Full Press Release Details
Allarity Therapeutics
Closes Its Recapitalization, Share Exchange, and
$20M PIPE Investment; Lists on U.S. Nasdaq Stock Market
Cambridge, MA U.S.A.
(December 21, 2021) - Allarity Therapeutics, Inc. ("Allarity" or the "Company"), a clinical-stage biopharmaceutical
company developing novel oncology therapeutics together with drug-specific DRP companion diagnostics for personalized
cancer care, today announced the closing of its Recapitalization Share Exchange resulting in its initial public listing of 8,075,824 shares
of its common stock and listing on the U.S Nasdaq Stock Market under the trading symbol "ALLR."
Simultaneously with the
closing of its Recapitalization Share Exchange, the Company closed on a $20 million PIPE investment, in which the Company issued 20,000
shares of preferred stock ("Preferred Stock") at $1,000 per share and a common stock purchase warrant (the "Warrant")
to purchase 2,018,958 shares of common stock to 3i, LP, a Delaware limited partnership.
A registration statement
relating to the Recapitalization Share Exchange, filed previously with the Securities and Exchange Commission ("SEC"), became
effective on November 5, 2021. An additional registration statement was filed on September 13, 2021, and declared effective by the SEC
on December 20, 2021, with respect to the resale of shares of Allarity common stock issued upon conversion of our Preferred Stock or the
exercise of the Warrant. Copies of the registration statements can be accessed through the Securities and Exchange Commission's
website at www.sec.gov.
LifeSci Capital acted
as exclusive placement agent for the PIPE Investment.
This press release shall
not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities
in any state or other jurisdiction where such offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or jurisdiction.
About Allarity Therapeutics
Allarity Therapeutics, Inc. (Nasdaq: ALLR) develops
drugs for personalized treatment of cancer guided by its proprietary and highly validated companion diagnostic technology, the DRP
platform. The Company has a mature portfolio of five drug candidates, including: Stenoparib, a PARP inhibitor in Phase 2 development
for ovarian cancer; Dovitinib, a pan-TKI being prepared for an NDA submission to the FDA for the 3rd line treatment of renal
cell carcinoma; IXEMPRA (Ixabepilone), a microtubule inhibitor approved in the U.S. for the treatment of 2nd
line metastatic breast cancer and in Phase 2 development, in Europe, for the treatment of the same indication; LiPlaCis ,
a liposomal formulation of cisplatin in Phase 2 development for metastatic breast cancer; and 2X-111, a liposomal formulation of doxorubicin
in Phase 2 development for metastatic breast cancer and/or glioblastoma multiforme (GBM). The LiPlaCis and 2X-111 programs
are partnered, via out-license, to Smerud Medical Research International AS. In 2021, Allarity sold the global rights to Irofulven, a
DNA-damaging agent in Phase 2 for prostate cancer, back to Lantern Pharma, Inc. The Company maintains an R&D facility in Hoersholm,
Denmark. For more information, please visit the company's website at www.Allarity.com
Therapeutics, Inc. I 210 Broadway, #201 I Cambridge, MA I U.S.A. I NASDAQ: ALLR I www.allarity.com
About the Drug Response Predictor - DRP Companion
Allarity uses its drug-specific DRP
to select those patients who, by the genetic signature of their cancer, are found to have a high likelihood of responding to the specific
drug. By screening patients before treatment, and only treating those patients with a sufficiently high DRP score, the
therapeutic response rate can be significantly increased. The DRP method builds on the comparison of sensitive vs. resistant
human cancer cell lines, including transcriptomic information from cell lines combined with clinical tumor biology filters and prior clinical
trial outcomes. DRP is based on messenger RNA from patient biopsies. The DRP platform has proven its ability
to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients in 37 out of 47 clinical
studies that were examined (both retrospective and prospective), including ongoing, prospective Phase 2 trials of Stenoparib and IXEMPRA .
The DRP platform, which can be used in all cancer types and is patented for more than 70 anti-cancer drugs, has been extensively
published in peer reviewed literature.
Follow Allarity on Social Media
Facebook: https://www.facebook.com/AllarityTx/
Twitter: https://twitter.com/allaritytx
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide Allarity's
current expectations or forecasts of future events. The words "anticipates," "believe," "continue,"
"could," "estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predicts," "project," "should," "would"
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, but are not limited to, statements relating to the Company's NDA submission
for dovitinib and its PMA submission for the drug-specific DRP companion diagnostic for dovitinib, any statements related
to ongoing clinical trials for stenoparib for the treatment of advanced ovarian cancer, or ongoing clinical trials (in Europe) for IXEMPRA
for the treatment of metastatic breast cancer, and statements relating to the effectiveness of the Company's DRP
companion diagnostics platform in predicting whether a particular patient is likely to respond to a specific drug. Any forward-looking
statements in this press release are based on management's current expectations of future events and are subject to a number of
risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that results of a clinical study
do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive
reviews of the data, and as more patient data become available, the risk that results of a clinical study are subject to interpretation
and additional analyses may be needed and/or may contradict such results, the receipt of regulatory approval for dovitinib or any of our
other therapeutic candidates or, if approved, the successful commercialization of such products, the risk of cessation or delay of any
of the ongoing or planned clinical trials and/or our development of our product candidates, the risk that the results of previously conducted
studies will not be repeated or observed in ongoing or future studies involving our therapeutic candidates, and the risk that the current
COVID-19 pandemic will impact the Company's current and future clinical trials and the timing of the Company's preclinical
studies and other operations. For a discussion of other risks and uncertainties, and other important factors, any of which could cause
our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors"
in our Form S-1 registration statement on file with the Securities and Exchange Commission, available at the Securities and
Exchange Commission's website at www.sec.gov, and as well as discussions of potential risks, uncertainties and other important
factors in the Company's subsequent filings with the Securities and Exchange Commission. All information in this press release
is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Therapeutics, Inc. I 210 Broadway, #201 I Cambridge, MA I U.S.A. I NASDAQ: ALLR I www.allarity.com
Chief Financial Officer
Carrotize PR & Communications
Therapeutics, Inc. I 210 Broadway, #201 I Cambridge, MA I U.S.A. I NASDAQ: ALLR I www.allarity.com