Ultimovacs - Steadfast commitment to UV1 progression

Despite the recent setback with the INITIUM trial (first-line treatment of patients with unresectable or metastatic malignant melanoma), Ultimovacs has reinstated its commitment to press on with its clinical development of its cancer vaccine, UV1, across other target indications. The principal near-term focus will be on the anticipated results of Phase II FOCUS (head and neck cancer) and DOVACC (ovarian cancer) trials in Q324 and H125, respectively, and will inform its subsequent strategic direction. To remain funded to these milestones, the company has enforced stringent cost control measures, including activity level adjustments, reprioritisation of operations and a 40% workforce reduction, to support runway extension to Q425 (the company estimates its cash burn will be NOK15m/quarter).

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