Lytix Biopharma granted up to NOK14.3m (US$1.3m) of public non-dilutive funding from ’SkatteFUNN’

17 Oct 2023 08:00 CEST

Oslo, 17 October 2023. Lytix Biopharma – Lytix Biopharma AS (“Lytix”) (Euronext
Growth Oslo: LYTIX), a clinical stage immuno-oncology company, announces that
the Research Council of Norway has approved Lytix’s application for up to
NOK14.3m (US$1.3m) of non-dilutive financial support from the ‘SkatteFUNN’ R&D
tax incentive scheme for a project in respect of its lead program: ‘Intratumoral
LTX-315 in advanced melanoma’.

The approval gives Lytix the right to claim tax deductions for relevant and
documentable costs related to research and development activities in the
approved project for the period 2023 to 2025 inclusive.

The main objective of the project is to assess the safety and efficacy of
LTX-315 in patients with advanced melanoma that are refractory to treatment with
Immune Checkpoint Inhibitors. This will be assessed in a Phase II trial that
will enroll up to 40 patients at study sites in the US and Europe (including
Norway).

Øystein Rekdal, CEO of Lytix Biopharma, says:
“This is a great endorsement of the potential of our first in class
molecule, LTX-315, by the Research Council of Norway and supports our efforts to
improve the response rate in advanced melanoma patients that are refractory to
treatment with Immune Checkpoint Inhibitors.”

***

For more information, please contact:
* Gjest Breistein, CFO: gjest.breistein@lytixbiopharma.com
* Ole Peter Nordby, Head of IR & Communications Manager:
ole.peter.nordby@lytixbiopharma.com
* Optimum Strategic Communications: Nick Bastin, Vici Rabbetts:
lytix@optimumcomms.com


About SkatteFUNN:
The SkatteFUNN R&D tax incentive scheme is a government program designed to
stimulate research and development (R&D) in Norwegian trade and industry. The
incentive is a tax credit and comes in the form of a possible deduction from a
company's payable corporate tax. More information can be found here:
https://www.skattefunn.no/en/about-skattefunn/

Lytix in brief:
Based in Oslo, Norway, Lytix Biopharma is a clinical stage immuno-oncology
company developing novel cancer immunotherapies, an area within cancer therapy
that is aimed at activating the patient’s immune system to fight cancer. The
Company’s technology is based on pioneering research in ‘host defense peptides’
– nature’s first line of defense towards foreign pathogens. Lytix Biopharma’s
lead product, LTX-315, is a first-in-class molecule representing a new and
superior therapeutic principle to kill cancer cells and boost anti-cancer
immunity, with the potential to be the ideal combination partner with other
types of immunotherapies. LTX-315`s dual mode of action allows cytotoxic T cells
to infiltrate tumors and recognize and attack cancer cells. The Company was
listed on Euronext Growth in Oslo in June 2021, following a private placement
covered by investors including PBM Capital, a US based, healthcare-focused
investment firm.

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