Ovoca Bio not Affected by Sanctions against Russia;

The Board of Ovoca Bio, an international biopharmaceutical company focusing on women’s health, has issued a statement in response to events in Ukraine and Russia.

Ovoca is an Irish incorporated and headquartered company, whose shares are admitted to trading on the AIM Market of the London Stock Exchange and Euronext Growth Dublin. Ovoca has a international team and operations, with a presence in Ireland, the UK, Australia and Russia. Ovoca has no operations or activities in Ukraine, the company said in its press release.

Over 90% of Ovoca’s 2021 cashflow is international and originated outside of Russia. In 2021, 60% of the company’s operating cash flow fell under subsidiaries in Australia and Ireland – these entities are not exposed to Russia and are not materially affected by current events, the company said.

The Ovoca Bio group of companies has two subsidiaries registered in Russia:

· IVIX LLC, a subsidiary of Ovoca, which holds Russian Marketing Authorization and patents for Orenetide (BP-101) in the Russian market. IVIX LLC was accountable for only 10% of the total Ovoca operating cash flow in 2021. The IVIX R&D office is operating as usual.

· Comtrans LLC, a dormant Ovoca subsidiary, with no operations or assets.

Neither of the Ovoca subsidiaries registered in Russia are state or government-funded and are not currently subject to EU/US/International sanctions or restrictions. The company confirms that no member of the Board, management or its substantial shareholders are on the list of sanctioned individuals.

Ovoca’s current strong cash position with over US$ 9.5 million (in cash and cash equivalents) is held in UK, Irish and Australian banks, and supports the company in pursuing its ongoing and planned R&D activities throughout 2022. Ovoca also has a holding of 125,000 shares in Polymetal International PLC (“Polymetal”), a Jersey registered company, headquartered in Cyprus and quoted on the London Stock Exchange, the company said.