Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland, March 03^rd 2022

Spexis achieves first CARB-X milestone for its thanatin derivatives program and receives funding of up to USD 1.9 million to initiate lead optimization

Spexis AG (SIX: SPEX) announced today that it has been awarded the second part of its phased funding grant from CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator), the global partnership led by Boston University dedicated to supporting the development of antibacterial products to diagnose, prevent and treat drug-resistant infections. Spexis has received this award based upon the achievement of technical milestones within the previously announced CARB-X collaboration for this program. The award will support the continuation of the "thanatin derivatives program" belonging to Spexis' novel Outer Membrane Protein Targeting Antibiotic (OMPTA) class of antibiotics to potentially treat life-threatening infections caused by difficult-to-treat Gram-negative bacteria.

CARB-X has committed to provide Spexis with initial funding of up to USD 1.9 million to initiate lead optimization. Spexis will be eligible for a potential of up to USD 8.84 million in additional funds to nominate the preclinical candidate if project milestones are met, pending certain conditions.

"We are very pleased to have met the program objectives required to receive this important milestone grant, which allows us to take this program to the next phase of development together with our colleagues at CARB-X. This program targets Enterobacteriaceae, one of the most common families of life-threatening Gram-negative pathogens, including extremely drug resistant strains, and which are among the WHO priority-1 pathogens," said Jeff Wager, M.D., Chief Executive Officer of Spexis. "This award will ensure timely continuation of this important program, and we are grateful to CARB-X for their ongoing support and partnership."

The thanatin-derivative antibiotics discovered by Spexis and the University of Zurich are part of Spexis' new Outer Membrane Protein Targeting Antibiotic (OMPTA) class of antibiotics and target the lipopolysaccharide (LPS) transport protein A (LptA), a novel essential target in the LPS transport mechanism of Gram-negative bacteria.

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About Spexis
Spexis is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland focused on rare diseases and oncology. The current pipeline of the company is a combination of two legacy companies, Polyphor and EnBiotix, which merged in December 2021. The combined company has been renamed to Spexis AG and is trading on the SIX Swiss Exchange under the symbol SIX:SPEX. For further information please visit: www.spexisbio.com.

About CARB-X
CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator) is a global non-profit partnership dedicated to supporting early development antibacterial R&D to address the rising threat of drug-resistant bacteria. CARB-X is led by Boston University and funding is provided by the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) in the US Department of Health and Human Services; the Wellcome Trust, a global charity based in the UK working to improve health globally; Germany's Federal Ministry of Education and Research (BMBF); the UK Department of Health and Social Care's Global Antimicrobial Resistance Innovation Fund (GAMRIF) funded by the UK Government Department of Health and Social Care (DHSC); the Bill & Melinda Gates Foundation, and with in-kind support from National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health (NIH) within the US Department of Health and Human Services. CARB-X is investing up to US$480 million from 2016-2022 to support innovative therapeutics, preventatives and rapid diagnostics. CARB-X funds only projects that target drug-resistant bacteria highlighted on the CDC's Antibiotic Resistant Threats list, or the Priority Bacterial Pathogens list published by the WHO, with a priority on those pathogens deemed Serious or Urgent on the CDC list or Critical or High on the WHO list. CARB-X is headquartered at Boston University School of Law. https://carb-x.org/. Follow us on Twitter @CARB_X.

Disclaimer
This press release contains forward-looking statements which are based on current assumptions and forecasts of Spexis management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Spexis' results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Spexis disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This research is supported by CARB-X. CARB-X funding for this research is supported by the Cooperative Agreement Number IDSEP160030 from ASPR/BARDA and by awards from Wellcome Trust and Germany's Federal Ministry of Education and Research (BMBF). The contents are solely the responsibility of the authors and do not necessarily represent the official views of CARB-X or any of its funders.