Rafael Holdings Reports Third Quarter Fiscal Year 2021 Results

NEWARK, N.J., June 14, 2021

Q3 FY 2021 Operations and Consolidated Financial Highlights

• Ameet Mallik became the Company's Chief Executive Officer on May 1, 2021 and William "Bill" Conkling is now serving as the Company's first Chief Commercial Officer.
• On May 27, 2021, the Company filed a "shelf" registration statement covering sales of its Class B common stock in one or more offerings up to an aggregate initial offering price of $250 million.
• Q3 FY 2021 revenue of $1.0 million decreased from $1.2 million in the year-ago quarter due primarily to the sale of the Company's building in Piscataway, NJ and reduced parking revenues resulting from the shift to work-from-home during the COVID pandemic.
• Q3 FY 2021 loss per share was $0.15 compared to a loss per share of $0.14 in the year ago quarter.

Q3 FY 2021 – Pharmaceutical Holdings - Recent Developments

Rafael Pharmaceuticals

At April 30, 2021, the Company and its controlled subsidiaries collectively owned securities representing 51% of the issued and outstanding capital stock of Rafael Pharmaceuticals and approximately 41% on a fully diluted basis. Recent developments at Rafael Pharmaceuticals include:

• Rafael Pharma expects to obtain a data readout from its pivotal Phase 3 clinical trial for metastatic pancreatic cancer in the fourth quarter of 2021.
• Rafael Pharma presented two posters at the 2021 American Society of Clinical Oncology (ASCO) Annual Meeting summarizing the respective enrollment status of ongoing trials studying devimistat in pancreatic cancer and biliary tract cancers.
• In March, enrollment surpassed 150 patients in Rafael Pharma's pivotal Phase 3 clinical trial assessing the efficacy and safety of its lead compound CPI-613® (devimistat) in combination with high dose cytarabine and mitoxantrone for patients with relapsed or refractory acute myeloid leukemia (AML).

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