Rafael Holdings Reports Fourth Quarter and Full Year Fiscal 2021 Financial and Operating Results and Provides Business Update We expect Rafael Pharmaceuticals to report top line data from its AVENGER 500 Phase 3 registra

Holdings Reports Fourth Quarter and Full Year Fiscal 2021 Financial and Operating Results and Provides Business Update

expect Rafael Pharmaceuticals to report top line data from its AVENGER 500 Phase 3 registrational clinical trial in metastatic pancreatic

cancer this calendar year

expect to submit our previously announced merger with Rafael Pharmaceuticals to our stockholders for a vote this calendar year

second and final interim futility analysis of Rafael Pharmaceuticals' Phase 3 clinical trial in AML is planned for this calendar

August 24, 2021, we closed a private investment in public equity (PIPE) financing and received net proceeds of approximately $97.8

NEWARK, NJ - October 18, 2021 (GLOBE

NEWSWIRE) - Rafael Holdings, Inc., (NYSE: RFL), is focused on developing novel cancer metabolism therapeutics through its Barer Institute,

investment in Rafael Pharmaceuticals, Inc. ("Rafael Pharmaceuticals"), a privately held, late-stage clinical oncology company

focused on cancer metabolism-based therapeutics, and other early-stage companies, today reported its financial results for the three and

twelve months ended July 31, 2021, and provided a business update.

are pleased to have attracted a team of high caliber experienced senior pharmaceutical executives to lead the critical operational functions

as we prepare for the top line data readout of Rafael Pharmaceuticals' Phase 3 registrational clinical trial for its lead investigational

agent, CPI-613 (devimistat), for the treatment of metastatic pancreatic cancer,

and if results warrant, prepare for an NDA submission," said Ameet Mallik, Chief Executive

Officer of Rafael Holdings, Inc. "We are pleased with the progress across the pipeline, including the ongoing and planned Rafael

Pharmaceuticals' clinical trial programs across multiple indications as well as our early-stage pipeline at the Barer Institute.

Holdings, Inc. (the "Company") Updates

Rafael Pharmaceuticals, Inc. Updates

Holdings, Inc. Fourth Quarter 2021 Financial Results

As of July 31, 2021, we had cash, and cash equivalents of approximately

$7.9 million and a balance in Investments - Hedge Funds valued at $5.3 million.

For the three months ended July 31, 2021, we incurred

a net loss of approximately $12.5 million, a loss of $0.75 per share, which includes approximately $5.6 million in non-cash stock-based

compensation. For the same period in the prior year, we incurred a net loss of approximately $5.5 million, or $0.34 per share, which includes

approximately $0.1 million in non-cash stock-based compensation.

revenues for the fourth quarter of fiscal 2021 amounted to approximately $1 million, compared to revenues of approximately $1.2 million

in the fourth quarter of fiscal 2020.

and development expenses were approximately $1.6 million for the three months ended July 31, 2021. For the same period in the prior year,

R&D expenses were approximately $1.1 million.

selling, general and administrative expenses were approximately $12.1 million for the three months ended July 31, 2021, which includes

$5.6 million in non-cash stock-based compensation expense. For the same period in the prior year, SG&A expenses were approximately

$2.8 million. The increase was primarily driven by an increase in non-cash stock-based compensation expense, increased payroll expense

as we started to build our management team, as well as an increase in legal and professional fees.

Holdings, Inc. Full Year Fiscal 2021 Financial Results

For the twelve months ended July 31, 2021, we incurred

a net loss of $24.8 million, a loss of $1.49 per share, which includes approximately $6.6 million in non-cash stock-based compensation.

For the same period in the prior year, we incurred a net loss of $10.8 million, or $0.66 per share, which includes approximately $0.7

million in non-cash stock-based compensation.

research and development expenses were approximately $4.9 million for the twelve months ended July 31, 2021. For the same period in the

prior year, R&D expenses were approximately $2.4 million. The year over year increase in R&D expenses of approximately $2.5 million

was driven primarily by increased activity at the Barer Institute.

Our selling, general and administrative expenses were approximately

$20.4 million for the twelve months ended July 31, 2021. For the same period in the prior year, SG&A expenses were approximately $9.1

million. The year over year increase of approximately $11.3 million was primarily driven by an increase in non-cash stock-based compensation

expense of $5.9 million, increased payroll expense as we started to build our management team, as well as an increase in legal and professional

Rafael Holdings, Inc.

Holdings is focused on the development of novel cancer therapies. The company owns the Barer Institute and is a significant investor

in two clinical stage oncology companies, Rafael Pharmaceuticals, Inc., and LipoMedix Pharmaceuticals Ltd. Through its wholly owned Barer

Institute subsidiary, the company is developing a pipeline of compounds focused on the regulation of cancer metabolism. On June

21, 2021, we announced that it has entered into a merger agreement to acquire full ownership of Rafael Pharmaceuticals, Inc. For more

information, visit www.rafaelholdings.com.

Rafael Pharmaceuticals, Inc.

Rafael Pharmaceuticals is a clinical-stage oncology

company focused on selectively targeting cancer metabolic pathways while simultaneously harnessing the immune system to attack hard-to-treat

cancers. The Company's lead drug, CPI-613 (devimistat), is being evaluated in multiple clinical studies including

two Phase 3 registrational clinical trials for metastatic pancreatic cancer and r/r acute myeloid leukemia. Multiple Phase 1/2 clinical

trials are ongoing or planned in Biliary, r/r Burkitt, r/r Clear Cell Sarcoma, r/r T-cell lymphoma, r/r MDS, and Colorectal cancer. The

Company's investors include Rafael Holdings, Inc. (NYSE: RFL). For more information, please visit www.rafaelpharma.com.

press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements

contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including

without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress

of our product candidates; plans and timing for the release of additional clinical data; and the potential of our pipeline, including

our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown

risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different

from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited

to, the following: the impact of public health threats, including COVID-19, on our business and operations; we depend heavily on the

success of Rafael Pharmaceuticals and the future success of its lead product candidate devimistat (CPI-613 (devimistat)),

and clinical trials of the product candidate may not be successful; our pharmaceutical companies may not be able to develop any medicines

of commercial value; our pharmaceutical companies may not be successful in their efforts to identify or discover potential product candidates;

the manufacturing and manufacturing development of our products and product candidates present technological, logistical and regulatory

risks, each of which may adversely affect our potential revenue; potential unforeseen events during clinical trials could cause delays

or other adverse consequences; risks relating to the regulatory approval process; interim, topline and preliminary data may change as

more patient data become available, and are subject to audit and verification procedures that could result in material changes in the

final data; our product candidates may cause serious adverse side effects; ongoing regulatory obligations; effects of significant competition;

unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; failure

to attract, retain and motivate qualified personnel; the possibility of system failures or security breaches; risks relating to intellectual

property and significant costs as a result of operating as a public company. These and other important factors discussed under the caption

"Risk Factors" in our Annual Report on Form 10-K for the year ended July 31, 2021, and our other filings with the SEC could

cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such

forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update

such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our

RAFAEL HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(audited, in thousands, except share and per share data)

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)