Palobiofarma and Medibiofarma open new headquarters in the AIN
building in Cordovilla, Spain

· The new facilities, of 200 square meters, consist of an office area next to a fully equipped medicinal chemistry laboratory. In this shared space, both companies will continue their respective research focused on the discovery of new drugs for the treatment of cancer and rare diseases.

· The opening of the new facilities has involved an investment of more than 300,000 euros and has also included the hiring of two new chemistry doctors. As a result, the combined workforce of both companies will increase from 30 to 32 highly trained and specialized staff.

· “The inauguration of this new laboratory reinforces the commitment acquired when we came to Pamplona in 2012, hand in hand with Sodena, to implement our pharmaceutical R&D base in Navarra,” explained Dr. Julio Castro (PhD), CEO of Palobiofarma. Pamplona-Iruña, February 27, 2025 – The Navarra biotechnology companies

Palobiofarma and Medibiofarma celebrated the inauguration of their new headquarters in the building of the Industry Association of Navarra (AIN), in Cordovilla, on Thursday. Specifically, this 200 square meter facility, in which they have invested more than 300,000 euros, consists of a 50 square meter office area and a 150 square meter, fully equipped medical chemistry laboratory. In the latter, both companies will continue with their respective research “focused on the discovery of new drugs for the treatment of cancer and rare diseases,” informed Dr. Julio Castro (PhD), CEO of Palobiofarma.

Palobiofarma is dedicated to the discovery and development of new drugs based on
the modulation of adenosine receptors and has one of the most robust pipelines in the sector, with six products currently in clinical development. Meanwhile, Medibiofarma, created in 2016 by the same promotor team, is focused on the discovery and development of new therapies for diseases of high medical need such as fibrosis or neurodegeneration.

The laboratory, which is already operational and employs eight people, has meant that both companies, supported by Sodena, a public company dependent on the Government of Navarra, have hired two more researchers. “They are two doctors in
chemistry, a man and a woman, with proven training and experience, who join our team of thirty people, most of whom are highly specialized,” said Dr. Castro.
REFERENCES IN THE HEALTH SECTOR IN NAVARRA The inauguration ceremony was attended by the Director General of Business Development of the Government of Navarra, Íñigo Arruti, together with the main shareholders of the promoting companies and an important representation of the scientific and medical research field of the region. Dr. Julio Castro addressing the audience said: “The inauguration of this new laboratory reinforces the commitment acquired when we came to Pamplona in 2012, and hand in hand with Sodena, to implement our pharmaceutical R&D base in Navarra”. On behalf of the public company Sodena, managing director, Iñaki Larraya, said: “Palobiofarma is a benchmark in the healthcare sector in Navarra, with a strong connection to the region’s healthcare ecosystem. Now, with the inauguration of its new facilities, it is taking another step forward in its growth to continue strengthening

Navarra’s leadership in the field of knowledge and biotechnology at an international
level”. Finally, on behalf of Inveready Investment Technology Group, founding partner, Roger Piqué indicated that: “At Inveready, we have always been committed to innovative projects with a high potential impact on people’s health and quality of life. The inauguration of these new facilities is a milestone that reinforces the growth of Palobiofarma and Medibiofarma and consolidates Navarra as a reference in the
biotechnology field. We are convinced that this new space will allow both companies to continue developing cutting-edge therapeutic solutions and to advance in their commitment to research and scientific excellence”.

ABOUT PALOBIOFARMA

The Navarra biotech company, promoted and directed by Dr. Julio Castro (PhD), is
focused on the discovery and development of new drugs based on the modulation of adenosine receptors and has one of the most robust pipelines in the sector, with six products currently in clinical development. In 2024, it closed a seven-million-euro investment round led by Inveready, through its Inveready Biotech IV fund, together with Sodena, the company’s development team and the American Foundation for Prader- Willi Syndrome Research. These funds were used to complete three Phase II clinical trials: PBF-680 for chronic obstructive pulmonary disease, PBF-999 for Prader-Willi syndrome and PBF-1129 for non-small cell lung cancer, whose results to date have been excellent. In addition, this transaction led to the exit of NTT Data’s Fitalent fund from the company’s shareholding.

ABOUT MEDIBIOFARMA

The Navarra biotech company, founded in 2016 by the promoter team of Palobiofarma, has extensive experience in Drug Discovery in the pharmaceutical industry. Itsobjective is the discovery and development of new disease-modifying therapies for a range of currently untreated conditions. In 2025, it closed a financing round of 600,000 euros. This capital injection, from established investors Darpaufarma, Sodena and Inveready, will enable the company to advance the clinical development of its innovative compounds to treat diseases such as Crohn’s, Huntington’s and various forms of cancer. The clinical trials conducted to date in patients have demonstrated the efficacy, safety and tolerability of these drugs, positioning Medibiofarma as a leading company in the biotechnology sector. In addition to having a highly qualified team and collaborating closely with Navarra’s scientific ecosystem, among its most recent milestones the company obtained additional funding from the Crohn’s & Colitis Foundation for complementary studies and joined the Navarra Health Cluster to strengthen its position in the sector.