FIRST WAVE BIOPHARMA, INC. ANNOUNCES PRICING OF $6.0

WAVE BIOPHARMA, INC. ANNOUNCES PRICING OF $6.0 MILLION PUBLIC OFFERING

BOCA RATON, Fla., Oct. 06, 2022 (GLOBE

NEWSWIRE) -- 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 diseases, today

announced the pricing of a public offering of 3,438,396 shares of its common stock (or pre-funded warrants in lieu thereof) and warrants

to purchase up to an aggregate of 3,438,396 shares of its common stock at an offering price to the public of $1.745 per share (or pre-funded

warrant in lieu thereof) and associated warrant. The warrants will have an exercise price of $1.62 per share, are exercisable immediately

upon issuance, and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about

October 11, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as

the exclusive placement agent for the offering.

The gross proceeds to the Company from the

offering are expected to be approximately $6.0 million, before deducting the placement agent's fees and other offering expenses

payable by the Company. The Company intends to use the net proceeds from this offering to make the final upfront payment owed to the former

stockholders of First Wave Bio, Inc. ("FWB") pursuant to the settlement agreement between the Company and the representative

of the former stockholders of FWB. The Company intends to use the remaining net proceeds from this offering for working capital and general

The securities described above are being offered

pursuant to a registration statement on Form S-1 (File No. 333-267423) originally filed with the Securities and Exchange Commission

("SEC") on September 14, 2022 and became effective on October 6, 2022. The public offering is being made only by

means of a prospectus, which is part of the effective registration statement. When available, electronic copies of the final prospectus

may be obtained for free on the SEC's website located at http://www.sec.gov and may also be obtained by contacting H.C.

Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

This press release shall not constitute an

offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities

in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification

under the securities laws of any such state or other jurisdiction.

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 Statements

This press release may contain certain statements

relating to future results which are forward-looking statements. These forward-looking statements are subject to risks and uncertainties

including, among other things, the completion of the public offering, the satisfaction of customary closing conditions related to the

public offering and the intended use of proceeds from the public offering. 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 risks and uncertainties related to market conditions; 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 SEC. 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

For more information:

First Wave BioPharma, Inc.

777 Yamato Road, Suite 502

Boca Raton, FL 33431

Phone: (561) 589-7020

Tiberend Strategic Advisors, Inc.