Rafael Holdings Continues to Expand its Management Team with a Highly Experienced Global Biopharmaceutical Executive to Build a Fully Integrated Cancer Metabolism Therapeutics Company and Announces Inducement Grant Under NYSE Rule 303A.08

NEWARK, N.J., Sept. 24, 2021 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE: RFL), a pharmaceutical holding company focused on developing novel cancer metabolism therapeutics through its Barer Institute and investment in Rafael Pharmaceuticals, Inc., announced today the appointment of Ashok Marin, Chief Legal Officer.

"We are pleased to have attracted a seasoned and accomplished leader of Ashok's caliber to lead the critical legal function at Rafael Holdings as we prepare for the top line data readout of the Phase 3 clinical trial for Rafael Pharmaceuticals' lead investigational agent, CPI-613^®, in the treatment of metastatic pancreatic cancer, and if positive, prepare for an NDA submission. We are continuing to build a highly experienced management team with the skillset necessary to advance the ongoing and planned clinical trial programs across multiple indications and the early-stage pipeline," said Ameet Mallik, Chief Executive Officer of Rafael Holdings, Inc.  "Ashok brings invaluable expertise which can accelerate our ability to build a high growth, fully integrated cancer metabolism therapeutics company focused on improving and extending the lives of patients."

Ashok Marin has more than two decades of extensive life sciences experience with responsibilities across multiple legal and regulatory and commercial functions. Previously he served as Vice President, Deputy General Counsel, Chief Compliance Officer & Chief Privacy Officer, at Immunomedics, Inc., where he helped launch the novel antibody-drug conjugate Trodelvy^® and provided key legal support for the company's eventual acquisition by Gilead Sciences, Inc. for $21 billion in October 2020. Post-acquisition, he remained at Gilead to provide leadership and transitional support for the company's Oncology franchise. Ashok also has served in various legal and compliance leadership roles at Mallinckrodt Pharmaceuticals, GE Healthcare, Becton, Dickinson and Company, LipoScience and Sanofi. Ashok is a graduate of Fordham College (summa cum laude) and Fordham University School of Law. He began his legal career as an Associate in the Corporate group of the New York office of the global law firm Paul Hastings, LLP, where he focused on a variety of equity and debt offerings, securitizations, derivatives, and credit facilities, including several transactions on behalf of healthcare clients.

"It is a true pleasure to have the opportunity to work with Ameet and the Rafael Holdings executive management team as we advance the novel metabolic-based therapeutic approach to fighting cancer and addressing unmet patient needs, and evolve to a fully integrated cancer therapeutics company," said Ashok Marin, Chief Legal Officer.

Rafael Holdings, Inc., announced today that it made a grant to Ashok Marin of options to purchase 34,066 shares of Class B common stock of the Company with an exercise price equal to $37.61, the closing price of the Class B common stock on September 23, 2021, the trading day prior to the grant on September 24, 2021.

The options shall vest with respect to 25% of the underlying shares on September 24, 2022, and, with respect to an additional 2.0833% of the underlying shares, on each monthly anniversary of September 24, 2022, such that all equity shall vest by September 24, 2025.   

The options were granted under Rafael's 2018 Equity Incentive Plan, which was amended to create an additional pool of 34,066 shares of Rafael's Class B common stock to be used exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08").  

The option grant was approved by the Compensation Committee of the Board of Directors and was offered as a material inducement to Mr. Marin's hiring as Chief Legal Officer of the Company in reliance on the employment inducement exemption under Rule 303A.08. Mr. Marin joined the Company on September 20, 2021.

The option grant described above will be subject to the terms of the 2018 Equity Incentive Plan, as amended and restated.  

About Rafael Holdings, Inc.
Rafael Holdings is focused on the development of novel cancer therapies.  The company owns the Barer Institute and is a significant investor in two clinical stage oncology companies, Rafael Pharmaceuticals, Inc., and LipoMedix Pharmaceuticals Ltd.  Through its wholly owned Barer Institute subsidiary, the company is developing a pipeline of compounds focused on the regulation of cancer metabolism.  On June 21, 2021, Rafael Holdings, Inc., (NYSE: RFL) announced that it has entered into a merger agreement to acquire full ownership of Rafael Pharmaceuticals, Inc. For more information, visit www.rafaelholdings.com.

About Rafael Pharmaceuticals, Inc.
Rafael Pharmaceuticals is a clinical-stage oncology company focused on selectively targeting cancer metabolic pathways while simultaneously harnessing the immune system to attack hard-to-treat cancers. The Company's lead drug, CPI-613 (devimistat), is being evaluated in multiple clinical studies including two Phase 3 registrational clinical trials for metastatic pancreatic cancer and r/r acute myeloid leukemia. Multiple Phase 1/2 clinical trials are ongoing or planned in Biliary, r/r Burkitt, r/r Clear Cell Sarcoma, r/r T-cell lymphoma, r/r MDS, and Colorectal cancer.

The Company plans to continue to discover and advance its internal cancer metabolism research programs and expects its Dual-SHMT Inhibitor to enter Phase 1 in late 2022/early 2023. The Company's investors include Rafael Holdings, Inc. (NYSE: RFL). For more information, please visit www.rafaelpharma.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans and timing for the release of additional clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the impact of public health threats, including COVID-19, on our business and operations; we depend heavily on the success of Rafael Pharmaceuticals and the future success of its lead product candidate devimistat (CPI-613® (devimistat)), and clinical trials of the product candidate may not be successful; our pharmaceutical companies may not be able to develop any medicines of commercial value; our pharmaceutical companies may not be successful in their efforts to identify or discover potential product candidates; the manufacturing and manufacturing development of our products and product candidates present technological, logistical and regulatory risks, each of which may adversely affect our potential revenue; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process; interim, topline and preliminary data may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data; our product candidates may cause serious adverse side effects; ongoing regulatory obligations; effects of significant competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; failure to attract, retain and motivate qualified personnel; the possibility of system failures or security breaches; risks relating to intellectual property and significant costs as a result of operating as a public company. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended July 31, 2020, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

SOURCE Rafael Holdings, Inc