VYNE Therapeutics Completes Enrollment in Phase 2a Trial of FMX114 for the Treatment of Mild-to-Moderate Atopic Dermatitis Top-line Efficacy Results Expected in Approximately 6 to 8 Weeks BRIDGEWATER, N.J.

VYNE Therapeutics Completes Enrollment in Phase

2a Trial of FMX114 for the Treatment of Mild-to-Moderate Atopic Dermatitis

Top-line Efficacy Results Expected in Approximately

BRIDGEWATER, N.J., June 17, 2022 -- VYNE

Therapeutics Inc. (Nasdaq: VYNE) ("VYNE" or the "Company"), a biopharmaceutical company developing proprietary,

innovative, and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced the completion of enrollment

in the Phase 2a study of FMX114 for the treatment of mild-to-moderate atopic dermatitis ("AD").

FMX114 is VYNE's proprietary investigational

combination gel formulation of tofacitinib and fingolimod, which has been designed to address both the source and cause of inflammation

in AD. In April 2022, VYNE reported positive efficacy data from the Phase 1b segment of the trial, demonstrating that treatment

with FMX114 resulted in a statistically significant reduction in both absolute and percent change in mean Atopic Dermatitis Severity

Index ("ADSI") score compared to vehicle. FMX114 treatment also substantially reduced pruritus (itch) as measured on the

worst pruritus Numerical Rating Scale ("NRS").

The Phase 2a segment

of the FMX 114 study is designed to evaluate four weeks of FMX114 treatment in patients with AD compared to vehicle control. Due to the

impact of COVID-19 on enrollment and other operations related to the original trial sites in Australia, the Company activated additional

clinical trial sites in the United States to support patient enrollment and expedite completion of the study. With enrollment now completed,

the Company expects to report top-line efficacy results in approximately 6 to 8 weeks.

"We have been encouraged

by the early efficacy results from the Phase 1b segment of the FMX114 trial showing that, based on ADSI scoring, two weeks of FMX114 treatment

demonstrated a statistically significant improvement in the signs and symptoms of AD as well as acceptable safety and pharmacokinetics,"

said David Domzalski, Chief Executive Officer of VYNE Therapeutics. "We look forward to reporting the results of the Phase 2a segment

of the study in approximately 6 to 8 weeks."

About The FMX114 2a study (VY2021-01, ClinicalTrials.gov

Identifier: NCT04927572)

The Phase 2a segment

of the study is a randomized, double-blinded trial, designed to compare the safety and efficacy of FMX114 gel with vehicle gel. The Phase

2a segment was designed to enroll up to 25 subjects, with each subject serving as their own control. As in the Phase 1b study, the enrollment

criteria specifies that subjects must have two comparable target AD lesions for treatment upon entry. Participants will have FMX114 gel

applied to one of these lesions and vehicle gel to the other. Treatment will be applied twice daily for four weeks to evaluate safety,

pharmacokinetics and efficacy. After completion of this phase, these subjects may continue into a two-week open-label treatment phase

and will be able to apply the active drug to both lesions. The study is being conducted at sites in Australia and in the United States.

proprietary investigational combination gel formulation of tofacitinib and fingolimod. The product is designed to address both the source

and cause of inflammation in AD through a combination of tofacitinib (a Janus kinase inhibitor) that acts with cells to reduce inflammation

by inhibiting cytokine release from inflammatory cells2) and fingolimod (a Sphingosine 1-phosphate receptor modulator) that

acts outside of cells to reduce inflammation by inhibiting migration of inflammatory cells3. In addition, fingolimod may also

directly support skin barrier recovery because it is known to upregulate filaggrin, a protein that plays an important role in the skin's

barrier function4,5. FMX114 has the potential to be the first topical combination product for the treatment of AD as well as

the first topical product in clinical development that utilizes the sphingosine 1-phosphate receptor modulation mode of action.

About Atopic Dermatitis

Atopic dermatitis (AD)

is a chronic, severe form of eczema that is characterized by the appearance of dry, red, and itchy skin. AD most commonly affects the

cheeks, arms, and legs. Flare-ups often occur and symptoms can worsen leading to more-intense itching and worsening of disease. AD flares

are triggered by stress, temperature changes, sweat, various skin irritants, and allergies. AD can have a wide-ranging impact on quality

of life and there is a substantial monetary burden from direct and indirect costs to this patient population. While AD occurs most often

in childhood, it can develop at any point in a person's lifetime and affects approximately 30 million people in the U.S. alone.

Approximately 22 million of those diagnosed are on treatment, with 19 million registering mild to moderate disease. According to Symphony

Health data, there were over 7 million prescriptions written in 2019 alone for the treatment of AD.

About VYNE Therapeutics Inc.

is to improve the lives of patients by developing proprietary, innovative, and differentiated therapies for the treatment of immuno-inflammatory

conditions. The Company's unique and proprietary pipeline includes FMX114 for the potential treatment of mild-to-moderate atopic

dermatitis, and access to a library of bromodomain & extra-terminal (BET) domain inhibitors licensed from In4Derm Limited. The BET

inhibitor platform includes lead programs VYN201 (pan-BETi) and VYN202 (selective-BETi) and access to a library of (BET) domain inhibitors

for the potential treatment of immuno-inflammatory conditions.

For more information about VYNE Therapeutics Inc.

or its investigational products, visit www.vynetherapeutics.com. VYNE may use its website to comply with its disclosure obligations

under Regulation FD. Therefore, investors should monitor VYNE's website in addition to following its press releases, filings with

the U.S. Securities and Exchange Commission, public conference calls, and webcasts.

LifeSci Advisors, LLC

VYNE Therapeutics Inc.

Cautionary Statement

Regarding Forward-Looking Statements

This release includes

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to,

statements regarding the development of VYNE's product candidate, FMX114, and other statements regarding the future expectations,

plans and prospects of VYNE. All statements in this press release which are not historical facts are forward-looking statements. Any forward-looking

statements are based on VYNE's current knowledge and its present beliefs and expectations regarding possible future events and are

subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those set forth

or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the timing and outcome of

the Phase 2a clinical trial for FMX114; determination by the FDA that results from VYNE's preclinical and clinical trials are not

sufficient to support registration or marketing approval of product candidates; adverse events associated with the development of FMX114

and VYNE's other product candidates; the COVID-19 pandemic and its impact on our business operations and liquidity, including our

ability to enroll patients and progress clinical trials; the size of the atopic dermatitis market; the potential patient base and commercial

potential of FMX114 or any of VYNE's other product candidates; risks of potential litigation by third-parties regarding infringement

of third-party intellectual property; risks that VYNE's intellectual property rights, such as patents, may fail to provide adequate

protection, may be challenged and one or more claims may be revoked or interpreted narrowly or will not be infringed; risks that any of

VYNE's patents may be held to be narrowed, invalid or unenforceable or one or more of VYNE's patent applications may not be

granted and potential competitors may also seek to design around VYNE's granted patents or patent applications; additional competition

in the markets in which we compete; inability to raise additional capital on favorable terms or at all; VYNE's ability to recruit

and retain key employees; and VYNE's ability to stay in compliance with applicable laws, rules and regulations, including Nasdaq's

continued listing rules. For a discussion of other risks and uncertainties, and other important factors, any of which could cause VYNE's

actual results to differ from those contained in the forward-looking statements, see the section titled "Risk Factors" in

VYNE's Annual Report on Form 10-K for the year ended December 31, 2021, as well as discussions of potential risks, uncertainties,

and other important factors in VYNE's subsequent filings with the U.S. Securities and Exchange Commission. Although VYNE believes

these forward-looking statements are reasonable, they speak only as of the date of this announcement and VYNE undertakes no obligation

to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Given these risks and uncertainties, you should not rely upon forward-looking statements as predictions of future events.