Arctic Bioscience – PIR IV INVEST to distribute shares in Arctic Bioscience to fund investors

PIR IV INVEST AS (“PIR IV”), an early stage investment SPV and major shareholder in Arctic Bioscience AS ("Arctic Bioscience"), today announced the planned dissolvement of the SPV. As a consequence, its shares in Artic Bioscience will be re-allocated to the SPV’s individual investors. PIR IV holds 2,188,250 million shares in Arctic Bioscience, corresponding to 9.0% of total shares outstanding.

In connection with the IPO of Arctic Bioscience, PIR IV entered into a customary lock-up agreement to remain in force to and including 365 calendar days after the date of admission to trading on Euronext Growth Oslo. The obligations under the lock-up agreement will in connection with the distribution be transferred to each of the fund investors.

PIR IV is a regional early stage investment fund, investing in local growth companies with international commercialization and expansion potential. Among the fund investors are two companies that are represented in the board of directors of Arctic Bioscience, Ronja Capital II and Ajea Invest AS.

Ronja Capital II holds a 12.8% share in PIR IV and will be allocated 279,795 shares in Arctic Bioscience in connection with the dissolvement of PIR IV. Ronja Capital II is a wholly owned subsidiary of Ronja Capital AS. Following the transaction, companies controlled by Ronja Capital AS and close associates holds 2,104,166 shares in Arctic Bioscience, corresponding to 8.7% of total shares outstanding. Tore Tønseth, board member and primary insider in Arctic Bioscience is investment director in Ronja Capital AS.

Ajea Invest AS, a company controlled by board member Asbjørn Solevågseide, also holds a 12.8% share in PIR IV, and will be allocated 279,795 shares in Arctic Bioscience in connection with the dissolvement of PIR IV. Following the transaction companies controlled by Asbjørn Solevågseide holds 555,359 shares in Arctic Bioscience, corresponding to 2.3% of the total shares outstanding. Solevågseide is also chairman of the board in PIR IV.

“The dissolvement of PIR IV is according to strategy and mandate, and we want to express our continued strong commitment to support Arctic Bioscience through the development stages of the company’s pharmaceutical program over the coming years. With its drug candidate for mild-to-moderate psoriasis currently in phase IIb development, the company is uniquely positioned to take a significant share of this multi-billion dollar global market and improve quality of life for the 20 million patients with this disease.  Furthermore, we believe there is strong growth potential in the company’s Romega product,” says Solevågseide, representing PIR IV.

Please see the enclosed form for further information about the transaction.