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Conference call and webcast scheduled for 8 May, 2025, at 09:00 (CET). Link to
webcast here
(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250508_7).
First Quarter 2025 Business Update
Highlights
- On 3 March 2025, Zelluna ASA announced the successful completion of a
business combination between Ultimovacs ASA and Zelluna Immunotherapy AS, as
well as a private placement resulting in gross proceeds of MNOK 51.7 at a
subscription price of NOK 2.60 per Offer Share. These contemplated
transactions were initially announced on 17 December 2024. All conditions
for completion of the business combination were met, including confirmation
by Euronext Oslo Børs that the requirements for the continued listing were
met, as well as approval of the Prospectus and regulatory clearances. The
name change from Ultimovacs ASA to Zelluna ASA was registered with the
Norwegian Register of Business Enterprises, and the ticker code of the
Company was changed from “ULTI” to “ZLNA”.
- On 22 April 2025, Zelluna reported that it has successfully developed,
scaled and automated its proprietary manufacturing process for its TCR-NK
cell therapies. This milestone represents a major advancement in the
Company’s preparation for clinical entry to provide life-changing,
innovative treatments for patients battling cancer. The proprietary
manufacturing process is applicable to any product emerging from the
Company’s pipeline which means any TCR-NK product can be plugged into the
established manufacturing process strengthening Zelluna’s dominance of the
TCR-NK therapeutic field. Based on the established manufacturing process,
hundreds of doses could be produced from a single manufacturing batch
highlighting scalability and low cost of goods potential.
Financial update
- Total operating expenses amounted to MNOK 22.2 in Q1 2025.
- Net negative cash flow from operations was MNOK 36.0 in Q1 2025. Proceeds
from issuance of equity was MNOK 51.7, and net cash acquired in the business
combination was MNOK 92.3, resulting in a net increase in cash and cash
equivalents, not including currency effects, of MNOK 108.0 during Q1 2025.
Cash and cash equivalents amounted to MNOK 135.3 as per March 31, 2025.
- A reverse share split was executed on 31 March 2025 and registered in the
Norwegian Register of Business Enterprises. In the reverse split, 10 shares
became 1 share, thus the new number of outstanding shares in the Company is
20,227,066, each with a par value of NOK 1. In relation to the reverse share
split, a share issue of 7 shares was necessary for the total number of
shares to be divided by 10.
The quarterly report and presentation will be published at 07:00 CET on 8 May,
2025, and will be publicly available on the Zelluna website. The Company will
conduct a conference call and webcast at 09:00 CET the same day. Questions can
be submitted throughout the event. The webcast will be archived for replay
following the conference call. Link to webcast here
(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250508_7).
For further information, please contact:
Namir Hassan, CEO, Zelluna ASA
Email: namir.hassan@zelluna.com
(https://www.globenewswire.com/Tracker?data=Z8lLmV-
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Phone: +44 7720 687608
Hans Vassgård Eid, CFO, Zelluna ASA
Email: hans.eid@zelluna.com
(https://www.globenewswire.com/Tracker?data=xw_BegYpiBk6hexlBFgOsk7tj2DC2GZ9wD-
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Phone: +47 482 48632
About Zelluna ASA
Zelluna’s mission is to deliver transformative treatments with the capacity to
cure advanced solid cancers, in a safe and cost-efficient manner, to patients on
a global scale. The Company aims to do this by combining the most powerful
elements of the immune system through pioneering the development of “off the
shelf” T cell receptor (TCR) guided natural killer (NK) cell therapies (TCR-NK).
The TCR-NK platform offers a unique mechanism of action with broad cancer
detection capability to overcome the diversity of tumours and will be used “off
the shelf” to overcome scaling limitations of current cell therapies. The lead
program is a world’s first MAGE-A4 targeting “off the shelf” TCR-NK for the
treatment of various solid cancers; a pipeline of earlier products follows. The
Company is led by a management team of biotech entrepreneurs with deep
experience in discovery through clinical development of TCR and cell-based
therapies including marketed products.
For more information, please visit www.zelluna.com
(https://www.globenewswire.com/Tracker?data=6siez1OIaoPCwM84VGFsI73ZbH54BnDSBKFm
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This stock exchange announcement was published by Joachim Midttun, Financial
Manager at Zelluna ASA, on 8 May, 2025 at 07:00 CET.
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