Galmed Pharmaceuticals Reports Second Quarter

Galmed Pharmaceuticals Reports Second Quarter

2017 Financial Results and Provides Business Update

- Conference Call and Webcast Today at 8:30

a.m. EDT / 5:30 a.m. PDT -

TEL AVIV, Israel, July 31, 2017 - Galmed

Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company

focused on the development of a once-daily, oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH, and other

liver diseases, today reported financial results for the three and six months ended June 30, 2017. The Company will host a

conference call and webcast today to discuss the financial results and to provide an update on current developments with respect

to its clinical programs for AramcholTM.

Financial Summary - Second Quarter 2017 vs. Second Quarter 2016:

Conference Call & Webcast:

Monday, July 31, 2017, 8:30 am Eastern

Time / 5:30 am Pacific Time

Participant Dial-In Numbers:

Replay, available until August 14,

Replay Dial-In Numbers:

and Non-alcoholic Steatohepatitis (NASH)

(arachidyl amido cholanoic acid) is a novel fatty acid bile acid conjugate, inducing beneficial modulation of intra-hepatic lipid

metabolism. AramcholTM's ability to modulate hepatic lipid metabolism was discovered and validated in animal models,

demonstrating down regulation of the three key pathologies of NASH; steatosis, inflammation and fibrosis. The effect of AramcholTM

on fibrosis is mediated by down regulation of steatosis and directly on human collagen producing cells. AramcholTM has

been granted by the FDA Fast Track designation status for the treatment of NASH.

NASH is an emerging world crisis impacting

an estimated 3% to 5% of the U.S. population and an estimated 2% to 4% globally. It is the fastest growing cause of liver cancer

and liver transplant in the U.S. due to the rise in obesity. NASH is the progressive form of non-alcoholic fatty liver disease

that can lead to cardiovascular disease, cirrhosis and liver-related mortality.

About Galmed Pharmaceuticals Ltd.:

Galmed is a clinical-stage biopharmaceutical

company focused on the development of AramcholTM, a first in class, novel, once-daily, oral therapy for the treatment

of NASH for variable populations, as well as other liver associated disorders. Galmed is currently conducting the ARREST Study,

a multicenter, randomized, double blind, placebo-controlled Phase IIb clinical study designed to evaluate the efficacy and safety

of AramcholTM in subjects with NASH, who are overweight or obese, and who are pre-diabetic or type-II-diabetic. Galmed

also sponsors the ARRIVE Study, a proof-of-concept Phase IIa clinical trial designed to evaluate the safety and efficacy of Aramchol

in up to 50 patients with HIV-associated NAFLD and lipodystrophy. The ARRIVE Study is an investigator-initiated trial, conducted

at the University of California San Diego by Professor Rohit Loomba. More information about the ARREST Study and the ARRIVE Study

may be found on ClinicalTrials.gov identifiers: NCT02279524 and NCT02684591, respectively.

Forward-Looking Statements:

This press release may include forward-looking

statements. Forward-looking statements may include, but are not limited to, statements relating to Galmed's objectives, plans

and strategies, as well as statements, other than historical facts, that address activities, events or developments that Galmed

intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by

terminology such as "believes," "hopes," "may," "anticipates," "should,"

"intends," "plans," "will," "expects," "estimates," "projects,"

"positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light

of management's experience and perception of historical trends, current conditions, expected future developments and other

factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks

and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many

factors could cause Galmed's actual activities or results to differ materially from the activities and results anticipated

in forward-looking statements, including, but not limited to, the following: the timing and cost of Galmed's ongoing Phase

IIb ARREST Study, and planned Phase III trials for AramcholTM, or whether Phase III trials will be conducted at all;

completion and receiving favorable results of these Phase IIb ARREST Study and Phase III trials for AramcholTM; regulatory

action with respect to AramcholTM by the FDA or the EMA; the commercial launch and future sales of AramcholTM

or any other future products or product candidates; Galmed's ability to comply with all applicable post-market regulatory

requirements for AramcholTM in the countries in which it seeks to market the product; Galmed's ability to achieve

favorable pricing for AramcholTM; Galmed's expectations regarding the commercial market for NASH in patients who

are overweight or obese and have pre diabetes or type II diabetes mellitus; third-party payor reimbursement for AramcholTM;

Galmed's estimates regarding anticipated capital requirements and Galmed's needs for additional financing; market adoption

of AramcholTM by physicians and patients; the timing, cost or other aspects of the commercial launch of AramcholTM;

the development and approval of the use of AramcholTM for additional indications or in combination therapy; and Galmed's

expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties

affecting Galmed is contained under the heading "Risk Factors" included in Galmed's most recent Annual Report

on Form 20-F filed with the SEC on March 23, 2017, 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 are made as of the date of this press release and reflect Galmed's

current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update

or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Galmed Investor & Media Contact:

Guy Nehemya, VP Operations

Galmed Pharmaceuticals Ltd.