Beyond Air Receives Approval from Health Canada to Study Nitric Oxide Generated and Delivered by the LungFit in COVID-19 Patients Anticipate study start in June 2020 Garden City, NY

Air Receives Approval from Health Canada to Study Nitric Oxide Generated and Delivered by the LungFit in COVID-19

study start in June 2020

City, NY, May 26, 2020 - Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical

company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with respiratory conditions, including serious

lung infections and pulmonary hypertension, and gaseous NO for the treatment of solid tumors, today announced that Health

Canada approved the use of the LungFit system for a study in hospitalized patients diagnosed with COVID-19 caused

by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

Canadian COVID-19 study is bifurcated. Part 1 will assess safety at 80 parts per million (ppm) NO, and then, upon the recommendation

of a data safety monitoring board (DSMB), Part 2 will begin, which is designed to assess safety and efficacy at 150 ppm NO.

Beyond Air team continues to execute and advance the LungFit system toward regulatory approvals around the world to treat severe

lung infections and pulmonary hypertension. We are thankful to Health Canada for working so diligently with us to get to this

point with our COVID-19 program. We will certainly move as quickly as possible to complete this study to show the safety and potential

efficacy of the LungFit system in delivering high concentration nitric oxide to treat this patient population," said Steve

Lisi, Chairman and Chief Executive Officer of Beyond Air.

LungFitTM system is portable, weighing only 20 lbs. The system operates with a standard electrical outlet

(120-240 volts). Since NO is generated from ambient air that flows through a reaction chamber, there is unlimited supply. The

system is designed to accommodate simultaneous oxygen delivery for patients who need it via a dedicated port in the rear of the

device. Beyond Air's proprietary nitrogen dioxide (NO2) filters are required for the system to generate and safely

deliver NO. Toxic levels of NO2 can result from high concentrations of NO without proper filtration. The filters also

program the system, via an attached RFID chip, with respect to NO concentration, flow rate and duration. We believe this provides

flexibility for NO administration. The Company is confident that respiratory therapists (RTs) can easily be trained to use and

manage the system. If multiple patients are treated in the same facility, one RT could manage multiple systems simultaneously,

with each system treating up to four patients per day. Each patient would receive four administrations of NO daily at 4-5 hour

intervals, each lasting 40 minutes. Filters are single-use and there are no special requirements for disposal. Each patient would

use their own breathing circuit, which can be attached/detached in seconds, to avoid contamination. Alarms monitor system performance.

Air, Inc. is a clinical-stage medical device and biopharmaceutical company developing a revolutionary NO Generator and Delivery

System, LungFit , that uses NO generated from ambient air to deliver precise amounts of NO to the lungs for the potential

treatment of a variety of pulmonary diseases. The LungFit can generate up to 400 ppm of NO, for delivery either continuously

or for a fixed amount of time and has the ability to either titrate dose on demand or maintain a constant dose. The Company is

currently applying its therapeutic expertise to develop treatments for pulmonary hypertension in various settings, in addition

to treatments for respiratory tract infections that are not effectively addressed with current standards of care. Beyond Air is

currently advancing its revolutionary LungFit for clinical trials for the treatment of severe lung infections such as SARS-CoV-2

and nontuberculous mycobacteria (NTM). Additionally, Beyond Air is using ultra-high concentrations of NO with a proprietary delivery

system to target certain solid tumors in the pre-clinical setting. For more information, visit www.beyondair.net.

Oxide (NO) is a powerful molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of

biological functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries

in the lungs. Currently, exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries and

persistent pulmonary hypertension of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate

immune system and in vitro studies suggest that NO possesses anti-microbial activity not only against common bacteria,

including both gram-positive and gram-negative, but also against other diverse pathogens, including mycobacteria, viruses, fungi,

yeast and parasites, and has the potential to eliminate multi-drug resistant strains.

the LungFit NO Generator and Delivery System*

Air's LungFit NO Generator and Delivery System is a cylinder-free, phasic flow nitric oxide delivery system and has

been designated as a medical device by the US Food and Drug Administration (FDA). The ventilator compatible version of the device

can generate NO from ambient air on demand for delivery to the lungs at concentrations ranging from 1 part per million (ppm) to

80 ppm. The LungFit system could potentially replace large, high-pressure NO cylinders providing significant advantages

in the hospital setting, including greatly reducing inventory and storage requirements, improving overall safety with the elimination

of NO2 purging steps, and other benefits. The LungFit can also deliver NO at concentrations at or above 80 ppm

for potentially treating: COVID-19 in the hospital setting and chronic, refractory lung infections in the home setting. With the

elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting.

Beyond Air's LungFit is not approved for commercial use. Beyond Air's LungFit is for investigational

use only. Beyond Air is not suggesting NO use over 80 ppm or use at home.

(coronavirus disease 2019) is an infectious disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

COVID-19 first emerged in Wuhan, China in December of 2019. Those affected develop fever, cough, shortness of breath and/or difficulty

breathing. While the majority of cases result in mild symptoms, some can progress to pneumonia and multi-organ failure. Older

adults and people who have serious chronic medical conditions are at an increased risk of developing severe complications from

COVID-19. There is no specific treatment approved for COVID-19 and patients are managed

with supportive care. NO may prove to be a treatment as the impact on the lung should result in bronchodilation, reduction

in inflammation and inhibition of the viral replication process1,2,3. As of May 24, 2020, more than 4.7 million confirmed

cases of COVID-19 and more than 315,000 deaths have been reported globally.

Tripathi et al, FEMS Immunology and Medical Microbiology, December 2017

Saura, M., et al., An antiviral mechanism of nitric oxide: inhibition of a viral protease. Immunity, 1999. 10(1): p. 21-8.

Akerstr m S et al. Nitric oxide inhibits the replication cycle of severe acute respiratory syndrome coronavirus. J Virol.

press release contains "forward-looking statements" concerning inhaled nitric-oxide and the Company's LungFit

product, including statements with regard to potential regulatory developments, the potential impact on patients and anticipated

benefits associated with its use. Forward-looking statements include statements about our expectations, beliefs, or intentions

regarding our product offerings, business, financial condition, results of operations, strategies or prospects. You can identify

such forward-looking statements by the words "anticipates," "expects," "intends," "impacts,"

"plans," "projects," "believes," "estimates," "likely," "goal,"

"assumes," "targets" and similar expressions and/or the use of future tense or conditional constructions

(such as "will," "may," "could," "should" and the like) and by the fact that these

statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or

expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters

that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results

to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements

are only predictions and reflect our views as of the date they are made with respect to future events and financial performance.

Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in

forward-looking statements, including risks related to: our approach to discover and develop novel drugs, which is unproven and

may never lead to efficacious or marketable products; our ability to fund and the results of further pre-clinical and clinical

trials; obtaining, maintaining and protecting intellectual property utilized by our products; our ability to enforce our patents

against infringers and to defend our patent portfolio against challenges from third parties; our ability to obtain additional

funding to support our business activities; our dependence on third parties for development, manufacture, marketing, sales, and

distribution of products; the successful development of our product candidates, all of which are in early stages of development;

obtaining regulatory approval for products; competition from others using technology similar to ours and others developing products

for similar uses; our dependence on collaborators; our short operating history and other risks identified and described in more

detail in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K and other filings

with the SEC, all of which are available on our website. We undertake no obligation to update, and we do not have a policy of

updating or revising, these forward-looking statements, except as required by applicable law.

Lisi, Chief Executive Officer