Oslo, 5 January 2024. Lytix Biopharma - Lytix Biopharma AS ("Lytix") (Euronext
Growth Oslo: LYTIX), a clinical-stage immuno-oncology company, today announces
that its licensing partner Verrica Pharmaceuticals Inc ("Verrica") has reported
that the last patient has been dosed in Part 2 of the Company's Phase 2 trial of
LTX-315 (named VP-315 by Verrica), a potential first-in-class oncolytic peptide,
for the treatment of basal cell carcinoma. Verrica has an exclusive worldwide
license agreement with Lytix to develop and commercialize VP-315 for
dermatologic oncology indications.

Øystein Rekdal, CEO of Lytix, commented on the results: "With this final patient
dosing, Verrica has successfully completed the enrollment for Part 2 of their
Phase 2 clinical trial for VP-315, a groundbreaking treatment for basal cell
carcinoma. This is a significant milestone in their commitment to advancing
innovative solutions for patients facing this prevalent form of skin cancer in
the U.S. We look forward to the publication of the comprehensive data from their
Phase 2 clinical trial later this year."

Basal cell carcinoma is a widespread skin cancer, and patients often seek
alternatives to surgery due to its associated pain, infection risks, and
scarring. Verrica's VP-315 program is strategically designed to offer a targeted
delivery system for the oncolytic peptide VP-315, which is specially engineered
to stimulate the patient's immune system and effectively eliminate cancer cells.

About the Phase 2 Trial of VP-315
The Phase 2 trial is a 2-part, open-label, multicenter, dose-escalation,
proof-of-concept study with a safety run-in designed to assess the safety,
pharmacokinetics, and efficacy of VP-315 when administered intratumorally to
adults with biopsy-proven basal cell carcinoma. The study has enrolled 80 adult
subjects with a histological diagnosis of basal cell carcinoma in at least one
eligible target lesion. For additional information about this clinical trial,
please visit clinicaltrials.gov, identifier NCT05188729.

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.

For more information, please contact: 
Gjest Breistein, CFO
E-mail: gjest.breistein@lytixbiopharma.com

Optimum Strategic Communications
Nick Bastin, Jonathan Edwards
E-mail: lytix@optimumcomms.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 molecule representing a new and
superior therapeutic principle to kill cancer cells and boost anti-cancer
immunity, with the potential to be the ideal combination partner with other
types of immunotherapies. LTX-315 targets cancer cells and disintegrates 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.