ExpreS2ion Biotech

Background
ExpreS²ion completed a rights issue of units during the second quarter of 2023. Within the scope of the rights issue, ExpreS²ion issued 11,115,398 Warrants. Furthermore, ExpreS²ion issued an additional 527,573 Warrants to guarantors in the rights issue who chose to receive guarantee compensation in units. One (1) unit consisted of one (1) newly issued share and one (1) Warrant. One (1) Warrant gives the owner the right to subscribe for one (1) new share in the Company. The exercise price for the Warrants was determined to 70 percent of the volume-weighted average price in the Company's share on Nasdaq First North Growth Market during the measurement period, from 21 August 2023 to 1 September 2023. During the measurement period, the volume-weighted average price in the Company's share was approximately SEK 2.24, therefore the exercise price for the Warrants was set to SEK 1.57.

Outcome
In total, 2,155,191 Warrants were exercised for subscription of 2,155,191 shares, meaning that approximately 18.5 percent of all outstanding Warrants were exercised for subscription of shares and ExpreS²ion receives approximately SEK 3.4 million in gross proceeds.

Exercised warrants have been replaced with interim shares (IA), pending registration with the Swedish Companies Registration Office. The interim shares are expected to be converted to shares within approximately three weeks.

Number of shares, share capital and dilution
Through the exercise of the Warrants, the number of shares in ExpreS²ion increases by 2,155,191 shares, from 49,249,767 shares to a total of 51,404,958 shares. The share capital will increase by SEK 239,465.667101, from SEK 5,472,196.343262 to SEK 5,711,662.010363.

For existing shareholders who did not exercise any Warrants, the dilution amounts to approximately 4.2 percent based on the number of shares following exercise of the Warrants.

CEO Bent U. Frandsen's comments:
"Although the recent results from Bavarian Nordic’s Phase III clinical trial for ABNCoV2 were disappointing from a commercial perspective, we are now in a unique position as a biotech company with a clinical Phase III-validated technology platform. Looking forward, we are actively exploring opportunities to leverage our expertise, including the Phase III-validated technology platform, to develop innovative vaccines with a faster and less costly path to value creation. We have an advanced preclinical-stage HER2-VLP breast cancer vaccine ES2B-C001 with compelling research data, that we now actively employ in search of new strategic options for financing the near-term clinical development. Furthermore, I am very confident in progression of our other pipeline projects across influenza, CMV, and malaria, and not least exploratory research that give us proprietary capabilities to fast-forward novel preclinical assets toward clinical development. I thank the shareholders who stand with us and look forward to generating new value from our R&D in the near-term future."

Advisors
Vator Securities act as financial advisor and issuing agent to the Company in connection with the transaction. Advokatfirman Schjødt is the Company’s legal advisor in connection with the transaction.

Certified Adviser
Svensk Kapitalmarknadsgranskning AB