Oslo (Norway), 28 August 2024 – PCI Biotech (OSE: PCIB), today announces its interim first half 2024 results. Please find enclosed the interim report and presentation.


Highlights review

Operations
PCI Biotech’s 2024 development goals are to demonstrate scalability and manufacturing process benefits for the photochemical-based technology (PCL) in viral vector manufacturing.

Results reported in Q1 2024 from field testing of the technology with a European partner confirmed the potential benefit of applying photochemical methods in viral vector (AAV) manufacturing. These results are considered an important interim scalability milestone, warranting further development.

To accelerate further scale-up of the PCL technology, PCI Biotech is currently working with a renowned ATMP-sector service provider to advance the technology into mini benchtop bioreactors, which are considered representative for large-scale manufacturing.

Initial mini benchtop bioreactor results indicate that PCL is compatible with standard downstream processes. Further research is needed to demonstrate PCL’s manufacturing benefit and achieve the 2024 development goals.

Corporate
The cash position of NOK 30.5 million per end of June 2024 is estimated to support operations into 2H 2025 with current plans, providing an opportunity window to demonstrate the commercial potential of the technology platform.

Ronny Skuggedal, CEO of PCI Biotech, comments: “After receiving encouraging early-stage field testing feedback at the beginning of this year, we accelerated development by successfully transferring PCL to a renowned service provider for scale-up to mini benchtop bioreactor. An initial mini benchtop bioreactor run gave important indications of PCL’s compatibility with standard downstream manufacturing processes, a reverting topic in business development discussions. We are eager to continue working at this scale.”

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A live webcast in Norwegian will be held today, 28 August 2024, at 08:30am – 09:00am CEST (local time).

The presentation can be followed as a live webcast, accessed through the link https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240828_2 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 focusing on developing and commercialising new technologies and novel therapies through its photochemical technology platform originating from world-leading research at the Oslo University Hospital. The technology platform is under development in two different areas.        (1) Photochemical lysis (PCL), inducing selective light-triggered cell lysis, which may enhance yield and purity in viral vector manufacturing. (2) Photochemical internalisation (PCI), inducing light-triggered endosomal release, which may unlock the potential of a wide array of modalities.  

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

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.