PCI Biotech awarded NOK 12.5 million from The Research Council of Norway to further development of PCI for use in vaccination

Oslo, 30 January 2014 -PCI Biotech (PCIB) the Norwegian biopharmaceuticalcompany, reported today that it has been awarded NOK 12.5 million in a BIA grantfrom The Research Council of Norway to the project "Development of photochemicalinternalization to enhance the effect of therapeutic and prophylacticvaccines".

The project goal is to document that PCI Biotech's photochemical internalization(PCI) technology can be used to improve the efficacy of vaccines. The main focusof the project will be to verify and further develop the technology for use intherapeutic vaccines against cancer, but the project also includes use of the PCI technology by vaccination against certain types of virus and bacterialinfections.

'We are very pleased with this important grant. A successful project might be ofgreat importance for the development of new types of immunotherapy againstcancer, and also in the prevention and treatment of some types of infectiousdiseases, including certain types of chronic virus infections', says CEO in PCIBiotech, Per Walday.

The project will be initiated in Q3 2014 and run for three years. The grant willcover up to 35% of the project costs. The project will be implemented in thecompany's current plans, and will not significantly affect the Operating result.

The grant is subject to final contract negotiations.