• Incubated and supported by Denmark’s largest biotech investors, Lundbeckfonden and Novo Holdings

• Lundbeckfonden co-led the Series A financing in 2015 together with Novo Holdings, and is the largest shareholder

• Novo Holdings created and launched IO Biotech with first seed investment in 2015

Copenhagen, Denmark – 9 November 2021 – Novo Holdings, a leading international life science investor, and Lundbeckfonden, one of Denmark’s largest commercial foundations funding biomedical sciences research, today note the update from portfolio company IO Biotech Inc. (“IO Biotech”), a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win® technology platform.  IO Biotech announced the closing of its Initial Public Offering (IPO) of 8,222,500 shares of common stock at a public offering price of $14.00 per share, for gross proceeds of $115.1 million, after deducting underwriting discounts and offering expenses. The shares are trading on the Nasdaq Global Market under the ticker symbol “IOBT.”

IO Biotech was created and launched by Novo Seeds, the early-stage investment and company creation team of Novo Holdings, in January 2015. Lundbeckfonden Emerge and Novo Seeds co-led the Series A financing in December 2015, and following the Series B in January 2021, Lundbeckfonden Emerge became the Company’s largest shareholder. Both funds worked closely with the founders to develop a commercially attractive business plan to maximise the potential of IO Biotech’s promising T-win technology platform. Emmanuelle Coutanceau, Partner at Novo Seeds and Christian Elling, Managing Partner of the Lundbeckfonden Emerge are Directors on the IO Biotech Board.

Christian Elling, Managing Partner of the Lundbeckfonden Emerge and IO Biotech Board Member, said: “We congratulate the IO Biotech team on today’s news. As incubators of highly promising Danish biotech start-ups, it is a great pleasure for Lundbeckfonden Emerge, together with the high calibre investor syndicate including our Danish partners, Novo Seeds and Sunstone Life Science Ventures, to continue this collaborative journey on the Nasdaq Global Market with IO Biotech. IO Biotech represents an example of the ambition of Lundbeckfonden to create and support new leading healthcare companies at the frontiers of their fields as part of our 2030-strategy “Bringing Discoveries to Lives”. It is our sincere hope that IO Biotech’s product candidates will one day offer new treatments to patients in need, and we believe the talented team behind IO Biotech led by CEO Mai-Britt Zocca can deliver this.”

Emmanuelle Coutanceau, Partner at Novo Seeds and IO Biotech Board Member, stated: “We are very proud of IO Biotech’s accomplishments to date and congratulate the high-calibre team on such an important milestone. As the original incubator and first investor in IO Biotech, we put in place the key building blocks to enable it to grow and have remained a strong and influential investor throughout the Company’s development. For Novo Seeds, it represents another example of our company creation efforts, identifying and building world class companies that are developing innovative treatments for patients with unmet medical needs.”

For more information please contact:

Optimum Strategic Communications

Hollie Vile, Manel Mateus, Vici Rabbetts

Tel: +44 (0) 208 078 4357

Email: novo@optimumcomms.com

Lundbeck Foundation

Jesper Sloth Møller

Head of Media Relations

Tel: +45 2233 8601

Email: jsm@lundbeckfonden.com