Evaxion announces promising clinical data for DNA-based personalized cancer immunotherapy EVX-02: Phase 1/2a trial met both primary and secondary endpoints - All 10 patients with late stage melanoma who completed EVX-02

Evaxion announces promising clinical data for DNA-based personalized

cancer immunotherapy EVX-02: Phase 1/2a trial met both primary and secondary endpoints

Copenhagen, Denmark, April 18, 2023 (GLOBE NEWSWIRE)

- Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company

specializing in the development of AI-powered immunotherapies, today presented promising clinical data from its Phase 1/2a first-in-human

study of its DNA-based personalized cancer immunotherapy, EVX-02 in combination with the checkpoint inhibitor nivolumab. Data were presented

in the Late Breaking Research: Clinical Research 2 session at the 2023 AACR (American Association for Cancer Research) meeting in Orlando,

The study, in patients with resected melanoma, showed that:

"We are extremely happy to share the positive clinical data

from our Phase 1/2a EVX-02 study at AACR. We met both our primary endpoints on safety, tolerability and immunogenicity and our secondary

endpoint on clinical efficacy. With all 10 patients who completed the EVX-02 treatment being relapse-free during the trial and with robust

and treatment-specific immune responses, we see clear signs of a protective cancer vaccination effect", said Per Norl n,

Chief Executive Officer of Evaxion. "The EVX-02 data affirm our ability to select the right neoantigens, matched to the cancer

of each patient, and provide further validation of our AI platform PIONEERTM. They also support our plan to fast track our

next-generation DNA-based personalized cancer immunotherapy, EVX-03, to the clinic in Q4."

About the Phase 1/2a Study with EVX-02

The open-label, single-arm, multi-center Phase 1/2a study (NCT04455503)

was designed to evaluate the combination of EVX-02 plus nivolumab in

patients who had undergone complete surgical resection of late stage melanoma and were at high risk for recurrence. The primary objectives

of the 12-month study were to assess the safety, tolerability and immunogenicity of EVX-02 plus nivolumab. In addition, the study was

intended to evaluate relapse free survival. Evaxion reported initial, interim safety and immunogenicity data from the first 8

patients in the study in November 2022.

Evaxion Biotech A/S is a clinical-stage biotech company developing

AI-powered immunotherapies. Evaxion's proprietary and scalable AI technologies decode the human immune system to discover and develop

novel immunotherapies for cancer, bacterial diseases, and viral infections. Evaxion has a broad pipeline of product candidates, including

three personalized cancer immunotherapies. The company is located in H rsholm, Denmark, and is listed on the Nasdaq New York stock

exchange. For more information, please visit: www.evaxion-biotech.com.

For more information

Source: Evaxion Biotech

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any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of

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our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including

inflation, and the effects on our business from the worldwide COVID-19 pandemic and the ongoing conflict in the region surrounding Ukraine

and Russia; and other uncertainties affecting our business operations and financial condition. For a further discussion of these

risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with

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do not assume any obligation to update any forward-looking statements except as required by law.