Ultimovacs Implements Operational Adjustments to Support Continuous Advancement of the UV1 Vaccine Phase II Program

 

• Due to the broad diversity in the UV1 Phase II program and the encouraging results from previous UV1 trials, Ultimovacs remain confident in UV1’s potential and are strongly committed to bringing the company across the next important data points: The readout from FOCUS in Q3 2024 and DOVACC results in H1 2025
• Activity level adjustments and operational prioritization are implemented to sustain the financial runway, including a workforce reduction of approximately 40%
• The operational adjustment plan extends the anticipated cash runway to the fourth quarter of 2025, through the readout from the Phase II DOVACC trial

Oslo, April 16, 2024: Ultimovacs ASA (“Ultimovacs”) (OSE ULTI), a clinical-stage biotechnology company developing immunotherapeutic cancer vaccines, today announces a plan to optimize its business operations to support the continuous advancement of UV1 and long-term business growth.

“We remain dedicated to our investigation of the potential impact of UV1 vaccine across several cancer indications and immunotherapy combinations, and we are prepared for both challenges and accomplishments along the way. We anticipate potential growth catalysts both in 2024 and 2025,” said Carlos de Sousa, CEO at Ultimovacs. “Our objective is to create value for both patients and our shareholders while safeguarding the financial stability of the company. Aligning with this goal requires us to reduce the level of activity and make prioritization adjustments, including reducing our workforce. I wish to thank the departing employees for their incredible dedication to helping cancer patients and for their contribution to our mission.”

The operational adjustments enable an extension of the financial runway to the fourth quarter of 2025, beyond the anticipated topline readout from the Phase II DOVACC trial. Based on current plans and forecasts, the cash burn rate is estimated to be approximately NOK 15 million per quarter towards the end of 2025, prior to the initiation of potential new activities towards new clinical trials or other projects.

The company will host a webcast presentation and provide a business update on Wednesday, April 17, 2024, at 11:00 (CET). The presentation is attached. 

Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20240417_1/

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About Ultimovacs

Ultimovacs is a clinical-stage biotechnology company developing immunotherapeutic cancer vaccines. The lead cancer vaccine candidate UV1 is an off-the-shelf vaccine directed against human telomerase (hTERT), an antigen present in 85-90% of cancers in all stages of tumor growth. A broad clinical program, with Phase II trials in five cancer indications enrolling more than 670 patients, aims to investigate UV1’s impact in combination with other immunotherapies in multiple cancer types. UV1 is a patented technology owned by Ultimovacs. In addition, Ultimovacs’ adjuvant platform, based on the proprietary Tetanus-Epitope-Targeting (TET) technology, combines tumor-specific antigens and adjuvant in the same molecule and is in Phase I clinical development.