Oslo (Norway), 18 August 2022 – PCI Biotech (OSE: PCIB), a cancer-focused biopharma company developing innovative therapeutics that address significant unmet medical needs, today announced that the previously reported efforts to finance a planned Ph II trial in head and neck cancer have not under the current market conditions resulted in a feasible way forward.

As PCI Biotech will not conduct a company-sponsored Ph II trial with the fimaVacc technology a reduction of the clinical team will be enacted during the second half of 2022. Further details about the development plans for the non-clinical assets will be given at the upcoming Q2 reporting, scheduled 31^st August 2022. The cash position per Q2 2022 is around NOK 76 million and the financial runway is estimated to be towards the end of 2023.

Contact information:        
Ronny Skuggedal, Interim CEO        
rs@pcibiotech.no
Mobile: +47 9400 5757

About PCI Biotech        
PCI Biotech is a biopharmaceutical company focusing on development and commercialisation of novel therapies for the treatment of cancer through its innovative photochemical internalisation (PCI) technology platform. PCI induces triggered endosomal release that is used to unlock the true potential of therapeutic modalities. The fimaVacc programme aims to enhance immunotherapy in cancer, by triggered endosomal release of antigens or nucleic acids encoding antigens, or immunostimulatory factors. In the fimaNAc programme endosomal release is utilised to provide intracellular delivery of nucleic acids, such as mRNA and RNAi therapeutics, thereby addressing one of the major bottlenecks facing this emerging and promising field.

For further information, please visit: www.pcibiotech.com                

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 subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.