Arctic Bioscience – Clinical Trial Application for HRO350 Phase IIb - update

Reference is being made to the stock exchange release from 25 August 2022 regarding H1-2022 Reporting, where Arctic Bioscience announced that Clinical Trial Application (CTA) for a Phase IIb clinical trial in mild-to-moderate psoriasis with the investigational medicinal product (IMP) HRO350 was expected to be submitted in Q3 2022.

Arctic Bioscience is planning to send the CTA within 2 weeks. Approval of CTA by authorities will allow for the first patient to be enrolled in the Phase IIb clinical trial as planned in Q4 2022.

As previously communicated, sites for the clinical trial with access to sufficient number of patients to conduct the study are localized in five European countries.

The Clinical Trial Application contains key information about the IMP HRO350 and the planned clinical trial activities.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Christer L. Valderhaug

CEO of Arctic Bioscience AS

Mobile: +47 920 84 601

Email: christer@arctic-bioscience.com

Jone R. Slinning

CFO of Arctic Bioscience AS

Mobile: +47 948 75 469

Email: jone@arctic-bioscience.com

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds.

The company is developing HRO350 – a novel oral drug candidate. HRO350 is being developed for treatment of patients with mild-to-moderate psoriasis. This is a large patient group in need of new effective medicines with beneficial safety profile.

Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as well as finished goods under the ROMEGA® brand.

Arctic Bioscience is led by a team of highly competent people with experience in developing marine oils and experience from global pharmaceutical companies.