SoftOx Solutions AS: Update on company status and financing

13 Mar 2023 17:10 CET

With reference to the stock exchange announcements from SoftOx Solutions AS
("SoftOx" or the "Company") on February 15, 2023, on the challenging liquidity
situation and on March 8, 2023, the webcast presentation. The Company provides
an update on the financing process and the company status.



Financing

SoftOx is working diligently on securing both its short-term and long-term
financing. The company is in close dialogue with both existing stakeholders and
interested outside investors. SoftOx is currently in discussions with a select
number of investors, and the company is evaluating different potential models.
The aim is to secure approx. NOK 40 million, to secure the company runway for 6
months. Payment from the European Defence Fund is expected but not included in
the Company’s budgets going forward.



If the Company decides to propose a solution with a basis from new investors, it
is the intention that the existing shareholders will be given ample
opportunities to also participate. SoftOx would like to underline that there is
uncertainty as to whether a solution with outside investors may materialise at
this point.



Company status

SoftOx has recently reached several important milestones in its product
development and believes that the underlying values are material. All completed
studies have shown excellent clinical results and confirmed safety and
tolerability with a broad spectrum of antiviral and antimicrobial effects. In
the treatment for leg ulcers, it was observed over 99% reduction in bacterial
burden in the wound together with observed dose dependent reduction in wound
size with 24% reduction in wound size in the group which received treatment one
time per day in 5 days and 36% reduction in wound size in the group which
received treatment with SoftOx two times per day in 5 days. External health
economic models from EXCITE International estimate the health economic saving by
faster wound healing and avoiding infections in leg ulcers to be up to USD 6,404
per patient, which would give up to USD 14 billion in reduced health care cost
in the US alone. For the infectious disease (SIS) project, the Company observed
infection prevention ability in an influenza-like mouse model together with
tolerability and safety in phase 1.



As material financing discussions are ongoing, the company has decided to
postpone its announced extended presentation scheduled for March 14, 2023.
However, attached to this release is an extended presentation that describes the
technology development, results and progress in detail.



SoftOx will revert with further updates in due course.


For further information, please contact:
Geir Almås, Executive Chairman of SoftOx Solutions AS

Christian Harstad, Interim CEO of SoftOx Solutions AS

Mail: ir@soft-ox.com

Phone: Front Desk: (+47) 948-59-599

About SoftOx Solutions AS
SoftOx Solutions AS (SoftOx, listed on Euronext Growth Oslo) is a medtech and
clinical-stage pharmaceutical company based in Oslo, Norway, with the goal of
reducing the spread of infection and emergence of antimicrobial resistance. For
more information on SoftOx, visit www.soft-ox.com

More information:
Access the news on Oslo Bors NewsWeb site