Purple Biotech CEO Issues Letter to Shareholders Highlighting Pipeline Progress and Clinical Milestones Achieved in First Half of 2025

Purple Biotech CEO Issues Letter to Shareholders

Highlighting Pipeline Progress and

Clinical Milestones Achieved in First Half of 2025

REHOVOT, Israel, July 23, 2025 (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 issued the following letter to shareholders from Chief Executive Officer Gil

Efron, highlighting the Company's scientific progress, operational execution, and strategic milestones during the first half of

I am pleased to report that the first half of 2025 has been marked

by meaningful scientific advancements across all of our core programs, prudent financial management, and continued investor support. Despite

a challenging market environment, our team remained focused on delivering value-creating data and positioning Purple Biotech for anticipated

2025 First Half Highlights

CM24 ( -CEACAM1 monoclonal antibody)

We believe that these results support the advancement of

a future biomarker-driven Phase 2b study, with the potential for improved outcomes.

CAPTN-3 Tri-Specific Antibody Platform

NT219 (IRS1/2 degrader & STAT3 blocker)

We maintained disciplined cash management in the first half of 2025,

and currently expect our financial runway to extend into mid-2026. Additional funding will be required to support the execution of future

I would like to thank our dedicated employees, collaborators, and investors

for their ongoing support. We remain committed to executing our strategy and driving meaningful clinical and shareholder value.

Chief Executive Officer

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 CM24, NT219, and CAPTN-3. CM24 is a humanized monoclonal antibody that blocks CEACAM1, which supports tumor

immune evasion and survival through multiple pathways. CEACAM1 on tumor cells, immune cells and neutrophil extracellular traps is a novel

target for the treatment of multiple cancer indications. As proof of concept of these novel pathways, the Company completed a Phase 2

study for the treatment of pancreatic ductal adenocarcinoma (PDAC) with CM24 as a combination therapy with the anti-PD-1 checkpoint inhibitor

nivolumab and chemotherapy, demonstrating clear and consistent improvement across all efficacy endpoints and the identification of two

potential serum biomarkers and other potential tissue biomarkers. NT219 is a dual inhibitor, novel small molecule that simultaneously

targets IRS1/2 and STAT3. A Phase 1 dose escalation study was concluded as a monotherapy and in combination with cetuximab, in which

NT219 demonstrated anti-tumor activity in combination with cetuximab in second-line patients with recurrent and/or metastatic squamous

cell carcinoma of the head and neck (R/M SCCHN). A Phase 2 study in collaboration with the University of Colorado, to treat R/M SCCHN

patients with NT219 in combination with cetuximab or pembrolizumab was initiated. The Company is also advancing CAPTN-3, a preclinical

platform of conditionally activated tri-specific antibodies, which 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, thereby potentially increasing the anticipated therapeutic window in patients. The third arm specifically targets

the Tumor Associated Antigen (TAA). The technology presents a novel mechanism of action by unleashing both innate and adaptive immune

systems to mount an optimal anti-tumoral immune response. IM1240 is the first tri-specific antibody in development that targets the 5T4

antigen, which is expressed in a variety of solid tumors and is associated with advanced disease, increased invasiveness, and poor clinical

outcomes. The Company's corporate headquarters is located in Rehovot, Israel. For more information, please visit https://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, 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; 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, 2024

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.