NON-REGULATORY PRESS RELEASE

  * The Honorary Prize is awarded to an individual who has left a remarkable
    imprint and contributed with notable impact through their dedicated efforts
    and outstanding achievements over the course of several years
  * The Norwegian Tech Award is organized by Teknisk Ukeblad ("Technology
    Weekly"), tu.no

Oslo,  22 June 2023: Ultimovacs ASA ("Ultimovacs")  (OSE ULTI), a clinical-stage
biotechnology leader in novel immunotherapeutic cancer vaccines, today announced
that  Chief Scientific Officer and inventor of the universal cancer vaccine UV1,
Professor  Gustav Gaudernack,  has been  awarded the  prestigious Norwegian Tech
Award's Honorary Prize.

The  ceremony took  place today  at Kongsberg  Agenda. The  jury's rationale for
selecting Gustav Gaudernack for the Honorary Prize of 2023 is:

Gustav Gaudernack is a highly deserving candidate to receive the Honorary Award.
He  has  demonstrated  exceptional  expertise  and  achievements in the field of
immunotherapy, playing a defining role in its development over the course of his
long  and steadfast  career. His  contribution as  an inventor together with his
research  team  from  Oslo  Universal  Hospital,  Radiumhospitalet,  and  as  an
entrepreneur,  notably in Ultimovacs and other companies, has made a significant
impact on the advancement of cancer research and immunotherapy.

Furthermore,  his dedication  as a  professor and  his masterly mentoring skills
have fostered the growth of numerous talented oncology professionals who are now
actively  contributing  to  the  ongoing  progress  of  immunotherapy in Norway.
Overall,  his remarkable  accomplishments and  unwavering commitment  make him a
truly deserving candidate for this prestigious recognition.

"We  are thrilled that  Gustav Gaudernack, the  brilliant mind behind our cancer
vaccine  UV1, has been  honored today with  the prestigious Honorary Award. This
recognition  is truly well  deserved: Gustav's devotion  and perseverance within
the  field of  immunotherapy is  remarkable even  on an  international scale. We
extend  our heartfelt congratulations  to Gustav from  all of us at Ultimovacs,"
says Carlos de Sousa, Chief Executive Officer at Ultimovacs.

                                    ==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 that is
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, and is a patented technology owned by Ultimovacs.

In  addition, Ultimovacs' adjuvant  platform, based on  the proprietary Tetanus-
Epitope-Targeting   (TET)   technology,  combines  tumor-specific  antigens  and
adjuvant in the same molecule and is in Phase I clinical development.

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 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 as eight
intradermal injections together with 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  Anne  Worsøe, Head of IR at
Ultimovacs ASA, on 22 June, 2023 at 15:30 CET.