Alterity Therapeutics Enrolls First Patient in the U.S. in ATH434 Phase 2 Clinical Trial in Multiple System Atrophy MELBOURNE, AUSTRALIA AND SAN FRANCISCO, USA - 16 March 2023: Alterity Therapeutics (ASX: ATH, NASDAQ: AT

Alterity Therapeutics Enrolls

First Patient in the U.S. in ATH434 Phase 2 Clinical Trial in Multiple System Atrophy

MELBOURNE, AUSTRALIA AND SAN FRANCISCO, USA

- 16 March 2023: Alterity Therapeutics (ASX: ATH, NASDAQ: ATHE) ("Alterity" or "the Company"), a biotechnology

company dedicated to developing disease modifying treatments for neurodegenerative diseases, today announced the first participant has

been dosed in the U.S. in the Company's Phase 2 clinical trial of ATH434 in Multiple System Atrophy (MSA), a rare and highly debilitating

Parkinsonian disorder.

"The U.S. is an important

region for our ATH434 Phase 2 clinical trial, and we are thrilled to have dosed our first patient at Vanderbilt University Medical Center,"

said David Stamler, M.D., Chief Executive Officer, Alterity. "Our colleagues at Vanderbilt are long-time supporters of the ATH434

development program and we are grateful for their continued efforts. The Phase 2 trial is gaining momentum with active recruitment in

five countries, as we look to bring a potential new treatment option to individuals living with MSA."

The Phase 2 clinical trial is a randomized,

double-blind, placebo-controlled investigation of ATH434 in patients with early-stage MSA. The study will evaluate the effect of ATH434

treatment on neuroimaging and protein biomarkers to demonstrate target engagement, and clinical endpoints to demonstrate efficacy, in

addition to assessments of safety and pharmacokinetics. The selected biomarkers, including brain iron and aggregating -synuclein,

are important contributors to MSA pathology and are therefore appropriate targets to demonstrate drug activity. Wearable sensors will

also be employed to evaluate motor activities that are important to patients with MSA. The study is expected to enroll approximately 60

adults to receive one of two dose levels of ATH434 or placebo. Participants will receive treatment for 12 months which will provide an

opportunity to detect changes in efficacy endpoints to optimize design of a definitive Phase 3 study. Additional information on the Phase

2 trial can be found by ClinicalTrials.gov Identifier: NCT05109091.

Alterity's lead candidate,

ATH434, is an oral agent designed to inhibit the aggregation of pathological proteins implicated in neurodegeneration. ATH434 has been

shown preclinically to reduce -synuclein pathology and preserve nerve cells by restoring normal iron balance in the brain. As an

iron chaperone, it has excellent potential to treat Parkinson's disease as well as various Parkinsonian disorders such as Multiple

System Atrophy (MSA). ATH434 successfully completed Phase 1 studies demonstrating the agent is well tolerated and achieved brain levels

comparable to efficacious levels in animal models of MSA. ATH434 is currently being studied in a randomized, double-blind, placebo-controlled

Phase 2 clinical trial in patients with early-stage MSA. ATH434 has been granted Orphan designation for the treatment of MSA by the U.S.

FDA and the European Commission.

About Multiple System Atrophy

Multiple System Atrophy (MSA) is

a rare, neurodegenerative disease characterized by failure of the autonomic nervous system and impaired movement. The symptoms reflect

the progressive loss of function and death of different types of nerve cells in the brain and spinal cord. It is a rapidly progressive

disease and causes profound disability. MSA is a Parkinsonian disorder characterized by a variable combination of slowed movement and/or

rigidity, autonomic instability that affects involuntary functions such as blood pressure maintenance and bladder control, and impaired

balance and/or coordination that predisposes to falls. A pathological hallmark of MSA is the accumulation of the protein -synuclein

within glia, the support cells of the central nervous system, and neuron loss in multiple brain regions. MSA affects approximately 15,000

individuals in the U.S., and while some of the symptoms of MSA can be treated with medications, currently there are no drugs that are

able to slow disease progression and there is no cure.1

About Alterity Therapeutics Limited

Alterity Therapeutics is a clinical

stage biotechnology company dedicated to creating an alternate future for people living with neurodegenerative diseases. The Company's

lead asset, ATH434, has the potential to treat various Parkinsonian disorders. Alterity also has a broad drug discovery platform generating

patentable chemical compounds to intercede in disease processes. The Company is based in Melbourne, Australia, and San Francisco, California,

USA. For further information please visit the Company's web site at www.alteritytherapeutics.com.

Authorisation & Additional information

This announcement was authorized by David Stamler, CEO of Alterity

Therapeutics Limited.

Investor and Media Contacts:

Remy Bernarda remy.bernarda@iradvisory.com

Forward Looking Statements

This press release contains

"forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and section 21E of the

Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as

"expects," "intends," "hopes," "anticipates," "believes," "could,"

"may," "evidences" and "estimates," and other similar expressions, but these words are not the

exclusive means of identifying such statements. Important factors that could cause actual results to differ materially from those

indicated by such forward-looking statements are described in the sections titled "Risk Factors" in the Company's

filings with the SEC, including its most recent Annual Report on Form 20-F as well as reports on Form 6-K, including, but not

limited to the following: statements relating to the Company's drug development program, including, but not limited to the

initiation, progress and outcomes of clinical trials of the Company's drug development program, including, but not limited to,

ATH434, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not

limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory

approval, production and marketing of the Company's drug components, including, but not limited to, ATH434, uncertainties

relating to the impact of the novel coronavirus (COVID-19) pandemic on the company's business, operations and employees, the

ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic

efficacy of the Company's drug compounds, including, but not limited to, ATH434, that could slow or prevent products coming to

market, the uncertainty of obtaining patent protection for the Company's intellectual property or trade secrets, the uncertainty of

successfully enforcing the Company's patent rights and the uncertainty of the Company freedom to operate.

Any forward-looking statement

made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is

made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time

to time, whether as a result of new information, future developments or otherwise.