VistaGen Therapeutics Reports Fiscal Year 2018 Financial Results and Provides Year-to-Date Highlights AV-101, VistaGen's Oral NMDA Receptor Modulator, Granted FDA Fast-Track Designation for Major Depressive Disorder Key

VistaGen Therapeutics Reports Fiscal Year 2018 Financial Results

and Provides Year-to-Date Highlights

AV-101, VistaGen's Oral NMDA Receptor Modulator, Granted FDA

Fast-Track Designation for Major Depressive Disorder

Key AV-101 Patents Issued in U.S., Europe and Asia

ELEVATE, AV-101 U.S. Phase 2 Major Depressive Disorder Study,

Patient Dosing Initiated and Study Continues

South San Francisco, CA (June 26, 2018)

VistaGen Therapeutics,

Inc. (NASDAQ: VTGN), a clinical-stage biopharmaceutical

company focused on developing new generation medicines for

depression and other central nervous system (CNS) diseases and

disorders, today reported financial results for its fiscal year

ended March 31, 2018 and provided an overview of year-to-date

VistaGen is committed to

developing new generation medicines for millions of people

suffering from life-altering CNS diseases and disorders without

adequate treatment options. AV-101, our lead CNS product candidate, is an oral,

non-opioid, non-sedating NMDA receptor modulator. Because the NMDA

receptor is widely distributed throughout the brain and is

essential for neuronal plasticity, AV-101 has the potential to

impact a wide range of CNS indications, including transforming the

current drug treatment paradigm for depression,

commented Shawn Singh, Chief

Executive Officer of VistaGen.

Mr. Singh continued, We are excited about AV-101's

potential to deliver fast-acting, ketamine-like antidepressant

effects without ketamine's side effects or safety concerns,

first as an adjunctive treatment with current FDA-approved SSRIs

and SNRIs, as we are evaluating in our ELEVATE, and eventually as

both an at-home complement to ketamine therapy and as a

stand-alone, first-line oral therapy for depression. We believe

AV-101 also has the potential to produce gabapentin- and

amantadine-like therapeutic benefits for neuropathic pain and

Parkinson's disease levodopa-induced dyskinesia,

respectively, in each case without involving opioid receptors or

causing sedation, hallucinations or other psychological side

effects. Overall, during Fiscal 2018, our focused strategy

and execution against our core goals resulted in achievement of

multiple major milestones that have set the stage for dynamic

outcomes in Fiscal 2019 and beyond. The significant progress we

have made presents potentially game-changing treatment options for

patients and opportunities to drive value for our

Operational Highlights During Fiscal 2018 and

AV-101 Regulatory Milestones

authorization to initiate

ELEVATE, our U.S. multi-center, Phase 2 study of AV-101 as

an adjunctive treatment for Major Depressive Disorder.

Designation for development of AV-101 as an adjunctive

treatment for Major Depressive Disorder.

AV-101 Global Intellectual Property Milestones

Trademark Office (USPTO) issuance of three key U.S. patents,

fundamentally expanding commercial exclusivity of AV-101 in the

U.S., the world's largest pharmaceutical market:

9,993,453, therapeutic uses of AV-101 to treat depression.

Patent will not expire until at least 2034.

9,993,450, AV-101 oral

dosage formulations for neurological indications - not limited to

depression. Patent will not expire until at least

9,834,801, methods of

producing AV-101. Patent will not expire until at least

Office grant of European Patent for

AV-101, treatment of depression, Parkinson's disease

levodopa-induced dyskinesia (PD LID) and use of multiple dosage

forms to treat these CNS disorders. This patent has been validated

in Belgium, Denmark, France, Germany, Ireland, Italy, Portugal,

Spain, Switzerland and the United Kingdom. It will be in effect

Office issuance of Notice of Intention to

grant European Patent counterpart to U.S. Patent

9,834,801, methods of producing AV-101.

Office issuance of Notice of Allowance for the Japanese counterpart

to U.S. Patent No. 9,834,801,

methods of producing AV-101.

Office issuance of Chinese counterpart to U.S. Patent No. 9,834,801,

methods of producing AV-101.

AV-101 Peer-Reviewed Publications

AV-101 on the cover and highlighting AV-101's gabapentin-like

potential for treating multiple hyperpathic pain states, without

sedation, supporting a future Phase 2 clinical study of AV-101 as a

potential oral, non-opioid, non-sedating at-home treatment

alternative for neuropathic pain.

Scandinavian Journal

the two first-in-human AV-101 Phase 1 safety studies that

demonstrated statistically-significant positive results in four

well-established preclinical models of pain.

Stem Cell Technology Intellectual Property Milestones

9,834,754 related to proprietary methods for producing

hematopoietic precursor stem cells, which are stem cells that give

rise to all blood cells and most bone marrow cells in the body,

with potential to impact both direct and supportive therapy for

autoimmune disorders and cancer, with CAR-T cell applications, and

foundational technology which may provide approaches for producing

bone marrow stem cells for bone marrow transfusions.

Application No. 14/782,070 related

to methods of producing pluripotent stem cell-derived chondrocytes,

chondrocyte lineage cells, cartilage-like tissue and cartilage. The

patent covers claims to the therapeutic administration of these

cells and tissues to treat osteoarthritis, the most common chronic

condition of the joints, and joint injuries affecting

to our sublicense agreement with BlueRock Therapeutics involving