Chemomab Therapeutics Announces First Quarter 2021 Financial Results and Provides a Business Update Announced positive data from its Phase Ib SPARK study evaluating CM-101 in NAFLD patients Announced first patient enro

Chemomab Therapeutics

Announces First Quarter 2021 Financial Results and Provides a Business Update

Announced positive data from its Phase Ib SPARK

study evaluating CM-101 in NAFLD patients

Announced first patient enrolled in two Phase

IIa studies of CM-101

Completed merger with Anchiano Therapeutics,

and began trading on the Nasdaq Exchange under the ticker CMMB

Cash position of $58.2 million as at March 31,

Strengthened Board of Directors with four new

TEL-AVIV, Israel, May 13, 2021 (________NEWSWIRE)

-- Chemomab Therapeutics Ltd. (Nasdaq: CMMB), a clinical-stage biotech

company focused on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need, today

announced financial and operating results for the first quarter ended March 31, 2021 and provided a business update.

been truly exciting for Chemomab as we accessed the public markets and began to trade on the Nasdaq exchange, successfully closed on a

private offering of $45 million, announced positive data from our Phase Ib study in NAFLD, and initiated a Phase IIa study in PSC."

said Dr. Adi Mor, CEO of Chemomab. "We also started treating patients in our Phase IIa liver fibrosis trial with our subcutaneous

formulation of CM-101 and will look to build upon our substantial progress and positive momentum in the coming quarters with the initiation

of our additional planned Phase II study of CM-101 in Systemic Sclerosis (SSc). CM-101 is a very promising therapy with the potential

to treat multiple severe and life-threatening inflammatory and fibrotic diseases. With a strong financial position, and our unique development

track record we believe we are well positioned to continue to advance our pipeline and execute our important milestones this year."

First Quarter and Recent Highlights

Upcoming Milestones:

Chemomab is advancing

in parallel three Phase 2 clinical trials with CM-101 in three distinct fibrotic indications; Systemic Sclerosis (SSc) is planned to be

initiated by the end of 2021, and clinical readouts from the ongoing clinical trials in PSC and NASH are expected during 2022.

First Quarter 2021 Financial Highlights

About Chemomab Therapeutics Ltd.

is a clinical-stage biotech company focusing on the discovery and development of innovative therapeutics for fibrosis-related

diseases with high unmet need. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation,

Chemomab developed CM-101, a monoclonal antibody designed to bind and block CCL24 activity. CM-101 has potential to treat multiple

severe and life-threatening inflammatory and fibrotic diseases and is currently undergoing clinical development with primary focus for

the orphan diseases, Primary Sclerosing Cholangitis (PSC) and Systemic Sclerosis (SSc).

For more information on Chemomab, please

visit www.chemomab.com.

Forward Looking Statements

contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These

forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101; the future

operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the

nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of

Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related

diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to

be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations.

Forward-looking statements involve risks and uncertainties. Because such statements deal with future events and are based on

Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or

achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation,

including: the uncertain and time-consuming regulatory approval process; risks related to Chemomab's ability to correctly

manage its operating expenses and its expenses; Chemomab's plans to develop and commercialize its product candidates, focusing

on CM-101; the timing of initiation of Chemomab's planned clinical trials; the timing of the availability of data from

Chemomab's clinical trials; the timing of any planned investigational new drug application or new drug application;

Chemomab's plans to research, develop and commercialize its current and future product candidates; the clinical utility,

potential benefits and market acceptance of Chemomab's product candidates; Chemomab's commercialization, marketing and

manufacturing capabilities and strategy; Chemomab's ability to protect its intellectual property position; and the requirement

for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all.

Additional risks and uncertainties relating to Chemomab's and its business can be found under the caption "Risk

Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or

undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in

Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements

LifeSci Advisors, LLC

Phone: +1-917-734-7387

Chemomab Therapeutics:

VP, Business Development

Phone: +972773310156