Berlin, Germany - NOXXON Pharma N.V. (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), announced the third amendment to its agreement with Atlas Special Opportunities, LLC (ASO) which increases and equilibrizes all remaining tranches to EUR1.08 million, adjusts the conversion conditions to those in the original agreement of April 2020 and allows NOXXON to draw two tranches with more flexible conditions starting in July 2022 .

'The objective of the amendment to the Atlas agreement is to address NOXXON's financing requirements to advance its programs as well as offer guaranteed funding amidst the challenging market conditions at present. These changes will also address the declining liquidity of the company's shares and to facilitate more orderly conversions so that we continue the transition of the capital structure in a more efficient direction,' commented Bryan Jennings, CFO of NOXXON. The convertible bond agreement with ASO, initially disclosed on April 23, 2020, and amended on October 14, 2020, and on December 29, 2021, has now been further amended to adjust the capacity to EUR20.52 million divided into nineteen equal tranches of EUR1.08 million, modify the conversion conditions back to those of the original agreement in April 2020, and provide for more flexible conditions on two drawdowns at NOXXON's discretion starting in July 2022.

The conversion price for conversion of outstanding convertible bonds to shares shall now be calculated by the average of any three daily VWAPs of the company's share selected from any of the 10 consecutive trading days preceding the receipt of the conversion notice ('Pricing Period'). The company and ASO additionally agree that following a recent issuance of convertible bonds on April 21, 2022, a next issuance of convertible bonds will not occur before July 1, 2022. The amendment also stipulates for the next two consecutive tranches of EUR1.08 million each, market liquidity and capitalization conditions are waived. The full characteristics, terms and conditions of the financing may be found in the April 23, 2020, October 14, 2020, and January 3, 2022 press releases pertaining to the agreement and the dilutive potential of this latest amendment in the Annex to this press release. NOXXON maintains an updated summary table of issued convertible bonds in the Investors' section of its website

Contact:

NOXXON Pharma N.V.

Aram Mangasarian, Ph.D.

Chief Executive Officer

Tel: +49 (0) 30 726247 0

E: amangasarian@noxxon.com

About NOXXON

NOXXON's oncology-focused pipeline acts on the tumor microenvironment (TME) and the cancer immunity cycle by breaking the tumor protection barrier and blocking tumor repair. By neutralizing chemokines in the TME, NOXXON's approach works in combination with other forms of treatment to weaken tumor defenses against the immune system and enable greater therapeutic impact. NOXXON's lead program NOX-A12 has delivered final top-line data from a Keytruda combination trial in metastatic colorectal and pancreatic cancer patients published at the ESMO conference in September 2020 and in July 2021 the company announced its Phase 2 study, OPTIMUS, to further evaluate safety and efficacy of NOX-A12 in combination with Merck's Keytruda and two different chemotherapy regimens as secondline therapy in patients with metastatic pancreatic cancer. NOXXON is also studying NOX-A12 in brain cancer in combination with radiotherapy which has been granted orphan drug status in the US and EU for the treatment of certain brain cancers. GLORIA, a trial of NOX-A12 in combination with radiotherapy in newly diagnosed brain cancer patients who will not benefit clinically from standard chemotherapy has delivered top-line data from all three dose-escalation cohorts showing consistent tumor reductions and objective tumor responses. Additionally, GLORIA has been expanded to assess the benefit of NOX-A12 with other treatment combinations, radiotherapy + bevacizumab and radiotherapy + pembrolizumab. The company's second clinical-stage asset NOX-E36 is a Phase 2 TME asset targeting the innate immune system. NOXXON plans to test NOX-E36 in patients with solid tumors. Further information can be found at: www.noxxon.com.

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