ExpreS2ion’s Associated Company AdaptVac Receives Milestone Payment Following Completion of Bavarian Nordic’s Clinical Phase III Study for the COVID-19 Vaccine

Hørsholm, Denmark, 21 February 2024 – ExpreS²ion Biotech Holding AB’s affiliate ExpreS²ion Biotechnologies ApS (“ExpreS2ion") today announces that AdaptVac ApS (“AdaptVac”) has received 10 million EUR as a result of Bavarian Nordic having completed the clinical Phase III study of the COVID-19 vaccine ABNCoV2. The board of AdaptVac, in line with authority granted through AdaptVac’s articles of association, has agreed to resolve on the pay-out of excess capital in AdaptVac to the shareholders of AdaptVac, which are ExpreS2ion (34% share ownership) and NextGen Vaccines Holding ApS (“NextGen”) (66%). ExpreS2ion and NextGen have agreed that AdaptVac will retain part of the dividends received to be invested in the Company’s platform technology and pipeline assets.

CEO Bent Frandsen comments:

“We are pleased to announce that the completion of Bavarian Nordic’s clinical Phase III study for the COVID-19 vaccine ABNCoV2 has triggered a milestone payment to AdaptVac, in which ExpreS2ion holds a 34% ownership. The Phase III study served to validate our ExpreS2 technology platform, forming the basis for our ongoing therapeutic HER2+ breast cancer vaccine candidate, ES2B-C001, and future initiatives.”

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