Trevena Reports Fourth Quarter and Full Year 2019 Results -- PDUFA date of

Trevena Reports Fourth Quarter and Full

PDUFA date of August 7, 2020 for IV

oliceridine; FDA considers NDA resubmission complete

Initiated proof-of-concept studies

for acute migraine (TRV250) and opioid use disorder (TRV734)

Announces NIH collaboration to evaluate

Updated guidance on extended cash

runway, funding operations into Q1 2021

Company to host conference call today,

March 12, 2020, at 8:00 a.m. ET

CHESTERBROOK, Pa., [Mar. 12], 2020 (GLOBE NEWSWIRE) -- Trevena,

Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients

with central nervous system (CNS) disorders, today reported its financial results for the fourth quarter and full year ended December

31, 2019, and provided an overview of its 2019 and 2020 year-to-date operational highlights.

"In 2019, we delivered on our plan to establish Trevena

as a leading innovator in the treatment of CNS disorders. We completed a significant amount of work to thoroughly address the FDA

complete response letter for oliceridine, which positioned us to successfully resubmit the NDA earlier this year. Additionally,

we advanced our pipeline, initiating two proof-of-concept studies for acute migraine and opioid use disorder, as well as a collaboration

with NIH to evaluate TRV045 for epilepsy," said Carrie Bourdow, President and Chief Executive Officer of Trevena. "We

enter 2020 with the same focus and commitment, preparing for the expected approval of oliceridine in the second half of the year,

as well as advancing our pipeline assets."

2019 and 2020 YTD Corporate Highlights:

IV Oliceridine Milestones

In March 2020, the Company announced that FDA had

acknowledged receipt of the resubmitted NDA. In their acknowledgement letter, FDA stated that the Company's resubmission

was a complete, Class 2 response to the Agency's action letter. A PDUFA goal date has been set for August 7, 2020.

CNS Pipeline Milestones

The primary endpoint of the study is reduction of

sustained NTG-induced headaches; secondary outcomes include overall safety measures and reduction of symptomatic anxiety. The Company

continues to expect reporting topline data in 2H 2020.

The primary endpoint of the study is reduction of

acute opioid craving symptoms. The study will also evaluate suppression of withdrawal signs, neurocognitive changes, and overall

The Company today announced it entered into a collaboration

with the U.S. National Institutes of Health (NIH) to evaluate the potential of TRV045 as a treatment for epilepsy. NIH is assessing

TRV045 within its Epilepsy Therapy Screening Program.

Financial and Corporate Milestones

In July 2019, the Company announced the appointment

of Barry Shin as Senior Vice President and Chief Financial Officer. Mr. Shin brings over 17 years of investment banking and corporate

advisory experience, focused on the biopharmaceutical sector.

Financial Results for Fourth Quarter and Full Year 2019

For the fourth quarter of 2019, the Company reported a net loss

attributable to common stockholders of $6.4 million, or $0.07 per share, compared to $8.0 million, or $0.10 per share, for the

fourth quarter of 2018. For the full year ended December 31, 2019, net loss attributable to common stockholders was $24.9 million,

or $0.27 per share, compared to $30.8 million, or $0.42 per share, for the year ended December 31, 2018. This decrease is primarily

due to a reduction in headcount associated with the 2018 restructuring and reduction in force, as well as a decrease in research

and development expenses from the completion of the Phase 1 clinical trial for TRV250.

Cash, cash equivalents, and marketable securities were $35.8

million at December 31, 2019. The Company believes that its cash and cash equivalents and marketable securities as of December

31, 2019, together with interest thereon, to be sufficient to fund the Company's operating expenses and capital expenditure

requirements into the first quarter of 2021.

Conference Call and Webcast Information

The Company will host a conference call and webcast with the

investment community on March 12, 2020, at 8:00 a.m. Eastern Time featuring remarks by Carrie Bourdow, President and Chief Executive

Officer, Mark Demitrack, SVP and Chief Medical Officer, Barry Shin, SVP and Chief Financial Officer, and Timothy Beard, M.D., Chair

of the Department of Surgery at Summit Medical Group.

Oliceridine is a G protein-selective mu-opioid receptor agonist

in development for the management of moderate-to-severe acute pain in hospitals or other controlled clinical settings where intravenous

therapy is warranted. It is a new chemical entity with a novel mechanism of action that enables more selective targeting of newly

discovered pathways with the potential for fewer side effects. Oliceridine is an investigational product and has not been approved

by FDA or any other regulatory agency. If approved, the Company expects that oliceridine will be classified as a Schedule II controlled

Trevena, Inc. is a biopharmaceutical company focused on the

development and commercialization of novel medicines for patients with CNS disorders. The Company has four novel and differentiated

investigational drug candidates, including IV oliceridine, for the management of moderate to severe acute pain in hospitals, TRV250

for the acute treatment of migraine, and TRV734 for maintenance treatment of opioid use disorder. The Company has also identified

TRV045, a novel S1P receptor modulator that may offer a new, non-opioid approach to treating a variety of CNS disorders.

Forward-Looking Statements

Any statements in this press release about future expectations,

plans and prospects for the Company, including statements about the Company's strategy, future operations, clinical development

and trials of its therapeutic candidates, plans for potential future product candidates and other statements containing the words

"anticipate," "believe," "estimate," "expect," "intend," "may,"

"plan," "predict," "project," "suggest," "target," "potential,"

"will," "would," "could," "should," "continue," and similar expressions,

constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results

may differ materially from those indicated by such forward-looking statements as a result of various important factors, including:

the status, timing, costs, results and interpretation of the Company's clinical trials or any future trials of any of the

Company's investigational drug candidates; the uncertainties inherent in conducting clinical trials; expectations for regulatory

interactions, submissions and approvals, including the Company's assessment of the discussions with FDA, the timing of FDA's

decision on the oliceridine NDA; available funding ; uncertainties related to the Company's intellectual property; other

matters that could affect the availability or commercial potential of the Company's therapeutic candidates; and other factors

discussed in the Risk Factors set forth in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed

with the Securities and Exchange Commission (SEC) and in other filings the Company makes with the SEC from time to time. In addition,

the forward-looking statements included in this press release represent the Company's views only as of the date hereof. The

Company anticipates that subsequent events and developments may cause the Company's views to change. However, while the Company

may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do

so, except as may be required by law.

For more information, please contact:

LifeSci Advisors, LLC

SVP and Chief Business Officer