NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, 17 December 2024. Reference is made to the stock exchange announcement
published by Lytix Biopharma AS ("Lytix Biopharma" or the "Company") yesterday,
on 16 December 2024 regarding a contemplated private placement raising NOK
90-100 million in gross proceeds (the "Private Placement") and retail offering
of new shares up to the NOK equivalent of EUR 1 million via the PrimaryBid
platform (the "PrimaryBid Offering") (together with the new shares in the
contemplated private placement, the "Offer Shares").

The Company is pleased to announce that the Private Placement has been
successfully completed, and that it has allocated 16,666,667 Offer Shares at a
subscription price of NOK 6.00 per share in the Private Placement, raising gross
proceeds of NOK 100 million. Allocations to pre-committed investors:
o	Saturn Invest AS: NOK 19 million,
o	Jakob Hatteland Holding AS: NOK 10 million,
o	TAJ Holding AS: NOK 10 million, and
o	The Paul B. Manning Revocable Trust dated May 10, 2000: NOK equivalent of USD
0.1 million.

The NOK 25 million shareholder guarantee provided by Jakob Hatteland Holding AS
and TAJ Holding AS was not drawn upon.

Additionally, the Company has allocated 1,882,464 Offer Shares at a subscription
price of NOK 6.00 per Offer Share in the PrimaryBid Offering, raising gross
proceeds of approximately NOK 11.3 million. 

The PrimaryBid Offering attracted strong interest from both new and existing
investors, with participation from over 200 retail investors across Norway,
Denmark and Finland.

"Lytix is now a mature biotech company with a robust and promising portfolio of
clinical studies in large cancer indications globally. This capital raise allows
us to fast-track our lead drug candidate LTX-315 towards commercialisation
through a potential phase III study with our licensing partner Verrica, whilst
at the same time bring our next generation molecule LTX-401 into clinical
stage", says Dr. Øystein Rekdal, CEO of Lytix Biopharma.

Lytix is a Norwegian biotechnology company with three phase II studies in skin
cancer diseases. The company has a licensing agreement with US listed Verrica
Pharmaceuticals for treatment of basal cell carcinoma, the most common skin
cancer disease globally with more than 3 million cases in the US alone each
year. 

"We are very happy having concluded a successful capital raise, with both strong
support from existing shareholders, as well as bringing onboard new and solid
investors. In addition, I am very happy to see the significant and increased
interest from retail investors that participated in the offering through
PrimaryBid and Nordnet. We end 2024 on a high note and look forward to progress
our development into 2025, with several exciting milestones ahead", adds Rekdal.


Notifications of allocations and payment instructions in the Private Placement
are expected to be distributed to applicants on 17 December 2024.

Settlement of the Offer Shares in the Private Placement will be split between
Tranche 1 and Tranche 2. Settlement of Tranche 1 is expected to take place on or
about 19 December 2024. The Offer Shares in Tranche 1 will be settled on a
delivery-versus-payment ("DvP") basis with existing and unencumbered shares in
the Company that are already listed on Euronext Growth Oslo, to be borrowed from
certain existing shareholders (in their capacity as such, the "Share Lenders")
by the Managers pursuant to a share lending agreement to be entered into between
the Managers, the Company and the Share Lenders (the "Share Lending Agreement").
The share loan will be settled with new shares in the Company resolved issued by
the Board pursuant to an authorization to increase the Company's share capital
granted by the Company's general meeting held on 14 May 2024 (the "Board
Authorization"). The Tranche 1 Offer Shares are tradeable upon allocation.

Larger existing shareholders in the Company will receive settlement in Tranche
2. These applicants will not receive DVP settlement, but will receive Offer
Shares once the relevant capital increase resolved pursuant to the Board
Authorization has been registered with the Norwegian Register of Business
Enterprises. As such, these persons cannot trade any Offer Shares before
actually having received the Offer Shares in their respective VPS accounts.

Payment date for Offer Shares in Tranche 2 is on 19 December 2024, with delivery
of Offer Shares in Tranche 2 expected to take place on or about 20 December
2024.

Settlement of the Offer Shares in the PrimaryBid Offering is expected to take
place on or about 19 December 2024. The Offer Shares will be settled on a DvP
basis with existing and unencumbered shares in the Company borrowed under the
Share Lending Agreement. The Offer Shares allocated in the PrimaryBid Offering
are tradeable on 17 December 2024.

The Board has resolved to increase the Company's share capital with NOK
1,865,169.9 by the issuance of 18,651,699 new shares. The share capital increase
relates to the Offer Shares to be issued in the Private Placement and the
PrimaryBid Offering and 102,568 shares to be issued to settle part of the fee to
underwriters in the Private Placement. Following registration of the share
capital increases, the Company will have a share capital of NOK 6,826,200.2
divided into 68,262,002 shares, each with a par value of NOK 0.10. 

Equal treatment considerations and subsequent offering

The Private Placement and the PrimaryBid Offering represents a deviation from
the shareholders' pre-emptive right to subscribe for the Offer Shares. The Board
has considered the structure of the Private Placement and PrimaryBid Offering in
light of the equal treatment obligations under the Norwegian Private Limited
Companies Act, the rules on equal treatment under Euronext Growth Rule Book II
and the Oslo Stock Exchange's guidelines on the rule of equal treatment, and is
of the opinion that the Private Placement and PrimaryBid Offering are in
compliance with these requirements. By structuring the transaction as a private
placement, the Company is in a position to raise capital in an efficient manner
with a lower discount to the current trading price and with significantly lower
completion risks compared to a rights issue. Furthermore, by including the
PrimaryBid Offering, the Company made the offering more accessible to all of its
existing shareholders. 

On this basis and based on an assessment of the current equity markets, the
Board has considered the Private Placement and PrimaryBid Offering to be in the
common interest of the Company and its shareholders.

To mitigate the dilutive effects for the existing shareholders not participating
in the Private Placement, the Company will, subject to completion of the Private
Placement and the PrimaryBid Offering and certain other conditions including
preparation of national prospectus and approval by the Company's general
meeting, carry out a subsequent repair offering of up to NOK 10 million, which
is equivalent to 1,666,666 new shares, at NOK 6.00 per share (the "Subsequent
Offering").The Subsequent Offering will be directed towards existing
shareholders in the Company as of 16 December 2024 (as registered in the VPS two
trading days thereafter), who (i) were not allocated Offer shares in the Private
Placement, and (ii) are not resident in a jurisdiction where such offering would
be unlawful or, would (in jurisdictions other than Norway) require any
prospectus, filing, registration or similar action. 

Advisors

Carnegie AS and DNB Markets, a part of DNB Bank ASA, are acting as joint
bookrunners (the "Managers").

Advokatfirmaet Thommessen AS is acting as legal advisor to the Company.

Salto Advisers is acting as the company's Investor Relations advisor.

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

This stock exchange announcement was published by Gjest Breistein on 17 December
2024 at the time set out in this notice on behalf of the Company.

For further information, please contact:

Gjest Breistein, CFO 
gjest.breistein@lytixbiopharma.com 
+47 952 60 512

About Lytix Biopharma 
Based in Oslo, Norway, Lytix Biopharma is a clinical-stage biotech company with
a highly novel technology based on world leading research in host-defense
peptide-derived molecules. Lytix Biopharma's lead product, LTX-315, is a
first-in-class oncolytic molecule representing a new principle to boost
anti-cancer immunity. Lytix Biopharma has a pipeline of molecules that can work
in many different cancer indications and treatment settings, both as mono- and
combination therapy.

Important information: This announcement is not and does not form a part of any
offer to sell, or a solicitation of an offer to purchase, any securities of the
Company. Copies of this announcement are not being made and may not be
distributed or sent into any jurisdiction in which such distribution would be
unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The "Prospectus Regulation"
means Regulation (EU) 2017/1129, as amended (together with any applicable
implementing measures) in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investments activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

The issue, subscription or purchase of shares or other financial instruments in
the Company is subject to specific legal or regulatory restrictions in certain
jurisdictions. Neither the Company nor the Managers assume any responsibility in
the event there is a violation by any person of such restrictions. The
distribution of this release may in certain jurisdictions be restricted by law.
Persons into whose possession this release comes should inform themselves about
and observe any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. Any forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Such assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict. Such risks, uncertainties, contingencies
and other important factors could cause actual events to differ materially from
the expectations expressed or implied in this release by such forward-looking
statements. The Company does not make any guarantee that the assumptions
underlying any forward-looking statements in this announcement are free from
errors nor does it accept any responsibility for the future accuracy of the
opinions expressed in this announcement or any obligation to update or revise
the statements in this announcement to reflect subsequent events. You should not
place undue reliance on any forward-looking statements in this announcement. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. The distribution of
this announcement and other information may be restricted by law in certain
jurisdictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions. This announcement is an advertisement and is not a
prospectus for the purposes of the Prospectus Regulation as implemented in any
Member State.