Salarius Pharmaceuticals Receives Second Installment of

HOUSTON, Jan. 13, 2021 (GLOBE NEWSWIRE) — Salarius Pharmaceuticals, Inc. (Nasdaq: SLRX), a clinical-stage biopharmaceutical company developing potential new drugs for patients with pediatric cancers, solid tumors and other cancers , today announced receipt of a $0.9 million payment as the second installment of $1.7 million in scheduled payments to Salarius under its contract with the Cancer Prevention and Research Institute of Texas (CPRIT). The payments, which include the previously announced receipt of a $0.8 million disbursement announced on December 10, 2020, are part of an initial non-dilutive grant awarded in 2016 to support Salarius’ operations and the development of its principal. drug candidate, seclidemstat, for the treatment of Ewing’s sarcoma and other cancers. Seclidemstat is a reversible LSD1 inhibitor studied in two clinical trials – a trial in relapsed/refractory Ewing’s sarcoma, a rare and fatal pediatric bone and soft tissue cancer, and a second trial in advanced solid tumors (AST) . Up to $4.8 million in funding remains available for Salarius as part of the initial 2016 CPRIT award.

With the full disbursement of $1.7 million of CPRIT funds, gross proceeds of $3.6 million from the Warrant Incentive Transaction announced in December 2020 and gross proceeds of $6.2 million dollars from a public offering completed in August 2020, Salarius believes it is well capitalized to move the seclidemstat clinical programs forward through several value-creating near-term milestones. These milestones include establishing the maximum tolerated dose (MTD) in its Ewing sarcoma trial, publishing the first clinical and safety data from the two clinical trials, advancing into the expansion phase of the dose of the Ewing’s sarcoma trial in early 2021, as well as the expansion of the same trial to include additional selected sarcomas that share similar biology to Ewing’s sarcoma, also known as sarcomas related to Ewing.

“The non-dilutive financial support that Salarius has received from CPRIT over the past four years has been instrumental in advancing the development of seclidemstat and the growth of our business,” said David Arthur, President and Chief leadership of Salarius. “Today’s payment, combined with other recent financial transactions undertaken by Salarius, continues to strengthen our balance sheet and prepares us for our next steps.”

Founded in 2007 with a $3 billion bond issue and recently expanded with an additional $3 billion bond issue, CPRIT funds cancer research and prevention services in Texas. Salarius was awarded a Product Development Research Grant in May 2016 for the development of seclidemstat and disbursements are based on Salarius achieving specific goals and objectives. Under the grant agreement, Salarius must provide matching funds equivalent to 50% of the CPRIT funding and make a good faith effort to spend at least half of the CPRIT grant and matching funds in the state of Texas with Texas-based employees or contractors.

About Salarius Pharmaceuticals

Salarius Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing cancer therapies for the patients who need them most. Salarius’ lead candidate, seclidemstat, is being studied as a potential treatment for pediatric cancers, solid tumors and other cancers with limited treatment options. Seclidemstat is currently in a Phase 1/2 clinical trial for relapsed/refractory Ewing’s sarcoma, for which it has received Fast Track Designation, Orphan Drug Designation and Rare Pediatric Disease Designation from the from the United States Food and Drug Administration. Salarius is also developing seclidemstat for several cancers with high unmet medical need, with a second phase 1/2 clinical study in advanced solid tumors including prostate, breast and ovarian cancers. Salarius has received financial support from the National Pediatric Cancer Foundation to advance the Ewing’s Sarcoma clinical program and has also received a product development award of up to $18.7 million from the Cancer Prevention and Research Institute of Texas ( CPRIT). For more information, please visit salariuspharma.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, other than statements of historical fact, included in this press release are forward-looking statements. These forward-looking statements may be identified by terms such as “anticipate”, “potential”, “progress”, “design”, “estimate”, “continue”, “will”, “aim”, “may”, “believe”. . “, “plan”, “enable”, “expect”, “intend”, “goal”, “provide”, “capable”, “position”, “project”, “develop” and similar terms or expressions or the negative thereof. Examples of such statements include, but are not limited to, statements relating to the following: Salarius’ plans for the use of this CPRIT levy, the strategy growth rate of Salarius; the value of seclidemstat as a potential treatment for Ewing’s sarcoma and other cancers; the status, progress and planned milestones of clinical trials of Salarius in advanced solid tumors and Ewing’s sarcoma, including including statements regarding when Salarius will reach the maximum tolerated dose in Phase 1 of the study and when Salarius will begin the Phase 2 expansion phase of any study; the sufficiency of Salarius’ capital resources to fund its current programs and the need to rec seek additional funding; expanding clinical trials of Salarius to include Ewing-related sarcomas; Salarius’ belief in being well capitalized;; the intended use of proceeds from the recent public offering of Salarius; the intended use of excise proceeds on Salarius money orders; the development of Salarius’ seclidemstat for several cancers with high unmet medical need; and Salarius plans to launch additional clinical trials. Salarius may not actually achieve the plans, achieve the intentions or meet the expectations or objectives disclosed in the forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results and performance to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the adequacy of Salarius’ capital resources; Salarius’ ability and need to raise additional capital to meet Salarius’ business operational needs and to achieve its business objectives and strategy; Salarius’ ability to predict future capital needs and cash usage, and the timing and accuracy thereof; Salarius’ ability to access remaining funding available under the CPRIT grant; future clinical trial results and the impact of the results on Salarius; that the results of clinical studies and trials may not be predictive of future clinical trial results; the adequacy of the protection of the intellectual property of Salarius; risks related to drug development and the regulatory approval process; the competitive landscape and other industry risks; market conditions and regulatory or contractual restrictions that may impact Salarius’ ability to raise additional capital; the possibility of unforeseen expenses or other uses of Salarius’ cash resources; risks related to the COVID-19 epidemic; and other risks described in Salarius’ filings with the Securities and Exchange Commission, including those discussed in Salarius’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in Salarius’ Annual Report on Form 10-K for the year ended December 31, 2019. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on management’s assumptions and estimates as of that date. dated. Salarius disclaims any intention or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made.

Contact
Tiberend Strategic Advisors, Inc.
Maureen McEnroe, CFA/Miriam Miller (investors)
(212) 375-2664 / 2694
mmcenroe@tiberend.com
mmiller@tiberend.com
Johanna Bennett (media)
(212) 375-2686
jbennett@tiberend.com

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