Ultimovacs has announced a plan to optimize its business operations to support the continuous advancement of UV1 and long-term business growth.

“We remain dedicated to our investigation of the potential impact of UV1 vaccine across several cancer indications and immunotherapy combinations, and we are prepared for both challenges and accomplishments along the way. We anticipate potential growth catalysts both in 2024 and 2025,” says Carlos de Sousa, CEO at Ultimovacs. “Our objective is to create value for both patients and our shareholders while safeguarding the financial stability of the company. Aligning with this goal requires us to reduce the level of activity and make prioritization adjustments, including reducing our workforce. I wish to thank the departing employees for their incredible dedication to helping cancer patients and for their contribution to our mission.”

Aligning with this goal requires us to reduce the level of activity and make prioritization adjustments, including reducing our workforce. I wish to thank the departing employees for their incredible dedication to helping cancer patients and for their contribution to our mission.”

The operational adjustments enable an extension of the financial runway to the fourth quarter of 2025, beyond the anticipated topline readout from the Phase II DOVACC trial. Based on current plans and forecasts, the cash burn rate is estimated to be approximately NOK 15 million per quarter towards the end of 2025, prior to the initiation of potential new activities towards new clinical trials or other projects.

Photo of Carlos de Sousa: Ultimovacs