and Perrigo Execute Manufacturing Agreement

and Perrigo Execute Manufacturing Agreement

for Large-Scale Aramchol API Production

TEL-AVIV, Israel, January

28, 2015 /PRNewswire/ - Galmed Pharmaceuticals Ltd.

(Nasdaq: GLMD) ("Galmed"), a clinical-stage biopharmaceutical company focused on the development and commercialization

of a once-daily, oral medication for the treatment of liver diseases and cholesterol gallstones, announced today that it has entered

into a Manufacturing Services Agreement with Perrigo API Ltd., a subsidiary of Perrigo Company plc (NYSE: PRGO) ("Perrigo"),

for the large-scale production of the active pharmaceutical ingredient ("API") of Galmed's product candidate,

aramchol. The API produced pursuant to this agreement is expected to provide sufficient quantities of aramchol for Galmed's potential

future Phase III clinical trials of aramchol for the treatment of Non-Alcoholic Steato-Hepatitis, or NASH.

terms of the agreement, Perrigo will provide manufacturing process optimization services for large-scale production of the aramchol

API, manufacture the aramchol API pursuant to current good manufacturing processes, or cGMP, and perform additional development

services regarding scale-up and manufacturing optimization for the aramchol API. The agreement also provides Perrigo with the option

to manufacture commercial supplies of the aramchol API in the future.

Executive Officer, Allen Baharaff, stated, "we are delighted to partner with Perrigo, one of the world's leading pharmaceutical

manufacturers, for large-scale API production. Mr. Baharaff continued, "we selected Perrigo as our API supplier because of

its experience in cost-effective large-scale cGMP production of small molecule APIs. We believe that initiating the process of

large-scale API production now may facilitate the commencement of our potential future Phase III clinical trials, assuming applicable

regulatory approval to conduct the same, and provide preferential pricing, which we believe may ultimately provide a more affordable

treatment option for NASH patients in the future."

Galmed is a clinical-stage

biopharmaceutical company focused on the development and commercialization of a novel, once-daily, oral therapy for the treatment

of liver diseases and cholesterol gallstones utilizing its proprietary first-in-class family of synthetic fatty-acid/bile-acid

conjugates, or FABACs. Galmed believes that its product candidate, aramchol, has the potential to be a disease modifying treatment

for fatty liver disorders, including NASH, which is a chronic disease that Galmed believes, constitutes a large unmet medical need.

as a packager of generic home remedies in 1887, Perrigo Company plc (NYSE: PRGO), head quartered in Ireland, has grown to

become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter ("OTC")

and generic prescription pharmaceuticals, nutritional products and APIs, and receives royalties from the Multiple Sclerosis drug,

Tysabri . Perrigo is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry

leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products "

and it does so across a wide variety of product categories, primarily in the United States, United Kingdom, Mexico, Israel and Australia,

as well as more than 40 other key markets worldwide, including Canada, China and Latin America.

Note on Forward-Looking Statements

includes forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause

actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include

those identified under the heading "Risk Factors" included in the registration statement on Form F-1 (File No. 333 -193792),

initially filed with the U.S. Securities and Exchange Commission, or the SEC, on February 6, 2014 and declared effective

by the SEC on March 12, 2014, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking

statements contained in this press release reflect Galmed's current views with respect to future events, and Galmed does not undertake

and specifically disclaims any obligation to update any forward-looking statements.

Pharmaceuticals Ltd.

For further information:

Galmed Pharmaceuticals Ltd.,