Oslo, 14 November 2019: Ultimovacs ASA ("Ultimovacs", ticker ULTIMO), a
pharmaceutical company developing novel immunotherapies against cancer,
announces its third quarter 2019 results today. A presentation by the company's
management team will take place today in Oslo Cancer Cluster Innovation Park
(Ullernchausséen 64) in Jónas Einarsson Auditorium (2nd floor, entrance 2B) at
09:00 CET. 

The presentation can be followed as a live webcast (access through link
https://webtv.hegnar.no/presentation.php?webcastId=98164491) which will also be
available on our website. It will be possible to post questions during the
presentation through the webcast.

Highlights for the third quarter of 2019:

o In the US based phase I trial in malignant melanoma, in which UV1 is given in
combination with a PD-1 checkpoint inhibitor, all of the originally planned 20
patients have been included in this trial. No unexpected safety issues have been
observed to date.

o In this study, all formal criteria are fulfilled to start the inclusion of 10
additional patients in order to investigate an increased dosage of the adjuvant
GM-CSF. Ultimovacs expects that all patients in the ongoing trial will be
recruited by early 2020. The initiation of other trials is not expected to be
influenced by the expansion of the ongoing trial.

o The planning of the randomized phase II trial in malignant melanoma is
progressing according to plan towards inclusion of first patient in Q1 2020.
Covance is selected as CRO (Contract Research Organization) for the trial. 

o Ultimovacs has obtained new data on overall survival in the prostate cancer
trial where 5-year overall survival is 50% (11 of 22 patients alive), and in the
non-small cell lung cancer (NSCLC) trial where 4-year overall survival is 39% (7
of 18 patients alive). On 9 November 2019, the abstract “Long term outcomes of a
Phase I Study with UV1, a Second Generation Telomerase Based Vaccine, in
Patients with advanced Non-Small-Cell Lung Cancer” was presented during a poster
session at the SITC 34th Annual Meeting 2019 in Maryland.

o Total loss for the period amounted to MNOK 17.2, negative cash flow from
operations was MNOK 18.3 and net decrease in cash and cash equivalents was MNOK
33.9. Total cash and cash equivalents per 30 November 2019 amounted to MNOK
412.0. 

The report and presentation are also available on the company website. 


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