NON-REGULATORY PRESS RELEASE

  * The NIPU trial is investigating the effect of adding UV1 vaccine to
    immunotherapy as second-line treatment of pleural mesothelioma. The results
    were initially presented at the ESMO Conference in October 2023
  * The publication outlines the full trial results, including observations on
    UV1's positive impact on objective response rate, overall survival, and
    additional data on increased efficacy in defined histological subtypes

Oslo,  March 2, 2024: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical-stage
biotechnology   company  developing  immunotherapeutic  cancer  vaccines,  today
announced  that the  results from  the randomized  controlled Phase  II clinical
trial,    NIPU,    are   published   in   the   European   Journal   of   Cancer
(https://www.ejcancer.com/article/S0959-8049(24)00129-1/fulltext). The     trial
investigates  the effect of adding Ultimovacs' cancer vaccine UV1 to second-line
treatment  with ipilimumab and nivolumab  for patients with pleural mesothelioma
(NCT04300244).

NIPU  is  an  investigator-initiated,  open-label,  multi-center  Phase II trial
sponsored by Oslo University Hospital with support from Bristol-Myers Squibb and
Ultimovacs.  Six university hospitals in  Australia, Denmark, Norway, Spain, and
Sweden  participated  in  the  trial.  118 patients were randomized between June
2020 and January 2023.

The  study  did  not  meet  its  primary  endpoint  of improved progression-free
survival  (PFS) based on blinded independent  central review (BICR). Analyses on
the  secondary  endpoints,  objective  response  rate  (ORR) by BICR and overall
survival  (OS),  showed  a  significant  benefit  of  adding  the UV1 vaccine to
ipilimumab  and nivolumab. Local  assessment demonstrated an  improved PFS among
patients  in the  vaccine arm  for all  histological subtypes  combined, and new
subgroup  analysis demonstrates further improvement for the epithelioid subtype.
The  epithelioid  subtype  represents  approximately  70% of  all  patients with
mesothelioma.

The  safety  profile  of  the  combination  of UV1 plus ipilimumab and nivolumab
observed  in  the  trial  was  consistent  with that of ipilimumab and nivolumab
alone, confirming the good safety profile for the UV1 vaccine.

                                    ==ENDS==

About Ultimovacs

Ultimovacs  is a clinical-stage biotechnology  leader in novel immunotherapeutic
cancer  vaccines  with  broad  applicability.  Ultimovacs'  lead  cancer vaccine
candidate  UV1 is directed against human  telomerase (hTERT), an antigen present
in  85-90% of cancers in all  stages of tumor growth.  A broad clinical program,
with  Phase  II  trials  in  five  cancer  indications  enrolling more than 670
patients,   aims   to   demonstrate  UV1's  impact  in  combination  with  other
immunotherapies  in  multiple  cancer  types  expressing  telomerase  and  where
patients  have unmet medical needs. UV1 is universal, off-the-shelf, and easy to
use. UV1 is a patented technology owned by Ultimovacs.

In  addition,  Ultimovacs holds  all  rights  to  the proprietary TET technology
platform  for any possible future formulations  for the treatment of solid tumor
indications. The  Company is  listed on  the Euronext  Oslo Stock Exchange (OSE:
ULTI).

About NIPU
NIPU  (Nivolumab  and  Ipilimumab  Plus/minus  UV1 vaccination) is a randomized,
multi-center  phase II trial in which Ultimovacs' universal cancer vaccine, UV1,
is  evaluated in combination with  Bristol-Myers Squibb's checkpoint inhibitors,
nivolumab   and  ipilimumab,  as  second-line  treatment  of  malignant  pleural
mesothelioma.  The trial sponsor  is Oslo University  Hospital, supported in the
preparation  and execution of the trial  by Ultimovacs and Bristol Myers Squibb.
The  118 patients are randomized  1:1 into two treatment  arms. All participants
receive  treatment with nivolumab (240 mg every 2 weeks) and ipilimumab (1 mg/kg
every 6 weeks) until disease progression, unacceptable toxicity or for a maximum
of  2 years. Patients randomized to  the experimental arm received 8 intradermal
injections  of  UV1  vaccine  during  the  first  three months of treatment. The
objective  of the study  is to achieve  a clinically meaningful progression-free
survival  (PFS) benefit  in patients  with malignant  pleural mesothelioma (MPM)
after   progression   on  first-line  standard  platinum  doublet  chemotherapy.
Subsequent  events emerging  in patients  in both  arms of  the NIPU  study will
continue  to  be  monitored  beyond  the  read-out  of the primary endpoint. The
ipilimumab  and nivolumab combination  has recently been  approved as first-line
treatment  for patients  with malignant  pleural mesothelioma  in Europe and the
U.S.

About Mesothelioma
Malignant  pleural mesothelioma  is a  rare and  aggressive type  of cancer that
occurs  in the thin layer  of tissue that surrounds  the lungs and inside of the
chest.  Mesothelioma  accounted  for  30 870 new  cancer cases and 26 278 cancer
deaths  worldwide  in  2020, according  to  International Agency for Research on
Cancer  (Globocan 2020). Pleural  mesothelioma is  a disease  with a  high unmet
medical  need,  especially  in  industrialized  countries.  The  median  overall
survival  is approximately 1 year.  Occupational asbestos exposure is the No. 1
cause  of  the  disease,  and  several  occupations  like firefighters, military
veterans,  construction, and industry workers, are  at risk. This cancer usually
takes  several decades to  develop after a  person's first exposure to asbestos.
Most  patients are  diagnosed after  age 70 because  of the long latency period.
Even  though the use of  asbestos to a large  extent is banned in many countries
today,  new incidences of mesothelioma will continue  to be a medical and public
health  challenge because of the long latency period typical of the illness. For
patients  with  inoperable  disease,  few  treatment options are available after
first-line  chemotherapy.  The  combination  of  ipilimumab  and  nivolumab  has
recently  shown increased survival  compared to standard  chemotherapy, but most
patients  do  not  respond,  and  improvements  are  called  for.  Telomerase is
expressed  in  mesothelioma  cells  and  is  therefore  a  relevant  target  for
therapeutic vaccination.

About UV1

UV1  is a universal cancer vaccine designed to induce a specific T-cell response
against  telomerase.  UV1  consists  of  long, synthetic peptides representing a
sequence  in the reverse  transcriptase subunit of  telomerase (hTERT), shown to
induce   CD4+  T-cells.  These  CD4+  T-cells  have  the  potential  to  provide
inflammatory  signals,  and  T-cell  support  is  believed  to  be  critical for
triggering a strong anti-tumor immune response. Following intradermal injection,
antigen-presenting cells (APCs) in the skin are exposed to the vaccine peptides.
These  APCs  will  process  the  peptides  and present vaccine epitopes on Human
Leukocyte Antigen (HLA) molecules to naïve T-cells in the lymph nodes. Activated
vaccine-specific  T-cells will then  enter the circulation  and search for cells
displaying their cognate antigen in the context of HLA molecules.

The  UV1 peptides contain several epitopes, shown to be non-restrictive in terms
of (HLA) alleles for presentation. It is, therefore, not required to perform HLA
pre-screening   of   patients,   which   potentially  enables  broad  population
utilization  of the  vaccine. UV1  is administered  over three months with eight
intradermal injections and the immune-modulator GM-CSF.

For further information, please see www.ultimovacs.com or contact:

Carlos de Sousa, CEO
Email: carlos.desousa@ultimovacs.com (mailto:carlos.desousa@ultimovacs.com)
Phone: +47 908 92507

Anne Worsøe, Head of Investor Relations
Email: anne.worsoe@ultimovacs.com (mailto:anne.worsoe@ultimovacs.com)
Phone: +47 90686815

This stock exchange announcement was published by Anne Worsøe, Head at Investor
Relations at Ultimovacs ASA, on March 2, 2024 at 18:40 CET.