Century Therapeutics Receives Study May Proceed Notification from FDA for CNTY-101, the First Allogeneic Cell Therapy Product Candidate Engineered to Overcome Three Major Pathways of Host vs Graft Rejection - Investigati

Century Therapeutics Receives Study May Proceed

Notification from FDA for CNTY-101, the First Allogeneic Cell Therapy Product Candidate Engineered to Overcome Three Major Pathways of

Host vs Graft Rejection

- Investigational New Drug Application for

CNTY-101, a CAR-iNK product candidate targeting CD19 for B-cell malignancies, cleared by FDA -

- First cell product candidate engineered with

six precision gene edits including a CD19-CAR, Allo-EvasionTM technology, IL-15 cytokine support and a safety switch

- Phase 1 ELiPSE-1 trial evaluating CNTY-101

in relapsed or refractory CD19 positive B-cell malignancies anticipated to begin in 2H22 -

PHILADELPHIA, August 25, 2022 -- Century Therapeutics, Inc.,

(NASDAQ: IPSC), an innovative biotechnology company developing induced pluripotent stem cell (iPSC)-derived cell therapies in immuno-oncology,

announced today that the company has been notified by the U.S. Food and Drug Administration (FDA) that the Company's ELiPSE-1 clinical

study may proceed to assess CNTY-101 in patients with relapsed or refractory CD19 positive B-cell malignancies. CNTY-101 is the first

allogeneic cell therapy product candidate engineered with four powerful and complementary functionalities, including a CD19 CAR for tumor

targeting, IL-15 support for enhanced persistence, Allo-EvasionTM technology to prevent host rejection and enhance persistence

and a safety switch to provide the option to eliminate the drug product if ever necessary. CNTY-101 is manufactured from a clonal iPSC

master cell bank that yields homogeneous product, in which all infused cells have the intended modifications.

"This IND clearance is a significant milestone for Century as

we execute on our vision to merge two disruptive platforms, precision gene editing and the powerful potential of iPSCs, to potentially

move the allogeneic cell therapy field forward, and continue on our path to becoming a leader in the space," said Lalo Flores,

Chief Executive Officer, Century Therapeutics. "We believe that CNTY-101, our first and wholly owned product candidate, will be

the most technically advanced and differentiated CD19-targeted cell product when it enters the clinic, which is anticipated to occur

later this year. We look forward to assessing the potential of Allo-EvasionTM to prevent immunological rejection and enhance

persistence of multiple dosing of CNTY-101 regimens with the aim to increase the proportion of patients that achieve durable responses."

"CNTY-101 is the first allogeneic cell product candidate with

six genetic modifications incorporated using sequential rounds of CRISPR-mediated homologous recombination and repair that has received

IND clearance by the FDA," said Luis Borges, Chief Scientific Officer, Century Therapeutics. "We believe CNTY-101 will demonstrate

the power of Century's iPSC technology and cell engineering technology platforms. This accomplishment is a testament to the expertise

and dedication of our team as we continue to make progress developing our pipeline of iPSC-derived NK and T cell product candidates."

The Phase 1 trial, ELiPSE-1 (NCT05336409), is intended to assess

the safety, tolerability, pharmacokinetics and preliminary efficacy of CNTY-101 in patients with relapsed or refractory CD19-positive

B-cell malignancies. All patients will receive an initial standard dose of conditioning chemotherapy consisting of cyclophosphamide (300

mg/m2) and fludarabine (30mg/m2) for 3 days. Schedule A of the trial includes a single-dose escalation of CNTY-101 and subcutaneous IL-2.

Schedule B will evaluate a three-dose schedule per cycle of CNTY-101. Patients who demonstrate a clinical benefit are eligible for additional

cycles of treatment with or without additional lymphodepletion pending FDA consent. We anticipate initiation of the Phase 1 trial later

About Allo-EvasionTM

Century's proprietary Allo-EvasionTM technology is

used to engineer cell therapy product candidates with the potential to evade identification by the host immune system so they can be

dosed multiple times without rejection, enabling increased persistence of the cells during the treatment period and potentially leading

to deeper and more durable responses. More specifically, Allo-EvasionTM 1.0 technology incorporates three gene edits designed

to avoid recognition by patient/host CD8+ T cells, CD4+ T cells and NK cells. Knockout of beta-2-microglobulin or 2m, designed

to prevent CD8+ T cell recognition, knock-out of the Class II Major Histocompatibility Complex Transactivator, or CIITA, designed

to prevent CD4+ T cell recognition, and knock-in of the HLA-E gene, designed to enable higher expression of the HLA-E protein to prevent

killing of CNTY-101 cells by host NK cells. Allo-EvasionTM technology may allow the implementation of more flexible and effective

repeat dosing protocols for off-the-shelf product candidates.

CNTY-101 is an investigational off-the-shelf cancer immunotherapy

product candidate that utilizes iPSC-derived natural killer (NK) cells with a CD19-directed chimeric antigen receptor (CAR) and includes

Century's core Allo-EvasionTM edits designed to overcome the three major pathways of host versus graft rejection - CD8+

T cells, CD4+ T cells and NK cells. In addition, the product candidate is engineered to express IL-15 to provide homeostatic cytokine

support, which has been shown pre-clinically to improve functionality and persistence. Further, to potentially improve safety, the iNK

cells were engineered with an EGFR safety switch, and proof-of-concept studies have demonstrated that the cells can be quickly eliminated

by the administration of cetuximab, an antibody against EGFR approved by the U.S. Food and Drug Administration (FDA) for certain cancers.

Initiation of the Phase 1, ELiPSE-1 trial in relapsed or refractory CD19-positive B-cell malignancies in multiple centers in the United

States is anticipated to begin in the second half of 2022.

About Century Therapeutics

Century Therapeutics, Inc. (NASDAQ: IPSC) is harnessing the power

of adult stem cells to develop curative cell therapy products for cancer that we believe will allow us to overcome the limitations of

first-generation cell therapies. Our genetically engineered, iPSC-derived iNK and iT cell product candidates are designed to specifically

target hematologic and solid tumor cancers. We are leveraging our expertise in cellular reprogramming, genetic engineering, and manufacturing

to develop therapies with the potential to overcome many of the challenges inherent to cell therapy and provide a significant advantage

over existing cell therapy technologies. We believe our commitment to developing off-the-shelf cell therapies will expand

patient access and provide an unparalleled opportunity to advance the course of cancer care. For more information on Century Therapeutics

please visit https://www.centurytx.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the

meaning of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of 1995. All statements

contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions,

including but not limited to, statements regarding our clinical development plans and timelines are forward-looking statements. These

statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance,

or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking

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financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and

are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are

beyond our control, including, among others: our ability to successfully advance our current and future product candidates through development

activities, preclinical studies, and clinical trials; our ability to obtain FDA acceptance for our future IND submissions and commence

clinical trials on expected timelines, or at all; our reliance on the maintenance of certain key collaborative relationships for the

manufacturing and development of our product candidates; the timing, scope and likelihood of regulatory filings and approvals, including

final regulatory approval of our product candidates; the impact of the COVID-19 pandemic, geopolitical issues and inflation on our business

and operations, supply chain and labor force; the performance of third parties in connection with the development of our product candidates,

including third parties conducting our future clinical trials as well as third-party suppliers and manufacturers; our ability to successfully

commercialize our product candidates and develop sales and marketing capabilities, if our product candidates are approved; and our ability

to maintain and successfully enforce adequate intellectual property protection. These and other risks and uncertainties are described

more fully in the "Risk Factors" section of our most recent filings with the Securities and Exchange Commission and available

at www.sec.gov. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances

reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected

in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge

from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required

by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of

any new information, future events, changed circumstances or otherwise.

For More Information:

Company: Elizabeth Krutoholow - investor.relations@centurytx.com

Investors: Melissa Forst/Maghan Meyers - century@argotpartners.com

Media: Joshua R. Mansbach - century@argotpartners.com