Interim report 1 January – 31 March 2020

Scandion Oncology A/S (”Scandion Oncology” or ”the Company”) hereby publishes the interim report for the period January – March 2020. The interim report is available on the Company's website (www.scandiononcology.com). Below is a summary of the report.

ReportingJanuary – March 2020

• Net sales amounted to DKK 0 (0).
• Operating profit was -4.0 m DKK (-2.3).
• Cash and bank assets amounted to 11.0 m DKK (5.3).
• Result per share was DKK -0.20 (-0.26).
• Equity ratio was 89 % (92).

Highlights during the period

• On January 13th, 2020 Scandion Oncology announced that the CEO, Professor Nils Brünner and the Chairman of the Board, Dr. Peter Høngaard will be attending the JP Morgan 38th Annual Healthcare Conference 13-16 January 2020 in San Francisco.

• On February 3rd, 2020 Scandion Oncology announced that the Company has obtained a grant on DKK 5 million

from Innovation Fund Denmark for the clinical development of SCO-101 in inoperable pancreatic cancer.

• On March 6th, 2020 Scandion Oncology announced that the company has published pre-clinical results for its second drug candidate, SCO-201, for reversal of drug resistance. SCO-201 is a strong inhibitor of certain forms of chemotherapy resistance and it works by mechanisms being different from the ones included in the effects of
  SCO-101.

• On March 9th, 2020 Scandion Oncology informed about a delay in the clinical phase II study with SCO-101 in drug-resistant colorectal cancer. The delay was due to external events outside the influence of Scandion Oncology and is unrelated to the treatment with SCO-101.

• On March 20th, 2020 Scandion Oncology announced that the Company has been informed by the State Serum Institute in Copenhagen that conducts the animal experiments with the antibiotic-resistant bacteria and the Scandion Oncology compounds, that due to the COVID-19 pandemic, the State Serum Institute must postpone the last of three animal studies until the coronavirus situation is under control. Scandion Oncology estimates that the final data will be published during April-May 2020 instead of March 2020.

• On March 23rd, 2020 Scandion Oncology has together with its clinical partners at the hospitals decided to continue the colorectal cancer study with FOLFIRI resistant patients despite the COVID-19 pandemic. However, due to this pandemic, Scandion Oncology is not able to predict patient recruitment rate the next couple of months. Enrolment into the study will be solely based on the discretion of the clinical investigators.

• On March 25th, 2020 Scandion Oncology informed that the Company has published a paper in European Journal of Pharmaceutical Sciences with new data on combining SCO-101 and the chemotherapy drug docetaxel, which is used in the treatment of at least 10 different cancer forms. Results from this paper provided key information regarding dose ratios and dose levels, and thus provides important information used by Scandion Oncology in the planning of the second phase II study in which patients with inoperable pancreatic cancer will be treated with 1st.  line chemotherapy (taxanes and gemcitabine) +/- SCO-101.

Highlights after the period

• On April 17th, 2020 Scandion Oncology informed that the Company in collaboration with international partners has published a paper in the international scientific journal “Cancers”. Data from this paper shows that patients with colon cancer, high ABCG2 (the target for SCO-101), and low TOP-1 (the target for irinotecan) tumor tissue expression are resistant to FOLFIRI adjuvant treatment. In the paper, it is recommended to validate these data in a prospective randomized clinical study, and that SCO-101 plus chemotherapy (FOLFIRI) treatment should be tested in the resistant patients”.

• On April 24th, 2020 Scandion Oncology announced that CMO Peter Michael Vestlev will present Scandion Oncology data at the American Association for Cancer Research (AACR) Virtual Annual Meeting. The presentation is a 5 minutes video entitled "Clinical phase II study of SCO-101 - an inhibitor of SRPK1 and ABCG2 - restoring sensitivity to FOLFIRI in metastatic FOLFIRI resistant colorectal cancer patients".

• On May 15th, 2020 Scandion Oncology announced that an abstract for the annual AACR Virtual Meeting was published with the title “Re-sensitization of Irinotecan (SN38) resistant colorectal cancer cells by SCO-101”. CSO Jan Stenvang will present a poster on June 22nd, 2020 at the AACR Virtual Meeting.

• On May 15th, 2020 Scandion Oncology announced positive animal data with SOM-001 in mice infected with antibiotic resistant bacteria. A single dose of SOM-001 affected the number of bacteria almost tenfold as compared with untreated control mice within the observation time and thereby being as effective as the antibiotic drug Vancomycin (positive control substance). Based on these results, Scandion Oncology will continue the preclinical testing of SOM-001 and its analogous.

For further information regarding Scandion Oncology, please contact:

Nils Brünner, CEO

Phone: +45 26 14 47 08

E-mail: nb@scandiononcology.com

Scandion Oncology A/S is a biotechnology company that addresses one of the greatest challenges in modern oncology - the effective treatment of cancer which contains chemotherapy-resistant cells or which has developed resistance to a previously prescribed cancer-fighting drug. In preclinical in vitro-studies SCO-101 restores chemotherapy sensitivity in resistant cancer cells. Moreover, in animal studies, the company's leading candidate drug, SCO-101, significantly enhances the efficacy of certain standard cancer treatments when given in combination. Scandion Oncology is now in clinical phase II trials with its lead compound, SCO-101, in patients with chemotherapy-resistant colorectal cancer. In addition to SCO-101 the Company has two other drug candidates, SCO-201 and SCO-301. Scandion Oncology was listed on Spotlight Stock Market, Sweden in November 2018.