Anebulo Pharmaceuticals Appoints Simon Allen Biotech Industry Director as CEO and Director

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AUSTIN, Texas – (COMMERCIAL THREAD) – Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB), a clinical-stage biopharmaceutical company developing new solutions for people with acute cannabinoid poisoning and addiction, has appointed Simon Allen as CEO and member of the company’s board of directors , as of February 1.st, 2022. Mr. Allen succeeds Daniel Schneeberger, MD, who stepped down as CEO and director on the same date.

Since March 2019, Mr. Allen has served as Commercial Director of Ambrx Biopharma Inc. (NYSE: AMAM), a position he previously held from 2010 to 2015. Ambrx is a precision biologics company that develops antibody-drug conjugates and immuno-oncology. conjugate candidates for breast cancer, gastric cancer and other solid tumors.

“I am very proud of all that Anebulo has accomplished over the past 18 months, including building a very effective team, securing new intellectual property protection, preparing and starting up a proof of concept clinical trial, progress of regulatory discussions with the US FDA. and securing funding through a successful IPO, ”said Dr Schneeberger. “Simon is a formidable leader with significant experience in business and business development, which are the skills most relevant to Anebulo at this stage. Having accompanied Anebulo in its start-up phase, I now plan to devote myself full time to my investment fund. I thank the board of directors of Anebulo and all its employees for their collaboration and friendship.

“Anebulo is uniquely placed to deal with the significant damage and burden of drug addiction. Our flagship product, ANEB-001, has the potential to quickly reverse the effects of acute cannabinoid poisoning, a relatively unknown but serious condition that sends more than 5,000 Americans to hospital emergency rooms every day. Unfortunately, that number is expected to increase rapidly with legalized marijuana and access to substances that have five times the THC concentration of regular marijuana, ”Mr. Allen said. “We are currently focused on developing the first FDA-approved therapy for emergency department physicians to treat the serious and sometimes fatal effects of cannabinoid poisoning. I am very impressed with the clear mechanism of action of ANEB-001 and the company’s successful efforts to navigate the clinical, regulatory, CMC and intellectual property aspects of this opportunity. I also believe 2022 will be another transformative year for Anebulo given that we plan to release the first results of our ongoing Phase 2 trial in the first half of the year. I am honored and grateful to have the opportunity to lead such a talented team and look forward to taking Anebulo to the next level.

Joseph Lawler, MD, PhD, Chairman of the Board of Directors of Anebulo, added: “Simon is an extremely accomplished business leader who brings to Anebulo the skills, experience and connections necessary to move our plan forward. business quickly and efficiently. I welcome him to our company and to our board of directors. Also, I would like to thank Daniel for leading Anebulo through a period of great progress. We all at Anebulo wish him good luck in his future professional endeavors.

At Ambrx, Mr. Allen has established multiple partnerships with companies such as Bristol Myers Squibb, Pfizer, Merck, Eli Lilly, Astellas, BeiGene and Sino Biopharma which have generated over $ 270 million in revenue with a potential of $ 1 billion. dollars in future milestones and royalties. From 2016 to 2018, he was Managing Director of CohBar, where he took the company from preclinical to clinical and managed the listing of its shares on the Nasdaq, with subsequent inclusion in the Russell 2000 Index. , Mr. Allen has held various leadership, business development and business roles at Nuvelo, Skyepharma, CovX and Kalypsys.

Mr. Allen began his career as a research biologist in the antiviral group at Gilead Sciences before working in health equity research and investment banking in the United States and Australia. He holds a BSc in Biochemistry and Genetics from the University of Sydney and an MBA from the Australian Graduate School of Management.

About Anebulo Pharmaceuticals, Inc.

Anebulo Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing new solutions for people with acute cannabinoid poisoning and drug addiction. Its lead product candidate, ANEB-001, is intended to reverse the negative effects of acute cannabinoid poisoning within one hour of administration. ANEB-001 is a competitive human cannabinoid receptor type 1 (CB1) antagonist with good oral bioavailability and good brain penetration (rat brain: plasma ratio of approximately 1.5). Clinical trials to date have shown that ANEB-001 is rapidly absorbed, well tolerated and may cause weight loss, an effect consistent with CB1 antagonism in the central nervous system. For more information on Anebulo, please visit www.anebulo.com.

Forward-looking statements

This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, as well as terms such as “anticipate”, “expect”, “intend”, “may”, “will”, “should” and other comparable terms, involve risks. and uncertainties as they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the current intent, beliefs or expectations of Anebulo Pharmaceuticals and members of its management, as well as the assumptions upon which such statements are based. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including risks relating to the development, testing and marketing of the Company’s product candidates, and those described in Anebulo Pharmaceutical’s most recent annual report on Form 10 -K and in other periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Unless required by federal securities law, Anebulo Pharmaceuticals assumes no obligation to update or revise any forward-looking statements to reflect the amended terms.

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