Please find the Annual Report and ESG Report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
Hofseth BioCare is a Norwegian consumer and pet health company founded on the core values of sustainability, optimal utilization of natural resources and full traceability. It upcycles the side streams of the salmon industry by taking fresh filleted salmon and converting it from a waste product into ingredients to improve human and pet health. These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®, a whole salmon oil, with all the fatty acid fractions contained in fish, and CalGo® / NT-II^(TM) salmon bone powder containing calcium hydroxyapatite and undenatured collagen for bone and joint health. HBC places scientific evidence at the forefront which has led to important academic partnerships and the identification of unique health benefits. This includes the demonstration of improved iron metabolism by boosting the body's ability to take up and use iron resulting in increased energy and vitality with ProGo® as well as the activation of the GLP-1 receptor with fat reduction in overweight adults.

OmeGo® has shown important immune health benefits including recovery from viral infection and improved respiratory health and sleep in adults troubled by particulate matter pollution. Finally, CalGo® has shown both bone and joint health benefits to support healthy ageing and active lifestyles. This work has also resulted in the granting of several patents protecting these discoveries. It has also led to the discovery of potential therapeutics and HBC has spun out a biotech-focused company, HBC Immunology (HBCI). HBCI has raised external finance, and the lead program is in prostate cancer followed by ovarian cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for asthma.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

• ESG report HBC 2024
• Hofseth BioCare 2024 Annual report en
• hofsethbiocareasa-2024-12-31-0-en

Please find the Annual Report and ESG Report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
Hofseth BioCare is a Norwegian consumer and pet health company founded on the core values of sustainability, optimal utilization of natural resources and full traceability. It upcycles the side streams of the salmon industry by taking fresh filleted salmon and converting it from a waste product into ingredients to improve human and pet health. These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®, a whole salmon oil, with all the fatty acid fractions contained in fish, and CalGo® / NT-II^(TM) salmon bone powder containing calcium hydroxyapatite and undenatured collagen for bone and joint health. HBC places scientific evidence at the forefront which has led to important academic partnerships and the identification of unique health benefits. This includes the demonstration of improved iron metabolism by boosting the body's ability to take up and use iron resulting in increased energy and vitality with ProGo® as well as the activation of the GLP-1 receptor with fat reduction in overweight adults.

OmeGo® has shown important immune health benefits including recovery from viral infection and improved respiratory health and sleep in adults troubled by particulate matter pollution. Finally, CalGo® has shown both bone and joint health benefits to support healthy ageing and active lifestyles. This work has also resulted in the granting of several patents protecting these discoveries. It has also led to the discovery of potential therapeutics and HBC has spun out a biotech-focused company, HBC Immunology (HBCI). HBCI has raised external finance, and the lead program is in prostate cancer followed by ovarian cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for asthma.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

• ESG report HBC 2024
• Hofseth BioCare 2024 Annual report en
• hofsethbiocareasa-2024-12-31-0-en

Further information about any issuance of Bonds, and the terms and conditions of such bonds, will be given in due course.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

Hofseth BioCare is a Norwegian consumer and pet health company founded on the core values of sustainability, optimal utilization of natural resources and full traceability. It upcycles the side streams of the salmon industry by taking fresh filleted salmon and converting it from a waste product into ingredients to improve human and pet health. These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®, a whole salmon oil, with all the fatty acid fractions contained in fish, and CalGo® / NT-II™ salmon bone powder containing calcium hydroxyapatite and undenatured collagen for bone and joint health. HBC places scientific evidence at the forefront which has led to important academic partnerships and the identification of unique health benefits. This includes the demonstration of improved iron metabolism by boosting the body's ability to take up and use iron resulting in increased energy and vitality with ProGo® as well as the activation of the GLP-1 receptor with fat reduction in overweight adults. OmeGo® has shown important immune health benefits including recovery from viral infection and improved respiratory health and sleep in adults troubled by particulate matter pollution. Finally, CalGo® has shown both bone and joint health benefits to support healthy ageing and active lifestyles. This work has also resulted in the granting of several patents protecting these discoveries. It has also led to the discovery of potential therapeutics and HBC has spun out a biotech-focused company, HBC Immunology (HBCI). HBCI has raised external finance, and the lead program is in prostate cancer followed by ovarian cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for asthma.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Hofseth BioCare ASA (“HBC”) today announced that it has signed a strategic partnership with Symrise, a global leader producing flavours, functional ingredients and solutions that enhance sensory properties and nutrition in a sustainable way. With this partnership, HBC and Symrise will expand its presence in the Health category with clinically proven marine ingredients. Symrise will ideally complement its current portfolio and through its loan, will accelerate HBC’s scale with the construction of a second facility in Berkåk. Accompanying the partnership is an exclusive agreement to distribute HBC branded ingredients into four Symrise global key accounts.

The proceeds from the loan will be used for converting the HBC Berkåk facility into a state-of-the-art enzymatic hydrolysis plant that will triple the current production of HBC. Symrise and HBC will further explore the possibilities of collaboration on new product developments and leverage Symrise’s market reach to promote HBC products globally. HBC Berkåk facility is now fully funded with Symrise’s loan and an approved credit facility of NOK 60m from Sparebank 1 Nordmøre. We expect all permissions to build out the plant to be approved by the second quarter 2025 and the expansion of a new hydrolysis plant to start immediately thereafter. Preliminary start of production is targeted to the second quarter of 2027.

“This partnership with HBC is testament to their unique footprint and differentiated science. Their investments in clinical studies to demonstrate proven benefits in key categories of metabolic health, immune health, gut health and mobility, stands them apart. This partnership is well aligned with our willingness to accelerate in health in the context of our “One Care“ journey but also with the recent creation of the Global Marine Platform to explore the vast potential that the oceans could offer us.”, said Dr. Jean-Yves Parisot, CEO of Symrise AG.

Sustainability is deeply embedded into HBC’s DNA. HBC has developed a unique proprietary technology to upcycle fresh salmon offcuts not used in the production of fillets into bioactive ingredients with demonstrated health benefits. The collaboration between HBC and Symrise will enhance the public awareness of the health value of marine ingredients and will further help position HBC as the leader in science-led marine nutrition, globally.

Jon Olav Ødegård commented: “Symrise have been a key partner for us already and we are very excited to move ahead as they will help transform our scale and market access with their well-established market presence. The human health and premium pet markets continue to grow very strongly, and this partnership will allow us to sustain our growth trajectory and position us as the leading player in the science-led marine nutrition segment dedicated to human health.”

Investor Contact:

Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
Email: joo@hofsethbiocare.no

About Hofseth BioCare ASA: Hofseth BioCare is a Norwegian consumer and pet health company founded on the core values of sustainability, optimal utilization of natural resources and full traceability. It upcycles the side streams of the salmon industry by taking fresh filleted salmon and converting it from a waste product into ingredients to improve human and pet health. These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®, a whole salmon oil, with all the fatty acid fractions contained in fish, and CalGo® / NT-II™ salmon bone powder containing calcium hydroxyapatite and undenatured collagen for bone and joint health. HBC places scientific evidence at the forefront which has led to important academic partnerships and the identification of unique health benefits. This includes the demonstration of improved iron metabolism by boosting the body’s ability to take up and use iron resulting in increased energy and vitality with ProGo® as well as the activation of the GLP-1 receptor with fat reduction in overweight adults. OmeGo® has shown important immune health benefits including recovery from viral infection and improved respiratory health and sleep in adults troubled by particulate matter pollution. Finally, CalGo® has shown both bone and joint health benefits to support healthy ageing and active lifestyles. This work has also resulted in the granting of a number of patents protecting these discoveries. It has also led to the discovery of potential therapeutics and HBC has spun out a biotech-focused company, HBC Immunology (HBCI). HBCI has raised external finance, and the lead program is in prostate cancer followed by ovarian cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for asthma.

About Symrise AG: Symrise is a global supplier of fragrances, flavours, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food. Its sales of around €5 billion in the 2024 fiscal year make Symrise a leading global provider. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. Symrise works with its clients to develop new ideas and market-ready concepts for products that form an integral part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise – always inspiring more …

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act.

For further information, contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

This information is subject to the disclosure requirements in the Market Abuse Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act section 5-12.

The company’s restructuring efforts in Q4 led to improved scalability, with cost optimization initiatives streamlining operations. Organization re-structuring during the fourth quarter, resulted in one-time cost effects of 1.9m, related to personnel turnover and dismissals. Gross margins strengthened, particularly in B2B, reaching 42.4% in Q4, up from 37.4% last year. Capacity utilization at the Midsund facility improved to 89% in the quarter. HBC secured record-high long-term contracts in the pet and feed segment, while renewed growth in the consumer health division was driven by increased retail distribution and e-commerce traction.

Significant progress was made in validating the health benefits of core products. Studies confirmed ProGo®’s metabolic health impact, with new findings supporting its role in weight management. OmeGo® demonstrated strong immune-supporting properties in urban pollution studies. HBC’s research yielded promising results, particularly in osteoarthritis and oncology. Preclinical studies indicate strong tumor-suppressing effects in prostate cancer, with additional studies underway.

HBC decided in the fourth quarter to start a project to build a second hydrolysis plant in Berkåk through HBC Berkåk AS.

Please find the HBC Q4 2024 Financial report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health company founded on the core values of sustainability, optimal utilization of natural resources and full traceability. It upcycles the side streams of the salmon industry by taking fresh filleted salmon and converting it from a waste product into ingredients to improve human and pet health.

These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®, a whole salmon oil, with all the fatty acid fractions contained in fish, and CalGo® / NT-II® salmon bone powder containing calcium hydroxyapatite and undenatured collagen for bone and joint health.

HBC places scientific evidence at the forefront which has led to important academic partnerships and the identification of unique health benefits. This includes the demonstration of improved iron metabolism by boosting the body’s ability to take up and use iron resulting in increased energy and vitality with ProGo® as well as the activation of the GLP-1 receptor with fat reduction in overweight adults. OmeGo® has shown important immune health benefits including recovery from viral infection and improved respiratory health and sleep in adults troubled by particulate matter pollution. Finally, CalGo® has shown both bone and joint health benefits to support healthy ageing and active lifestyles. This work has also resulted in the granting of a number of patents protecting these discoveries. It has also led to the discovery of potential therapeutics and HBC has spun out a biotech-focused company, HBC Immunology (HBCI), that has raised external finance, and the lead program is in prostate cancer followed by ovarian cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for asthma. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto.

HBC is listed on Oslo Stock Exchange with ticker "HBC".

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q4 2024 Financial Report

As a result of the transaction, Mr. Baldegger holds 1,500,000 shares personally and 1,747,853 shares indirectly through the Bonafide fund, in HBC equal to approximately 0.82 % of the total outstanding A-shares with voting rights.

Please see the attached notification form for further information.

Contact:

Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

This information is subject to the disclosure requirements in the Market Abuse Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act section 5-12.

Attachment

• PDMR notification form - Christoph Baldegger

HBC Berkåk will be engaged within the manufacturing, marketing and sale of clinically proven, human grade, sustainable marine proteins, collagens, and oils from Norwegian Atlantic salmon harvested from sustainable aquaculture. The planned capacity of the Berkåk plant will be 2.5x the current capacity of the Company’s Midsund facility.

The project will strengthen HBC’s commitment to R&D and discovery science which has enabled the development of a unique portfolio of sustainably sourced and clinically proven ingredients for human and pet markets globally

The Company will over the coming few months aim to secure the funding for Capex requirements for the Group's Berkåk facility, as well as other working capital needs for the HBC Berkåk build-out via bank and leasing facilities. The intention is to develop a second enzymatic hydrolysis plant to more than triple current production volumes of HBC’s unique marine ingredients.

Sustainability aspects are firmly integrated into all aspects of how HBC operates. HBC ensures there is no food waste by using its proprietary technology and IP to upcycle the raw material offcuts from the fresh fish not used in the production of fillets and portions from Norwegian processors, into bioactive ingredients with patented health benefits and health claims.

The demand for our marine-based proteins continues to grow strongly, particularly following new published research demonstrating GLP-1 activation from ProGo® Bioactive Peptides.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. For OmeGo®, clinical trial work with our salmon oil is ongoing to improve lung health in allergic asthma and urban populations with exposure to raised pollution levels. A study in mild COVID has completed successfully demonstrating important immune health benefits for faster recovery. For CalGo®, preclinical and clinical trial work is delineating the joint health benefits of the natural, undenatured type II collagen contained in it. ProGo® provides both metabolic and gastrointestinal (GI) health benefits. The former includes GLP1 activity and hence consistent weight loss with improved energy levels from improved iron metabolism. The peptides also support muscle health providing a triad of benefits important for healthy ageing and active lifestyles. In terms of GI health, a special formula of soluble protein hydrolysate (SPH / ProGo®) is being developed as a Medical Food to help treat Inflammatory Bowel Disease, and for Iron Deficiency Anemia. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and University research labs.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto. HBC is listed on Oslo Børs with ticker "HBC".

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Highlights in the third quarter

• Sales grew by 36% in Q3 2024, compared to Q3 2023 and B2B gross margin ended at 41.2%, compared to 33.9% in Q3 2023. A stronger gross margin in the B2B segment was driven by higher pricing of our ingredients and increased sales of CalGo®.
• In July, HBC announced the transfer of its eosinophil-targeting drug candidate MA-022a to HBC Immunology Inc. ("HBCI"). The patent underlying the project was valued at $4.5m and HBC received 956,813 common shares in HBCI for the transfer of the patent to HBCI.
• In August, HBC published a groundbreaking study of our full spectrum omegas oil OmeGo® to support COVID-19 recovery in the International Journal of Molecular Sciences. The research demonstrates that OmeGo® improved immune response and reduced inflammation in individuals with mild to moderate COVID-19 infection.
• For B2B sales in the human nutrition channel, the third quarter showed strong sales growth with revenue up 91%, compared to 2023. Growth was driven by continued strong demand in Europe for CalGo® and sales of ProGo® in Asia. During the quarter, HBC worked closely with our distributor network and undertook a series of key customer meetings across Asia.

Subsequent events

• In October, HBCI completed prostate cancer xenograft studies with its lead peptide FT-002a in combination with standard of care hormone-targeting therapy. The novel oral formulation of FT-002a (FT-002a-O) significantly augmented the anti-tumour activity of enzalutamide (Xtandi®), the market-leading androgen receptor inhibitor.

Please find the Q3 Financial report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: investor@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company's bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis). The Company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q3 2024 Financial Report

"I would like to thank Christel for her efforts and positive contributions to HBC. I wish her all the best of luck in her future endeavors" said Jon Olav Ødegård, CEO of HBC. HBC has initiated a search for Kanli's successor for the CFO position.

Contact details for further information:
Jon Olav Ødegård, CEO
E-mail: joo@hofsethbiocare.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Jon Olav Ødegård, CEO, on the time set out above, on behalf of HBC.

HBC Immunology (HBCI) is pleased to announce the successful completion of its prostate cancer treatment xenograft studies with its lead peptide FT-002a in a novel oral formulation in combination with standard of care hormonal-targeting therapy. Oral FT-002a significantly augmented the anti-tumour activity of enzalutamide (Xtandi^®) the market-leading androgen receptor inhibitor, in models of indolent and aggressive prostate cancers.

Prostate cancer remains the most diagnosed cancer in men. Whilst most cases do not shorten life expectancy, advanced prostate cancer remains incurable. Hormone therapy remains the cornerstone of treatment; however, tumours eventually find ways of overcoming treatment and start to grow and spread. Co-therapies that can reinvigorate cancer treatments can provide vital clinical avenues to enhance tumour cell sensitivity, as well as reversing resistance to standard cancer therapies.

Dr Bomi Framroze, Chief Executive Officer of HBCI explains: "The ability of cancer to hack the iron metabolism pathways is an important driver of tumour growth and spread, and a means by which cancers can overcome the effects of treatment. Our lead peptide candidate, FT-002a, holds exciting potential to enhance the effectiveness of cancer therapy and improve the health and wellness of cancer patients."

Higher levels of iron are needed by cancer cells to support growth and spread. In addition to elevated levels of tumour regression, FT-002a demonstrated a significant decrease in biomarkers of free iron in prostate cancer tumour cells, validating the proposed mode of action.

The combination of these promising results with the inherent safety profile of peptidyl drugs means HBCI is well positioned to make an IND submission for its oral co-therapy for prostate cancer treatment in Q4 2025.

For further information on HBC, please contact:
Dr Crawford Currie, Head of Medical R&D
Tel: +44 7968 195 497
cc@hofsethbiocare.com

About HBC:
HBC is a Norwegian human and pet health ingredient supplier and an incubator for new pharmaceutical drug leads, which are then developed by HBCI to enable the clinical development of novel therapies. To date, the FT peptides, targeting cancer, and MA-022, for asthma, have been transferred to HBCI for ongoing R&D work. HBC retains 70% ownership of HBCI.

Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with full-spectrum omega salmon oil is ongoing to improve respiratory health in individuals with allergic asthma and in urban populations exposed to significant levels of pollution and has already shown beneficial effects on COVID recovery.

Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and the use of a special formula of soluble protein hydrolysate (SPH, also known as ProGo^®) as a Medical Food to help treat IBD and Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC". https://hofsethbiocare.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act.

Cash and cash equivalents increased by NOK 3.1m during the quarter, leaving total holding at NOK 25.3m at the end of June, compared to NOK 22.4m at the end of March. Including credit facilities, HBC had NOK 26.7m in free liquidity as of the end of June.

Jon Olav Ødegård, CEO of HBC says: “I am pleased to see the significant sales growth in the second quarter truly showing the increasing value that our customers see in our premium products. HBC continues on its mission of science-led marine nutrition by a notable transfer of another pharmaceutical lead candidate to our daughter company in the US. In summary, as set at the start of 2024, HBC is still targeting c. 50 % growth in sales, a higher capacity utilization and positive EBITDA at the end of the year.”

Highlights in the second quarter

• HBC had new record quarterly sales revenues in the second quarter of NOK 72.2m up 42 percent from NOK 50.7 m in the second quarter 2023, excluding sale of assets in both quarters. Sales revenues were up 39 percent compared to first quarter in 2024. The increase is testament to gaining traction in major markets and our ability to turn the raw material into products that are valued by our customers. Worth mentioning is the growing interest in our premium pet products, both the functional ingredients and palatability enhancers.
• Production volumes were also high in the quarter, up 9 percent from Q1 to Q2 and 31 percent higher than Q2 last year. During the quarter, HBC has received deliveries from new raw material suppliers.
• Gross margin in second quarter was 34 percent, which is lower than first quarter and is accountable to change in product mix sold. Cash flow from operating activities came in on the positive side.
• In April, our laboratory in Midsund was accredited according to ISO 17025, enabling HBC in doing most of its microbiological analyses in-house.
• In June, the company recognised NOK 8.2m in profit from its second sale of assets, patents, to its associated company, HBC Immunology Llc. (HBCI), registered in USA. The latest spin-off relates to eosinophil-targeting drug candidate MA-022a. Eosinophils are immune cells that become overactive in allergic and hypersensitivity conditions including allergic asthma. HBC holds a 72 % shareholding in HBCI.

There have not been any significant events after the quarter.

Please find the HBC Q2 & Half year 2024 Financial report attached.

For further information, please contact:
Christel Elise Kanli, CFO of Hofseth BioCare ASA
Phone: +47 41623188
E-mail: ck@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company's bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis). The Company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• Q2 2024 Financial Report HBC

Published in the International Journal of Molecular Sciences, this pioneering research demonstrates that OmeGo® has the potential to improve immune responses and reduce inflammation in individuals with mild to moderate COVID-19 infection, caused by the SARS-CoV-2 virus.

The study found that subjects taking OmeGo® had significantly lower levels of pro-inflammatory cytokines, which is vital for reducing the acute inflammatory response linked to the complications of COVID-19. Additionally, OmeGo® supplementation led to better interferon-related gene expression, essential for effective viral clearance and maintaining a balanced immune response. Participants also showed improved lung barrier function and enhanced immune memory, indicating a strong and lasting immune defence.

The research sheds light on the potential role of whole salmon oil in managing long COVID, a condition affecting an estimated 65 million people globally, and presents significant opportunities for nutraceutical companies seeking scientifically-backed, natural, and well-tolerated solutions to enhance immune health.

Dr. Crawford Currie, lead author and Head of Medical R&D at HBC, comments: "The Covid-19 pandemic cast immune health under the spotlight and since then, consumers worldwide have been exploring solutions to proactively boost their viral defences. The broad-spectrum benefits of our enzymatically liberated salmon oil stand as a beacon of hope, with this latest study demonstrating its power to modulate the immune response, aid recovery and reduce the risk of severe outcomes. OmeGo® encapsulates the essence of whole fish, offering profound health benefits that extend beyond nutrition to help fortify our immune systems and support recovery from viral infections."

OmeGo®, derived from Norwegian Atlantic salmon, mirrors the lipid profile of whole salmon and provides unique anti-inflammatory and anti-allergic benefits distinct from omega-3 alone. When combined with previous studies, this latest discovery underlines OmeGo®’s position as a one-of-a-kind salmon oil - offering lung, cardiovascular, joint, and immune function support.

It also builds on the bank of evidence that underutilised salmon off-cuts are a sustainable, zero-waste resource for optimal nutritional performance. HBC is now in the process of conducting another study to assess the impact of OmeGo® on respiratory symptoms, sleep quality and inflammation in urban-dwelling subjects affected by pollution, with results expected before the end of 2024.

Find the full scientific study here or for more information contact the Hofseth BioCare team: Hofseth BioCare | Research and development.

About HBC:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. For OmeGo®, clinical trial work with our salmon oil is ongoing to improve lung health in allergic asthma and urban populations with exposure to raised pollution levels. A study in mild COVID has completed successfully demonstrating important immune health benefits for faster recovery. For CalGo®, preclinical and clinical trial work is delineating the joint health benefits of the natural, undenatured type II collagen contained in it. ProGo® provides both metabolic and gastrointestinal (GI) health benefits. The former includes GLP1 activity and hence consistent weight loss with improved energy levels from improved iron metabolism. The peptides also support muscle health providing a triad of benefits important for healthy ageing and active lifestyles. In terms of GI health, a special formula of soluble protein hydrolysate (SPH / ProGo®) is being developed as a Medical Food to help treat Inflammatory Bowel Disease, and for Iron Deficiency Anemia. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and University research labs.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto. HBC is listed on Oslo Børs with ticker "HBC".

For further information on HBC, please contact:
Dr. Crawford Currie, Head of Medical R&D
cc@hofsethbiocare.com

For press information or to arrange an interview, please contact:
Sara Houghton, BDB
hofsethbiocare@bdb.co.uk

HBC has booked approximately NOK 7.4m in costs relating to the patent as per June 1, 2024. Transfer of the patent will generate an approximately NOK 7.9m financial gain for HBC in Q2/2024 based on today’s exchange rate.

Eosinophils are immune cells that become overactive in allergic and hypersensitivity conditions including allergic asthma. To date, MA-022a has been assessed in animal models of allergic asthma which have shown a compelling treatment effect with reduced airway obstruction and a healthier lung structure. This work included the oral asthma prescription drug montelukast (brand name Singulair) as a comparator. MA-022a demonstrated a differentiated profile indicating the potential to provide different treatment benefits and help further improve asthma outcomes.

Work has also begun with MA-022a in eosinophilic esophagitis (EoE). EoE presents with symptoms similar to heartburn (reflux esophagitis) but does not respond to standard treatment and can progress to pain on swallowing and even difficulty in swallowing. MA-022a has a different mode of action compared to the two currently available therapies, biologic therapy and steroids. MA-022a could therefore add to the clinical armamentarium in this increasingly prevalent condition.

MA-022a is an analogue of the naturally occurring lipopeptide microcolin A. HBC identified microcolin A as a minor fraction of its whole salmon oil, OmeGo^®, and has published novel research on its anti-allergic effects. MA-022a has significantly greater anti-allergic effects than microcolin A and these findings combined with the novel structure of MA-022a has enabled long duration patent protection.

Dr Bomi Framroze, the Chief Scientific Officer at HBC and CEO of HBCI said: “The adequate control of asthma remains a challenge for many sufferers and more treatment options are needed to support better health. Our aim is to develop an oral therapy, based on a natural compound, to improve the lung health of individuals suffering from mild to moderate eosinophilic asthma and reduce the need for escalating doses of inhaled steroid therapy”.

For more information visit: https://hofsethbiocare.com/

For further information, please contact:
Dr. Crawford Currie, Head of Medical R&D at HBC, Chief Medical Officer at HBCI
Phone: +44 7968195497
E-mail: cc@hofsethbiocare.no

About HBC:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. For OmeGo, clinical trial work with our salmon oil is ongoing to improve lung health in allergic asthma and urban populations with exposure to raised pollution levels. A study in mild COVID has completed successfully demonstrating important immune health benefits for faster recovery. For CalGo, preclinical and clinical trial work is delineating the joint health benefits of the natural, undenatured type II collagen contained in it. ProGo provides both metabolic and gastrointestinal (GI) health benefits. The former includes GLP1 activity and hence consistent weight loss with improved energy levels from improved iron metabolism. The peptides also support muscle health providing a triad of benefits important for healthy ageing and active lifestyles. In terms of GI health, a special formula of soluble protein hydrolysate (SPH / ProGo®) is being developed as a Medical Food to help treat Inflammatory Bowel Disease, and for Iron Deficiency Anemia. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and University research labs.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto. HBC is listed on Oslo Børs with ticker "HBC".

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Shanghai-based Lithy has entered into an agreement with HBC to distribute its science-led marine nutrition ingredients, ProGo® bioactive peptides, OmeGo® full spectrum omegas and CalGo® natural, undenatured type II collagen, to supplement manufacturers across the country.

Lithy, which was established in 2002, has three subsidiaries that supply botanical extracts and dietary supplement ingredients to the Chinese nutraceutical and pharmaceutical markets. Lithy also has in-house manufacturing capabilities and a number of ready-to-go formulations using HBC ingredients.

James Berger, Chief Commercial Officer for HBC, said: “We are excited to take this important step in our partnership with Lithy, to establish the additional distribution in China of our science-led marine nutrition ingredients and further develop product formulations that are ready-to-go to market via brand owners.”

HBC is a Norwegian consumer and pet health company that specialises in science-led marine nutrition. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources.

For more information about Hofseth BioCare, visit: hofsethbiocare.com

About HBC:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. For OmeGo, clinical trial work with our salmon oil is ongoing to improve lung health in allergic asthma and urban populations with exposure to raised pollution levels. A study in mild COVID has completed successfully demonstrating important immune health benefits for faster recovery. For CalGo, preclinical and clinical trial work is delineating the joint health benefits of the natural, undenatured type II collagen contained in it. ProGo provides both metabolic and gastrointestinal (GI) health benefits. The former includes GLP1 activity and hence consistent weight loss with improved energy levels from improved iron metabolism. The peptides also support muscle health providing a triad of benefits important for healthy ageing and active lifestyles. In terms of GI health, a special formula of soluble protein hydrolysate (SPH / ProGo®) is being developed as a Medical Food to help treat Inflammatory Bowel Disease, and for Iron Deficiency Anemia. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and University research labs.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey and Palo Alto. HBC is listed on Oslo Børs with ticker "HBC".

For further information on HBC, please contact:  

Nick Frampton (PhD), Global Head of Consumer Health at HBC
nick@hofsethbiocare.com
  
For press information or to arrange an interview, please contact:  
Sara Houghton, BDB  
hofsethbiocare@bdb.co.uk   
(+44) 161 925 4700

The minutes from the Annual General Meeting are attached.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About HBC:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company's bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis). The Company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.
HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

HBC is listed on Oslo Børs with ticker "HBC". More information about HBC at hofsethbiocare.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• Minutes Annual General Meeting 2024

Bonafide funds controls a total of 79,614,756 A-shares in Hofseth BioCare ASA corresponding to approx. 20.15% of total outstanding A-shares and approx. 19.37% of total shares in HBC.

This information is subject to the disclosure requirements pursuant to sections 4-2 and 5-12 of the Norwegian Securities Trading Act and article 19 of the EU Market Abuse Regulation.

For further information, please contact:

James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers’ lung").

Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins, and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

Attachment

• HBC Company Presentation March 2024

Cash and cash equivalents increased by NOK 6.2m during the quarter, leaving total holding at NOK 23.9m at the end of the year, compared to NOK 32.4m at the end of 2022. Including credit facilities, HBC had NOK 62.5m in free liquidity as of the end of 2023.

Jon Olav Ødegård, CEO of HBC says: “I am pleased to point out the investment in HBC through a new class of preference shares, settled by converting NOK 144 million of debt, demonstrates our commitment to financial stability and growth. We closed the transaction in early January 2024, resulting in a strong financial position for HBC. Our targets for 2024 have been set and this will be another exciting year where we aim for 50 % further growth in sales and a higher capacity utilization to deliver positive EBITDA in 2024.”

Highlights in the fourth quarter

• HBC continued its sales trend in the fourth quarter at a higher level than earlier years. Sales revenues were 46 million NOK in the quarter, up 26 percent compared to fourth quarter 2022. HBC has made a significant jump from previous years, with total sales revenues for the year at 190 million, up 58 per cent, an increase of 70 million from 2022. The sales successes are a result of systematic promotion in international markets of our unique, fresh ingredients founded on science and circular economy, that has enabled us to enter high value human and pet markets.
• The gross margin in the fourth quarter is negatively impacted by an extraordinary write-down of 15 million NOK of our excess calcium inventory. Despite this, the trend for new projects is accelerating with several new product launches for CalGo and new pet buyer in the quarter. Gross margins excluding the write-down was at 27 percent compared to 18 percent fourth quarter 2022.
• R&D work on all our ingredients continued unabated and with new significant results already completed, the outlook for new projects continues to gather pace as a result. Scientific validation is crucial to differentiate and create credibility in a competitive market for new consumer health products.
• At the end of the fourth quarter HBC entered into an agreement with Hofseth International to make an investment in HBC in a new class of preference shares settled by converting 144 million NOK of accumulated accounts payables. The effect of the transaction boosted our equity ratio in January.

Highlights after the quarter

• The transaction converting accounts payables to newly issued preference B-shares was concluded and registered first week of January 2024. The equity ratio of HBC consequently improved to approximately 47 percent. Details of the transaction can be found in the press release and call for general meeting.

Please find the HBC Q4 & Full year 2023 Financial report attached.

For further information, please contact:
Christel Elise Kanli, CFO of Hofseth BioCare ASA
Phone: +47 41623188
E-mail: ck@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q4 2023 Financial Report

The FT peptides are HBCI’s two leading drug candidates, and both slowed tumour growth. By the end of the study mean tumour volumes were significantly smaller with FT-005 treatment (p<0.05) compared to control but the effect of FT-002 did not reach significance. Bicalutamide alone had a minimal impact on tumour growth.

This result indicates that by effectively targeting tumour iron metabolism the FT peptides can re-sensitised cancer to standard cancer therapy with the potential to deliver much longer periods of tumour control.

For further information, please contact:

Dr. Crawford Currie,
Head of Medical R&D at Hofseth BioCare ASA
Tel: +44 7968 195 497
E-mail: cc@hofsethbiocare.no

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. The stock exchange announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at the date and time as set out above

Following the registration of the share capital increase in the Norwegian Registry for Business Enterprises, the Company's share capital is NOK 4,110,810.30 divided into 395,081,30 ordinary shares and 16,000,000 preference class B Shares.

The preference class B shares will be issued in the VPS and delivered to HI on a separate ISIN than the Company's ordinary shares.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company’s bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis). The Company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The minutes from the meeting in Norwegian and English are enclosed.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company’s bioactive peptides as a Medical Food for the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis).

The Company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachment

• HBC Minutes EGM 04JAN2024

Only those who are shareholders in the Company 5 (five) business days prior to the general meeting (the "Record Date") are entitled to attend and vote at the EGM, cf. section 5-2 of the Norwegian Public Limited Liability Companies Act. The Record Date for the EGM is therefore 27 December 2023.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The board of directors of HBC (the "Board") therefore calls for the EGM to be held at the offices of the Company at Keiser Wilhelms gate 24, Ålesund on 4 January 2024 at 13:00 hours CEST.

The notice with the full agenda is attached both in Norwegian and English and contains the following attachments: (1) the Board's proposal for the resolutions in item 4 and 5, (2) the shareholders' rights, participation and proxy, (3) the independent expert report relating to the share capital increase, and (4) the registration and proxy form.

Disclosure of large shareholding

Hofseth International, a close associate, of Board member Roger Hofseth, shall subscribe for 16,000,000 new preference class B shares at a subscription price of NOK 9 per class B share. Following completion of the Transaction, Roger Hofseth and close associates will hold 16,000,000 new preference class B shares without voting rights, and 129,111,962 ordinary shares with voting rights in the Company, corresponding to 32,67 % of the votes in the Company, and in total 35,30 % of the share capital. Roger Hofseth and related parties will therefore exceed the 33 % threshold with respect to the share capital pursuant to section 4-2 (2) of the Norwegian Securities Trading Act.

Mandatory notification of trade

Please see the attached form in accordance with article 19 of the EU Market Abuse Regulation.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").
Other leads are focused on using the company’s bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis).
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.
This information is subject of the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachments

• HBC - EGM Notice
• PDMR notification form - Hofseth International AS

The Investment Value will be settled by offsetting it with the equivalent amount of trade payables owed to Hofseth International by HBC. Hofseth International’s receivables have been incurred historically in exchange for fresh raw material of salmon heads, backbone, and skin, that the company has supplied to HBC over the years. Hofseth International will continue to supply HBC in the coming years.

The completion of the Transaction is conditional upon the approval of an HBC extraordinary general meeting, to be convened on 4 January 2024 (the "EGM"), registration of the share capital increase pertaining to the issuance of the B-Shares in the Norwegian Registry for Business Enterprises and registration of the B-Shares in Euronext Securities Oslo (VPS). The Company has already received voting undertakings from shareholders representing the necessary majority requirement to approve the Transaction and related resolutions at the EGM.

The B-Shares will not hold any voting rights and will carry a preferential right to receive dividends over the Company's ordinary shares (listed on the Oslo Stock Exchange under ticker code "HBC") (the "Ordinary Shares") and will receive an annual dividend corresponding to 3-month NIBOR + 0% p.a for the first four years. After this period, the return will be as follows:

• after five (5) years, the return will be 3-month NIBOR + 1 %,
• after seven (7) years, the return will be 3-month NIBOR + 2 %, and
• after nine (9) years, the return will be 3-month NIBOR + 3 %.

In the event HBC does not distribute preferred dividends to B-Shares in any given year, the unpaid portion shall carry an interest of 3-month NIBOR + any additional margin based on the periods shown above per year. Furthermore, the unpaid dividend plus interest shall be accumulated and added to the preferred dividend for the subsequent year (collectively the “Preferred Amount”).

Following a minimum of five (5) years after the issuance of the B-Shares, Hofseth International can request the B-Shares to be converted into Ordinary Shares. The subscription price shall be NOK 9 per new Ordinary Share. If conversion rights are exercised after seven (7) years, a subscription price of NOK 12 per new Ordinary Share shall apply. Such conversion into Ordinary Shares will technically be done through a redemption value, equivalent to the Investment Value in addition to the Preferred Amount.

Jon Olav Ødegård, CEO of HBC, said: “This transaction represents a milestone moment and a significant capital restructuring for HBC by significantly reducing our liabilities and boosting the equity ratio and thereby meaningfully strengthening our Balance Sheet. This will hopefully increase confidence in stakeholders across our business. It is important that we take the necessary steps in a shareholder friendly manner to position HBC for growth. Hofseth International has been our strongest supporter and this transaction endorses this view, communicating to us the confidence that they have in our business model. HBC has accumulated trade payables debt to the Hofseth International group over the past few years whilst its business has been growing towards profitability. Given the confidence in management and market outlook for HBC products, Hofseth International is now willing to exchange that debt into an equity investment at a significant premium to market value. The decision reached by our Board to approve this transaction with Hofseth International is a testament to our unwavering commitment to financial prudence and putting shareholder interests first. We continue to see a bright outlook for HBC, with growing global demand for marine based nutrition for pet and human health."

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

The Board has reviewed the Transaction structure considering the equal treatment obligations rules under the Norwegian Public Limited Liability Companies Act, the rules on equal treatment set out in the continuing obligations for companies admitted to trading on the Oslo Stock Exchange and the pertaining guidelines on the rules of equal treatment. It is of the opinion that the proposed Transaction follows these requirements. In reaching this conclusion, the Board has emphasized, among other things, that the Transaction will significantly reduce the incurred liabilities of the Company and strengthens the Company's balance sheet providing it with a long-term financing on attractive terms compared with alternative options using either debt or equity. The Board has further emphasized that the subscription price for the B-Shares has been set at NOK 9, which is significantly higher than the closing price of the Ordinary Shares at NOK 2.70 on the last trading day, Wednesday, 13 December 2023. Against this background, the Board considers that the subscription price and entitlement to preferred dividend carried by the B-Shares represents an attractive opportunity for the Company and its current shareholders when viewed together with the benefits entailed by the Transaction.

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the company’s bioactive peptides as a Medical Food for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis).

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information was considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by CEO Jon Olav Ødegård on 13 December 2023 at the date and time set out above.

Reference is made to the mandatory notification of trade by Hofseth International AS announced on 27 November 2023.

As a result of the purchase of 435,207 shares in the Hofseth BioCare ASA (the "Company"), Hofseth International AS will surpass a holding of 15% of the outstanding shares and votes in the Company. Following the transaction, Hofseth International AS will hold 59,611,772 shares in the Company, corresponding to 15.09% of the total outstanding shares and votes in the Company.

Hofseth International AS is a company controlled by Roger Hofseth (through RH Industri AS and RH Investments AS). The transaction does not imply that Roger Hofseth and associated parties surpass a notifiable threshold. Following the transaction, Roger Hofseth and associated parties will hold 129,111,962 shares in the Company, corresponding to 32.68% of the total outstanding shares and votes in the Company.

This information is subject of the disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.

Following the transaction, Hofseth International AS will hold 59,611,772 shares in the Company, corresponding to 15.09% of the total outstanding shares and votes in the Company. Following the transaction, Roger Hofseth and associated parties will hold 129,111,962 shares in the Company, corresponding to 32.68% of the total outstanding shares and votes in the Company.

Please also see the attached notification form for further information.

This information is subject of the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment

• PDMR notification form - Hofseth International AS

After the transaction, Ødegård Prosjekt AS holds 2,964,039 shares, including 860,000 shares held indirectly through ownership in Brilliant Invest AS. Mr. Ødegård also holds 1,000,000 share options, totalling 4,034,039 shares and share options corresponding to approx. 1.0 % of the outstanding shares in Hofseth BioCare ASA.

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. The stock exchange announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at the date and time as set out above.

Attachment

• 221230 Notification Form

- HBC grew revenue by 105 % year-on-year shows strength of our business in uncertain times and during the third quarter, HBC signed contracts with new salmon processors to ensure increased access to salmon off-cut for our production process.
- In July, HBC successfully placed a private placement of 35,490,000 new shares at a subscription price of NOK 4.00 per share and raised gross proceeds of NOK 141 million.
- In August, Mr. Jon Olav Ødegård was appointed CEO by the Board of Directors. Mr. Roger Hofseth was elected director to the Board after the general meeting on August 30.
- Record organic revenue and profits delivered in Q3 within Consumer and Pet health segment with over a fourfold improvement year on year.

Financial update

HBC had gross operating revenues of NOK 30.2m (13.7m) in the third quarter. For the first nine months of 2022 HBC had revenues of NOK 86.8m (61.5m). Cost of sales (CoGS) amounted to NOK 24.5m (13.6m) in the quarter. Opex is reduced throughout the year and also in this quarter from NOK 20m in Q1 2022 to NOK 16m in the third quarter. Operating profit (EBITDA) for the quarter was NOK -25.4m (-29.2m) and Operating loss (EBIT) amounted to NOK 33.1m (36.8m) in the third quarter 2022.

Cash and cash equivalents increased by NOK 40.5m during the quarter, leaving total holding of cash and cash equivalents at NOK 46.2m by the end of the period, compared to NOK 85.5m by the end of the third quarter 2021. Including credit facilities, HBC had NOK 83.2m in free liquidity by the end of the third quarter 2022.

Commercial update

Q3 saw a normalisation in the price of salmon as expected and this resulted a progressive recovery in processing volumes and access to salmon off-cuts with steady improvements HBC production volumes, even in July with the usual shutdown period. During Q3 we signed contracts with new salmon processors to ensure increased access to salmon off-cut raw material for our production process.

Our key regions of the UK and US delivered record growth in the quarter driven by major customer performance, with a focus on e-commerce as a volume lever and customer marketing tool through use of detailed data analytics and reviews. Across Europe and Asia the development of landmark private partnership agreements with major customers and distributors continues apace, with a focus on these delivering strong margins to support volume growth elsewhere.

R&D update

In the third quarter of 2022, HBC R&D team delivered:

- Following the completion of the preclinical profiling of SPH in protecting the gut from intestinal inflammatory damage with our collaborators at Stanford University the work has been published in Biomolecules titled “Soluble Protein Hydrolysate Ameliorates Gastrointestinal Inflammation and Injury in 2,4,6-Trinitobenzene Sulfonic Acid-induced Colitis in Mice”. Planning for clinical trial work is ongoing and will be led by Stanford University.

- We have successfully completed our preclinical assay work with the eight individual FTH1 peptides in prostate cancer cell lines in combination with standard of care androgen deprivation therapy (ADT). This work has identified two lead candidates to take forward into in vivo testing. The two individual peptides showed markedly greater cancer cell kill rates compared to the whole mix of SPH bioactive peptides. This confirms the mode of action to be via FTH1 and the disruption of iron metabolism within the cancer cell.

- We have been given an oral presentation slot at the Pharma R&D meeting in February 2023 for our work in prostate cancer. The presentation will entail all the preclinical assay work of the bioactive peptides in SPH in combination with androgen deprivation therapy, bicalutamide and enzalutamide (Xtandi), in drug-sensitive and drug-resistant prostate cancer cell lines. Other keynote speakers include those from major pharmaceutical and biotech companies.

- Preclinical work in restless legs syndrome (RLS / Willis-Ekbom disease) continues following the successfully completion of the first assay in human skeletal muscle cells with a positive effect on FTH1 gene expression. Similar to the prostate cancer work, we plan to identify a lead candidate FTH1 peptide for RLS.

- Results from our study of OmeGo® in the management of hospitalised patients with Covid will be available during Q4 2022. This will provide a raft of data on the impact of OmeGo® in supporting and improving immune health.

- The final House Dust Mite (HDM) allergy preclinical trial with orally administered OmeGo® confirms the differentiated and broad anti-inflammatory profile of OmeGo®, an important property for optimising health. The results will be published in a peer review journal in Q4 2022.

- Manufacturing optimisation of the lead eosinophilia modulating lipopeptide MA-022 has been successfully completed. Preclinical trial work with MA-022 as a drug lead in eosinophilic esophagitis is planned. Discussions have commenced with CDMOs (Contract Drug Manufacturing Organisations) for CMC (chemistry, manufacturing and control) dossier development.

- Our clinical trials of CalGo® in bone and joint health are ongoing with data expected from the joint health trial during H1 2023. Data from the bone health trial is expected during 2024.

- Our asthma study, delineating the immune system benefits from OmeGo, has commenced recruitment and we have seen considerable interest from the local adult population to participate in the study

Please find the HBC Q3 2022 Financial report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q3 2022 Financial Report

The bioactive peptides in SPH significantly reduced colon tissue injury in the acute colitis animal model by alleviating inflammatory cell infiltrates and oxidative stress, an underlying driver of many digestive diseases. This points to ProGo® as having a potential immunomodulatory action through the upregulation of protective, antioxidant gene pathways including HMOX1.

Prior research undertaken by HBC and Stanford also demonstrated that gene systems which protect the GI tract against oxidative stress and inflammation are upregulated in human GI cells exposed to SPH. This latest discovery bolsters ProGo®’s position as a fresh, effective innovation and presents a prime opportunity for nutraceutical manufacturers looking to disrupt the gut health and immunity markets.

“The peptides that constitute ProGo® are proven to not only deliver nutritional benefits, such as collagen for skin health, but also a myriad of important health benefits, including antioxidant effects to support gut health and immunity and to sustain overall health,” said Dr Crawford Currie, Head of Medical R&D at Hofseth BioCare. “This latest Stanford University study underpins ProGo®’s reputation as a patented product possessing properties, claims and health benefits unique to the market. Further clinical studies are in the pipeline to explore the efficacy of ProGo® as a functional and targeted tool in IBD management and we look forward to discovering the full potential of this truly transformative innovation.”

The study adds to the growing bank of evidence demonstrating ProGo® is a pure and proven product. The ingredient was recently acknowledged as a ‘New Dietary Ingredient’ (NDI) and secured seven new structure function claims from the US Food and Drug Administration (FDA). These natural collagen peptides can now also claim to help “reduce wrinkles and promote skin smoothness”, “help with dry skin” and “support skin health and appearance”. Furthermore, the evidence of the peptides’ bioactivity can also now claim to “act and an antioxidant”, “reduce oxidative stress caused by free radicals” and as well as promoting energy and sustaining overall health and wellbeing.

To read the full scientific study, click here, or contact the Hofseth BioCare team: Hofseth BioCare | Research and development

About Hofseth BioCare:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Clinical trial work to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") is planned and trial work assessing immune health support is completing in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age- related Sarcopenia, and as a treatment for Iron Deficiency Anemia. 

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo. 

For further information on HBC, please contact: 
Dr. Crawford Currie, Head of Medical R&D 
cc@hofsethbiocare.com  

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. The stock exchange announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at the date and time as set out above.

All matters were approved according to the proposals in the notice. Please find the minutes from the general meeting attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID.

Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia. The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• Minutes EOGM

Summary Highlights of the FDA’s NDI Process for HBC and what it means:

- The FDA’s NDI notification process is the only pre-market gate for demonstrating identity, safety, and even cGMP quality for both dietary supplements and/or dietary ingredients contained in dietary supplements that are new to the US marketplace.
- The NDI letter for ProGo® is the highest safety rating and attestation the company could have received from the FDA. This achievement follows on the heels of successful receipt of the same accolades for both CalGo® and OmeGo® late last year. Today, HBC’s entire portfolio of human food-grade ingredients has received FDA’s No Objection Letter, also called an “Acknowledgement Without Comment” Letter or Acknowledgement (AKL) Letter.
- The historical acknowledgment rate of NDI notifications by the FDA is low (approximately 30%), prompting food companies to choose the easier self-GRAS conclusion pathway.
- After rigorous review by FDA scientists (NDI Review Team), ProGo® is permitted to deliver up to 24 grams/day in adults (excluding pregnant women), significantly in excess of the maximum daily dose used on all the clinical trials.

“As a valued client of KGK, HBC has a novel and innovative technology for extracting nutritional components from Atlantic salmon in a very sustainable way. The FDA again evaluated that innovative process and the composition of ProGo® and, in return, has offered the highest safety rating possible. This acknowledgement AKL letter from FDA speaks to the quality and safety of HBC’s ProGo®,” said Najla Guthrie, President & Chief Executive Officer of KGK. “These FDA no-objection letters also help HBC in the global market as many countries outside of the US are looking for attestation that the FDA has reviewed nutritional supplements for safety. HBC has navigated that regulatory hurdle and can check that box,” added Ms. Guthrie.

“ProGo® is permitted to deliver up to 24 grams a day in adults. The FDA’s NDI process is the highest benchmark of safety that a manufacturer or distributor of supplements can achieve in the US market. HBC has just distinguished itself from its competitors, and they demonstrate their commitment to ensuring consumer confidence with US retailers by navigating FDA’s difficult NDI process. KGK has significant experience in helping its clients achieve their goals by earning these high marks of achievement and market distinction,” said Dr. Corey Hilmas, Chief Regulatory Officer of KGK. “Consumers and retailers are starting to understand what it means to have an NDI no-objection letter from the FDA. Both can have confidence that the serving levels in these products are correctly chosen, based upon appropriate scientific methods and rigorously reviewed by FDA,” added Dr. Hilmas.

ABOUT HOFSETH BIOCARE
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. For new drug leads, research is ongoing to identify the individual compounds within HBC's ingredients that modulate inflammation and the immune response to support and enhance health. Pre-clinical studies are ongoing both internally in HBCs labs and externally through a number of academic collaborations. Lead pharmaceutical candidates include an oral analogue to treat inflammatory disease driven by eosinophils (such as eosinophilic asthma and eosinophilic esophagitis), and peptides targeting iron metabolism through FTH1, with prostate cancer one lead indication. For the core nutraceutical business, clinical trial work with the oil is ongoing to assess its benefit in immune health and supporting healthy ageing. Clinical trials are also ongoing to assess our natural collagen-calcium complex in bone and joint health and we plan to start a clinical trial targeting our ProGo peptides as a medical food for GI health. This project is led by our collaborator partners at Stanford University with clinical trial work expected to begin during this year.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

ABOUT KGK SCIENCE
Founded in 1997, KGK Science Inc., a subsidiary of Wellbeing Digital Sciences (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on the nutraceutical, cannabis and emerging psychedelic industries. The business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. On an approximate basis, the business to date has produced 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points. For additional information, please visit kgkscience.com.

For further information, please contact:

Wellbeing Digital Sciences & KGK Science Inc.
Natalie Dolphin
VP of Marketing & Investment Relations
Email: ndolphin@wellbeingdigital.co
Twitter: @Wellbeing_IR

Dr. Crawford Currie,
Head of Medical R&D at Hofseth BioCare ASA
Tel: +44 7968 195 497
E-mail: cc@hofsethbiocare.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Jon Olav Ødegård, Chief Financial Officer will, with effect from 1 August, assume the role of CEO. Ødegård has over nine years of executive experience in the biotechnology industry. Before joining Hofseth BioCare in 2013, Ødegård was a Managing Director in Sparebank 1 Finans. Previously, he has held executive positions in Banking and Advisory services. Further he holds several board positions within the Group of companies that Hofseth BioCare is a part of and externally in companies such as Aqua Bio Technology ASA.

Kristin Fjellby Grung, Chair of Hofseth BioCare, commented: "Jon brings vast experience as a leader in the industry with a proven track record. He knows the company from within and is definitively the right person to continue our mission to explore the medical and pharmaceutical potential in our products. Hofseth BioCare has reached a critical phase, demonstrating progress in markets and development of its enzymatic hydrolysis process, that requires 100% focus on these activities. The Board is confident that Jon will be the right person to lead and continue to develop Hofseth BioCare into this phase and the recent share capital increase secures the necessary funding for continued development.

The Board would like to thank Roger Hofseth for his continued work to build the Company since the start in 2009. Roger has played a decisive role in establishing Hofseth BioCare as a supplier of high-value ingredients and finished products for the nutrition market and his strong involvement in Hofseth International has secured exclusive long-term access to fresh salmon off-cuts, providing a competitive edge for HBC."

Jon Olav Ødegård, CEO of Hofseth BioCare commented, "I am very excited to take on the role as CEO of the Company and look forward to working with the Board and team to continue the progression of developing our quality nutritional lipids, proteins and calcium from fresh salmon off-cuts, as well as the hydrolysis process through further clinical development and ultimately to the patients we believe will benefit from them."

Roger Hofseth said: "I have thoroughly enjoyed my past five years as a CEO of Hofseth BioCare. As the Company progresses through the exciting next steps in parallel with the strong and very positive development in Hofseth International, which will be of great importance for HBC going forward, it is a natural time for me to hand over to Jon who can concentrate fully on HBC's further development. I can then concentrate fully on securing vast amounts of fresh salmon off-cuts from our business in Hofseth International. I will, however, keenly join the Board if the General Assembly appoints me."

For further information, please contact:

Kristin Fjellby Grung
Chair of the Board of Hofseth BioCare ASA
Phone: +47 416 55 916
Email: Kristin.Grung@adviso.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.

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. The stock exchange announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at the date and time as set out above.

Further information about the transaction is set out in the attached form.

For further information, please contact:

Jon Olav Ødegård, CFO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act section 5-12.

Attachment

• 220718 - PDMR notification form - Odegard Prosjekt AS - Redelivery of lent shares

Aqua-Spark Coöperatieve U.A. applied for and was allocated 10,350,000 shares in the Private Placement at a price per share of NOK 4. After the issuance of the new shares in the Private Placement, the shareholding of Aqua-Spark will be more than 5% of the Company's share capital.

Following the Private Placement, Aqua-Spark will hold 22,450,000 shares in the Company, corresponding to 5.71% of the shares and votes outstanding after completion of the Private Placement.

This information is subject to the disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

The following persons discharging managerial responsibilities and their close associates have been allocated Offer Shares the Private Placement at the Offer Price:

i) RH Industri AS, a close associate of CEO Roger Hofseth, has been allocated 17,800,190 Offer Shares, for a total subscription amount of NOK 71,200,760; and
ii) In order to facilitate for partial settlement on a delivery versus payment basis of Offer Shares in the Private Placement, a share lending agreement has been entered into between the Company and Ødegård Prosjekt AS (a close associate of CFO Jon Olav Ødegård). Pursuant to such share lending agreement, Ødegård Prosjekt AS has agreed to lend 958,810 existing shares in the Company to certain investors in the Private Placement.

Following the Private Placement, Roger Hofseth and close associates will have a total holding of 110,825,444 shares and votes in the Company, corresponding to 32.70% of the shares and votes outstanding after the Private Placement.

Please see attached notification forms for further information.

For further information, please contact:

Jon Olav Ødegård, CFO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

James Berger, CCO at HBC
Phone: +41 79 950 1034
E-mail: jb@hofsethbiocare.no

About HBC:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC". More information about HBC at hofsethbiocare.com and facebook.com/hofsethbiocare.

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act section 5-12.

Attachments

• 220702 - Notification form - RH Industri AS
• 220702 - Notification form - Odegard Prosjekt AS - Share lending

(Ålesund, 3 July 2022) Reference is made to the stock exchange release from Hofseth Biocare ASA ("HBC" or the "Company") published on 1 July 2022 regarding a contemplated private placement.

The Company hereby announces that it has allocated 35,490,000 new shares in the Company (the "Offer Shares") in a private placement (the "Private Placement") at a subscription price of NOK 4.00 per Offer Share (the "Offer Price"), thereby raising gross proceeds of approximately NOK 141 million. The Private Placement was oversubscribed on the time of completion.

The net proceeds of the Private Placement will be used for general corporate purposes. The Company is also in the process of securing more fresh salmon raw material off-cuts from nearby external sources to enable the factory at Midsund to operate above 80% capacity utilization at all times. The increase in demand for HBC’s human grade ingredients made from salmon by-products over the past 12 months has increased meaningfully from both the Petcare and nutraceutical channels. There is now a strong pipeline building for which more consistent raw materials input is required.

Notification of allotment of the Offer Shares including settlement instructions will be sent to the applicants through a notification from the Company on or about 4 July 2022. The Offer Shares will be settled towards the investors in the Private Placement as soon as practicable after full payment has been received and the share capital increase pertaining to the Private Placement has been registered in the Norwegian Register of Business Enterprises. The Offer Shares allocated in the Private Placement will be settled partially through cash payment and partially through conversion of debt and outstanding trade credits (a total of NOK 71,200,760).

In order to increase the share capital pertaining to the Private Placement, the Company's board of directors has resolved to issue 35,490,000 new shares in the Company pursuant to the authorization granted by the Company's annual general meeting on 29 April 2022. As disclosed in the stock exchange notice from 1 July 2022, the share capital increase pertaining to the Private Placement has been divided into two separate resolutions, pursuant to which Aqua-Spark will pay for shares allocated to it within 24 July 2022. Consequently, the share capital of the Company will be increased with NOK 354,900. Following registration of the two resolutions to increase the share capital, the Company will have 393,321,030 shares outstanding, each with a par value of NOK 0.01.

Completion of the Private Placement remains subject to payment of all share deposits and registration with the Norwegian Register of Business Enterprises of the share capital increase in the Company pertaining to the Private Placement.

When resolving the issuance of the Offer Shares in the Private Placement, the Company's board of directors considered the structure of the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that it was in the common interest of the Company and its shareholders to raise equity through the Private Placement. By structuring the equity raise as a private placement, the Company was able to raise equity efficiently, with no discount to the current trading price, at a lower cost and with a significantly lower risk compared to a rights issue. Further, the Offer Price was fixed to a premium towards the prevailing market price of the Company's shares. Based on the foregoing, it is not planned to conduct a subsequent repair issue directed towards shareholders not participating in the Private Placement. As a consequence of the Private Placement structure, the shareholders' preferential rights were deviated from.

Advokatfirmaet CLP DA acts as Norwegian legal counsel in connection with the Private Placement.

For further information, please contact:

Jon Olav Ødegård, CFO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

James Berger, CCO at HBC
Phone: +41 79 950 1034
E-mail: jb@hofsethbiocare.no

About HBC:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC". More information about HBC at hofsethbiocare.com and facebook.com/hofsethbiocare.

This information was considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Jon Olav Ødegård, Chief Financial Officer, on the time and date provided.

(Ålesund, 1 July 2022) Hofseth Biocare ASA ("HBC" or the "Company") has resolved to effect a contemplated private placement of new shares, after the close of trading on Oslo Børs today (the "Private Placement").

The Private Placement is directed towards Norwegian and international investors, subject to applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions. The minimum application and allocation amount have been set to the NOK equivalent of EUR 100,000. The Company may however, at its sole discretion, allocate amounts below EUR 100,000 to the extent exemptions from the prospectus requirement in accordance with applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.

Through the Private Placement, the Company is offering up to 35,490,000 new shares (the "Offer Shares") in the Company to raise gross proceeds of up to NOK 141 million. The subscription price per Offer Share is NOK 4 (the "Offer Price") and has been determined based on discussions with the potential subscribers in the Private Placement. The allocation of Offer Shares in the Private Placement will be determined by the Company's board of directors following the application period. The application period commences today at 16:30 CEST and will close at 08:00 CEST on 4 July 2022. The Company may, however, at its sole discretion, extend or shorten the application period at any time and for any reason. The Company will announce the final number of Offer Shares placed in the Private placement in a stock exchange announcement expected to be published on or about 4 July 2022.

The net proceeds of the Private Placement will be used for general corporate purposes.

The completion of the Private Placement is subject to; (i) the necessary corporate resolutions of the Company being made, i.e. approval of the Private Placement and the allocation of the Offer Shares by the Company's board of directors, and (ii) payment of all share deposits and registration with the Norwegian Register of Business Enterprises of the share capital increase in the Company pertaining to the Private Placement. The Offer Shares allocated in the Private Placement will be settled partially through cash payment and partially through conversion of debt.

CEO Roger Hofseth (through RH Industri AS) and existing shareholders Aqua-Spark and Bonafide have collectively indicated that they will subscribe for in total approximately NOK 129 million in the Private Placement.

The Offer Shares allocated in the Private Placement will be settled towards the investors in the Private Placement as soon as practicable after full payment has been received and the share capital increase pertaining to the Private Placement has been registered with the Norwegian Register of Business Enterprises. The payment date will be on or about 6 July 2022. However, Offer Shares allocated to Aqua-Spark will be resolved issued through a separate resolution to increase the share capital, with payment date on or about 24 July 2022. Aqua-Spark will receive Offer Shares allocated to them as soon as possible after full payment from Aqua-Spark has been received, and the share capital increase pertaining to those Offer Shares has been registered. In addition, delivery of Offer Shares may be made on a delivery versus payment for up to 2 million Offer Shares through a share lending arrangement between Ødegård Prosjekt AS (a close associate of CFO Jon Olav Ødegård) and the Company.

The Company's board of directors has considered the structure of the contemplated Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that it is in the common interest of the Company and its shareholders to raise equity through the Private Placement. The existing shareholders' preferential rights to subscribe for new shares may be deviated from. By structuring the equity raise as a private placement, the Company is expected to raise equity efficiently, with no discount to the current trading price, at a lower cost and with a significantly lower risk compared to a rights issue. Further, the Offer Price has been fixed to a premium towards the prevailing market price of the Company's shares. Based on the foregoing, it is currently not planned to conduct a subsequent repair issue directed towards shareholders not participating in the Private Placement.

Advokatfirmaet CLP DA acts as Norwegian legal counsel in connection with the Private Placement.

For further information, please contact:

James Berger, CCO at HBC
Phone: +41 79 950 1034
E-mail: jb@hofsethbiocare.no

Jon Olav Ødegård, CFO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About HBC:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC". More information about HBC at hofsethbiocare.com and facebook.com/hofsethbiocare.

This information was considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Jon Olav Ødegård, Chief Financial Officer, on the time and date provided.

Important information:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

In the United Kingdom, this communication is only addressed to and is only directed at "qualified investors" within the meaning of Regulation (EU) 2017/1129 as it forms part of the laws of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (including any statutory instruments made in exercise of the powers conferred by such act) that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in demand for the Company’s products, changes in the general economic, political and market conditions in the markets in which the Company operate, the Company’s ability to attract, retain and motivate qualified personnel, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Company nor any of its affiliates accept any liability arising from the use of this announcement.

Correction: Notification Form

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• 220506 Notification Form

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Cash and cash equivalents decreased by NOK 19.3m during the quarter, leaving total holding of cash and cash equivalents at NOK 30.6m by the end of the period, compared to NOK 138.5m by the end of the first quarter 2021. Including credit facilities, HBC had NOK 67.6m in free liquidity by the end of the first quarter 2022.

Commercial update

The first quarter started will with a growth in sales in the ingredient business of 93.5 % vs the previous period last year. The quarter ended with a sales of NOK 31m compared to NOK 17m in Q1 of 2021. This is in line with the strong order book of NOK 40m which was created in Q4 as indicated in the previous quarterly report and during Q1.

The increase is coming from a significant improvement of sales prices throughout all ingredients and a shift into higher value application like super premium pet food, human nutrition, and nutritional supplements. This conversion from feed and basic pet food is expected to continue in the remaining quarters of 2022 and will contribute not only to the top line, but also to the bottom line.

Highlights in the first quarter

• The first quarter started with a growth in sales in the ingredient business of 93.5 %, compared to the same period last year and record order book.
• Our first preclinical assay work of SPH peptides in prostate cancer was published in the journal Marine Drugs this quarter. This work demonstrated that, in combination with androgen deprivation therapy, the SPH peptides enhance anti-tumour activity.
• Our first clinical trial for CalGo®, demonstrating the enhanced absorbability of CalGo® compared to calcium carbonate in post-menopausal women has been accepted for publication in the Biomedical Journal of Scientific and Technical Research.
• We have identified 8 structurally similar peptides which drive the FTH1 actions of SPH. These peptides have previously unknown structures with novel composition of matter claim potential. This will lead to a broader IP claim set for HBC.

Please find the HBC Q1 2022 Financial report attached.

For further information, please contact:

Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Ningbo, New Jersey and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q1 2022 Financial Report

For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• 220429 - Notification form Brilliant Invest 2 AG

For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• Minutes AGM

Please find the notice to the Annual General Meeting attached and relevant documents referred to in the notice are made available on www.hofsethbiocare.com.

For further information, please contact:

Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• Notice of Annual General Meeting 2022

Please find the Annual Report 2021 and ESG Report attached.

For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age- related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments

• hofsethbiocareasa-2021-12-31-no
• HBC Annual Report 2021
• HBC ESG Report 2021

A global leader in marine lipid and peptide research, HBC uses patent-protected hydrolysis technology to convert fresh sashimi-grade salmon byproducts into nutritional ingredients to support human health. Through this gentle enzymatic hydrolysis process, HBC preserves the quality of the lipids, proteins, lipo-proteins and calcium/collagen from fresh salmon off-cuts to produce three ingredients: ProGo® bioactive peptides, CalGo® calcium collagen complex, and OmeGo® full spectrum omegas. Thanks to their unique antioxidant and anti-inflammatory properties, these ingredients have earned clinically-proven, never-before-seen health claims and US FDA, Health Canada and EFSA approval.

“We’re proud to see our sustainable approach to research, technology and human nutrition recognised through these prestigious awards,” comments Dr Crawford Currie, Head of Medical R&D at HBC. “We look forward to the future, as we continue to build on our core values of sustainability, optimal utilization of natural resources and full traceability.”

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age- related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

For further information on HBC, please contact:
Dr. Crawford Currie, Head of Medical R&D
Email: cc@hofsethbiocare.com

The award recognises the 15 years’ R&D and wide-ranging applications of the company’s three ingredients: ProGo® bioactive peptides, CalGo® calcium collagen complex, and OmeGo® full spectrum omegas. With 34 clinical studies and patents completed or underway, and 48 health and structure / function claims from US FDA, Health Canada and EFSA, the scientific evidence continues to grow.

What makes HBC different is its ability to convert fresh sashimi-grade salmon byproducts alone into nutritional ingredients to support human health, using a truly circular business model with zero waste. As part of the Hofseth Group, it is the only fully integrated, sustainable (carbon-neutral by 2025) salmon business devoted to human nutrition and wellbeing.

A safe, patented enzymatic hydrolysis process is used to gently extract the ingredients from fresh salmon offcuts. Importantly, this means the ingredients are subject to minimal processing with no additives, antibiotics or GMO.

Dr. Tanja Schaffer, Executive Vice President, Global Ingredients at HBC commented: “We are delighted to be recognised as the Most Innovative Human Medical Nutrition Producer 2021 by ghp. Our products are the most sustainable and traceable marine ingredients available globally. We believe their potential is amplified through our innovative research platform, which can identify new health benefits from marine ingredients with proven commerical significance”.

For further information on HBC, please contact:
Dr. Tanja Schaffer, Executive Vice President, Global Ingredients
tanja@hofsethbiocare.com

For press information, please contact:
Camille Seone, BDB
camille@bdb.co.uk

About Hofseth BioCare ASA

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age- related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

Cash and cash equivalents decreased by NOK 35.9m during the quarter, leaving total holding of cash and cash equivalents at NOK 49.7m by the end of the period. Including credit facilities, HBC had NOK 86.8m in free liquidity by the end of the fourth quarter 2021.

Commercial update

Q1 2022 has started very strongly. The order book after just the first month of trading in 2022, is setting a record, standing at NOK 25.2m, four times higher than the same period last year. This has been due to more orders with higher value and indicative of broad-based momentum for all products.

Furthermore, the supply of OmeGo® and PHP is now very tight vs our indicated demand into H1/2022 so the pricing outlook is also positive for the year ahead. Given the new extensive health claims we can now use with the FDA in the US and with EFSA in Europe, the short and medium-term outlook for the use of HBC ingredients in higher priced human applications is strong.

Highlights in the fourth quarter

• HBC has during the fourth quarter successfully achieved New Dietary Ingredient (NDI) status from the FDA for OmeGo® and CalGo®.
• Our work with IMCD is progressing favourably and their laboratories have formulated additional new formats and product prototypes, such as popular gummies and chewable tablets to offer their clients. First commercial orders were also generated during the fourth quarter.
• Stanford University have completed the statistically significant trial that confirmed the effectiveness of SPH on reducing intestinal injuries in the classical TNBS-induced inflammatory bowel disease (IBD) model.
• Aqua Spark has become a new strategic investor in HBC and Amy Novogratz was elected a new member to the Board of Directors in December.

Please find the HBC Q4 Financial report attached.

For further information, please contact:
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no

Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• HBC Q4 2021 Financial Report

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

The proposal for supplementary election of Amy Novogratz to the Board of Directors was approved.

Board Member Christoph Baldegger from Bonafide commented: "We welcome Aqua-Spark's nomination of Amy Novogratz to the board of directors. She is an outstanding ambassador for sustainable aquaculture and an experienced professional that we expect will contribute positively to the management of HBC. We are also very happy to have Aqua-Spark as an investor as we believe they share similar values and vision for the company’s success. We have levered our long-term strategic holding to attract a new, like-minded valuable investor onto the holder’s register – this is great news for shareholders."

Amy Novogratz says: “I am truly excited to begin this journey on HBC’s board of directors. Aqua-Spark’s investment team has been sincerely impressed by the totality of the circular economy business model and sustainability thesis of upscaling value from salmon side streams to unique nutritional ingredients for medical grade applications. Furthermore, the natural competitive advantage it already has with its thorough patent portfolio protecting both its production technology and ingredient health benefits really makes this company stand out. Its our belief that HBC will prove to be the global leader in human grade marine ingredients in the years to come.”

Please find the minutes from the meeting attached.

For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Mob: +47 93632966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused

on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions

of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia. The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment

• Minutes EOGM

Vancouver, British Columbia, 2nd December, 2021 / Globe Newswire / – KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: MY0), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that its wholly-owned contract research organization, KGK Science Inc. (“KGK” or the “CRO”), has successfully assisted its client, Hofseth Biocare ASA (HBC.OL) (“HBC” or the “Client”), to receive New Dietary Ingredient (“NDI”) status from the United States Food and Drug Administration (the “FDA”) for its patented CalGo® and OmeGo® branded products. HBC is a leading manufacturer and marketer of unique and innovative marine-derived calcium, protein, collagen, and lipid nutritional supplements.

Summary Highlights of the FDA’s NDI Process for HBC:

• The FDA’s NDI notification process is the only pre-market gate for demonstrating quality as well as safety for both ingredients and manufacturing processes.
• If the ingredient is an NDI or it has been processed in a novel way, an NDI notification is required for the US market per federal law (statute).
• Not all companies follow the US statutory obligation to file NDI notifications.
• The historical acknowledgment rate of NDI notifications by the FDA is only c. 30%.
• HBC complied with the FDA’s statutory requirement to submit NDI notifications for the dietary ingredients contained in these novel dietary supplements, and innovative technology in how these ingredients are extracted from Norwegian Atlantic salmon.
• The two letters that HBC received for CalGo® and OmeGo® are the highest safety rating and attestation the company could have received from the FDA.
• CalGo® is allowed to deliver calcium at 874 mg/day, phosphorus at 460 mg/day and marine collagen protein at 1500 mg/day
• OmeGo® is approved for up to 2000 mg/day for DHA and EPA polyunsaturated fatty acids.

HBC is now part of an exclusive list of companies that have successfully obtained NDI status with the FDA for their novel dietary ingredients contained in these two nutritional supplements. CalGo® has been assigned NDI report number 1225 and OmeGo® has been assigned NDI report number 1226. Approximately 50 NDI ingredients are reviewed annually by the FDA but historically only around 30% have received an FDA Acknowledgement (“AKL”) letter. The Client received separate FDA AKL letters, also called no-objection letters, for its two branded products based upon identity and safety within the FDA’s 75-day statutory evaluation period in which to respond.

CalGo® and OmeGo® are globally recognized, high quality nutritional supplements with patented innovative technology. Over recent years, HBC has invested a significant amount of capital to research these ingredients and developed a robust portfolio of patents and trademarks to protect its proprietary rights. It utilizes a novel, innovative, and sustainable hydrolysis technology to extract the full nutritional content from Norwegian Atlantic salmon. The FDA’s evaluation in an NDI review looked at both the identity of the source material and how it was processed, as well as the safety of the ingredients contained in the nutritional supplement products.

The Federal Food, Drug, and Cosmetic Act (“FD&C Act”) requires that manufacturers and distributors who wish to market dietary supplements that contain “new dietary ingredients” notify the FDA about these ingredients. The notification should include identity and chemistry information about the novel ingredients as well as the basis upon which the manufacturer or distributor has concluded that a dietary supplement containing an NDI will reasonably be expected to be safe under the conditions of use recommended or suggested in the labelling. (See Section 413(d) of the FD&C Act, 21 U.S.C. 350b(d).)

“As a valued client of KGK, HBC has a novel and innovative technology for extracting nutritional components from Atlantic salmon in a very sustainable way. The FDA evaluated that innovative process and the ingredients contained in these two novel nutritional supplements and, in return, has offered the highest safety rating possible. These two acknowledgement letters from FDA speaks to the quality and safety of HBC’s CalGo® and OmeGo®,” said Najla Guthrie, President & Chief Executive Officer of KGK. “These FDA no-objection letters also help HBC in the global market as many countries outside of the US are looking for attestation that the FDA has reviewed nutritional supplements for safety. HBC has navigated that regulatory hurdle and can check that box,” added Ms. Guthrie.

“CalGo® is permitted to deliver calcium at 874 mg/day, phosphorus at 460 mg/day and marine collagen protein at 1500 mg/day. OmeGo® is approved for up to 2000 mg/day for DHA and EPA polyunsaturated fatty acids. The FDA’s NDI process is the highest benchmark of safety that a manufacturer or distributor of supplements can achieve. KGK has significant experience in helping its clients achieve their goals by earning these high marks of achievement and providing them with significant market distinction,” said Dr. Corey Hilmas, Chief Regulatory Officer of KGK. “Consumers and retailers are starting to understand what it means to have an NDI no-objection letter from the FDA. They can have confidence that the serving levels in these products are correctly chosen, based upon appropriate scientific methods and FDA review,” added Dr. Hilmas.

Angelika Florvaag, Chief Quality Officer at HBC commented: “At HBC we pride ourselves in producing superior health ingredients to enhance human health and quality of life, above and beyond what is currently available in the market today. CalGo® and OmeGo® are uniquely traceably sourced from fresh, sashimi grade Norwegian Atlantic salmon. It is very exciting to see the US FDA endorse to such a degree, the safety and quality of our products with significant dosing flexibility, which will enable the products to be used in multiple formats and delivery methods for health supplementation.”

ABOUT HOFSETH BIOCARE

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused

on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions

of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

ABOUT KGK SCIENCE

Founded in 1997, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on the nutraceutical, cannabis and emerging psychedelic industries. The business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. On an approximate basis, the business to date has produced 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points.

ABOUT KETAMINE ONE

KetamineOne Capital Limited (formerly Myconic Capital Corp.) is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of clinics across North America, with plans to further consolidate the highly fragmented industry. KGK Science Inc. is the Company’s wholly owned contract research division, which places it at the forefront of premium clinical research based on the subsidiary’s history and extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.

For further information, please contact:

Adam Deffett, Interim CEO of KetamineOne or Nick Kuzyk, Investor Relations at KetamineOne
Tel: 1-844-PHONE-K1 (1-844-746-6351)
Email: IR@ketamine.one
www.ketamine.one
Twitter: @KetamineOne

Dr. Crawford Currie, Head of Medical R&D at Hofseth BioCare ASA
Tel: +44 7968 195 497
E-mail: cc@hofsethbiocare.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act