading COVID-19 and HER2 breast cancer vaccine candidates."

ExpreS[2]ion's Chairman Martin Roland Jensen comments:

"The funds raised through the T04 warrant subscription are an important step and resource in our transition to a pipeline driven strategy. As Bent mentions above, I will also fully exercise all my T04 warrants during the subscription period. I would also like to comment briefly on the recent dissolution of ExpreS[2]ion Holding ApS, which was the holding company used by the ExpreS[2]ion co-founders as an investment vehicle for some of our shares. Since former-CSO Wian de Jongh was appointed CEO of our joint venture AdaptVac at the beginning of 2021, it was a prudent time to dissolve the vehicle. I have in 2021, for the first time ever, sold some of my ExpreS[2]ion shares. Going into the T04 subscription period, I hold 685,462 ExpreS[2]ion shares, amounting to 2.5% of outstanding shares and a very significant portion of my personal savings. I am fully committed to ExpreS[2]ion and confident of a great future for our company, and I am looking forward to continuing to steer the company on the next steps of its journey."

ExpreS[2]ion completed a rights issue of units during the third quarter of 2020. One (1) unit consisted of one (1) newly issued share, one (1) warrant of series TO4 and one (1) warrants of series TO5. Three warrants gives the owner the right to subscribe for one (1) new share in the Company. The exercise price for the warrants of series TO4 is to be determined to 70 percent of the volume-weighted average price in the Company's share on Nasdaq First North Growth Market during the measurement period, from March 29, 2021, to April 9, 2021, but at least SEK 6 and a maximum of SEK 22 per share. During the measurement period, the volume-weighted average price in the Company's share was approximately SEK 49.70, therefore the exercise price for the warrants of series TO4 is set to SEK 22.00. The subscription period for warrants of series TO4 runs from April 12, 2021 up to and including April 26, 2021.

If all the warrants of series TO4 are exercised, the Company will receive approximately SEK 40.0 million before issuing costs. For the warrants to not expire without value, it is required that the holder actively subscribes for new shares no later than April 26, 2021 or sell the warrants no later than April 22, 2021. Please observe that certain nominees might close their applications earlier than April 26, 2021.

Full terms and conditions regarding the warrants and information about the Company is available in the prospectus which was approved by the Swedish Financial Supervisory Authority (the "SFSA") and published by the Company on September 29, 2020. The prospectus is available on the Company's investor relations website investor.expres2ionbio.com, as well as the SFSA's website www.fi.se.

• Subscription period: April 12 - April 26, 2021

• Issue size: 5,455,297 warrants of series TO4, which entitles to subscription of 1,818,432 shares. If all the warrants are exercised, The Company will receive approximately SEK 40.0 million before issuing costs.

• Exercise price: SEK 22.00 per share

• Last day for trading warrants of series TO4: April 22, 2021

• Dilution etc.: If all warrants are exercised the share capital will increase with SEK 202,048, from SEK 3,067,589 to SEK 3,269,637. If all warrants are exercised the number of shares will increase with 1,818,432 shares, from 27,608,301 shares to 29,426,733 shares. The dilution at the exercise of all warrants amounts to 6.2% percent of the number of shares and number of votes.

Note that the warrants that are not exercised at the latest April 26, 2021, or sold at the latest April 22, 2021, will expire without value. For the warrants not to lose their value, the holder must actively subscribe for new shares or sell the warrants.

• Nominee-registered warrants (Custody account) - Subscription and payment by the exercise of warrants shall be made in accordance with instructions from each nominee. Please contact your nominee for additional information.

• Direct-registered warrants (Securities account) - No issue report nor any instructions regarding payments will be sent out. Subscriptions will be made through simultaneous payment in accordance with the instructions on the application form.

The warrants will then be replaced by interim shares awaiting registration at the Swedish Companies Registration Office.

Additional information can be found in the attached file, T04 Subscription Brochure.

The application form including instructions for payment will be available at ExpreS[2]ion's investor relations website, investor.expreS2ionbio.com and Arctic Securities website (www.arctic.com/secse).

Advisors

Arctic Securities AS, filial Sverige is the financial advisor and issuing agent to the Company regarding the warrants.

Certified Adviser

Svensk Kapitalmarknadsgranskning AB
Telefon: +46 11 32 30 732
E-post: ca@skmg.se