Oslo, 17 February 2022. Lytix Biopharma - a clinical-stage company with an in
situ vaccination technology platform - today releases its fourth quarter 2021
results. Highlights include first patient treated in the Phase II study
(ATLAS-IT-05) in the US, and FDA approval of Verrica Pharmaceutical's IND for
LTX-315 in treatment of basal cell carcinoma.

"Cancer is a heterogeneous disease, and the need for effective immunotherapy
that can meet this challenge remains urgent, as most patients do not respond to
currently approved treatment with checkpoint inhibitors. We are confident that
our technology platform addresses this major challenge in cancer immunotherapy,
and by the end of 2021 we have achieved one of our primary objectives by
establishing a firm position in the US, the most important market for medical
innovation. We now look forward to keeping the market updated on our progress
and that of our partners", says Dr. Øystein Rekdal, CEO of Lytix Biopharma.


Highlights from the fourth quarter 2021:

Business and Partnership: 
o Verrica Pharmaceuticals received approval from the U.S. Food and Drug
Administration to initiate a Phase II study for LTX-315 in basal cell carcinoma
(skin cancer). First patient enrolled in the study expected in the first quarter
of 2022.

R&D: 
o The first patient in the Phase II clinical trial (ATLAS-IT-05) with our lead
compound LTX-315 started treatment at MD Anderson Cancer Center in Texas. This
event marks an important milestone for Lytix, and we expect the study will
deliver additional key data in support of the solution Lytix' unique technology
offers to cancer patients.
o Three new patents for LTX-315 have been granted, two in the US and one in the
EU, strengthening the business case, as securing IP rights is critical for the
protection of Lytix' technology platform and the long-term value generation.
o The LTX-315 study for soft tissue sarcoma at Herlev in Denmark (ATLAS-IT-04)
is fully enrolled with the last patient completing treatment. The study explores
the potential for the application of LTX-315 in a personalized adoptive T-cell
therapy setting. Data from the study is being prepared for presentation at
international cancer conferences. 
o For LTX-401 - a second-generation molecule - the preclinical preparations are
progressing as planned to support submission of clinical trial application for
Phase I study in 2022.
o Lytix presented data at Society for Immunotherapy of Cancer (SITC) 2021 in US,
showing that LTX-315 provides strong therapeutic effects in a preclinical breast
cancer model that is resistant to immune checkpoint inhibitors.


Financial:
o Total operating expenses for the three months ended 31 December 2021 were
related to increased R&D activities in connection with the ongoing ATLAS-IT-05
trial in the US, the ATLAS-IT-04 trial in Denmark as well as the progression of
the preclinical development of LTX-401.
o Cash position at the end of the period was NOK 197.3 million compared to NOK
28.5 million as of 31 December 2020.

Key figures (unaudited):

Amounts in NOK thousands  Q4 2021     Q4 2020   H2 2021     H2 2020     FY 2021 
   FY 2020
 	 	 	 	 		 
Total operating income	      719	1,951	  2,626	      5,433	 25,827	      6,678
Total operating expense	  (17,087)    (14,598)	(37,790)    (33,372)	(73,844)   
(49,050)
Loss from operations	  (16,368)    (12,646)	(35,164)    (27,940)	(48,017)   
(42,372)
Loss for the period	  (16,395)    (12,491)	(35,301)    (27,669)	(48,049)   
(42,088)
 	 	 	 	 		 
Cash position at the end of 
the period	 	 			                        197,282	     28,450
Trade and other receivables	 	 			          5,680	      4,168
Total assets	 	 			                        202,962	     32,617
Total equity	 	 			                        189,624	     19,889
Total liabilities	 	 			                 13,338	     12,728
Total equity and liabilities	 	 			        202,962	     32,617
 	 	 	 	 		 

The results will be presented in a webcast with CEO Øystein Rekdal, CDO Graeme
Currie and CFO Gjest Breistein today at 14.30 CEST. 

The presentation and subsequent Q&A session will be held in English and may be
viewed live by registering here: https://forms.office.com/r/rcxXPQpGCM 
 
A recording of the presentation will be made available on
https://www.lytixbiopharma.com/investors/overview.html (after the presentation).


For more information, please contact: 
Øystein Rekdal,  CEO: +47 975 73 358 
Gjest Breistein, CFO: +47 952 60 512
Ole Peter Nordby, Head of IR: +47 412 87 179 

Lytix Biopharma in brief 
Lytix in brief: Based in Oslo, Norway, Lytix Biopharma is a clinical stage
biotech 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 immunotherapy. 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.