Kitov Pharma Granted Additional 180-day Extension by Nasdaq to Comply with Bid Price Rule

Kitov Pharma Granted

Additional 180-day Extension by Nasdaq to Comply with Bid Price Rule

AVIV, Israel, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Kitov Pharma Ltd. ("Kitov") (NASDAQ/TASE: KTOV), a clinical-stage

company advancing first-in-class therapies to overcome tumor immune evasion and drug resistance, today announced that, after its

delivery of written notice to Nasdaq of its intention to cure the deficiency concerning the minimum $1.00 bid price per share Nasdaq

listing requirement during an additional compliance period, on January 7, 2020, it received notification from the Nasdaq Listing

Qualifications Department that it has been granted an additional 180-calendar day compliance period, or until July 6, 2020, in

order to regain compliance with such listing requirement.

to the Nasdaq notice, if at any time before July 6, 2020, the closing bid price of Kitov's American Depository Shares is

at $1.00 per ADS or more for a minimum of 10 consecutive business days, it will regain compliance with the minimum $1.00 bid price

per share Nasdaq listing requirement.

current notification from Nasdaq has no immediate effect on the listing or trading of Kitov's American Depository Shares,

which will continue to trade on the Nasdaq Capital Market under the symbol "KTOV".

Pharma Ltd.; NASDAQ/TASE: KTOV) is a clinical-stage company focusing on advancing first-in-class therapies to overcome tumor immune

evasion and drug resistance, to create successful long-lasting treatments for people with cancer. Kitov's oncology pipeline

includes NT-219 and CM-24. NT-219 is a small molecule targeting the novel cancer drug resistance pathways IRS1/2 and STAT3. Kitov

is currently advancing NT-219 in combination with cetuximab as a third-line or second-line treatment option for the treatment

of recurrent and metastatic squamous cell carcinoma of head & neck cancer (SCCHN). CM-24 is a monoclonal antibody blocking

CEACAM1, a novel immune checkpoint that supports tumor immune evasion and survival through multiple pathways. Kitov will advance

CM-24 as a combination therapy with anti-PD1 checkpoint inhibitors for the treatment of non-small cell lung cancer (NSCLC). Kitov

has entered into a clinical collaboration agreement with Bristol Myers Squibb (NYSE:BMY) for the planned Phase 1/2 clinical trials

to evaluate the combination of CM-24 with the PD-1 inhibitor nivolumab (Opdivo ). Kitov is also the owner of Consensi ,

a fixed-dose combination of celecoxib and amlodipine besylate, for the simultaneous treatment of osteoarthritis pain and hypertension

which was approved by the FDA for marketing in the U.S in May 2018 and is expected to be launched in the U.S. by early 2020 by

its partner Coeptis Pharmaceuticals. Kitov has also partnered to commercialize Consensi in China and South Korea. The company

is headquartered in Tel Aviv, Israel. For more information, please visit http://www.kitovpharma.com.

Forward-Looking Statements and Kitov's

Safe Harbor Statement

in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the

meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements

include, but are not limited to, statements that are not statements of historical fact, and may be identified by words such as

"believe", "expect", "intend", "plan", "may", "should",

"could", "might", "seek", "target", "will", "project",

"forecast", "continue" or "anticipate" or their negatives or variations of these words or

other comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place

undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements

reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions,

involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause

our actual results, performance or achievements to be significantly different from any future results, performance or achievements

expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include,

among others, risks relating to: different results from the expected benefits, synergies and costs of the acquisition of FameWave

by Kitov; management plans relating to the transaction; the plans, strategies and objectives of management for future operations;

product development for NT219 and CM-24; the potential future financial impact of the transaction; and any assumptions underlying

any of the foregoing; the process by which early stage therapeutic candidates such as NT219 and CM-24 could potentially lead

to an approved drug product is long and subject to highly significant risks, particularly with respect to a joint development

collaboration; the fact that drug development and commercialization involves a lengthy and expensive process with uncertain outcomes;

our ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of

any clinical trials; the lack of sufficient funding to finance the clinical trials; the impact of any changes in regulation and

legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals necessary in order

to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration or any other applicable

regulator of pharmaceutical products; the regulatory environment and changes in the health policies and regimes in the countries

in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products once cleared for marketing

in a particular market; the introduction of competing products; patents attained by competitors; dependence on the effectiveness

of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents with protective

claims; the commencement of any patent interference or infringement action; our ability to prevail, obtain a favorable decision

or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or regulatory actions;

our actions to resolve the noncompliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace

Rules, which may not result in a permanent increase in the market price of our ADSs, which is dependent on many factors, including

general economic, market and industry conditions, and other factors that are discussed in our in our Annual Report on Form 20-F

for the year ended December 31, 2018 and in our other filings with the SEC, including our cautionary discussion of risks and uncertainties

under Risk Factors' in our Registration Statements and Annual Reports. These are factors that we believe could cause

our actual results to differ materially from expected results. Other factors besides those we have listed could also adversely

affect us. Any forward-looking statement in this press release speaks only as of the date which it is made. We disclaim any intention

or obligation to publicly update or revise any forward-looking statement, or other information contained herein, whether as a

result of new information, future events or otherwise, except as required by applicable law. You are advised, however, to consult

any additional disclosures we make in our reports to the SEC, which are available on the SEC's website, http://www.sec.gov

Deputy & Chief Financial Officer

+972-3-933-3121 ext. #105