Full Press Release Details
Rafael Holdings Strengthens its Focus on the
Development of Trappsol Cyclo
and Announces Chief Executive Officer Bill Conkling Will Be Stepping Down
Cyclo Therapeutics' TransportNPC
Phase 3 clinical trial for Trappsol Cyclo for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic
disease, is fully enrolled and results from the 48-week interim analysis are expected in the middle of 2025
NEWARK, NJ- April 24, 2025 (GLOBE NEWSWIRE) - Rafael
Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT) today announced that, following the merger with Cyclo Therapeutics, Bill Conkling will
be stepping down as CEO and assuming an advisory role with the Company. Rafael's Executive Chairman and Chairman of the Board, Howard
Jonas will assume the role of CEO.
During his tenure as CEO, Bill played a pivotal role in identifying
investment opportunities with the potential to re-establish Rafael as a late-stage clinical development company. With the completion of
our merger with Cyclo Therapeutics, Rafael Holdings has accomplished that goal and is working to bring a much-needed new treatment to
market with the potential to improve the lives of patients suffering with Niemann-Pick Disease Type C1 ("NPC1"), a rare,
fatal, and progressive genetic disorder.
"On behalf of the Board and the entire Rafael Holdings team,
I extend our deepest gratitude to Bill for his dedication to our company and success in transforming Rafael into a late-stage clinical
biotechnology company. We are pleased that we will be able to continue to benefit from Bill's guidance and experience as he seeks
out new challenges and opportunities. Bill is committed to a seamless transition which strengthens our focus to ensure that we are well
prepared for the mid-year 48-week interim analysis of the TransportNPC Phase 3 clinical trial," said Howard Jonas,
Executive Chairman and Chairman of the Board.
Bill Conkling commented, "It has been an honor to lead
Rafael Holdings and work with the Cyclo Therapeutics board and leadership team to bring the two companies together. I am excited to
see the results from the 48-week interim analysis of the TransportNPC Phase 3 clinical trial, and believe that
Trappsol Cyclo has the potential to be a market leader in the treatment of NPC1. Howard and I have full
confidence in Scott Fine, CEO of Cyclo Therapeutics, and his team to successfully execute and create value for Rafael Holdings
About Rafael Holdings, Inc.
Rafael Holdings, Inc. holds interests in clinical
and early-stage pharmaceutical and certain other companies, including our wholly-owned subsidiary, Cyclo Therapeutics, LLC, a clinical
stage biotechnology company dedicated to developing Rafael's lead clinical candidate, Trappsol Cyclo , which
is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ("NPC1"), a rare, fatal,
and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage
pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics
company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive
surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings.
Forward Looking Statements
This 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 regarding
the further evaluation of 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, those disclosed under the caption "Risk Factors"
in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors 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 views to change.