The aim of the Option to License Agreement is to provide ExpreS[2]ion the option to call the right to exclusively license in AV001 (HER2-cVLP), a preclinical-stage novel breast cancer vaccine candidate, which ExpreS[2]ion plans to develop towards human clinical studies. This gives ExpreS[2]ion full control over and responsibility for driving this valuable asset forward, hereby realising the very significant value of this project. The terms of the License Agreement, that ExpreS[2]ion can opt to execute anytime within 12 months, will contain financial consideration to AdaptVac in the form of an upfront payment at signature of DKK 2.5M (SEK 3.5M), a payment at approval of release of clinical-ready production material of DKK 2.5M (SEK 3.5M) (estimated to be in 2021), a payment for initiation of a clinical Phase I safety trial of DKK 2.5M (SEK 3.5M) (estimated to be in 2022), a payment for initiation of a clinical Phase II efficacy trial of DKK 10M (SEK 14M) (estimated to be in 2023-24) and thereafter aggregated clinical Phase III development and regulatory milestone-based payments of DKK 200M (SEK 285M), and lower single-digit royalty rates of net sales. ExpreS[2]ion under the License Agreement plans to develop AV001 (HER2-cVLP) until it is clinically validated and ready for partnering. Furthermore, the License Agreement includes sublicensing rights allowing ExpreS[2]ion to partner with a larger biopharmaceutical company on the further commercialisation of AV001, against a fixed percentage of partner payments to be paid by ExpreS[2]ion to AdaptVac, in which case remaining financial consideration towards AdaptVac falls away. ExpreS[2]ion’s Chairman Martin Roland Jensen comments: “The Agreement grants ExpreS[2]ion an option right to take full responsibility of a unique oncology project, which is in line with the board’s recent strategic decision and communications about generating more shareholder value in ExpreS[2]ion by taking more ownership in the development of pipeline projects.” ExpreS[2]ion’s CEO Bent Frandsen comments: “This Option to License Agreement is a truly transforming deal for ExpreS[2]ion, because it enables our company to take full control of development of a high-value product opportunity in the oncology field. AV001 (HER2-cVLP) addresses a high unmet need in the breast cancer field. The Option to License Agreement allows for ExpreS[2]ion to strike as soon as our development plan calls for a license. I look forward to advancing the development of this unique vaccine candidate, thereby increasing shareholder value.” About AV001 and breast cancer Breast cancer is a widespread oncology indication affecting more than 1.3 million people worldwide annually, resulting in more than 450,000 deaths (Tao, 2015: www.ncbi.nlm.nih.gov/pubmed/25543329). The most common treatment today is based on monoclonal antibodies, where the dominating therapy Herceptin (trastuzumab) generates annual global sales of USD 7 billion. The target product profile of AdaptVac's lead breast cancer project, AV001, is tailored to be highly competitive both in terms of cost and efficacy, thus aiming at a significant market share. About AdaptVac AdaptVac is a joint venture between ExpreS[2]ion Biotechnologies and NextGen Vaccines, owned by the inventors of the novel proprietary and ground-breaking capsid-like virus particle (cVLP) platform technology spun out from the University of Copenhagen. The Company aims to accelerate the development of highly efficient therapeutic and prophylactic vaccines within high value segments of oncology, infectious diseases and immunological disorders. Granting of the core patent in the U.S. has expanded AdaptVac’s patent protection to include the entire pipeline of vaccines and immunotherapies in development. Please visit: www.AdaptVac.com Certified Adviser Svensk Kapitalmarknadsgranskning AB Telefon: +46 11 32 30 732 E-post: ca@skmg.se