The Board of Directors of Arctic Bioscience AS has resolved to extend the share
option agreements for the following members of the management group: Daniele
Mancinelli (CTO), Hogne Hallaråker (CSO) and Per Christian Sæbø (COO), all
constituting of the "founding" management team.

The exercise price in these agreements is maintained at NOK 9,845 per share, and
the duration of the option agreements is extended by 12 months, to 1. March
2024.

All options being exercised into shares during the duration period will be
subject to a "lock-in" period of 6 months from the time of exercise, where the
shares cannot be sold or transferred without the consent of the Board.

After this, Daniele Mancinelli holds 51 570 share options, Hogne Hallaråker
holds 33 030 share options, and Per Christian Sæbø holds 57 390 share options.

Notifications of transactions by persons discharging managerial responsibilities
are attached hereto.

This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 number 3 and the Norwegian Securities
Trading Act § 5-12.

For more information, please contact:

Christer L. Valderhaug

CEO

Phone: +47 920 84 601

E-mail: christer@arctic-bioscience.com

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing
pharmaceutical and nutraceutical products based on unique bioactive marine
compounds.

The company is developing HRO350 - a novel investigational drug candidate.
HRO350 is being developed for treatment of patients with mild-to-moderate
psoriasis. This is a large patient group in need of new effective medicines with
beneficial safety profile.

Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as
well as finished goods under the ROMEGA® brand.

Arctic Bioscience is led by a team of highly competent people with experience in
developing marine oils and experience from global pharmaceutical companies.