Oslo, March 9, 2022: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage
leader in immune stimulatory vaccines for cancer, announced that it will present
data on the preclinical evaluation of the company's Tetanus-Epitope Targeting
(TET) platform at the Annual Meeting of the American Association for Cancer
Research (AACR), taking place on April 8-13, 2022 in New Orleans, Louisiana
(AACR22).

The presentation at AACR22 will be the first time Ultimovacs has shared data on
the TET platform with the R&D community. The data is part of the package that
helped inform the entry of TET into the current ongoing Phase 1 dose escalation
study in prostate cancer, TENDU. The 40 mcg and 400 mcg dose cohorts have now
been completed and is currently proceeding to the third and highest dose, 960
mcg.

The  TET  platform  allows  for  the  production  of multiple therapeutic cancer
vaccines.  It can be used to strengthen  and increase T cell responses to cancer
cells  by incorporating  antigens that  are specific  to one  type of  cancer or
common  to many  tumor types  into the  platform. The  vaccine used in the TENDU
trial  contains prostate cancer-specific antigens.  By combining cancer antigens
and  the vaccine adjuvant  in the same  molecule, the TET  platform can generate
vaccine   candidates  with  a  beneficial  safety  and  administration  profile,
presenting an opportunity to treat patients at an early stage of their disease.

The  AACR poster  presentation (#4160)  is entitled  "Promoting immunogencity of
synthetic  long  peptide  vaccines  based  on  in  vivo  IgG  complex formation:
Preclinical evaluation and clinical entry of the TET platform".

The poster will be presented on Wednesday Apr 13, 2022 in New Orleans Convention
Center, Exhibit Halls D-H, Poster Section 34.

The abstract is published in the online Proceedings of the AACR, and at the
Ultimovacs website under "Presentations and Publications".

                                    ==ENDS==

About the TET-platform

The Tetanus-Epitope Targeting(TET)-platform offers an approach to strengthen and
increase  T cell responses against cancer-specific peptides by combining cancer-
specific antigens and vaccine adjuvant in the same conjugated molecule, allowing
for  a beneficial  safety profile  and simplifying  administration. The platform
generates  new,  first-in-class  cancer  vaccine  candidates  that  harness pre-
existing  antibody responses  resulting from  standard tetanus vaccinations. TET
vaccine candidates can be tailored to many types of cancer.

About TENDU
The  TENDU clinical trial  (NCT04701021) is a  first-in-human, Phase I study and
the first clinical trial of a vaccine from Ultimovacs' Tetanus-Epitope Targeting
(TET)-platform.  The trial is  being conducted at  the Oslo University Hospital,
Norway,  and evaluates the safety of the vaccine in prostate cancer patients who
have relapsed after radical prostatectomy. The primary objective of the study is
to evaluate the safety and tolerability of three different doses of the vaccine.
Patients  will receive the vaccine prior to obtaining standard-of-care treatment
consisting  of radiation  and antihormone  therapy and  will be  followed for 6
months after the last dose of the vaccine to assess immunological responses such
as the activation of T cells and anti-tumor activity.

About Ultimovacs
Ultimovacs  is developing immune-stimulatory vaccines to  treat a broad range of
cancers.  Ultimovacs' lead universal cancer  vaccine candidate UV1 targets human
telomerase  (hTERT), present in 85-90% of cancers in all stages of tumor growth.
By  directing the immune system to hTERT antigens, UV1 drives CD4 helper T cells
to  the  tumor  to  activate  an  immune  system cascade and increase anti-tumor
responses.  With  a  broad  Phase  II  program,  Ultimovacs  aims  to clinically
demonstrate  UV1's impact  in multiple  cancer types  in combination  with other
immunotherapies.   Ultimovacs'   second   technology   approach,  based  on  the
proprietary  Tetanus-Epitope-Targeting  (TET)  platform, combines tumor-specific
peptides and adjuvant in the same molecule and entered Phase I studies in 2021.

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 IR & Communication
Email: anne.worsoe@ultimovacs.com (mailto:anne.worsoe@ultimovacs.com)
Phone: +47 90686815

Mary-Ann Chang, LifeSci Advisors
Email: mchang@lifesciadvisors.com (mailto:mchang@lifesciadvisors.com)
Phone: +44 7483 284 853

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 in the Norwegian Securities Trading Act.

This stock exchange announcement was published by Joachim Midttun, Finance
Manager at Ultimovacs ASA, on March 9, 2022 at 16:30 CET.