Press Release Oncology Venture Plans Name Change to Allarity Therapeutics and Board Restructuring to Align with Current Company Strategy

Hørsholm, Denmark (21 September 2020) – Oncology Venture A/S (“OV”) today announced that it will change its company name to Allarity Therapeutics (“Allarity” or the “Company”) and will significantly restructure its Board of Directors to align with the company’s current and long-term strategy. Both the proposed name change and appointment of new Board members are subject to approval of shareholders at the upcoming Extraordinary General Meeting (EGM) planned to be convened on 7 October 2020.

Following the proposed restructuring, Allarity’s Board of Directors will comprise five members, including existing Directors Mr. Steve Carchedi (CEO), Mr. Duncan Moore (Chairman), and Dr. Magnus Persson, and new members in both the U.S. and Scandinavia, including Mr. Søren Gade (a current member of European Parliament and former Minister of Defense in Denmark) and Ms. Gail Maderis (current CEO of Antiva Biosciences, Inc., Board member of Valitor, Inc., and former CEO of Five Prime Therapeutics, Inc.). New Board members will receive warrants in the Company as part of their compensation package.

The changes to the Company name and composition of its Board of Directors are part of a planned strategic shift towards commercialization for the U.S. oncology and financial markets, while the company maintains its roots and laboratory headquarters in Denmark, which continue to be directly overseen by Dr. Steen Knudsen, Chief Scientific Officer and Founder, and Mr. Thomas Jensen, Senior Vice President of Information Technologies and Founder. The Hørsholm, Denmark facility will serve as the Research & Development global headquarters for the company’s DRP companion diagnostic platform. As part of this strategic shift, current Chief Financial Officer (CFO) Mr. Henrik Moltke will be departing the Company to pursue other opportunities. Mr. James G. Cullem, currently Senior Vice President of Corporate Development, will serve as interim CFO, while the Company conducts an immediate search for a U.S.-based, CFO with Nasdaq experience.

Steve Carchedi, CEO of the Company, noted “Our new company name, Allarity Therapeutics, better reflects our focus on developing promising new cancer therapeutics, together with DRP companion diagnostics, to match cancer patients with the best therapeutic options for their particular cancers, thereby realizing the promise of personalized medicine. We are also very enthusiastic about the planned restructuring of our Board of Directors to strengthen the strategic oversight of the Company and support our Executive Team in achieving our goals. I am thrilled to have Gail Maderis and Søren Gade join our Board, as both will provide valuable connections for us related to international cancer drug development while further expanding the geographic footprint of our Board to both sides of the Atlantic.”