Bergen, Norway, May 29, 2024 - BerGenBio ASA (OSE: BGBIO), a clinical-stage bio
-pharmaceutical company developing novel, selective AXL kinase inhibitors for
severe unmet medical needs, today announced financial results for the quarter
ended March 31, 2024, and provided a business update.

Highlights, including post period:

  · Data Safety Monitoring Board review supported dose escalation in Ph 1b and
initiation of Ph2a
  · Site activation of Ph2a in US and Europe proceeding well
  · Bemcentinib remains the leading selective AXL inhibitor in the clinic and
was selected for inclusion in National Cancer Institute funded study in advanced
NSCLC, led by the Mays Cancer Center at the University of Texas Health Science
Center at San Antonio
  · Financial position of NOK 117.3 million at 31 March - strengthened further
with gross funding of NOK 138.9 million from warrants exercise in April 2024

  · Continued reduction of operating expenses from NOK 72.4 million in Q1 2023
to NOK 39.9 million in Q1 2024
  · Net cash flow of NOK -42.5 million

Martin Olin, Chief Executive Officer of BerGenBio stated:

"1L NSCLC STK11m patients are not currently eligible for targeted therapy and
face a very poor prognosis. The total market for this patient group is estimated
to be between 4 and 5 billion USD. The initiation of Phase 2a of the study of
our lead compound bemcentinib in these patients represents an important
milestone for the company. Our clinical progress in the quarter combined with
the successful capital raise from the warrants exercise positions BerGenBio to
advance a new much needed therapeutic option for these patients with high unmet
medical need."

Presentation and Financial Report

The Q1 2024 Financial report is attached to this stock exchange announcement and
the report and the Q1 2024 presentation are available at the Company's website
https://www.bergenbio.com/investors/financial-reports.

Webcast details

BerGenBio's senior management team will provide a business update today at 10:00
am CET. The presentation will webcast live. To participate in the webcast,
please use the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20240529_1/ (https://eur03
.
safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Fland
i
ngpage%2Fhegnarmedia%2F20240529_1%2F&data=05%7C02%7Crune.skeie%40bergenbio.com%7
C
bed6cb5730a54ee68bee08dc5a05a2a9%7C2b50b422ca6d42af9fc0741b248bb071%7C0%7C0%7C63
8
484227462833434%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJB
T
iI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=fewP6cA4jB2MQi9DhHGyhlssus4kLRRisCC
u
FzDDoVM%3D&reserved=0)

A recording of the webcast will be available at www.bergenbio.com in the
Investors/Financial Reports section
(https://www.bergenbio.com/investors/financial-reports) shortly afterwards.

Contacts

Martin Olin CEO, BerGenBio ASA

ir@bergenbio.com

Rune Skeie, CFO, BerGenBio ASA

rune.skeie@bergenbio.com

Media Relations

Jan Lilleby

jl@lillebyfrisch.no

About BerGenBio ASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing
transformative drugs targeting AXL as a potential cornerstone of therapy for
aggressive diseases, including cancer and severe respiratory infections. The
Company is focused on its proprietary lead candidate, bemcentinib, a potentially
first-in-class selective AXL inhibitor in clinical development for STK11 mutated
NSCLC and preclinical development for severe respiratory infections.

BerGenBio is based in Bergen, Norway, with a subsidiary in Oxford, UK. The
company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more
information, visit www.bergenbio.com

Forward looking statements

This announcement may contain forward-looking statements, which as such are not
historical facts, but are based upon various assumptions, many of which are
based, in turn, upon further assumptions. These assumptions are inherently
subject to significant known and unknown risks, uncertainties, and other
important factors. Such risks, uncertainties, contingencies and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this announcement by such forward-looking statements.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.