PCI Biotech convenes an extraordinary general meeting to propose a fully underwritten Rights Issue of NOK 360 million
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PCI Biotech convenes an extraordinary general meeting to propose a fully
underwritten Rights Issue of NOK 360 million

Oslo, August 24, 2018 - PCI Biotech Holding ASA's ("PCI Biotech" or the
"Company") proposes to carry out a fully underwritten rights issue of NOK 360
million at a subscription price of NOK 30.00 per share, with pre-emptive
subscription rights for existing shareholders (the "Rights Issue"). The Board of
Directors has resolved to call for an extraordinary general meeting (the "EGM")
to be held on 14 September 2018 to resolve the Rights Issue. The notice of the
EGM will be distributed separately.

Per Walday, CEO of PCI Biotech, said: "We are very happy to announce this fully
underwritten rights issue that provides PCI Biotech with the funds needed to
perform the pivotal fimaChem study. The established underwriting syndicate shows
that we both have a supportive shareholder base and significant interest from
external investors, including a reputable international specialist investor. Our
focus is now to bring fimaChem to the market as quickly as possible, through
successful performance of the pivotal study."

Underwriting
The Rights Issue is fully underwritten, subject to customary terms and
conditions, by an underwriting syndicate established by ABG Sundal Collier and
Arctic Securities (the "Joint Bookrunners"). The Rights Issue is supported by
the Company's largest shareholders Fondsavanse, MP Pensjon, Myrlid and
Radiumhospitalets Forskningsstiftelse as significant underwriters. In addition,
the international specialist investor Nyenburgh as well as other institutional
investors have underwritten the remainder of the Rights Issue. The underwriters
will receive an underwriting fee equal to 3.50 per cent of their respective
underwriting obligations.

Stocken Invest AS, a company owned 100% by Lars Kåre Viksmoen, a member of the
Board of PCI Biotech, has entered into the underwriting agreement and has
underwritten NOK 1.0 million of the Rights Issue. Stocken Invest AS currently
owns 4,000 shares in PCI Biotech.

The Rights Issue
Completion of the Rights Issue is subject to shareholders' approval at the EGM
to be held on 14 September 2018 and that an EEA-prospectus for the Rights Issue
is approved by the Financial Supervisory Authority of Norway and published in
accordance with applicable laws.

Through the Rights Issue, the share capital of PCI Biotech will be increased by
NOK 36,000,000 through an issue of 12,000,000 new shares, each with a nominal
value of NOK 3.00. Shareholders in the Company as at close of trading on Oslo
Børs on 14 September 2018 (as evidenced in the VPS shareholder register on 18
September 2018, being the "Record Date"), who may lawfully participate in the
Rights Issue ("Eligible Shareholders"), will be granted subscription rights
giving a preferential right to subscribe for and be allocated new shares in the
Rights Issue, meaning that the share will trade exclusive of the right to
receive subscription rights from and including 17 September 2018 for trades
subject to ordinary T+2 settlement in the VPS. Each Eligible Shareholder will be
granted approximately 0.48 subscription rights for each existing share
registered as being held by such existing shareholders in the VPS as of the
Record Date. The number of subscription rights issued to each Eligible
Shareholder will be rounded down to the nearest whole subscription right. Each
subscription right will, subject to applicable securities laws, give the right
to subscribe for and be allocated one (1) new share in the Rights Issue. Over-
subscription by holders of subscription rights or subscription for shares
without subscription rights will be permitted. Further details of the terms of
the Rights Issue will be described in the prospectus to be released in
connection with commencement of the subscription period for the Rights Issue
(see indicative timeline below).

The subscription rights will be tradable and listed on Oslo Børs during the
subscription period for the Rights Issue. Any subscription rights not used or
sold during the subscription period will lapse and cease to carry any value.

The subscription price per new share in the Rights Issue is NOK 30.00 per share.
The subscription price corresponds to a discount of approximately 34 per cent to
the implied Theoretical Ex-Rights Price of NOK 45.61 based on PCI Biotech's
closing share price on 23 August 2018. Following completion of the Rights Issue,
the share capital of PCI Biotech will be NOK 110,984,670 consisting of
36,994,890 shares, each with a nominal value of NOK 3.00. The Rights Issue will
result in gross proceeds to PCI Biotech of NOK 360,000,000.

Below is an indicative time table for the Rights Issue:
14 September 2018: EGM to resolve the Rights Issue
14 September 2018: Last day of trading in PCI Biotech shares inclusive
subscription rights
17 September 2018: PCI Biotech shares trade excluding rights to participate in
the Rights Issue
18 September 2018: Record date for determining the right to receive subscription
rights, at which date the VPS shareholders register for trades with ordinary
settlement in VPS (T+2) will show shareholders of the Company as per the end of
trading on 14 September 2018.

On or about 19 September 2018: Publication of prospectus and first day of
subscription period for the Rights Issue
On or about 03 October 2018: Last day of subscription period for the Rights
Issue
On or about 08 October 2018: Allocation of new shares
On or about 10 October 2018: Payment for new shares
On or about 11 October 2018: Registration of share capital increase in the
Norwegian Register of Business Enterprises

ABG Sundal Collier and Arctic Securities are acting as Joint Bookrunners in
connection with the Rights Issue. Advokatfirmaet Selmer AS is acting as the
Company's legal advisor in connection with the Rights Issue.

Update on PCI Biotech's development programmes
The emerging data from the fimaChem Phase I dose-escalation study in inoperable
extrahepatic bile duct cancer continues to deliver positive early signs of
efficacy. Cohort IV included six patients at the dose level selected for pivotal
development and the results from this Cohort are now mature enough for
presentation. Although the results are based on small patient numbers, the
efficacy signs are very promising compared to the most relevant published
comparator data on treatment with standard of care. Attached is a summary table
with key Phase I data and references to the most relevant comparator data. The
pivotal study is intended to include up to two fimaChem treatments and the
safety of this regimen is studied in an extension to the Phase I study. By
August 2018, four patients have passed the safety window after the second
fimaChem treatment. The plan is to include an additional safety review by the
Independent Data Monitoring Committee (IDMC) after eight patients. The pivotal
study is expected to start early in 2019, with an interim analysis of
progression free survival and objective response rate for potential
accelerated/conditional approval available approx. 36 months after initiation.
For further information on timelines and study design, see attachment.

The advent of effective immunotherapeutics in several disease areas have
provided hope for a large number of patients, but therapeutic vaccination within
oncology has faced several setbacks in late stage development due to
insufficient efficacy. The fimaVacc technology has proven to be a strong inducer
of the cellular immune responses needed for therapeutic effect in animal models
and the initial clinical immune response results are promising. The Phase I
results indicate enhanced T-cell responses, with early responses and high
response rates at tolerable dose levels. There is a large commercial potential
in this technology, as there is a need for improved T-cell responses in both
therapeutic cancer vaccination and several infectious disease applications. The
near-term focus of this programme is to further characterise the immune
response.

The fimaNAc programme addresses a main challenge for the realisation of the vast
opportunity in nucleic acid therapeutics - effective intracellular delivery of
this class of large therapeutic molecules. Several of the key commercial players
in this therapeutic area continue to show interest in the fimaNAc technology and
the Company currently has six ongoing research collaborations. The most recent
collaborations, with IMV and Bavarian Nordic, were established over the last
couple of months. PCI Biotech intends to continue the collaborative strategy,
with the aim to convert research collaborations to commercial partnerships with
select companies.

Update on 2Q 2018 Financial Figures
The Company will report its full financial figures for 2Q 2018 on 30 August
2018.

Net results in 2Q 2018 amounted to NOK -7.1 million. At the end of 2Q 2018 the
Company's cash and cash equivalents amounted to NOK 28.4 million, a net change
of NOK -10.2 million relative to the figures reported for 1Q 2018.

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