Full Press Release Details
PainReform Welcomes Senior Pharmaceutical
Venture Capitalist Augustine Lawlor to Board of Directors
November XX, 2020 - PainReform Ltd. (NasdaqCM: PRFX) ("PainReform" or the "Company"), a clinical
stage specialty pharmaceutical company focused on the reformulation of established therapeutics, welcomes Augustine Lawlor as a
member of the Company's Board of Directors following its recent initial public offering.
Mr. Lawlor has served as Chief Operating Officer
of Leap Therapeutics, Inc., an oncology company, since January 2016 and has been a Managing Director of HealthCare Ventures since
2000. From 1997 to 2000, he served as Chief Operating Officer of LeukoSite, Inc., a biotechnology company acquired by Millennium
Pharmaceuticals Inc. in 1999. Prior to joining LeukoSite, Mr. Lawlor was Chief Financial Officer and Vice President of Corporate
Development for Alpha-Beta Technologies, Inc., a company that specializes in electronics design, development, manufacturing and
system obsolescence issues. He has held similar positions at both BioSurface Technologies Corporation, a company that provides
products for biofilm investigations, and Armstrong Pharmaceuticals, a division of Amphastar Pharmaceuticals, Inc., a specialty
pharmaceutical company. Mr. Lawlor was previously a management consultant with KPMG. He is currently Chairman of the Board of Catalyst
Biosciences, Inc. and a director of Cardiovascular Systems, Inc., biopharmaceutical companies which are listed on Nasdaq. Mr. Lawlor
received his Master's degree in Public and Private Management from Yale University and a B.A. degree from the University
Dr. Ehud Geller, Chairman of the Board, commented, "Gus
Lawlor is an important addition to our Board, as he is a seasoned and successful healthcare investor and venture capitalist and
brings extensive experience in the pharmaceutical industry, including oversight of finance, business development, and manufacturing
functions. He has been involved in numerous mergers and acquisitions, including the billion-dollar sale/merger of Leukosite, Inc.
with Millenium Pharmaceuticals. He also oversaw the sales of Armstrong Pharmaceuticals to Medevac, and Biosurface Technology to
Genzyme. As a venture capitalist, he managed an investment portfolio of over one billion dollars in committed capital. We believe
that his healthcare, financial and capital markets experience will be of tremendous benefit to us as we advance PRF-110 through
pivotal Phase 3 trials and seek to maximize the value of the asset. Importantly, assuming our planned Phase 3 trial is successful,
we believe PRF-110 has the potential to become the standard-of-care within the multi-billion post-operative pain treatment market
and represents a highly attractive alternative to systemic opioids."
PainReform is a clinical stage specialty pharmaceutical
company focused on the reformulation of established therapeutics. PRF-110, the Company's lead product, is based on the local
anesthetic ropivacaine, targeting the post-operative pain relief market. PRF-110 is an oil-based, viscous, clear solution that
is deposited directly into the surgical wound bed prior to closure to provide localized and extended post-operative analgesia.
The Company's proprietary extended release drug-delivery system is designed to provide an extended period of post-surgical
pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates.
Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking
statements, including statements with regard to PainReform's proposed clinical trials. Words such as "expects,"
"anticipates" and "intends" or similar expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance
can be given that the clinical trials discussed above will be successfully completed. Completion of the proposed clinical trials
are subject to numerous factors, many of which are beyond the control of the Company, including, without limitation, failure of
the clinical trials, and the risk factors and other matters set forth in the Company's recent prospectus included in the
registration statement, in the form last filed with the SEC. PainReform undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Crescendo Communications, LLC
Email: prfx@crescendo-ir.com