Dear shareholders and stakeholders in iCoat Medical AB,

I am writing to wish our new shareholders a warm welcome to iCoat Medical and to provide you all with a brief business update about iCoat Medical’s operations. It’s a busy time for us and we are all very grateful for your support, together we will help a significant number of future patients to a better life!

iCoat Medical’s coworkers are working hard to deliver on our business plan which has previously been presented to you all. Several milestones will be achieved during 2021 and next year we will further accelerate our preparations towards the intended IPO on Nasdaq First North Premier. In the meantime, iCoat Medical’s Investor Relation function will gradually be expanded and you will find a continuous information flow in this section and on the website’s main page (www.icoatmedical.com).

Our investment bank ABG Sundal Collier, which has been our advisor during the Pre-IPO Private Placement during the spring, is currently converting the prepaid underwritten shares and are transferring the newly issued common stocks to all shareholders.

The global Covid-19 pandemic continues to affect all industries, including iCoat Medical’s. We are noticing general constraints and delays among different drug producers and suppliers but so far, iCoat Medical has not been impacted in any major way. However, we continue to monitor the global development and have different contingency plans in place to mitigate potential future concerns.

Our organization continues to grow according to plan as we are approaching the start of our First In Human – trial and we have been fortunate to be able to recruit several key personnel with extensive regulatory and clinical experiences. Together with a few additional positions that we will fill over the next six months, I am confident that we have a complete organization for the coming 18 months.

Finally, I just wish to thank you all once again for supporting iCoat Medical in our journey. Kidney diseases are a vast and serious medical issue but by enabling more transplantations with a better outcome, iCoat Medical will contribute to a significantly improved future situation, both for individual patients and societies as a whole!

Kind Regards,

Peder Waern, CEO – iCoat Medical AB