First Wave BioPharma Announces Results of Special Meeting of Stockholders

First Wave BioPharma Announces Results of Special

Meeting of Stockholders

BOCA RATON, Fla. Jan. 13, 2023 -- First

Wave BioPharma, Inc. (NASDAQ:FWBI) ("First Wave BioPharma" or the "Company"), a clinical-stage biopharmaceutical

company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that

the Company's stockholders have approved all proposals voted on at the Company's special meeting of stockholders (the "Special

Meeting") held on January 13, 2023.

The first proposal was the approval the issuance

of more than 20% of the Company's common stock pursuant to the private placement and warrant amendment agreement entered into by

the Company on November 20, 2022. The second proposal was the adoption and approval of an amendment to the Company's Amended and

Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company's issued and outstanding shares

of common stock, at a specific ratio, ranging from one-for-three (1:3) to one-for-forty (1:40), at any time prior to the one-year anniversary

date of the Special Meeting, with the exact ratio to be determined by the Company's board of directors without further approval

or authorization of the stockholders. The third proposal was the approval of the adjournment of the Special Meeting to the extent there

were insufficient proxies at the Special Meeting to approve any one or more of the foregoing proposals.

Final voting results from the Special Meeting

will be included in a Form 8-K filed with the Securities and Exchange Commission.

About First Wave BioPharma, Inc.

First Wave BioPharma is a clinical-stage biopharmaceutical

company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company is currently

advancing a therapeutic development pipeline with multiple clinical stage programs built around its two proprietary technologies -

the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients, and niclosamide, an

oral small molecule with anti-inflammatory properties. First Wave is advancing two Phase 2 clinical programs built around adrulipase for

the treatment of exocrine pancreatic insufficiency (FW-EPI) in patients with cystic fibrosis (CF) and chronic pancreatitis (CP). In developing

adrulipase, First Wave is seeking to provide CF and CP patients with a safe and effective therapy to control EPI that is non-animal derived

and offers the potential to dramatically reduce their daily pill burden. The company is also advancing multiple programs involving niclosamide,

including FW-UP for ulcerative proctitis and ulcerative proctosigmoiditis, FW-UC for ulcerative colitis, and FW-CD for Crohn's disease.

First Wave BioPharma is headquartered in Boca Raton, Florida. For more information visit www.firstwavebio.com.

Forward-Looking Statement

This press release may contain certain statements

relating to future results which are forward-looking statements. It is possible that the Company's actual results and financial

condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements,

depending on factors including whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative

of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the

final results of the trial; whether the contemplated offering will be successful and whether the Company will be able to regain and maintain

compliance with Nasdaq's continued listing criteria; the size of the potential markets for the Company's drug candidates and

its ability to service those markets; the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on

the Company's business, operating results and financial prospects; and the Company's current and future capital requirements

and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business,

including a discussion of factors that could materially affect the Company's financial results are contained in the Company's

Annual Report on Form 10-K for the year ended December 31, 2021, under the heading "Risk Factors," as well as the Company's

subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made

only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements

to reflect events or circumstances that subsequently occur or of which we hereafter become aware.

For more information:

First Wave BioPharma, Inc.

777 Yamato Road, Suite 502

Boca Raton, FL 33431

Phone: (561) 589-7020

Tiberend Strategic Advisors, Inc.