Longeveron Announces $4 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules MIAMI

Longeveron Announces $4 Million Registered Direct

Offering Priced At-the-Market Under

MIAMI, October 12, 2023 (GLOBE NEWSWIRE) -- Longeveron

Inc. (NASDAQ: LGVN) ("Longeveron" or "Company"), a clinical stage biotechnology company developing cellular therapies

for life-threatening and chronic aging-related conditions such as hypoplastic left heart syndrome (HLHS), Alzheimer's disease and

Aging-related Frailty, today announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 2,424,243

of its shares of Class A common stock ("common stock"), or common stock equivalents in lieu thereof, at a purchase price of

$1.65 per share, or per common stock equivalent in lieu thereof, in a registered direct offering priced at-the-market under Nasdaq rules.

In a concurrent private placement, Longeveron has also agreed to issue and sell unregistered Series A warrants to purchase up to an aggregate

of 2,424,243 shares of its common stock and unregistered Series B warrants to purchase up to an aggregate of 2,424,243 shares of its common

stock. The offering is expected to close on or about October 13, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive

placement agent for the offering.

The unregistered Series A warrants will have an

exercise price $1.65 per share, will become exercisable commencing on the effective date of stockholder approval of the issuance of the

shares issuable upon exercise of the Series A warrants and have a term of five and one-half years from the date of issuance. The unregistered

Series B warrants will have an exercise price $1.65 per share, will become exercisable commencing on the effective date of stockholder

approval of the issuance of the shares issuable upon exercise of the Series B warrants and have a term of eighteen months from the date

The gross proceeds to Longeveron from the offering

are expected to be approximately $4 million, before deducting the placement agent's fees and other offering expenses payable by

the Company. Longeveron currently intends to use the net proceeds from the offering to fund the ongoing clinical and regulatory development

of Lomecel-B and for capital expenditures, working capital and general corporate purposes.

The shares of common stock (or common stock equivalents)

offered in the registered direct offering (but excluding the unregistered warrants offered in the concurrent private placement and the

shares of common stock underlying such unregistered warrants) are being offered and sold by the Company pursuant to a "shelf"

registration statement on Form S-3 (Registration No. 333-264142), including a base prospectus, previously filed with the Securities and

Exchange Commission (SEC) on April 5, 2022 and declared effective by the SEC on April 14, 2022. The offering of the shares of common stock

(or common stock equivalents) to be issued in the registered direct offering are being made only by means of a prospectus supplement that

forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered

direct offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

Electronic copies of the final prospectus supplement and accompanying base prospectus 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.

The offer and sale of the unregistered warrants

in the private placement are being made in a transaction not involving a public offering and have not been registered under Section 4(a)(2)

of the Securities Act of 1933, as amended (the "Securities Act") and/or Rule 506(b) of Regulation D promulgated thereunder

and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act or

applicable state securities laws. Accordingly, the unregistered warrants offered in the private placement and the underlying shares of

common stock may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable

exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer

to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or 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 jurisdiction.

About Longeveron Inc.

Longeveron is a clinical stage biotechnology company

developing regenerative medicines to address unmet medical needs. The Company's lead investigational product is Lomecel-B ,

an allogeneic medicinal signaling cell (MSC) therapy product isolated from the bone marrow of young, healthy adult donors. Lomecel-B

has multiple potential mechanisms of action encompassing pro-vascular, pro-regenerative, anti-inflammatory, and tissue repair and healing

effects with broad potential applications across a spectrum of disease areas. Longeveron is currently advancing Lomecel-B through

clinical trials in three indications: hypoplastic left heart syndrome (HLHS), Alzheimer's disease, and Aging-related Frailty. Additional

information about the Company is available at www.longeveron.com.

Forward-looking Statements

Certain statements in this press release that

are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation

Reform Act of 1995, which reflect management's current expectations, assumptions, and estimates of future operations, performance

and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated

by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as

"believe," "expects," "may," "looks to," "will," "should," "plan,"

"intend," "on condition," "target," "see," "potential," "estimates,"

"preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy

or goals or other future events, circumstances, or effects. Factors that could cause actual results to differ materially from those expressed

or implied in any forward-looking statements in this release include, but are not limited to, statements regarding the completion of the

offering, the satisfaction of customary closing conditions related to the offering and the anticipated use of proceeds therefrom, as well

as statements about the ability of Longeveron's clinical trials to demonstrate safety and efficacy of the Company's product

candidates, and other positive results; the timing and focus of the Company's ongoing and future preclinical studies and clinical

trials and the reporting of data from those studies and trials; the size of the market opportunity for the Company's product candidates,

including its estimates of the number of patients who suffer from the diseases being targeted; the success of competing therapies that

are or may become available; the beneficial characteristics, safety, efficacy and therapeutic effects of the Company's product candidates;

the Company's ability to obtain and maintain regulatory approval of its product candidates in the U.S., Japan and other jurisdictions;

the Company's plans relating to the further development of its product candidates, including additional disease states or indications

it may pursue; the Company's plans and ability to obtain or protect intellectual property rights, including extensions of existing

patent terms where available and its ability to avoid infringing the intellectual property rights of others; the need to hire additional

personnel and the Company's ability to attract and retain such personnel; the Company's estimates regarding expenses, future

revenue, capital requirements and needs for additional financing; the Company's need to raise additional capital, and the difficulties

it may face in obtaining access to capital, and the dilutive impact it may have on its investors; market and other conditions; the Company's

financial performance and ability to continue as a going concern, and the period over which it estimates its existing cash and cash equivalents

will be sufficient to fund its future operating expenses and capital expenditure requirements. Further information relating to factors

that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the Securities

and Exchange Commission, including Longeveron's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the

Securities and Exchange Commission on March 14, 2023 and its Quarterly Report on Form 10-Q for the second quarter of 2023 filed with the

SEC on August 11, 2023. The forward-looking statements contained in this press release are made as of the date of this press release,

and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements,

whether as a result of new information, future events, or otherwise.

Email: mmoyer@lifesciadvisors.com