Corbus Pharmaceuticals Reports 2017 Financial Results and Provides Clinical Update Advancing clinical studies in four rare and serious inflammatory diseases with significant morbidity and mortality and clear unmet medica

Pharmaceuticals Reports 2017 Financial Results and Provides Clinical Update

MA (March 12, 2018) - Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or the "Company"),

a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat

rare, chronic and serious inflammatory and fibrotic diseases, announced today its financial results for the year ended December

Company also provided an update on its corporate progress, clinical status and anticipated milestones for lenabasum, its novel

synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and halt fibrosis in rare autoimmune and

inflammatory diseases.

Clinical and Corporate Highlights

made significant progress during 2017 executing our clinical and corporate strategy on multiple fronts. We believe we are well

positioned to advance clinical development of lenabasum in rare inflammatory diseases with no or limited treatment options. Importantly

we are poised for solid execution on our four clinical programs, and we are preparing to evolve into a commercial-stage pharmaceutical

company," stated Yuval Cohen, Ph.D., Chief Executive Officer of the Company.

Sclerosis Clinical Program Update

is a serious autoimmune disease affecting approximately 90,000 people in the U.S. and Europe and is associated with significant

morbidity and up to 60% 10-year mortality. There are currently no drugs specifically approved by the FDA for treatment of SSc.

January 2017, Corbus initiated patient dosing in its Phase 3 RESOLVE-1 study, a double-blind, randomized, placebo-controlled trial

assessing the efficacy and safety of lenabasum for the treatment of SSc. The study is expected to enroll approximately 354 subjects

at 70 sites worldwide. The planned duration of treatment with lenabasum is 52 weeks. Subjects will be randomized 1:1:1 to receive

lenabasum 5 mg twice per day, lenabasum 20 mg twice per day, or placebo twice per day.

primary efficacy outcome of the RESOLVE-1 study will be the modified Rodnan Skin Score (mRSS). Secondary outcomes include patient-

and physician-reported outcomes, forced vital capacity and the American College of Rheumatology Combined Response Index in diffuse

cutaneous Systemic Sclerosis (ACR CRISS) score. For more information on the Phase 3 study, please visit ClinicalTrials.gov

and reference Identifier NCT03398837.

November 2017, the Company presented six-month safety and efficacy data at the American College of Rheumatology Annual

Meeting from 36 patients in the ongoing open-label extension (OLE) study. Lenabasum demonstrated a significant and clinically

meaningful reduction in mRSS reaching minus 8.4 (p < 0.0001 2-paired t-test) and an unprecedented ACR CRISS of 71% at 28 weeks.

has been granted Orphan Drug Designation (ODD) and Fast Track status for the treatment of systemic sclerosis from the FDA and

Orphan Designation from the European Medicines Agency (EMA).

Fibrosis Clinical Program Update

is a chronic, life-threatening, genetic rare disease, characterized by chronic lung inflammation that leads to lung damage and

fibrosis that affects approximately 30,000 patients in the U.S. and 75,000 patients worldwide. The current average life expectancy

for CF patients is 40 years. The harmful inflammation and accompanying fibrosis in CF damages multiple organs, impairs function

of multiple organs, reduces health-related quality of life, drives progression of the disease and is the most common cause of

mortality. There remains a recognized unmet need for safe and effective drugs that target chronic inflammation and fibrosis for

the treatment of CF without the risk of immunosuppression currently associated with existing anti-inflammatory drugs.

January 2018, the Company initiated a Phase 2b study in CF supported by a development award for up to $25 million from the Cystic

Fibrosis Foundation. The Phase 2b multicenter, double-blinded, randomized, placebo-controlled study is expected to enroll approximately

415 subjects with CF who are at least 12 years of age with an increased risk for pulmonary exacerbations. The study's primary

outcome is the event rate of pulmonary exacerbations. Secondary efficacy outcomes include other measures of pulmonary exacerbations,

change in Cystic Fibrosis Questionnaire-Revised Respiratory domain score and change in forced expiratory volume in 1 second (FEV1),

% predicted. The study will be conducted in approximately 100 sites across North America, Europe, Israel and Australia. Subjects

will be centrally randomized to one of three cohorts to receive lenabasum 20 mg twice per day, lenabasum 5 mg twice per day, or

placebo twice per day for 28 weeks, with 4 weeks follow-up off active treatment. This Phase 2b CF study was designed with input

from the Therapeutic Development Network of the Cystic Fibrosis Foundation and the European Cystic Fibrosis Society Clinical Trials

Network. For more information on the Phase 2b study, please visit ClinicalTrials.gov and reference Identifier NCT03451045.

was granted ODD and Fast Track status for the treatment of CF by the FDA in 2015 and Orphan Drug Status from the EMA in 2016.

Clinical Program Update

is a rare and serious systemic autoimmune condition characterized by skin and muscle inflammation that affects as many as 70,000

people in the US. Mortality is high with 5-year survival of 70% and 10-year survival of 57%. Current standard of care includes

antimalarial drugs and potent immunosuppressive agents, which have significant side effects that lead to adverse effects.

October 2017, the Company completed a 22-patient, double-blind placebo-controlled Phase 2 study in diffuse cutaneous skin-predominant

DM and reported positive results. The mean improvement (reduction) in the primary efficacy outcome, the Cutaneous Dermatomyositis

Disease Area and Severity Index (CDASI) activity score, an outcome measure of skin disease severity, was 9.3 points for lenabasum

treatment versus a reduction of 3.7 points for placebo treatment (p = 0.04) at sixteen weeks. Lenabasum also outperformed placebo

in multiple secondary efficacy outcomes studied. Lenabasum was well tolerated with no severe or serious side effects associated

with the drug. No subjects dropped out. The data was presented at the ACR Annual Meeting. The Phase 2 DM trial was funded

by a grant from the National Institutes of Health.

Lupus Erythematosus Clinical Program Update

is a prototypical autoimmune disease in which the innate immune system is chronically activated by immune complexes containing

autoantibodies and self-antigens, which leads to widespread inflammation and tissue damage. About 500,000 individuals in the U.S.

and in the E.U. suffer from SLE and the disease has many manifestations, including arthritis, rash, photosensitivity, oral ulcers,

pleuritis, pericarditis, kidney problems, seizures and psychosis and blood cell abnormalities. Current drugs specifically approved

by the FDA for SLE are limited to aspirin, corticosteroids, hydroxychloroquine and belimumab. Physicians commonly treat disease

manifestations with immunosuppressive or corticosteroid therapies that have significant toxicities.

February 2018 patient dosing commenced in a Phase 2 clinical study of lenabasum for SLE. The Phase 2 SLE clinical trial is being

conducted by the Autoimmunity Centers of Excellence (ACE) program, which is funded by the National Institute of Allergy and Infectious

Diseases (NIAID), within the National Institutes of Health (NIH).

randomized, double-blind, placebo-controlled, Phase 2 trial is being conducted at 15 sites across the U.S. and is expected to

enroll 100 adult SLE patients with active musculoskeletal disease, which is the most common manifestation of SLE. Subjects will

be randomized in a 1:1:1:1 ratio to one of four cohorts to receive placebo or three different doses of lenabasum for 3 months,

with 1-month follow-up. The primary efficacy outcome assesses pain from active musculoskeletal disease, and secondary efficacy

outcomes include other assessments of active musculoskeletal disease, overall disease activity using SLE Responder Index, SLE

Disease Activity Index (SLEDAI) and British Isles Lupus Activity Group (BILAG) scoring systems, and patient-reported outcomes.

more information on the Phase 2 study of lenabasum for the treatment of SLE, please visit ClinicalTrials.gov and reference

Identifier NCT03093402.

of Financial Results for 2017

the year ended December 31, 2017, Corbus reported a net loss of approximately $32,422,000, or a net loss per diluted share of

$0.65, compared to a net loss of approximately $19,999,000, or a net loss per diluted share of $0.49 for the year ended December

from awards increased by approximately $529,000 to $2.4 million due to revenue recognized from the $5 million development award

received from the Cystic Fibrosis Foundation Therapeutics, Inc. Operating expenses increased by approximately $13.1 million to

$35.0 million due to increased spending for clinical studies, manufacturing costs to produce lenabasum for clinical studies and

Company's cash and cash equivalents balance at December 31, 2017 was approximately $62.5 million and increased by $47.5

million during 2017. In the fourth quarter of 2017, the Company completed a secondary public offering resulting in approximately

$37.4 million of gross proceeds. The Company expects the current cash on hand together with the expected milestone payments from

the up to $25 million Development Award from the Cystic Fibrosis Foundation to fund operations through the fourth quarter of 2019,

based on current planned expenditures.

(formerly known as anabasum) is a synthetic, oral, small-molecule, selective cannabinoid receptor type 2 (CB2) agonist that preferentially

binds to CB2 expressed on activated immune cells and fibroblasts. CB2 activation triggers physiologic pathways that resolve inflammation,

speed bacterial clearance and halt fibrosis. CB2 activation also induces the production of specialized pro-resolving lipid mediators

that activate an endogenous cascade responsible for the resolution of inflammation and fibrosis, while reducing production of

multiple inflammatory mediators. Through activation of CB2, lenabasum also is designed to have a direct effect on fibroblasts

to halt tissue scarring. Lenabasum is believed to induce resolution rather than immunosuppression by triggering biological pathways

to turn "off" chronic inflammation and fibrotic processes. Lenabasum has demonstrated promising potency in preclinical

models of inflammation and fibrosis. Preclinical and human clinical studies have shown lenabasum to have a favorable safety, tolerability

and pharmacokinetic profile. Further, the drug has demonstrated clinical benefit and positive impact on inflammatory and immunological