Oslo, Norway, April 05, 2022 - Lytix Biopharma AS (Lytix), a clinical-stage
company with an in situ vaccination technology platform targeting cancer
indications, notes that the first patient has been dosed in Verrica
Pharmaceuticals Inc.'s Phase II study evaluating LTX-315 for the treatment of
basal cell carcinoma (skin cancer). This triggers a USD 1 million milestone
payment to Lytix in accordance with the licensing agreement between the parties.

Verrica Pharmaceuticals Inc ("Verrica") has an exclusive worldwide license
agreement with Lytix to develop and commercialize LTX-315 for dermatologic
oncology conditions.

"We are delighted to see Verrica doses the first patient in its Phase II trial
evaluating LTX-315 as a non-surgical treatment option for patients with basal
cell carcinoma. Non-melanoma skin cancers, including basal cell and squamous
cell carcinomas, are the most common form of cancer in the U.S., with over 5
million diagnoses each year, and there is a high unmet need for new treatments.
We look forward to following the development of our novel oncolytic molecule as
a potential new treatment for non-melanoma skin cancer," said Øystein Rekdal,
CEO of Lytix Biopharma. 

LTX-315 is a first-in-class oncolytic molecule representing a new and superior
in situ therapeutic vaccination principle, and in August 2020, Lytix licensed
LTX-315 to Verrica for the treatment of dermatologic oncology indications. 

Under the terms of the agreement, Lytix is 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, including the mentioned milestone. In addition, Lytix is entitled
to receive tiered royalties based on worldwide annual sales. There are
approximately 3-4 million patients diagnosed with basal cell carcinomas in the
U.S. each year, with a high unmet need for new treatment options.

To view the full announcement from Verrica, please visit
https://verrica.com/press_release/verrica-pharmaceuticals-announces-first-patien
t-dosed-in-phase-2-study-of-ltx-315-a-potential-first-in-class-oncolytic-peptide
-based-immunotherapy-for-the-treatment-of-basal-cell-carcinoma/
For information about Verrica's clinical trial, please visit
www.clinicaltrials.gov. 
For more information about Verrica, please visit www.verrica.com.

For further information please contact: 
Øystein Rekdal (CEO), 
Telephone: +47 975 73 358 
E-mail: Oystein.Rekdal@lytixbiopharma.com

About Lytix Biopharma AS
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
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 U.S. based, healthcare-focused investment firm. For more
information, visit www.lytixbiopharma.com.

About LTX-315
LTX-315 is a potential first-in-class oncolytic molecule administered directly
into a tumor to induce immunogenic cell death, which may offer a non-surgical
option for patients suffering from skin cancer. The technology is based on
pioneering research in "host defense peptides" - nature's first line of defense
towards foreign pathogens. LTX-315 has demonstrated positive tumor-specific
immune cell responses in multi-indication Phase I/II oncology trials.

About in situ vaccination 
In situ vaccination stimulates a patient's immune system by injecting drugs with
the ability to kill cancer cells straight into the tumor environment. Lytix
Biopharma has applied this approach with its first-in-class oncolytic molecules,
representing an alternative and unique approach to cancer vaccination.
Importantly, this approach generates an immune response against a broad antigen
repertoire without pre-identifying the antigens, which in turn can save
considerable costs and valuable time.