Hofseth Biocare ASA: STRENGTHENS R&D FUNCTION WITH THE HIRING OF DR. ERLAND HERMANSEN AS MEDICAL DIRECTOR FOR CLINICAL DEVELOPMENT

Dr. Hermansen is a qualified Orthopaedic surgeon based in Alesund, Norway where he was Head of the Surgical department Ålesund Hospital, Møre and Romsdal Hospital Trust. He has extensive experience in reconstructive joint and spine surgery combined with large scale clinical trial work including his role as Project administrator for the 1,000 patient NORDSTEN-study for the surgical management of spinal stenosis.

Along with his medical qualifications Dr. Hermansen holds a PhD from The University of Bergen which assessed different surgical approaches for lumbar spinal stenosis.

Dr. Hermansen's deep understanding of the musculoskeletal system and clinical trial delivery makes him ideal for the role of Medical Director for Clinical Development at HBC. HBC’s marine bone powder CalGo® is set to enter clinical development following preclinical work which has shown marked differentiation from other forms of calcium replacement, both for bone mass and strength. In addition to the planned work in bone health (osteoporosis) and joint health (osteoarthritis). Dr. Hermansen is excited by the potential for CalGo® in other orthopaedic settings and preclinical work in these areas is set to commence imminently.

Osteoporosis is estimated to affect 200 million women globally and osteoarthritis an estimated 250 million individuals globally. CalGo® provides all the key elements of healthy bone: type II collagen, calcium hydroxyapaptite (the natural form of bone calcium) and trace elements. HBC believes that it is essential to provide all these key building blocks to provide the greatest impact on both improving and maintaining bone and joint health. As such, HBC is highly focused on the timely delivery of clinical data for CalGo® to demonstrate these important benefits and the hiring of Dr. Hermansen is pivotal for this effort.

Also, Dr. Hermansen has today indirectly purchased 400,000 shares in HBC at NOK 8.74, equal to the closing price on Tuesday 25 August 2020, through a 3.64 % shareholding in Brilliant Invest AS. For further information about Brilliant Invest AS and its HBC shareholdings, please see https://newsweb.oslobors.no/message/485842

For further information, please contact:

Dr. Crawford Currie, Medical R&D at Hofseth BioCare ASA
Phone: +44 7968 195497
E-mail: cc@hofsethbiocare.no

James Berger, Head of Investor Relations & Strategy at Hofseth BioCare ASA
Phone: +41 79 950 1034
E-mail: jb@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBC's objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.

Hofseth BioCare's headquarters are located in Ålesund, Norway with branches in Oslo, Chicago, Menlo Park, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange Axess list with ticker "HBC". More information about Hofseth BioCare at www.hofsethbiocare.com and www.facebook.com/hofsethbiocare