Lantern Pharma Reports Third Quarter 2020 Financial Results & Continued Operational Progress Surpassed One Billion Curated Data Points Powering Company's Proprietary A.I. Platform, RADR , for Cancer Drug Development Adva

Pharma Reports Third Quarter 2020 Financial Results & Continued Operational Progress

DALLAS, TX - October 29, 2020 - Lantern Pharma

Inc. (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary artificial intelligence ("A.I.")

platform, RADR , to transform oncology drug discovery and development, today announced financial results

for the third quarter ended September 30, 2020.

Panna Sharma, CEO and President of Lantern Pharma, stated, "We

have been extremely focused on advancing our portfolio of compounds, increasing the functionality, capabilities and data powering

our A.I. platform, while also strengthening our team with cancer biologists, data scientists and drug development professionals

who share our passion to transform oncology drug development."

Lantern has three drug compounds in development where genomics

and data-driven methods have been used to refine and accelerate the development process: LP-100 in a Phase 2 trial for the

treatment of metastatic, hormone-refractory prostate cancer (MHRPC), which is partnered with a European biotech; LP-300

which is preparing to enter into a Phase 2 trial for non-small cell lung cancer (NSCLC) as a combination therapy; and LP-184

which is in preclinical development for genomically defined cancers, including prostate, pancreatic and glioblastoma multiforme

Mr. Sharma also commented, "Our

proprietary RADR platform recently surpassed one billion data points - which is roughly four times the amount

of data since our June IPO. The data is comprised largely of genomic, transcriptomic and drug sensitivity datapoints that have

been thoughtfully curated from both our own studies and from relevant published studies and cancer data sets. RADR

was essential in helping determine that GBM, a particularly deadly form of brain cancer, should be a key focus in our portfolio

development. Additionally, RADR has significantly accelerated the process of developing an initial signature that

could be used to identify GBM patients, potentially resulting in a new more effective treatment and in uncovering sub-types of

GBM in which our compound can be most effective. Our growing A.I. platform will be pivotal in uncovering potential new therapeutic

opportunities and also in developing insights into the creation of combination-therapy programs."

During the third quarter, Lantern also announced drug development

and research collaborations with two leading academic and translational research cancer centers, Fox Chase Cancer Center in Philadelphia

and Georgetown University in Washington D.C. These collaborations are focused on advancing LP-184 in specific, genomically defined

sub-types of pancreatic and prostate cancer. The focus of both collaborations is to provide critical insights for the design of

our upcoming clinical testing for LP-184. The data and results from these collaborative studies will provide data that will advance

the development of biomarker signatures and aid in defining the patient groups most likely to benefit from our therapies.

Corporate and Scientific Highlights

Third Quarter Financial Highlights

Mr. Sharma continued, "We are changing the pace, risk

and cost of oncology drug discovery and development. The high failure rate and protracted development process lead to development

costs in oncology that are not sustainable for our health-care system or for patients globally. A.I. and large scale machine-learning

enabled systems that can leverage real-world oncology data and biomarker driven approaches offer the tremendous potential of a

more sustainable route and one that can lead in the transformation of oncology drug development to benefit patients and advance

Lantern Pharma will host a conference call and webcast today,

Thursday, October 29 at 4:00 p.m. ET.

Conference Call & Webcast Details

Web participants should register 15 minutes prior to the start

of the call. The webcast will be archived on the Lantern Pharma website for 30 days.

A replay of the conference call will be available for replay

until 11:59 pm ET November 29, 2020.

About Lantern Pharma

Lantern Pharma (Nasdaq: LTRN) is a

clinical-stage biopharmaceutical company innovating the repurposing, revitalization and development of precision therapeutics

in oncology. We leverage advances in machine learning, genomics, and artificial intelligence by using a proprietary A.I.

platform to discover biomarker signatures that help identify patients more likely to respond to our pipeline of cancer

therapeutics. Lantern's focus is to improve the outcome for patients by leveraging our technology to uncover, rescue

and develop abandoned or failed drugs. Our current pipeline of three drugs, with two programs in clinical stages and two in

preclinical, focuses on cancers that have unique and unmet clinical needs with a clearly defined patient population. We

believe that the use of machine learning, genomics and computational methods can help accelerate the revitalization,

refocusing and development of small molecule-based therapies. By targeting drugs to patients whose genomic profile identifies

them as having the highest probability of benefiting from the drug, this approach represents the potential to deliver

best-in-class outcomes. Our team seeks out experienced industry partners, world-class scientific advisors, and innovative

clinical-regulatory approaches to assist in delivering cancer therapies to patients as quickly and efficiently as possible.

For more information, please visit the company's website at www.lanternpharma.com or Twitter @lanternpharma.

Director, Investor Relations

Forward-looking Statements

This press release contains forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial

performance; the potential advantages of our RADR platform in identifying drug candidates and patient populations

that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates; estimates

regarding the development timing for our drug candidates; our strategic plans to expand the number of data points that our RADR

platform can access and analyze; our research and development efforts of our internal drug discovery programs and the utilization

of our RADR platform to streamline the drug development process; our intention to leverage artificial intelligence,

machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development

and to identify patient populations that would likely respond to a drug candidate; estimates regarding potential markets and potential

market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their

commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements

of historical fact (including, without limitation, statements to the effect that Lantern Pharma Inc. or our management "believes",

"expects", "anticipates", "estimates", "plans" (and similar expressions) should be considered

forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from

those indicated by the forward-looking statements, such as the impact of the COVID-19 pandemic, the results of our clinical trials,

and the impact of competition. Additional factors can be found in the Risk Factors section in our final prospectus, dated June

10, 2020, for our initial public offering, on file with the Securities and Exchange Commission. You may access our June 10, 2020

final prospectus under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC's website at www.sec.gov.

Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or

that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution

investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment

as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements

to conform the statement to actual results or changes in our expectations.

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of

Operations (Unaudited)