2cureX : Interim Report for the first half-year

INTERIM

REPORT

1/4-30/6 2021

THE POWER

OF PRECISION.

FOR EVERY

ONCOLOGIST.

TODAY.

2CUREX

INTERIM REPORT Q2 2021 CONSOLIDATING

CONSOLIDATING INTERNAL OPERATIONS WHILE ACCELERATING EUROPEAN ROLLOUT

Driven by the positive results of the TICC trial, and its publication at the ASCO conference, we have accelerated the establishment of our commercial infrastructure in Europe to multiply the access to oncologists and pathologists and get a faster penetration in the market with our first product, IndiTreat® mCRC 3L. As part of this acceleration, we have renewed our commercial leadership team and opened discussions with commercial partners to build a presence in 12 countries by year end.

This increased momentum requires a solid organization and internal processes. The changes we initiated some months ago have culminated with the certification of our ISO 13485:2016 quality management system.

With a higher focus on the market, we have redefined our future product portfolio, to launch multiple IndiTreat® products for each cancer entity, covering different therapy decision-making points and thus expanding our market opportunity. We are proud of having engaged two global

leaders in gastrointestinal cancer for our Clinical Advisory Board, which is also a sign of the increasing interest in the oncology community to use IndiTreat® to improve the way cancer care is delivered today.

We are very confident we are on track to achieve our ambitious goals.

FINANCIAL HIGHLIGHTS

With a successful warrant subscription in May 2021, the cash position totals to SEK 79 million at the end of Q2 2021 and 2cureX continues to hold a strong financial position that can support the activities and growth ambitions of the current plans.

	Q2 2021	Q2 2020	Q1-Q2 2021	Q1-Q2 2020	2020
(KSEK) if not stated otherwise	1/4-30/6	1/4-30/6	1/1-30/6	1/1-30/6	1/1-31/12
Net sales	0	0	0	0	0
Other operating income	469	3 408	4 319	6 011	15 391
Profit before tax	-6 588	-3 568	-8 810	-4 797	-8 591
Earnings per share*	-0,35	-0,25	-0,48	-0,34	-0,54
Equity ratio**	94%	71%	94%	71%	93%
Cash and bank	78 913	30 070	78 913	30 070	58 577
Average number of shares	15 814 176	12 420 000	15 338 033	12 420 000	13 604 775
No. of shares by the end of the period	17 287 516	12 420 000	17 287 516	12 420 000	14 856 600

*Earnings per share: Profit for the period divided by the average number of shares.

**Equity ratio: Shareholder's equity divided by total capital.

2

2CUREX

INTERIM REPORT Q2 2021 SIGNIFICANT EVENTS

SIGNIFICANT EVENTS IN FIRST HALF OF 2021

2021 JAN

2cureX appoints Fernando Andreu, an international Biotech executive, as new CEO

The last patient had been treated in 2cureX's interventional clinical trial (TICC) in metastatic colorectal cancer

2cureX appoints Kenneth Graabek Johansen, an experienced business and financial executive, as new CFO

FEB

IndiTreat® selected to prestigious multinational ovarian cancer project (DECIDER)

MAY

Mangold Fondkommission

AB published an Analyst

Report on 2cureX

Warrants of series TO1 were subscribed to approximately 96.75 percent and 2cureX AB receives approximately SEK 31.40 million.

2cureX appoints 2 new VP's to accelerate the commercial efforts

The clinical TICC trial met its primary endpoint

APR

MAR

The exercise price for warrants of series TO1 determined to SEK 13.22

Board and management of 2cureX exercise all held warrants of series TO1 for SEK 6.04 million

2cureX's CEO Fernando Andreu is buying shares in the company

JUNE		EVENTS AFTER THE PERIOD		JULY		AUG
						2cureX appoints Dr. John L. Marshall
	2cureX receives its ISO 13485:2016
	certification, an important milestone in			and Dr. Jesús García-Foncillas as new
the company's efforts towards bringing			Clinical Advisors, both internationally
3D-microtumors to routine clinical practice.			and highly recognized oncologists.
						2cureX announces in press release,
						that it is now able to predict response
				to anti-angiogenic drugs with a modified
						version of its IndiTreat® technology

FOR MORE INFORMATION PLEASE CONTACT:

Fernando Andreu, CEO

Mail: [e-mail]

Mobile: [phone]

Ole Thastrup, CSO

Mail: [e-mail]

Mobile: [phone]

www.2curex.com

3

2CUREX

INTERIM REPORT Q2 2021 CEO LETTER

EXPEDITED TRANSFORMATION ON MULTIPLE FRONTS

Q2 2021 has been a period of intense activity and important changes at 2cureX. The presentation of the TICC results by the Principal Investigator at Vejle University Hospital, followed by the full communication at the ASCO conferen- ce, was the basis to discuss the use of our IndiTreat® mCRC 3rd line test with hospitals and oncologists across Europe. These discussions confirmed that IndiTreat® is seen as a tool that will transform Precision Oncology. Leading hospitals in different countries already intend to use the test in clinical practice, and we are sorting out the often-complex administrative steps to make it available to them.

ACCELERATING EUROPEAN ROLLOUT

To speed up the European rollout it's important to have local partners. Introducing IndiTreat® to new hospitals every day, negotiating terms and conditions, arranging the sample logistics and adapting to local rules and regulations require strong infrastructure in each country. Consequently, in parallel to our direct interaction with potential customers, we have accelerated the expansion of our distributor network. We are already in advanced discussions with high profile distributors in six European countries, that will add to our current partnerships in Nordics, Portugal and Bulgaria. It is of note that the publication of the TICC results has given us access to the strongest distributors in every country, a key factor for success.

STRENGTHENING OUR COMMERCIAL LEADERSHIP

The prioritization of our geographic expansion required a change in our commercial leadership, and we were able to announce at the end of the quarter that two very experienced professionals, Pia van der Zee and Jesper Floyd Kristiansen, joined 2cureX as VP Marketing and VP Business Development respectively. Both have a proven track record in building and running distribution networks in our indu- stry, and their immediate focus is the fast rollout of IndiTreat® mCRC 3L in the different countries. It has been a pleasure welcoming Pia and Jesper to our Management Team.

SOLID INTERNAL OPERATIONS ISO CERTIFIED

On the internal front, very relevant changes took place in Q2. The adaptation of our organization and processes to the ISO 13485:2016 standard, and its certification by Bureau Veritas Certification Denmark has a deep meaning and implications. This standard covers not only general business

processes, but is specially focused in Medical Device design, development and manufacturing. The certification is much more than a compliance milestone. It is the culmination of months of silent work redefining our internal operations to give ourselves a solid basis for future growth.

MULTIPLE INDITREAT® PRODUCTS

FOR EACH CANCER ENTITY

Another important change has been the re-definition and re-focusing of our product portfolio. Until recently, we defined our products based on cancer entities, e.g.: Indi- Treat® colorectal (CRC), IndiTreat® Ovarian, IndiTreat® Pan- creas. In our conversations with oncology professionals, we identified the opportunity to have more than one product in each of these cancer entities. You can read the details in a dedicated section in this report, but the consequences of this new approach are enormous. We have already identified up to six different IndiTreat® tests that we can develop (with important cost synergies among them) in the area of CRC only. There are obvious commercial synergies as well, since we will be promoting all those products to the same oncology groups, gastro-intestinal (GI) oncologists.

From a market potential perspective, this approach means a patient can be tested with IndiTreat® multiple times instead

4

2CUREX

INTERIM REPORT Q2 2021 CEO LETTER

of only once. We are therefore prioritizing in our development efforts the different CRC tests, and in a second step, other GI cancers such as Pancreatic cancer. Speaking of Pancreatic cancer, the presentation of our feasibility results at the ESMO GI conference in June was the highlight of our scientific communication in this quarter.

ENGAGING TOP GASTROINTESTINAL ONCOLOGISTS FOR OUR CLINICAL ADVISORY BOARD

The definition of our product portfolio needs to be supported with solid insights on a fast-evolving market environ- ment. The therapeutic options that oncologists have are constantly increasing, making their choices more complex. 2cureX products are conceived to help the oncologist cope with this complexity, and this means we need to be always up to date of the latest changes and developments. In

this context, the engagement of two leading international oncologists as Dr. Jesús García-Foncillas from Fresenius - Fundación Jimenez Diaz (Madrid) and Dr. John Marshall from Georgetown University Hospital (Washington DC) is highly important. Both of them are top GI specialists, and their input and support ensure IndiTreat® products will focus in relevant and true unmet clinical needs.

INDITREAT® FULFILLS A VAST UNMET CLINICAL NEED

In summary, in Q2 we laid the basis for the fast commercial rollout of our first product - IndiTreat® mCRC 3L - but also for the solid development of a full portfolio of products within the space of GI cancers. We have also confirmed the interest from oncologists for our IndiTreat® products.

Currently, 2.5 Bn USD are spent worldwide every year in In Vitro Diagnostic tests to guide oncology therapy decisions, but these tests are only suitable for approximately one third of all cancer patients. For the remaining two thirds, decisions are made without a good prediction of whether the selected therapy will work for them or not, often exposing patients to ineffective treatments with terrible side effects. This is the unmet clinical need that IndiTreat® tests can fulfill, and we remain confident that we are covering all the steps to realize that vision. We are very grateful to our shareholders for their continued support in this endeavor that will change the way how oncology is practiced today.

Fernando Andreu, CEO

August 26th 2021

2CUREX IN BRIEF

The key product of 2cureX is the IndiTreat® test, which allows the physician to identify the most efficient medical treatment for a particular cancer patient.

For more details see 2cureX's website at

www.2curex.com

5