Hofseth Biocare ASA: CHAIR KRISTIN FJELLBY GRUNG STEPS DOWN

Kristin Fjellby Grung, Chair of the Board of Hofseth BioCare ASA, has informed the Board of Directors that she will resign from the position on 31 March 2024, as she will assume a position as judge in the District Court of Møre and Romsdal and will therefore not be able to continue to serve in the position as Chair of the Board.

Grung has been a member of the Board of Directors since December 2020, and assumed the position as Chair in April 2022. The Board would like to thank Grung for her services for Hofseth BioCare in this period.

Appointment of a new Chair of the Board will be proposed to the Company's annual general meeting, to be held on 10 May 2024. In the interim period, Roger Hofseth will function as the Chair of the Board of Directors.

For further information, please contact:
Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads.  Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").

Other leads are focused on using the Company's bioactive peptides as a Medical Food   for the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis). The Company is founded on the core values of sustainability, optimal   utilization of natural resources and full traceability.  Through innovative and patent protected hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.

HBC's headquarters are in Ålesund, Norway with offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.