Hofseth Biocare ASA: Result of the Subsequent Offering

Reference is made to the stock exchange notice from Hofseth BioCare ASA (the "Company" or "HBC") published on 7 December 2020 regarding commencement of the subscription period in a subsequent offering with gross proceeds of up to NOK 40 million directed towards eligible shareholders of the Company (the "Subsequent Offering"). The Subsequent Offering consisted of an offer of minimum 1 and maximum 4,938,271 new shares (each an "Offer Share") in the Company.

The subscription period for the Subsequent Offering ended on 18 December 2020 at 16:30 hours (CET). The subscription price in the Subsequent Offering was NOK 8.10 per Offer Share.
At the end of the subscription period, the Company and the Manager has received eligible subscriptions for a total of 2,930,671 Offer Shares out of 4,938,271 Offer Shares available.

The Board of Directors of HBC has approved the final allocation of Offer Shares based on the allocation criteria resolved by the Company's general meeting on 11 November 2020 and has allocated 2,930,671 Offer Shares to the subscribers. A total of 1,271,239 Offer Shares have been allocated on the basis of exercised subscription rights and 1,659,432 Offer Shares have been allocated to subscribers on the basis of oversubscription. The Subsequent Offering raised gross proceeds of approx. NOK 23.7 million.

Notifications of allocation in the Subsequent Offering are expected to be issued on 21 December 2020. The due date for payment of allocated Offer Shares is on 22 December 2020. Delivery of the Offer Shares is expected to take place on or about 30 December 2020, through the facilities of VPS. Trading in the Offer Shares on Oslo Børs is expected to commence on or about 30 December 2020.

Pareto Securities AS has acted as manager for the Subsequent Offering.

For further information, please contact:

Jon Olav Ødegård, CFO at Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that develops high-value ingredients and finished products currently targeting the consumer health market. Research is ongoing to identify the individual elements within the products that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and
pre-clinical candidates are in development for the protection of the Gastro-Intestinal (GI) system against inflammation, including ulcerative colitis and the orphan condition necrotising enterocolitis, as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia, all using peptide fractions of Salmon Protein Hydrolysate. Preclinical trial work with the
oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID.

The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and collagen-calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Menlo Park and Tokyo. HBC is listed on Oslo Børs with ticker "HBC". More information about Hofseth BioCare at hofsethbiocare.com and facebook.com/hofsethbiocare

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act