Purple Biotech Announces Exercise of Warrants for $2 Million Gross Proceeds

Purple Biotech Announces Exercise of Warrants

for $2 Million Gross Proceeds

REHOVOT, Israel, July 01, 2024 (GLOBE NEWSWIRE) -- Purple Biotech

Ltd. ("Purple Biotech" or "the Company") (NASDAQ/TASE: PPBT), a clinical-stage company developing first-in-class

therapies that seek to overcome tumor immune evasion and drug resistance, today announced that it has entered into definitive agreements

for the exercise of certain existing warrants to purchase an aggregate of 5,633,509 American Depositary Shares (ADSs), each representing

10 ordinary shares, having original exercise prices ranging from $1.25 to $20.00 per ADS, originally issued by Purple Biotech in October

2023, June 2020, January 2019 and June 2018, at a reduced exercise price of $0.36 per ADS. The issuance and/or resale of the ADSs issuable

upon exercise of the existing warrants, as applicable, are registered pursuant to effective registration statements on Form F-3 (File

Nos. 333-268710, 333-235327 and 333-215037). The offering is expected to close on or about July 2, 2024, subject to satisfaction of customary

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

placement agent for the offering.

In consideration for the immediate exercise of

the existing warrants for cash, the Company will issue new unregistered Series A-1 warrants to purchase up to an aggregate of 4,979,383

ADSs and new unregistered Series A-2 warrants to purchase up to an aggregate of 6,287,635 ADSs. The new warrants will be immediately exercisable

at an exercise price of $0.40 per ADS. The Series A-1 warrants will have a term of five years from the issuance date and the Series A-2

warrants will have a term of twenty-four months from the issuance date.

The gross proceeds to the Company from the exercise

of the existing warrants are expected to be approximately $2 million, prior to deducting placement agent fees and estimated offering expenses

payable by the Company. The Company intends to use the net proceeds from the offering to fund the development of its oncology therapeutic

candidates and for general working capital and corporate purposes.

The new warrants described above are being offered

in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Regulation

D promulgated thereunder and, along with the ADSs issuable upon exercise of the new warrants, have not been registered under the Securities

Act, or applicable state securities laws. Accordingly, the new warrants issued in the private placement and the ADSs issuable upon the

exercise of the new warrants may not be offered or sold 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. The Company

has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the ADSs issuable upon

the exercise of the new warrants.

This press release does 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 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 Purple Biotech

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage

company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance. The Company's oncology

pipeline includes NT219, CM24 and IM1240. NT219 is a dual inhibitor, novel small molecule that simultaneously targets IRS1/2 and STAT3.

A Phase 1 dose escalation study is being concluded and a Phase 2 study of NT219 at its recommended Phase 2 level in combination with cetuximab

in patients with recurrent and/or metastatic squamous cell carcinoma of the head and neck cancer (SCCHN) is planned. CM24 is a humanized

monoclonal antibody that blocks CEACAM1, an immune checkpoint protein that supports tumor immune evasion and survival through multiple

pathways. The Company is advancing CM24 as a combination therapy with anti-PD-1 checkpoint inhibitors in a Phase 2 study for the treatment

of pancreatic ductal adenocarcinoma (PDAC). The Company has entered into a clinical collaboration agreement with Bristol Myers Squibb

for the Phase 2 clinical trials to evaluate the combination of CM24 with the PD-1 inhibitor nivolumab in addition to chemotherapy. The

Company is also advancing a preclinical platform of conditionally-activated tri-specific antibodies that engage both T cells and NK cells

to induce a strong, localized immune response within the tumor microenvironment. The cleavable capping technology confines the compound's

therapeutic activity to the local tumor microenvironment, and thereby potentially increases the anticipated therapeutic window in patients.

The third arm of the antibody specifically targets the Tumor Associated Antigen (TAA). The technology presents a novel mechanism of action

by unleashing both innate and adaptive immune systems to induce an optimal anti-tumor immune response. IM1240 is the platform's

lead tribody in development that targets 5T4 expressed in a variety of solid tumors and is correlated with advanced disease, increased

invasiveness and poor clinical outcomes. The Company's corporate headquarters are located in Rehovot, Israel. For more information,

please visit https://purple-biotech.com/.

Forward-Looking Statements and Safe Harbor

Certain statements 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 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 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: market and other conditions; the plans, strategies and objectives

of management for future operations; product development for NT219, CM24 and IM1240; the process by which such early stage therapeutic

candidates 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; final results from clinical studies, including our NT219 and CM24 studies, may vary from the interim analysis, our

ability to successfully develop and commercialize our pharmaceutical products; the expense, length, progress and results of any 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 obtained by competitors; dependence

on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued patents;

the commencement of any patent interference or infringement action against our patents, and 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;

the impact of the economic, public health, political and security situation in Israel, the U.S. and other countries in which we may operate

or obtain approvals for our products or our business, and other factors that are discussed in our Annual Report on Form 20-F for the year

ended December 31, 2023 and in our other filings with the U.S. Securities and Exchange Commission ("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, https://www.sec.gov.

Chief Financial Officer