BERGENBIO ASA: RESULTS FOR THE FIRST QUARTER 2022

 

Bergen, Norway, 24 May 2022 - BerGenBio ASA (OSE: BGBIO), a clinical-stage
biopharmaceutical company developing novel, selective AXL kinase inhibitors for
severe unmet medical needs, announces its results for the first quarter 2022.

A briefing by BerGenBio's senior management team will take place at 10:00am CEST
today via a webcast presentation, followed by a Q&A session. Please see below
for details.

Operational Highlights - first quarter 2022 (including post-period end)

  · Post-period end, business strategy update announced, focusing on two key
indications: 1st line STK11m non-small cell lung cancer (NSCLC) and COVID-19.
  · Primary endpoint met in hospitalized COVID-19 patients in complete data
analysis of ACCORD2 (BGBIL019), a randomized Phase II study of bemcentinib in
combination with standard of care therapy.
  · Presented clinical trial data from Phase IIa bemcentinib COVID-19 clinical
trial (BCBC020) at 32nd European Congress of Clinical Microbiology and
Infectious Diseases (ECCMID).
  · Cristina Oliva, MD appointed as Chief Medical Officer, bringing over 20
years of senior clinical development experience across large pharmaceutical,
biotechnology and Clinical Research Organizations.
  · Publication of a peer-reviewed article entitled "AXL targeting restores PD-1
blockade sensitivity of STK11/LKB1 mutant NSCLC through expansion of TCF1+ CD8+
T cells" in the journal Cell Reports Medicine.

  · Announced inclusion ofbemcentinib, in the EUSolidAct platform study of
hospitalized COVID-19 patients designed to enroll up to 500 patients across
European centers participating in the EUSolidAct platform.

Financial Highlights - first quarter 2022

(Figures in brackets = same period 2021 unless otherwise stated)

  · Revenue amounted toNOK 0.0 million (NOK 0.0 million) for the first quarter
2022
  · Total operating expenses for the first quarter were NOK 78.6 million (NOK
83.4 million)
  · The operating loss for the first quarter came toNOK78.6 million
(NOK83.4million)
  · Cash and cash equivalents amounted to NOK 367.8 million at the end of the
first quarter 2022 (NOK 436.6 million by end of December 2021)

Martin Olin, Chief Executive Officer of BerGenBio, commented: "Earlier this
month, we provided an update on the Company's strategy. BerGenBio's mission
remains unchanged, and we believe that the announced focus provides an optimal
path to unlock the potential of AXL inhibition as a transformative treatment
modality for severe diseases.

By focusing the development of our lead asset bemcentinib to two key areas,
STK11 mutated (STK11m) 1st line non-small cell lung cancer (NSCLC) and COVID-19,
we believe we have defined the path to efficiently advance BerGenBio's clinical
and commercial potential. Both indications represent significant unmet medical
needs and our defined plans for each of these indications provides a strong
foundation for bringing new drug to market with the aim of achieving better
outcomes for patients and the generation of significant value for our
shareholders.

With a focused strategy and rightsized organization, I believe we are well
positioned to unlock significant potential value related to the two indications
selected and define the path to market."

Presentation and Webcast Details

The live webcast link is available at www.bergenbio.com in the
Investors/Financial Reports section. A recording will be available shortly after
the webcast has finished.

Webcast link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220524_3

Dial-in numbers:

NO: +47-21-956342

UK: +44-203-7696819

US: +1 646-787-0157

SE: +46-4-0682-0620

DK: +45 78768490

Pin: 712491

The first quarter report and presentation are available on the Company's website
in the Investors/Financial Reports section and a recording of the webcast will
be made available shortly after the webcast has finished.

-Ends-

Contacts

Martin Olin
Chief Executive Officer, BerGenBio ASA
ir@bergenbio.com

Rune Skeie
Chief FinancialOfficer, BerGenBio ASA
rune.skeie@bergenbio.com

International Media Relations

Mary-Jane Elliott, Chris Welsh, Lucy Featherstone

ConsiliumStrategic Communications
bergenbio@consilium-comms.com
+44 20 3709 5700

AboutBerGenBioASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing
transformative drugs targeting AXL as a potential cornerstone of therapy for
aggressive diseases, including cancer and severe respiratory infections. The
Company is focused on its proprietary lead candidate bemcentinib a potentially
first-in-class selective AXL inhibitor in development for STK11 mutated NSCLC
and COVID-19.

BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The
company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more
information, visit www.bergenbio.com

Forward looking statements

This announcement may contain forward-looking statements, which as such are not
historical facts, but are based upon various assumptions, many of which are
based, in turn, upon further assumptions. These assumptions are inherently
subject to significant known and unknown risks, uncertainties, and other
important factors. Such risks, uncertainties, contingencies, and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this announcement by such forward-looking statements.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
 

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