Purple Biotech Appoints Life Sciences Industry Investor Ori Hershkovitz to its Board of Directors

Purple Biotech Appoints Life Sciences Industry

Investor Ori Hershkovitz to its Board of Directors

REHOVOT, Israel, January 6, 2022 - Purple Biotech Ltd.

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

and durable therapies by overcoming tumor immune evasion and drug resistance, today announced the appointment of Ori Hershkovitz, a long-time

life sciences industry investor, to its Board of Directors.

"We are thrilled to welcome Ori to the Purple Biotech Board of

Directors," said Dr. Eric Rowinsky, Chairman of the Board of Purple Biotech. "Ori

has spent many years investing in and advising development-stage life sciences companies. We look forward to leveraging his industry and

financial expertise as we continue to execute on our corporate growth initiatives."

"Purple Biotech has a compelling oncology-focused pipeline, highlighted

by CM24 and NT219, with a great potential to transform the therapeutic options of many cancer patients," said Mr. Hershkovitz. "I

look forward to working with the other members of the Board and the Company's experienced management

team to support Purple Biotech's continued development and to drive long-term shareholder value."

Mr. Hershkovitz has held various positions in life sciences investment

funds over many years. Currently, Mr. Hershkovitz is a board member and a senior advisor to private and public biotechnology and healthcare

companies. From 2015 to 2019, Mr. Hershkovitz served as a Managing Partner and CIO of Nexthera Fund, a healthcare hedge fund based in

New York, managing over $400 million in assets. From 2006 to 2014, he was the Founding Partner and Head of Research at Sphera Fund in

Tel-Aviv, managing over $700 million in assets. From 2001 to 2006, Mr. Hershkovitz served as Senior Pharmaceutical Equity Analyst at Leader

& Co. Investment House Ltd. in Tel Aviv, and from 1999 to 2001, he was a Pharmaceutical Equity Analyst at Ilanot Batucha Investment

House Ltd. Mr. Hershkovitz currently serves on the Board of Directors of Matricelf Ltd. (TASE: MTLF), and from 2013 to 2016 was a member

of the Board of Directors of MicroMedic Ltd. and Medigus Ltd. Mr. Hershkovitz holds a B.A degree in Business

Administration and Finance from Tel Aviv University, and is a licensed investment advisor.

About Purple Biotech

Purple Biotech Ltd. is a clinical-stage company developing first-in-class

therapies by overcoming tumor immune evasion and drug resistance. The Company's oncology pipeline includes NT219 and CM24. NT219 is a

dual inhibitor, novel small molecule that simultaneously targets IRS1/2 and STAT3. The Company is currently advancing NT219 as a monotherapy

treatment of solid tumors, followed by a dose escalation of NT219 in combination with cetuximab for the treatment of recurrent and/or

metastatic squamous cell carcinoma of the head and neck cancer (SCCHN) or colorectal adenocarcinoma in a phase 1/2 study, and an expansion

phase 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. 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 selected cancer indications in a phase 1b study followed by a phase 2 for the treatment of non-small cell lung

cancer and pancreatic cancer. The Company has entered into a clinical collaboration agreement, as amended, with Bristol Myers Squibb for

the planned phase 1/2 clinical trials to evaluate the combination of CM24 with the PD-1 inhibitor nivolumab (Opdivo ) in patients

with non-small cell lung cancer and in combination with nivolumab in addition to nab-paclitaxel (ABRAXANE ) in patients with pancreatic

cancer. The Company is also the owner of Consensi , an FDA-approved fixed-dose combination of celecoxib and amlodipine besylate, for

the simultaneous treatment of osteoarthritis pain and hypertension that was approved by the FDA for marketing in the U.S. The Company's

corporate headquarters are located in Rehovot, Israel. For more information, please visit https://www.purple-biotech.com.

Forward-Looking Statements and Safe Harbor Statement

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 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: the plans, strategies and

objectives of management for future operations; product development for NT219 and CM24; the process by which early stage therapeutic candidates

such as NT219 and CM24 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 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, and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2020

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.

President & Chief Financial Officer