Alpha Tau Medical Announces Full Year 2021 Financial Results and Provides Corporate Update -Debuted as publicly-traded oncology company in March 2022 under symbol DRTS while raising approximately $90 million in gross pro

Tau Medical Announces Full Year 2021 Financial Results and Provides Corporate Update

-Debuted as publicly-traded

oncology company in March 2022 under symbol DRTS while raising approximately $90 million in gross proceeds-

-100% complete response

(CR) observed in U.S. multi-center pilot trial of skin cancers at 12 weeks-

of U.S. multi-center pivotal trial in skin cancers by the middle of 2022-

JERUSALEM, March 28,

2022 /PRNewswire/ -- Alpha Tau Medical Ltd. (Nasdaq: DRTS and DRTSW), ("Alpha Tau" or the "Company"), the

developer of the innovative alpha-radiation cancer therapy Alpha DaRT , reported full year 2021 financial results and provided

have had an incredibly productive year, where we observed a 100% complete response rate in our multi-center U.S. pilot trial of skin

cancers led by Memorial Sloan Kettering, we received two Food and Drug Administration (FDA) breakthrough device designations, one in

recurrent glioblastoma and one in certain skin cancers, and we completed our acquisition of Healthcare Capital Corp and became a Nasdaq

listed company," noted Alpha Tau CEO Uzi Sofer. "We are now diligently working to initiate our multi-center U.S. pivotal

trial by the middle of the year, and to expand our Alpha DaRT clinical trials into additional internal organs, including the prostate

cancer trial that we hope to begin imminently in Israel."

Recent Corporate Highlights:

results for the full year ended December 31, 2021

expenses for the year ended December 31, 2021 were $11.4 million, compared to $7.5 million in 2020, as

spending increased due to expansion of the R&D team as well as increases in Alpha DaRT clinical trial activity.

expenses for the year ended December 31, 2021 were $0.5 million, compared to $0.3 million for 2020 due

to increased engagement with third-party advisors and a return of marketing and conference activity that had previously decreased in

2020 due to COVID-19.

expenses for the year ended December 31, 2021 were $1.9 million, compared to $1.4 million for 2020, attributed

to an increase in headcount and related expenses, increased office-related expenses resulting primarily from relocation of the Company's

offices to Jerusalem, and increased audit fees in connection with preparations for public listing.

expenses, net, for the year ended December 31, 2021 were $13.5 million, compared to net financial income of $0.5 million for 2020,

primarily due to remeasurement of warrants, as well as changes in foreign exchange rates and a decrease in interest received from bank

the year ended December 31, 2021, the Company had a loss attributable to ordinary shares of $27.3 million, or ($0.67)

per share, compared to a loss of $8.9 million, or ($0.22) per share, in 2020. The greater loss in 2021 is primarily attributed to

$13.3 million in financial expenses associated with warrant remeasurement.

of December 31, 2021, the Company had cash and cash equivalents and deposits in the amount of $31.9 million, compared

to $46.6 million at December 31, 2020. Subsequently, in March 2022 Alpha Tau raised gross proceeds of approximately

$90 million from the Business Combination. The Company expects that this cash balance will be sufficient to fund operations

for at least two years.

Alpha DaRT (Diffusing Alpha-emitters Radiation Therapy) is designed to enable highly potent and conformal alpha-irradiation of

solid tumors by intratumoral delivery of radium-224 impregnated sources. When the radium decays, its short-lived daughters are released

from the source and disperse while emitting high-energy alpha particles with the goal of destroying the tumor. Since the alpha-emitting

atoms diffuse only a short distance, Alpha DaRT aims to mainly affect the tumor, and to spare the healthy tissue around it.

About Alpha Tau Medical, Ltd.

Alpha Tau is an Israeli medical device company that focuses on research, development, and potential commercialization of the Alpha DaRT

for the treatment of solid tumors. The technology was initially developed by Prof. Itzhak Kelson and Prof. Yona Keisari from Tel

press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

When used herein, words including "anticipate," "being," "will," "plan," "may," "continue,"

and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to

expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including

any underlying assumptions, are forward-looking. All forward-looking statements are based upon Alpha Tau's current expectations and various

assumptions. Alpha Tau believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Alpha

Tau may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described

or implied by such forward-looking statements as a result of various important factors, including, without limitation: (i) Alpha

Tau's ability to receive regulatory approval for its Alpha DaRT technology or any future products or product candidates; (ii) Alpha

Tau's limited operating history; (iii) Alpha Tau's incurrence of significant losses to date; (iv) Alpha Tau's need for additional

funding and ability to raise capital when needed; (v) Alpha Tau's limited experience in medical device discovery and development;

(vi) Alpha Tau's dependence on the success and commercialization of the Alpha DaRT technology; (vii) the failure of preliminary

data from Alpha Tau's clinical studies to predict final study results; (viii) failure of Alpha Tau's early clinical studies or preclinical

studies to predict future clinical studies; (ix) Alpha Tau's ability to enroll patients in its clinical trials; (x) undesirable

side effects caused by Alpha Tau's Alpha DaRT technology or any future products or product candidates; (xi) Alpha Tau's exposure

to patent infringement lawsuits; (xii) Alpha Tau's ability to comply with the extensive regulations applicable to it; (xiii) the

ability to meet Nasdaq's listing standards; (xiv) the outcome of any legal proceedings that may be instituted against Alpha

Tau or others in connection with the recent consummation of the Business Combination and any definitive agreements with respect thereto

(xiv) costs related to being a public company; (xv) changes in applicable laws or regulations; (xix) impacts from the

COVID-19 pandemic; and the other important factors discussed under the caption "Risk Factors" in Alpha Tau's final proxy

statement/prospectus relating to the Business Combination filed with the SEC on January 13, 2022, and other filings that Alpha

Tau may make with the United States Securities and Exchange Commission. These and other important factors could cause actual results

to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements

represent management's estimates as of the date of this press release. While Alpha Tau may elect to update such forward-looking

statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause

its views to change. These forward-looking statements should not be relied upon as representing Alpha Tau's views as of any date subsequent

to the date of this press release.

Investor Relations Contact:

in thousands (except share and per share data)

in thousands (except share and per share data)

STATEMENTS OF OPERATIONS

in thousands (except share and per share data)