Kiora Reports KIO-101 is Safe and Tolerable; Topline Data Supports Advancing KIO-101 to a Phase 2 Study in Patients with Dry Eye Disease

Kiora Reports KIO-101 is Safe and Tolerable;

Topline Data Supports Advancing KIO-101 to a Phase 2 Study in Patients with Dry Eye Disease

SALT LAKE CITY, UT, Dec 14, 2021 - Kiora

Pharmaceuticals, Inc. (NASDAQ: KPRX), ("Kiora" or the "Company") announced topline data from its vehicle-controlled,

randomized safety study of KIO-101 eyedrops. The study evaluated 24 healthy subjects and 21 patients diagnosed with ocular surface inflammation,

a key driver of dry eye disease. The results demonstrated favorable safety and tolerability of KIO-101 as well as statistically significant

improvements in conjunctival hyperemia, a key inclusion criterion for the 21 patients enrolled with ocular surface inflammation and a

recognized clinical sign in patients with ocular surface inflammation and associated dry eye. These results warrant advancing KIO-101

into Phase 2 studies of longer duration. KIO-101 is a small molecule DHODH inhibitor representing a novel approach to addressing ocular

inflammation and dry eye disease. Previous generations of DHODH inhibitors are currently approved to treat patients with the systemic

autoimmune diseases, multiple sclerosis and rheumatoid arthritis.

"As an exploratory study, our predetermined

analysis plan was limited to only formal comparisons between groups for pharmacokinetics, safety and tolerability. A post-hoc analysis

on predefined secondary efficacy outcomes showed a meaningful reduction in conjunctival hyperemia, consistent with inhibition of both

T-cell proliferation and proinflammatory cytokine release that we would expect from an immune modulating DHODH inhibitor," said

Eric J Daniels, MD, Chief Development Officer of Kiora. "These early signs of a drug-related effect on clinical outcomes are encouraging

and support KIO-101's continued development for patients with ocular surface inflammation associated with dry eye disease."

The topline results and observations include the

The randomized, double-masked, vehicle-controlled, single site study

was conducted in Vienna, Austria and led by Principal Investigator Gerhard Garh fer, MD, Associate Professor, Medical University

of Vienna. The trial was designed to evaluate the safety and tolerability of KIO-101 in patients with ocular surface inflammation. A total

of 21 patients were treated BID for 12 days with 0.15% of KIO-101 (n=14) or vehicle (n=7). The key inclusion criteria were conjunctival

hyperemia score >2 and an OSDI of > 22. Primary endpoints included safety and tolerability. Secondary and exploratory endpoints

included pharmacokinetics of KIO-101 as well as OSDI, conjunctival hyperemia, TBUT, corneal staining (Fluorescein), and conjunctival staining

(Lissamine Green), ocular discomfort, lid edema, lid erythema.

This followed the Phase 1 dose-ascending portion of the study in healthy

volunteers, in which a total of 24 subjects were randomized to receive KIO-101 (0.05%, 0.15%, and 0.30%) or vehicle. Key endpoints assessed

were safety, tolerability and plasma pharmacokinetics of KIO-101 following 1 day (single dose) and 12 days (48 doses).

Kiora is a clinical-stage biotechnology company

developing and commercializing products for treating ophthalmic diseases. KIO-301 is a molecular photoswitch that has the potential to

restore light perception in patients with inherited and/or age-related retinal degeneration. KIO-101 is a next-generation, non-steroidal,

immuno-modulatory and small molecule inhibitor of Dihydroorotate Dehydrogenase ("DHODH") with best-in-class picomolar potency

and a validated immune modulating mechanism (blocks T cell proliferation and proinflammatory cytokine release) designed to overcome the

off-target side effects and safety issues associated with other DHODH inhibitors. In addition, Kiora is developing KIO-201, a modified

form of the natural polymer hyaluronic acid, designed to accelerate corneal wound healing. For more information, please visit www.kiorapharma.com.

Forward-Looking Statements

Some of the statements in this press release are

"forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

These "forward-looking" statements include statements relating to, among other things, the development and commercialization

efforts and other regulatory or marketing approval efforts pertaining to Kiora's products, including KIO-101, KIO-201 and KIO-301,

as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all. These statements

involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including,

among other things, market and other conditions and certain risk factors described under the heading "Risk Factors" contained

in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2021 or described in Kiora's other public filings. Kiora's

results may also be affected by factors of which Kiora is not currently aware. The forward-looking statements in this press release speak

only as of the date of this press release. Kiora expressly disclaims any obligation or undertaking to release publicly any updates or

revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions, or

circumstances on which any such statement is based, except as required by law.

Francina Agosti, PhD