Oslo, 20 March 2020: Ultimovacs ASA (“Ultimovacs”, ticker ULTIMO), a
pharmaceutical company developing novel immunotherapies against cancer,
announces possible implications of the coronavirus (COVID-19) pandemic.

Ultimovacs has a strong cash position giving a good foundation for executing the
current development plan. The coronavirus pandemic has a profound impact on the
global economy and hardly any industry seem to be protected from operational and
financial consequences. For a biotech company like Ultimovacs, some of the
possible implications of the COVID-19 pandemic will be:

1. The initiation, patient inclusion and conduct of clinical trials will be
affected.  Hospital personnel and other resources are currently being redirected
from clinical trials to other areas. This applies both to hospitals were the
clinical trials will be run and to laboratories performing certain services as
part of the clinical trial.  

Ultimovacs has previously communicated that the inclusion of the first patient
was expected during Q1 2020 in both the INITIUM trial (randomized phase II trial
in malignant melanoma) and the NIPU trial (randomized phase II trial in
mesothelioma). However, an immediate consequence of the coronavirus pandemic is
that clinical trial activities and patient inclusion is now put on hold. The
overall activitation of sites and patient recruitment in the two phase II trials
is currently unclear. Ultimovacs will continue to make all preparations and take
all reasonable measures to ensure that the completion of these trials is delayed
as little as possible. In the ongoing phase I trial in malignant melanoma in the
US, patient recruiting in cohort 2 is still active. Inclusion of cohort 1 in
this trial is completed as previously announced, and 1-year safety and efficacy
endpoints will be reported H2-2020. 

2. The supply chain for the investigational products may be interrupted, either
at the manufacturing site or with respect to logistical operations. Short-term,
Ultimovacs expects supplies of investigational products to be under control. 

Ultimovacs expects the main consequences of the coronovirus pandemic to be
implications on timing and costs. 


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


Øyvind Kongstun Arnesen, CEO 
oeyvind.arnesen@ultimovacs.com, +47 469 33 810 

Hans Vassgård Eid, CFO 
hans.eid@ultimovacs.com, +47 469 19 822