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Arix Bioscience plc

Pyxis Oncology prices Nasdaq IPO

LONDON, 8 October 2021: Arix Bioscience plc (LSE: ARIX, "Arix"), a global venture capital company focused on investing in and building breakthrough biotech companies, today notes that its portfolio company, Pyxis Oncology, Inc., ("Pyxis"), has announced the pricing of its initial public offering of 10,500,000 shares of common stock at a public offering price of $16.00 per share for aggregate gross proceeds of $167.2m million. In addition, Pyxis has granted the underwriters an option for a period of 30 days to purchase up to 1,575,000 additional shares of common stock. All of the shares are being offered by Pyxis. Pyxis' common stock is expected to begin trading on the Nasdaq Global Market on 8 October 2021 under the ticker symbol "PYXS".

The IPO resulted in an £7.9million[1] (553p per share) increase in the value of Arix's existing holding in Pyxis, which was valued at £10.8 million at 30 June 2021. Mark Chin, Arix Managing Director, will continue to serve on Pyxis' board.

A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission. This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

[ENDS]

Enquiries

For more information on Arix, please contact:

Arix Bioscience plc

+44 (0)20 7290 1050

ir@arixbioscience.com

Optimum Strategic Communications

Mary Clark, Manel Mateus

+44 (0)20 8078 4357

optimum.arix@optimumcomms.com

About Arix Bioscience plc

Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting edge advances in life sciences. We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors.

About Pyxis Oncology, Inc.

Pyxis Oncology, Inc. is a preclinical oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients. Pyxis develops its product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Since its launch in 2019, Pyxis has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates, and monoclonal antibody, or mAb, preclinical discovery programs that it is developing as monotherapies and in combination with other therapies.

[] At exchange rate on 7 October 2021

[2] Cash cost of Arix at prevailing exchange rate at time of investment