Oslo, 3 August 2023. Lytix Biopharma AS ("Lytix") (Euronext Growth Oslo: LYTIX),
a clinical stage immuno-oncology company, announces that an abstract from its
licensing partner Verrica Pharmaceuticals Inc ("Verrica") is accepted for
presentation at the American Academy of Dermatology Association's (AAD) 2023
Innovation Academy. 

Verrica's presentation is titled "VP-315, an Investigational Non-surgical
Immunotherapy in Subjects with Biopsy Proven Basal Cell Carcinoma" and will
highlight the antitumor activity of LTX-315 - by Verrica designated as VP-315 -
as determined by clinical and histological clearance of treated BCC lesions from
the Verrica's ongoing Phase II trial. The data will be presented at the 2023
American Academy of Dermatology 2023 Innovation Academy meeting, which is being
held from August 10-13, 2023, in Tampa, Florida.

Verrica has an exclusive worldwide license agreement with Lytix to develop and
commercialize LTX-315 for dermatologic oncology indications and is currently
performing a clinical Phase II study in patients with basal cell carcinoma
(BCC). In April 2023 Verrica announced that the first patient was dosed in Part
2 of the study. The progress into Part 2 was based on positive results from the
completed Part 1 of the study, where LTX-315 showed clinical evidence of
activity in patients who received a higher dose range.

Basal cell carcinoma is the most common form of cancer in the U.S., and
incidence is rising worldwide. There are approximately 3-4 million diagnoses of
basal cell carcinomas in the U.S. each year, with a high unmet need for new
treatment options. Basal cell carcinoma is generally treated with invasive
surgery to remove the tumor, which can cause pain, infection, bleeding and
scarring. LTX-315 could play a significant role as part of an alternative
therapeutic regimen to surgery. 

Under the terms of the license agreement, Lytix was entitled to receive an
upfront payment, contingent regulatory milestones based on achievement of
specified development goals, and sales milestones, with aggregate payments of up
to USD 111 million in total. In addition, Lytix is entitled to receive tiered
royalties based on worldwide annual sales. 

The focus of the 2023 AAD Innovation Academy meeting is innovations that can
change how dermatology is being practiced. For more information about the
conference, follow link: https://www.aad.org/member/meetings-education/ia23

To view the full announcement from Verrica, please visit
https://verrica.com/press_release/verrica-pharmaceuticals-announces-acceptance-o
f-abstract-featuring-clinical-data-of-vp-315-for-the-treatment-of-basal-cell-car
cinoma-at-the-american-academy-of-dermatology-associations-aad/ 

For more information, please contact: 
Ole Peter Nordby, Head of IR & Communication Manager:
ole.peter.nordby@lytixbiopharma.com

Lytix in brief: 
Based in Oslo, Norway, Lytix Biopharma is a clinical stage immuno-oncology
company developing novel cancer immunotherapies, an area within cancer therapy
that is aimed at activating the patient's immune system to fight cancer. The
Company's technology is based on pioneering research in "host defense peptides"
- nature's first line of defense towards foreign pathogens. Lytix Biopharma's
lead product, LTX-315, is a first-in-class oncolytic molecule representing a new
and superior in situ therapeutic vaccination principle to boost anti-cancer
immunity, with the potential to be the ideal combination partner with other
types of immunotherapies. LTX-315 target cancer cells and disintegrate their
cell membranes, causing immunogenic cell death and release of a patient's tumor
specific antigens.  This mode of action allows cytotoxic T cells to recognize,
infiltrate, and attack cancer cells. The Company was listed on Euronext Growth
in Oslo in June 2021, following a private placement covered by investors such as
PBM Capital, a US based, healthcare-focused investment firm.