Anchiano Therapeutics Reports First Quarter 2019 Financial Results - Closed $30.5 million U.S. Initial Public Offering in February 2019

Anchiano Therapeutics Reports First Quarter

2019 Financial Results

Closed $30.5 million U.S. Initial Public Offering in February

CAMBRIDGE, Mass., May 22, 2019 -

Anchiano Therapeutics Ltd. (Nasdaq and TASE: ANCN) ("Anchiano"), a pivotal-stage biopharmaceutical company focused

on the discovery and development of novel therapies to treat cancer, today reported financial results for its first quarter ended

and Recent Highlights

pleased with the progress we have made this quarter as a company, with the continued development of inodiftagene, our gene therapy

for bladder cancer; our U.S. IPO and Nasdaq listing; and the subsequent steps we have taken to delist from the TASE," stated

Frank Haluska, M.D., Ph.D., President and Chief Executive Officer of Anchiano. "We believe we are now well positioned with

a U.S.-based clinical development operation, a strong U.S. shareholder base, a strong balance sheet, and an exciting product candidate

in its pivotal phase of development. We look forward to announcing several clinical milestones this year as we continue the Codex

pivotal clinical trial of inodiftagene for the treatment of early-stage bladder cancer."

First Quarter 2019 Financial Results:

On March 31, 2019, Anchiano had total cash

and cash equivalents of approximately $32.1 million, compared to approximately $7.5 million on December 31, 2018.

Research and development expenses for the

first quarter of 2019 were approximately $4.1 million, compared to approximately $2.5 million in the first quarter of 2018. The

increase was mainly due to an increase in clinical trial expenses, manufacturing expenses and an increase in clinical manpower.

General and administrative expenses for

the first quarter of 2019 were approximately $1.3 million, compared to approximately $0.9 million in the first quarter of 2018.

The increase was mainly due to an increase in professional and consulting expenses, insurance, rent expenses, and employee options

and payroll provisions.

Financing expenses, net, in the first

quarter of 2019 were approximately $12.9 million compared to approximately $0.08 million in the first quarter of 2018. This

change was mainly due to changes in the fair value of derivative financial instruments.

Net loss for the first

quarter of 2019 was approximately $18.4 million, or $0.70 per share, compared to approximately $3.5 million, or $0.37 per share

in the first quarter of 2018.

is a pivotal-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, with

offices in Cambridge, MA, and Jerusalem, Israel. Anchiano's most advanced product candidate, inodiftagene vixteplasmid,

is a gene-therapy product candidate that is in development as a treatment for non-muscle-invasive bladder cancer. For more information

on Anchiano, please visit www.anchiano.com.

press release contains "forward-looking statements" that are subject to risks and uncertainties. Words such as "believes,"

"intends," "expects," "projects," "anticipates" and "future" or similar

expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent

uncertainties in predicting future results and conditions, many of which are beyond the control of Anchiano, including, without

limitation, the risk factors and other matters set forth in its filings with the Securities and Exchange Commission, including

its Annual Report on Form 20-F for the year ended December 31, 2018. Anchiano undertakes no obligation to publicly update or revise

any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required

Chief Executive Officer

QUARTERLY RESULTS OF OPERATIONS (unaudited)

U.S. dollars in thousands

QUARTERLY STATEMENTS OF FINANCIAL POSITION (unaudited)

U.S. dollars in thousands

CASH FLOWS (unaudited)

U.S. dollars in thousands