London, UK, 17 March 2021

 Ultimovacs (ULTI): Initiation - Cancer vaccine with virtually universal potential

Ultimovacs is a biotechnology company focused on developing a next generation cancer vaccine with virtually universal potential. Lead asset, UV1, activates the immune system to recognise cancer cells that express human telomerase reverse transcriptase (hTERT, or telomerase), which is present in over 85% of all cancer types. For this reason, UV1 has broad potential in a variety of cancers and in combination with other treatments. Ultimovacs' R&D strategy is to combine UV1 with checkpoint inhibitors (CPIs) due to an expected treatment synergy. The broad R&D programme includes four Phase II trials in different solid tumours, which will enrol more than 500 patients in total. Readouts are expected over 2022/2023, all within cash reach. Our Ultimovacs valuation is NOK3.18bn or NOK99.4 per share.

We value Ultimovacs at NOK3.18bn or NOK99.4 per share (rNPV analysis using a 12.5% discount rate, net cash of NOK441m at end-2020). Our model includes UV1 in all four indications being evaluated in the Phase II trials, with a probability of reaching the market of 20%. We use a bottom-up approach to calculate the market sizes and industry average data for the basis of our other assumptions (Exhibits 6 and 7). We assume a full out-licensing deal for UV1 with the partner taking over the Phase III development and commercialisation.

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