Oslo (Norway), 18 August 2025 – PCI Biotech Holding ASA (PCI Biotech, OSE:PCIB) today announces the discontinuation of development of the photochemical lysis (PCL) technology for viral vector manufacturing. 

Today’s decision is primarily based on the insufficient progress towards the 2025 goal of demonstrating improved yield in mini benchtop bioreactors. Achieving successful end-to-end results in small bioreactors is a critical risk-reducing milestone for further development.

Following the progress reported in the preliminary 2024 Interim Report (27^th Feb 2025) and the Annual Report 2024 (24^th April 2025), additional initiatives were undertaken to demonstrate PCL’s capability to increase net AAV yield in an end-to-end process. However, efforts to date have not yielded convincing results.

The insufficient progress has, in addition, extended project timelines and increased resource requirements, elevating the overall project risk to an unacceptable level. Consequently, PCI Biotech has decided to discontinue further development.

PCI Biotech's immediate priority is now to preserve value and evaluate the company’s future. As of the end of June 2025, the cash position of the company was NOK 13.6 million, which is expected to sustain operations into Q4 2025. There is no assurance that PCI Biotech will be able to secure additional financing. This material uncertainty casts significant doubt on PCI Biotech Holding ASA’s ability to continue as a going concern. The evaluation of the company’s future includes a range of options, including, but not limited to, a potential sale, merger, or complete wind-down of operations.

For further information, please contact:
Ronny Skuggedal, CEO
Email: rs@pcibiotech.no
Mobile: +47 9400 5757

Forward-looking statements        
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. PCI Biotech disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

This stock exchange announcement was published by Ronny Skuggedal, CEO at PCI Biotech Holding ASA, on 18 August 2025 at 20:35 CEST.