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DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Any offering of the securities referred to in this announcement will be made by
means of a national prospectus. This announcement is an advertisement and is not
a prospectus. Investors should not subscribe for any securities referred to in
this announcement except on the basis of information contained in the
aforementioned national prospectus, if a prospectus is published. Copies of any
such prospectus will, following publication, be available from the company's
registered office and, subject to certain exceptions, on the website of the
company. 

Oslo, April 9, 2024. Lytix Biopharma, a clinical-stage biotech company
developing the future technology of  cancer treatments, today announced the
launch of a partially guaranteed share offering, raising a total of NOK 50 to 55
million. Lytix's unique technology may overcome the major challenge of today's
cancer treatment, by generating broad tumor-specific immune responses in each
patient. 

"We are confident that Lytix will play a key role in tomorrow's cancer
treatment. Strong shareholder support enables us to take the company through
important upcoming milestones, working towards realizing both the next steps of
current clinical studies, such as the promising phase II study with our partner
Verrica Pharmaceuticals, and the initiation of a new study in early-stage cancer
patients at the Oslo University Hospital, Radiumhospitalet", says Dr. Øystein
Rekdal, CEO of Lytix Biopharma.

NOK 50 million of the amount is secured through pre-commitments by existing
shareholders and subscription guarantees from a few selected new investors. The
pre-commitments and subscription guarantees show the strong support of Lytix's
business model and technology.

Important read-out expected this summer
The funds will take the company into 2025, foreseen realizing several high
potential value inflecting milestones. First and foremost, the upcoming read-out
of Verrica's Phase II trial for VP-315 (LTX-315) is expected this summer.  The
clinical study investigates the treatment of patients with skin cancer diseases
(basal cell carcinoma). 

Current surgical treatments for skin cancer can be invasive and painful, and may
require the destruction of healthy tissue. LTX-315 represents a potential
non-surgical alternative for patients suffering from skin cancer. Verrica has
global rights for this market (basal cell carcinoma), a market which is alone
expected to increase from USD 6.7 billion in 2021 to USD 11.4 billion by 2028. 

"Our partnership with Verrica proves the potential application of our lead drug
candidate in one of the biggest cancer indications globally, with a very large
commercial potential. Furthermore, the licensing agreement enables us to realize
values along the way, increasing our financial robustness. We are very much
looking forward to the upcoming readout from Verrica", continues Dr. Rekdal. 

Lytix has to date received USD 3.5 million from Verrica. Under the licensing
agreement, Lytix can receive up to USD 110 million in future development and
sales milestones, with 10-15 percent royalties on future sales, based on
reaching specific milestones.

Expanding into early-stage patients
Lytix has decided to expand its portfolio of clinical studies from late-stage
cancer patients to patients with tumors able to be surgically removed, a less
advanced disease, and a stronger immune system. Therefore, Lytix will co-finance
a neoadjuvant study (ATLAS-IT-06) on melanoma patients with early-stage
diseases, taking place at the Oslo University Hospital, Radiumhospitalet. The
expected start-up is H1 2024. 

"We've seen promising effects so far in our ongoing study (ATLAS-IT-05) showing
stabilization of the disease in heavily treated patients. Introducing LTX-315
for early-stage patients can significantly increase the response rate, as well
as having a greater commercial potential due to the market size", adds Dr.
Rekdal.

This patient population with a more robust immune system has a better chance of
responding to Lytix's immunotherapy, representing a commercial opportunity with
a larger patient population.

Strong support from existing shareholders
The company has received binding pre-commitments from certain existing
shareholders amounting to a total of NOK 40 million. Furthermore, a few new
investors have guaranteed to subscribe for up to NOK 10 million. The application
period for the Offer Shares commences, subject to publication of the prospectus,
on 10 April 2024 and expires on or about 24 April 2024 at 16:00 hours (CEST),
subject to any extensions. 

Raising capital now is in line with the company's previously communicated
funding strategy and timeline. This is the first round of capital raise since
the IPO in 2021, also supported by a strong cost discipline and adjustments over
the past months. 

Please see the prospectus for additional details on the transaction, including
the risk factors associated with any investment in the company. 

For more information, please contact: 
Øystein Rekdal, CEO 
+47 975 73 358
oystein.rekdal@lytixbiopharma.com

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

About Lytix
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.