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PCI Biotech Q3 2021 interim results

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Oslo (Norway), 17 November 2021 – PCI Biotech (OSE: PCIB), a cancer focused biopharmaceutical company, today announces its interim Q3 2021 results. Please find enclosed the report and presentation.

Highlights

fimaChem
*Enrolment of patients into the RELASE study is still challenging and fluctuating – Covid-19 has a continued negative impact on the study and with August being a low recruitment month due to the holiday season, only five patients were enrolled in Q3

*Three patients were enrolled into the RELEASE study in October and the company continues to have a strong focus on recruitment, with the emphasis on regular trial management, including overall performance evaluation and site replacement

*Thirty patients have per end of October been included in the RELEASE study and the expected timeline for interim analysis remains 2H 2023

*Proactively pursuing strategies to address recruitment and retention, including interactions with FDA and EMA about an alternative study design

fimaVacc
*The programme is progressing towards initiation of a Phase II clinical proof-of-concept study, with product definition and study design clarified following comprehensive consultations with international experts

fimaNAc
*Development plan initiated based on strategic research and collaborations, targeting applications suited to the specific strengths of the PCI technology

Corporate
*Significantly strengthening the organisation with three highly skilled individuals; an experienced operational leader for RELEASE, and two key employees within clinical science and business development focusing on fimaVacc and fimaNAc

Per Walday, CEO of PCI Biotech, comments: “The strengthening of the organisation with three key employees has contributed positivelyto the progress in all development areas, but the RELEASE study is unfortunately still affected by the Covid-19 pandemic. Schedulingof local administration of light to the bile duct by endoscopyremains challengingin the RELEASE study,as clinical trial sites continue to deal with a backlog of patients.The situation is expected to improve as the vaccination rates increase going forward. We are fully focused on optimal study performance and progress, with attention to site performance and proactive management of study specific risks.We are also pursuing strategic options to address retention and recruitment, including ongoing interactions with regulatory authorities regarding a well-prepared and rational study design change utilising external control data in RELEASE.The initial responses from regulatory authorities do however suggest significant challenges for using this approach in a pivotal trial of a first line treatment.We are pleased to provide more granularity on the next steps for fimaVacc, as product definition and study approach has been further clarified following comprehensive interactions with KOLs.We look forward to bringing this exciting programme with encouraging early clinical immune response results to proof-of-concept in a combination treatment setting with immunomodulationin solid tumours.A stronger strategic focus has been applied to the fimaNAc programme with emphasis on specific applications lending themselves to the strength of the PCI technology, and we continue to pursue new and value-adding collaborative opportunities.

***
The presentation will be held in English today, Wednesday 17 November 2021, at 08.30am CET (local time). The presentation can be followed as a live webcast, access through link https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211117_3 or the company’s website under “Investors – Reports and presentations – Webcasts”.

Q&A session
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 presentation will also be presented through a teleconference, mainly facilitated for investors intending to ask questions verbally during the Q&A session.

Dial-in details for teleconference, mainly facilitated for verbal questions during Q&A session:
If you plan to use this facility, please join the event 5-10 minutes prior to the scheduled start time using the dial-in numbers below. A line mediator will provide information on how to ask questions.

Norway +47 2350 2007 / Sweden +46 (0)8 5033 6574 / Denmark +45 35 15 80 49 / United Kingdom +44 (0)330 336 9125 / United States +1 929 477 0324. If your country is not listed, we recommend that you use the dial-in details for UK.

When prompted, provide the confirmation code or event title.

Confirmation Code: 7356590        
Event title: PCI Biotech

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 CET on 17 November 2021.

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

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
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.

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