Oslo (Norway), 31 August 2023 – PCI Biotech (OSE: PCIB), today announces its interim first half 2023 results. Please find enclosed the report and presentation.


Highlights review

fimaNAc – bioprocessing
The bioprocessing program for use of fimaNAc in gene therapy manufacturing has generated new results that add to the initial patent application filed in 2H 2022. Continued focus on generating results that can trigger field testing with potential customers to get feedback and develop a competitive technology.

fimaNAc – dermatology
For dermatology the study to demonstrate topical fimaNAc-mediated nucleic acid delivery in a preclinical wound model is completed. The study demonstrated significant delivery in a simplified model, but these results were not translatable into the selected full-scale model when testing topical delivery of unprotected (“naked”) nucleic acid, which is a challenging approach.

PCI Biotech will evaluate these initial results for the project and assess the collaborative landscape for fimaNAc in dermatology.

fimaVacc – intratumoural immunotherapy
For fimaVacc we are exploring approaches aimed at identifying novel immunotherapy treatment combinations, and a patent application for an undisclosed treatment approach was filed in 1H 2023.

Corporate
The cash position of NOK 45 million enables a financial runway towards the end of 2024 with current plans.

Ronny Skuggedal, CEO of PCI Biotech, comments: “We have seen promising early signs of enhanced delivery of nucleic acids for dermatology in simplified preclinical settings, but we were unfortunately not able to translate these promising results at our first attempt in a relevant and challenging skin model. The bioprocessing program has made good progress since the first patent application was filed in 2H 2022. We continue to pursue external feedback, by seeking field testing in collaboration with potential future customers.”

PCI Biotech will focus resources on research and development. Hence, moving forward, PCI Biotech will report financial results on a half yearly basis, per June 30 and December 31. We will continue to update our shareholders on a regular basis, including updates on financial information. An updated financial calendar will be announced shortly.

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A live webcast in Norwegian will be held today, 31 August 2023, at 08:30am – 09:30am CEST (local time).

The presentation can be followed as a live webcast, accessed through the link https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230831_1 or the company’s website under “Investors – Reports and presentations – Webcasts”.

There will be a Q&A session at the end of the presentation and it will be possible to post written questions through the webcast console.

The interim report and the presentation will also be available on www.newsweb.no and on the company's webpage, www.pcibiotech.com from 07:00am (CEST) today.

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

About PCI Biotech        
PCI Biotech is a biopharmaceutical company focussing on development and commercialisation of novel therapies and new technologies 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 fimaNAc programme utilises the proven capability of the PCI technology for intracellular delivery of nucleic acids. The technology can be used for most types of nucleic acids, ranging from oligonucleotides through mRNA and plasmids to viral vectors. The development of the fimaNAc programme is currently focussed on selected applications within dermatology and bioprocessing, well suited to the specific strengths of the PCI technology. The fimaVacc programme aims to enhance immunotherapy in cancer, by triggered endosomal release of antigens or nucleic acids encoding antigens, or immunostimulatory factors. For further information, please visit: www.pcibiotech.co

Contact information: PCI Biotech Holding ASA, Ullernchausséen 64, N-0379 Oslo            

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.