Press Release Oncology Venture Plans Name Change to Allarity Therapeutics and Board Restructuring to Align with Current Company Strategy

Hørsholm, Denmark (21 September 2020) – Oncology Venture A/S (“OV”) today announced that it will change its company name to Allarity Therapeutics (“Allarity” or the “Company”) and will significantly restructure its Board of Directors to align with the company’s current and long-term strategy. Both the proposed name change and appointment of new Board members are subject to approval of shareholders at the upcoming Extraordinary General Meeting (EGM) planned to be convened on 7 October 2020.

Following the proposed restructuring, Allarity’s Board of Directors will comprise five members, including existing Directors Mr. Steve Carchedi (CEO), Mr. Duncan Moore (Chairman), and Dr. Magnus Persson, and new members in both the U.S. and Scandinavia, including Mr. Søren Gade (a current member of European Parliament and former Minister of Defense in Denmark) and Ms. Gail Maderis (current CEO of Antiva Biosciences, Inc., Board member of Valitor, Inc., and former CEO of Five Prime Therapeutics, Inc.). New Board members will receive warrants in the Company as part of their compensation package.

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