Allarity Therapeutics, Inc. Announces Pricing of $7.5 Million Public Offering BOSTON, MA (

Allarity Therapeutics, Inc. Announces Pricing

of $7.5 Million Public Offering

BOSTON, MA (April 19, 2023) - Allarity Therapeutics,

Inc. (Nasdaq: ALLR) ("Allarity" or the "Company"), a clinical-stage pharmaceutical company developing novel oncology

therapeutics together with drug-specific DRP companion diagnostics for personalized cancer care, today announced the pricing of its

"reasonable best efforts" public offering of 2,869,330 shares of common stock, 7,130,670 pre-funded warrants, and 10,000,000

common warrants to purchase 10,000,000 shares of common stock at an effective combined price of $0.75 per share and common warrant for

aggregate gross proceeds of approximately $7.5 million, before deducting placement agent fees and other offering expenses. The warrants

will have an exercise price of $0.85 per share, will be exercisable immediately and will expire five years from the initial exercise date.

The closing of the offering is expected to occur on or about April

21, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use a portion of the net proceeds of this

offering to pay account payables and accrued liabilities outstanding, to payoff certain outstanding promissory notes, to redeem a portion

of its Series A Convertible Preferred Stock and for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as sole

placement agent for the offering.

The securities described above are being offered

pursuant to a registration statement on Form S-1 (File No. 333-270514) previously filed with the Securities and Exchange Commission (SEC)

which became effective on April 18, 2023. The offering is being made only by means of a prospectus forming part of the effective registration

statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained

on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering may be obtained,

when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060,

or by email at prospectus@allianceg.com.

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 in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities

laws of any such state or other 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 three drug candidates: stenoparib, a PARP inhibitor in Phase 2 development for ovarian

cancer; dovitinib, a pan-tyrosine kinase inhibitor previously developed through Phase 3 in renal cancer; and IXEMPRA (Ixabepilone),

a microtubule inhibitor approved in the U.S. and marketed by R-PHARM U.S. for the treatment of second-line metastatic breast cancer, and

is currently in Phase 2 development in Europe for the same indication. Additionally, the Company has rights in two secondary assets: 2X-111,

a liposomal formulation of doxorubicin for metastatic breast cancer and/or glioblastoma multiforme (GBM), which is the subject of discussions

for a restructured out-license to Smerud Medical Research International AS; and LiPlaCis , a liposomal formulation of cisplatin and

its accompanying DRP , being developed via a partnership with Chosa Oncology AB for late-stage metastatic breast cancer. The Company

is headquartered in the United States and maintains an R&D facility in Hoersholm, Denmark. For more information, please visit the

Company's website at www.Allarity.com.

Therapeutics, Inc. | 24 School Street, 2nd Floor | Boston, MA | U.S.A. | NASDAQ: ALLR | 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

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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 related to the Company's ability to

regain compliance with the Nasdaq Listing Rule, use of proceeds from the offering, that the closing of offering will occur or will occur

on the anticipated closing date, ability to raise capital, statements related to the expected availability capital to fund its anticipated

clinical trials, statements related to advancing dovitinib in combination with another therapeutic candidate or other approved drug, any

statements related to ongoing clinical trials for stenoparib as a monotherapy or in combination with another therapeutic candidate 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 multiple 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

Therapeutics, Inc. | 24 School Street, 2nd Floor | Boston, MA | U.S.A. | NASDAQ: ALLR | www.allarity.com

Therapeutics, Inc. | 24 School Street, 2nd Floor | Boston, MA | U.S.A. | NASDAQ: ALLR | www.allarity.com