The agreement signed on Wednesday 3 March relates to the start of a phase IIb
study for the treatment of mild to moderate psoriasis with the company's drug
candidate, HRO350, developed from herring roe oil.

The purpose of the clinical study is to investigate the efficacy and safety of
HRO350 and to establish the optimal dose. The study will include more than 500
patients and is planned to be conducted in seven countries, including Norway.
Recruitment of patients will start in Q1 2022.

Arctic Bioscience recently raised NOK 300 million and was listed on Euronext
Growth in Oslo on 24 February. The agreement with Smerud Medical Research
International ensures that the clinical study on HRO350 is on track and in line
with the pharmaceutical development plan.

"We are delighted to have professional support for the implementation of this
important study. Smerud Medical Research has a long history and a good
reputation as a very professional Contract Research Organization" says Ole Arne
Eiksund, CEO of Arctic Bioscience.

Smerud Medical Research International has significant experience with clinical
studies in psoriasis and will this week start by identifying centers for the
study.

"The development of HRO350 from herring roe oil to a drug is an exceptional
story - and it is great to take part in it. We look forward to collaborating
with Arctic Bioscience on a comprehensive phase IIb study" says Knut Smerud, CEO
of Smerud Medical Research International.


For further information, please contact 
Ole Arne Eiksund, CEO of Arctic Bioscience AS
Mobile: +47 908 43 944
Email: olearne@arctic-bioscience.com


About Arctic Bioscience
Arctic Bioscience is a biotech company developing and commercializing
nutraceutical and pharmaceutical products based on the unique properties of
herring roe oil. 

The company is developing a novel oral treatment (HRO350) for mild-to-moderate
psoriasis, a large global market with significant unmet medical need. Arctic
Bioscience will offer convenient treatment in capsule form based on a natural
raw material (herring roe). The nutraceutical business has proven traction in
the premium Omega 3 market with global expansion potential in B2C and B2B
channels. To support its long-term growth strategy, Arctic Bioscience is
integrating its value chain and planning a state-of-the-art manufacturing
facility with a proprietary production process to enable large-scale
high-quality production. 

Based in Ørsta on the West Coast of Norway with access to locally sourced
herring roe raw material and led by a team with 30+ years of pharma and marine
extracts experience, Arctic Bioscience is on a mission to empower healthy lives.