Evaxion Biotech Wins Frost & Sullivan 2021 Enabling Technology Leadership Award

• Recognizes achievements in AI-enabled drug discovery
• Highlights how Evaxion’s platforms help to design novel immunotherapies efficiently

COPENHAGEN, Denmark, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today it has been awarded this year's Enabling Technology Leadership Award in the artificial intelligence-enabled drug discovery industry by global research and consulting firm Frost & Sullivan. The award recognizes Evaxion's pioneering spirit towards cutting-edge technology and data-driven decision-making.

Lars Wegner, CEO of Evaxion, said: "We are honored to receive this prestigious award from Frost & Sullivan and I am very proud of the hard work and commitment of the whole Evaxion team in advancing our vision for better global health. We believe that through our deep understanding of the immune system and our AI-capabilities, we can redefine the discovery and development of immunotherapies and impact the lives of patients."

Frost & Sullivan analysts highlighted how Evaxion's proprietary AI-immunology platforms, PIONEER™, EDEN™, and RAVEN™, translate data helping to create a deeper understanding of the human immune system to rapidly design novel immunotherapies more efficiently.

Darrell Huntsman, CEO of Frost & Sullivan, said: "We identify companies that consistently develop growth strategies based on a visionary understanding of the future, and thus more effectively address new challenges and opportunities. Evaxion sets an impressive benchmark to follow in the AI-enabled drug discovery space and will continue to push boundaries in the years to come, and we are pleased to recognize the company for its valuable achievements."

About Evaxion
Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

For more information
Evaxion	LifeSci Advisors LLC
Glenn S. Vraniak	Corey Davis, Ph.D.
Chief Financial Officer	Managing Director
gvr@evaxion-biotech.com	cdavis@lifesciadvisors.com
+1 (513) 476-2669	212-915-2577

Source: Evaxion Biotech

Forward-looking statement

This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company’s future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning or the negative thereof. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including but not limited to: risks associated with the Company’s financial condition and need for additional capital; risks associated with the Company’s development work; cost and success of the Company’s product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company’s AI platform technology, including the rate and degree of market acceptance of the Company’s product candidates; risks related to the Company’s dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company’s inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company’s intellectual property rights; risks related to employee matters and managing growth; risks related to the Company’s ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19 and other risks and uncertainties affecting the Company’s business operations and financial condition.

Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company’s business in general, see the risks described in the “Risk Factors” section included in the Company’s Form 20-F for the year ended December 31, 2020 and the Company’s other reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.