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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."