Oslo (Norway), 21 October 2020 – PCI Biotech (OSE: PCIB), a cancer focused biopharmaceutical company, today informed that AstraZeneca has elected not to enter into a definitive agreement for the fimaNAc technology.

Encouraging preclinical results have continued to be achieved with the fimaNAc platform in this collaboration and the decision not to enter into a definitive agreement is primarily based on a strategic evaluation of current development needs. The companies plan to work together to publish the preclinical results from this collaboration.

Per Walday, CEO of PCI Biotech, comments: “This is of course disappointing news, but the collaboration has provided PCI Biotech with valuable scientific knowhow from working with a big biopharma company over the last 5 years. We will utilise this important knowhow, together with the generated preclinical results, for the further development of the fimaNAc asset. We see great potential for further development of our intracellular delivery technology, not least within the emerging field of mRNA.”

The preclinical research collaboration was initiated in September 2015 to determine whether PCI Biotech’s fimaNAc technology had the potential to enhance the delivery of the collaborator’s nucleic acid therapeutic compounds. The experimental collaboration ended in December 2019, with an additional 12 months evaluation period until the end of 2020 to determine the potential for a further collaboration.

Contact information:    
Per Walday, CEO            
pw@pcibiotech.no
Mobile: +47 917 93 429

About PCI Biotech         
PCI Biotech is a biopharmaceutical late stage clinical development company focusing on development and commercialisation of novel therapies for the treatment of cancer through its innovative photochemical internalisation (PCI) technology platform.  PCI is applied to three distinct anticancer paradigms: fimaChem (enhancement of chemotherapeutics for localised treatment of cancer), fimaVacc (T-cell induction technology for therapeutic vaccination), and fimaNAc (nucleic acid therapeutics delivery).

Photochemical internalisation induces triggered endosomal release that is used to unlock the true potential of a wide array of therapeutic modalities. The company’s lead programme fimaChem consists of a pivotal study in bile duct cancer, an orphan indication with a high unmet need and without approved products. fimaVacc applies a unique mode of action to enhance the essential cytotoxic effect of therapeutic cancer vaccines, which works in synergy with several other state-of-the-art vaccination technologies. fimaNAc utilises the endosomal release 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 of the Norwegian Securities Trading Act.