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2016-10-24

FIT Biotech Oy: Tekes issues a decision on the company's rectification request related to Tekes's claim to capital loan related to the FIT Biotech HIV vaccine p

FIT BIOTECH OY
Company release

October 24, 2016 at 17.15 pm EET Tekes issues a decision on the company's rectification request related to
Tekes's claim to capital loan related to the FIT Biotech HIV vaccine project
in 2009-2010

According to FIT Biotech's company release of June 22,2016, Tekes (the Finnish
Funding Agency for Innovation) had reclaimed part of FIT Biotech's
Development of HIV vaccine project costs consisting of salaries, indirect
employee expenses and overhead expenses which were earlier partly converted
to grant. As announced, FIT Biotech submitted a rectification request on June
30, 2016 to which Tekes submitted an announcement of decision according to
which company's rectification request had been partially accepted.

In the abovementioned decision Tekes stated that patent expenses of 273.393
euros reported to the Development of HIV vaccine project are to be re-visited
to assess whether they are totally or partially acceptable.

In accordance with the decision submitted today to the company, Tekes reclaims
the excess paid capital loan amounting to 98.627,20 euros with interest as of
18.3.2011. Based on the processed and partially accepted rectification
request Tekes has accepted costs totaling to 4.536.246,90 euros. Of this,
Tekes's capital loan has been 70% totalling to 3.175.372,80 euros. The amount
of earlier withdrawn capital loan is 3.274.000 euros. Of this, Tekes is now
in accordance with their decision reclaiming 98.627,20 euros.

The decision can be appealed.

FIT BIOTECH OY

Further information:
Juha Vapaavuori
Chairman of the Board of Director
FIT Biotech Oy
Tel: +358 50 372 0824
E-mail: juha.vapaavuori@sitra.fi

Certified Advisor: Aalto Capital Partners Oy, Tel. +358 40 587 7000

FIT Biotech in brief
FIT Biotech Oy is a biotechnology company established in 1995 that develops
and licenses its patented GTU® (Gene Transport Unit) vector technology for
new-generation medical treatments. GTU® is a gene transport technology that
meets an important medical challenge in the usability of gene therapy and DNA
vaccines.

FIT Biotech applies GTU® technology in its drug development programmes.
Application areas include cancer (gene therapy) and infectious diseases such
as HIV and tuberculosis, as well as animal vaccines.

FIT Biotech shares are listed on the First North Finland market maintained by
Nasdaq Helsinki Oy.

DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.fitbiotech.com

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FIT Biotech Oy via Globenewswire

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