Oslo (Norway), 25 September 2025 – PCI Biotech (OSE:PCIB) today announces an update on the ongoing evaluation of its future operations.

Reference is made to the announcement on 18th August 2025 regarding the discontinuation of further development of the PCL technology. The decision was based on insufficient progress, which extended project timelines and increased resource requirements, elevating the overall project risk to an unacceptable level. Consequently, PCI Biotech decided to discontinue further development.

PCI Biotech's immediate priority has since been to preserve value and conduct an evaluation of the company’s future. This evaluation has focused on exploring potential strategic alternatives, including reverse mergers or a structured wind-down of operations.

Current operations are now focused solely on the evaluation of a new bioprocessing technology by an undisclosed party. PCI Biotech today decided to initiate a downsizing of personnel and extend the wind-down of operations to align with this focus. The technology evaluation is conducted under a material transfer agreement without financial terms.

The ongoing strategic evaluation is made with careful consideration of the company’s circumstances, and this process continues in parallel to the technology evaluation. Further information and updates will be provided when applicable.

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 was until August 2025 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.