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VLON

VLON US Stock
$4.6
Open: $4.47 High: $4.7 Low: $4.31 Close: $4.32
Range: 2021-04-19 - 2021-04-20
Volume: 31,207
Market: Extended-hours
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VLON
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VLON News
Latest news about the VLON
  • Vallon Pharmaceuticals Continues Advancement of Pivotal Study in Lead Development Program, ADAIR, Toward Potential Approval

    - Ongoing ADAIR SEAL study on target for pivotal data readout in second half of 2021- Target NDA filing in Q2 2022 for a potential abuse-deterrent alternative to commercially available IR amphetamines in the treatment of ADHD, a ~$9 billion U.S. market1 PHILADELPHIA, PA, April 13, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals Inc. (NASDAQ: VLON), (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, today provided a clinical program update for its lead program, ADAIR, a proprietary abuse-deterrent formulation of immediate-release (IR) dextroamphetamine currently in development for the treatment of attention deficit hyperactivity disorder (ADHD) and narcolepsy. “Prescription stimulant abuse is a growing, serious issue with more than five million Americans misusing and abusing ADHD prescriptions stimulants on an annual basis. We believe ADAIR, if approved, has the potential to help address this significant problem by making it difficult for individuals to manipulate the drug. Our proprietary immediate release formulation has been shown in studies to behave as intended when taken orally, but is difficult to prepare for snorting or injecting,” commented David Baker, President & Chief Executive Officer of Vallon. Vallon is currently conducting its pivotal intranasal human abuse liability study, which is expected to be the final clinical trial prior to NDA filing. This ongoing SEAL study (Study to Evaluate the Abuse Liability, Pharmacokinetics, Safety and Tolerability of an Abuse-Deterrent d-Amphetamine Sulfate Immediate Release Formulation), is a pivotal randomized, double-blind, double dummy, placebo and active-controlled 4-period, 4-way crossover assessing the abuse potential of ADAIR compared to dextroamphetamine administered intranasally in recreational drug abusers with past history of snorting stimulants. “Through the use of the 505(b)(2) regulatory pathway, we expect to leverage much of the existing data for dextroamphetamine, which has been demonstrated to be an effective treatment for ADHD and narcolepsy,” added Dr. Timothy Whitaker, Vallon’s Chief Medical Officer. “Our ongoing SEAL study is designed to evaluate the safety and abuse liability of ADAIR by recreational drug users. We are pleased with the progress of the study and remain on track with our expectations to report topline results in the second half of this year, which have the potential to support our NDA filing in the second quarter of 2022.” The SEAL study will assess the pharmacodynamics (PD), pharmacokinetics (PK), safety and tolerability of manipulated ADAIR 30mg when compared to crushed d-amphetamine sulfate and placebo. The primary PD endpoint is mean maximum (Emax) Drug Liking on a bipolar 100mm visual analog scale, a standard endpoint used in human abuse liability studies. To date, two cohorts of subjects have been screened, qualified, and completed the treatment phase of the study. Enrollment in the study remains ongoing. A total of 64 subjects demonstrating a confirmed positive response to stimulants are planned to enter the treatment phase. Safety will be assessed via adverse events, vital signs, ECGs, clinical laboratory tests and Columbia Suicide Severity Rating Scale (C-SSRS). For more information about the study, please visit clinicaltrials.gov and reference identifier: NCT04647903. About ADAIR ADAIR (Abuse Deterrent Amphetamine Immediate Release) is an investigational new drug; a novel, patented formulation of dextroamphetamine designed to deter attempts to crush and snort it or take it by other non-oral routes that can produce a greater “high.” Dextroamphetamine has been used clinically for more than 50 years. It is the same active ingredient used in FDA-approved products, such as Adderall®, Dexedrine®, and Vyvanse®. ADAIR is not approved by the FDA. ADAIR is also being developed for Europe and the UK through a license and collaboration agreement with MEDICE Arzneimittel Pütter GmbH, a leader in the European ADHD market. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. For more information about the company, please visit www.vallon-pharma.com or connect with us on LinkedIn or Twitter. Forward Looking Statements This press release contains “forward-looking statements” that are based on Vallon’s current expectations and subject to inherent uncertainties, risks and assumptions that are difficult to predict, including, without limitation, Vallon’s ability to execute its business plan, continue its growth and fund its ongoing business activities as planned, Vallon’s ability to develop and commercialize its product candidates, expectations related to results of clinical trials and studies, Vallon’s expectations with respect to the important advantages it believes its abuse-deterrent formulation of drugs have over similar drugs in the market, and the growing need for abuse-deterrent formulations of drugs, Vallon’s ability to utilize the 505(b)(2) regulatory pathway, and Vallon’s ability to obtain FDA approval of ADAIR and its other product candidates. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will,” “would,” or the negative of these words or other similar expressions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Item 1A. Risk Factors” in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 29, 2021. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. References and links to websites have been provided for convenience, and the information contained on any such website is not a part of, or incorporated by reference into, this press release. Vallon is not responsible for the contents of third-party websites. Investor Contact:JTC Team, LLCJenene Thomas(833) 475-8247vallon@jtcir.com 1 IQVIA, NSP, 2019

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  • Vallon Pharmaceuticals Reports Full Year 2020 Financial Results and Provides Corporate Update

    - Pivotal data from lead program, ADAIR, expected in second half 2021 - Potential NDA filing for ADAIR in Q2 2022; targeting a ~$9 billion U.S. ADHD market1 - Novel abuse-deterrent platform technology enables pipeline expansion opportunities across multiple drugs and indications PHILADELPHIA, PA,, March 29, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals Inc. (NASDAQ: VLON), (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, today reported its financial results for the full year 2020. Additionally, the Company provided an update on its development programs, ADAIR and ADMIR, which leverage the Company’s proprietary technology that is designed to resist manipulation for snorting and provide barriers to injection. Recent Highlights Successfully completed an $18.0 million initial public offering and began trading on the Nasdaq Capital Market under the ticker “VLON”;Appointed Marella Thorell, an accomplished executive leader with more than 30 years of experience in finance and operations, to Board of Directors;Presented positive data from two studies at the 2021 American Professional Society of ADHD and Related Disorders (APSARD) Annual Meeting, evaluating ADAIR which demonstrated bioequivalence to immediate release (IR) dextroamphetamine when administered orally and appears to be less desirable to recreational drug abusers when snorted compared to currently available IR dextroamphetamine; andPresented positive data from proof-of-concept intranasal human abuse study at the 2020 American Academy of Child & Adolescent Psychiatry (AACAP) Annual Meeting, which demonstrated ADAIR to have less abuse potential than standard IR dextroamphetamine when manipulated and misused intranasally, while at the same time maintaining a similar Pk profile to standard IR dextroamphetamine when taken orally as prescribed. “The last few months have been truly transformational for the Company with the closing of our IPO and listing on Nasdaq. We are now well funded and committed to driving awareness, advancing an important abuse deterrent formulation for patients and building shareholder value in the near and long-term,” commented David Baker, President & Chief Executive Officer of Vallon. “We continue to drive our lead program, ADAIR, towards approval and expect topline results from the SEAL study, our ongoing pivotal intranasal abuse study in the second half of this year, which will support our planned NDA filing in the second quarter of 2022. There is a large and growing concern about prescription stimulant abuse. With the data we have generated to date, and pivotal data expected later this year, we believe we are well-positioned to offer the first immediate-release abuse-deterrent formulation of an ADHD stimulant and access a significant market opportunity.” Clinical Program Update ADAIR2: Abuse-Deterrent Formulation of Dextroamphetamine According to reports from the U.S. Department of Health and Human Services, more than 5 million Americans misuse or abuse prescription stimulants annually3, most commonly teenagers and young adults. Separate studies indicate that approximately 40% of people who misuse prescription stimulants report snorting them. ADAIR is the Company’s proprietary abuse-deterrent formulation of immediate-release dextroamphetamine currently in development for the treatment of attention deficit hyperactivity disorder (ADHD) and narcolepsy. Dextroamphetamine has been used clinically for more than fifty years and is the same active ingredient used in FDA-approved products, such as Adderall®, Dexedrine®, and Vyvanse®. ADAIR is being developed leveraging the de-risked 505(b)(2) regulatory pathway. The Company is currently conducting the pivotal intranasal abuse study expected to be the final clinical trial prior to NDA filing. The ongoing SEAL study (Study to Evaluate the Abuse Liability, Pharmacokinetics, Safety and Tolerability of an Abuse-Deterrent d-Amphetamine Sulfate Immediate Release Formulation), is a pivotal randomized, double-blind, double dummy, placebo and active-controlled 4 period, 4 way crossover assessing the abuse potential of ADAIR compared to dextroamphetamine administered intranasally in recreational drug abusers with past history of snorting stimulants. ADAIR is also being developed for Europe and the UK through a license and collaboration agreement with MEDICE Arzneimittel Pütter GmbH, a leader in the European ADHD market. Upcoming Milestones Report pivotal data from the SEAL study targeted for the second half of 2021.NDA submission targeted for Q2 2022. ADMIR: Abuse-Deterrent Formulation of Methylphenidate (Ritalin®) The Company’s second program in development is ADMIR, a novel abuse-deterrent formulation of immediate-release methylphenidate (Ritalin). Ritalin is another commonly prescribed stimulant for treating ADHD that is frequently misused and abused. Upcoming Milestones Complete formulation development work.Upon completion of formulation development, Vallon will submit an IND to allow for the initiation of human clinical trials. Summary of Financial Results for Fiscal Year 2020 Net loss for the year ended December 31, 2020 was approximately $4.8 million. Research and development expenses increased by approximately $1.8 million to $3.7 million from the year ended December 31, 2019 to the year ended December 31, 2020. The increase in research and development expenses was primarily due to increases of $1.2 million related to the registration development program of ADAIR. General and administrative expenses decreased by approximately $91,000 to $1.2 million from the year ended December 31, 2019 to the year ended December 31, 2020. On December 31, 2020, the Company had cash and cash equivalents totaling approximately $109,000. On January 11, 2021, the Company entered into a Convertible Promissory Note Purchase Agreement with certain existing shareholders for cash proceeds of $350,000. On February 12, 2021, the Company completed its initial public offering for total gross proceeds of $18.0 million, resulting in net proceeds of approximately $15.5 million after deducting the underwriting commission and all expenses in connection with the offering. Management estimates that the net $15.9 million raised pursuant to the IPO and the 2021 Convertible Notes provides funding for the Company’s ongoing business activities into the third quarter of 2022. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. For more information about the company, please visit www.vallon-pharma.com or connect with us on LinkedIn or Twitter. Forward Looking Statements This press release contains “forward-looking statements” that are based on Vallon’s current expectations and subject to inherent uncertainties, risks and assumptions that are difficult to predict, including, without limitation, Vallon’s ability to execute its business plan, continue its growth and fund its ongoing business activities as planned, Vallon’s ability to develop and commercialize its product candidates, expectations related to results of clinical trials and studies, Vallon’s expectations with respect to the important advantages it believes its abuse-deterrent formulation of drugs have over similar drugs in the market, and the growing need for abuse-deterrent formulations of drugs, Vallon’s ability to utilize the 505(b)(2) regulatory pathway, and Vallon’s ability to obtain FDA approval of ADAIR and its other product candidates. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will,” “would,” or the negative of these words or other similar expressions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Item 1A. Risk Factors” in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March [25], 2021. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Investor Contact:JTC Team, LLCJenene Thomas(833) 475-8247vallon@jtcir.com 1 IQVIA, NSP, 2019 2 ADAIR is not approved by the FDA 3 SAMHSA, Center for Behavioral Health Statistics and Quality, National Survey on Drug Use and Health, 2017

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  • Vallon Pharmaceuticals to Present at the H.C. Wainwright Global Life Sciences Conference

    PHILADELPHIA, PA, March 03, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals Inc. (NASDAQ: VLON), (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, announced today that David Baker, President & Chief Executive Officer of Vallon will present at the virtual H.C. Wainwright Global Life Sciences Conference, which is taking place March 9 and 10, 2021. In addition to the presentation, management will also be available to participate in virtual one-on-one meetings with qualified members of the investor community who are registered to attend the conference. The video webcast presentation will be available for viewing on-demand beginning Tuesday, March 9, 2021, at 7:00 AM ET for those registered for the event and will be accessible on the Events page of the Investors section of the Company's website (www.vallon-pharma.com) and will be archived for 90 days following the event. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. For more information about the company, please visit www.vallon-pharma.com. Investor Contact: JTC Team, LLCJenene Thomas(833) 475-8247vallon@jtcir.com

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  • Vallon Pharmaceuticals Appoints Marella Thorell to Board of Directors

    - Accomplished executive leader with more than 30 years of experience in finance and operations PHILADELPHIA, PA, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals Inc. (NASDAQ: VLON), (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, today announced the appointment of Marella Thorell to its Board of Directors, effective as of February 12, 2021 in connection with the closing of the Company’s initial public offering. “We are pleased to have Marella join the Board and look forward to the valuable insight she brings. As we continue to advance the Company, I believe Marella’s wealth of knowledge and executive leadership experience will be a key asset in the next phase of our growth,” commented Ofir Levi, Ph.D., Chairman of Vallon’s Board of Directors. “Vallon has continued to make great progress, including its recent initial public offering of its common stock. It is an exciting time for the Company, and I am thrilled to add my perspective and industry experience to the Board. I look forward to leveraging my expertise and to working alongside the management team to unlock the full potential of Vallon’s technology,” commented Ms. Thorell. Ms. Thorell has established a successful track record over the course of her more than 30-year career in finance and operations having successfully led multiple M&A, licensing, and fundraising transactions. She recently joined Centessa Pharmaceuticals Limited, a next-generation biopharmaceutical company, formed by Medicxi through the merger of 10 private biotech companies and completion of a $250M Series A, as Head of Finance. Prior to that, Ms. Thorell served as the Chief Financial Officer of Palladio Biosciences, a privately owned, VC-backed, clinical-stage biopharmaceutical company developing medicines for orphan diseases of the kidney, leading the Company’s capital strategy and execution. Prior to joining Palladio Biosciences, Ms. Thorell served as Chief Financial Officer, Chief Operating Officer and Executive Director of Realm Therapeutics. At Realm, Ms. Thorell was responsible for raising capital to fund the Company’s clinical development plans and led M&A and licensing transactions. In 2019 Realm was acquired by ESSA Pharma. Ms. Thorell was appointed to ESSA’s Board of Directors. She began her career and earned her CPA at Ernst & Young, LLP. Subsequently, she worked for Campbell Soup Company in finance and operational roles and served as an executive consultant focusing on financial and human capital needs. Ms. Thorell earned a BS in Business from Lehigh University, magna cum laude. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. For more information about the company, please visit www.vallon-pharma.com or connect with us on LinkedIn or Twitter. Forward Looking Statements This press release contains “forward-looking statements” that are based on the Company’s current expectations and subject to inherent uncertainties, risks and assumptions that are difficult to predict, including, without limitation, Vallon’s ability to progress its business and continue its growth. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will,” “would,” or the negative of these words or other similar expressions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to Vallon’s initial public offering, filed with the U.S. Securities and Exchange Commission on February 11, 2021. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Investor Contact:JTC Team, LLCJenene Thomas(833) 475-8247vallon@jtcir.com

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  • Vallon Pharmaceuticals Announces Closing of Initial Public Offering

    PHILADELPHIA, PA, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals Inc. (NASDAQ: VLON) (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, today announced the closing of its initial public offering of 2,250,000 shares of common stock at a public price offering of $8.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Vallon, were $18.0 million. In addition, Vallon has granted the underwriters a 45-day option to purchase up to an additional 337,500 shares of Vallon’s common stock at the initial public offering price, less underwriting discounts and commissions. Vallon’s common stock began trading on the Nasdaq Capital Market on February 10, 2021 under the ticker symbol “VLON.” ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering. A registration statement relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission (“SEC”) on February 9, 2021. This offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, NY 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com. These documents may also be obtained free of charge, when they are available, by visiting the SEC's website at http://www.sec.gov/ This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. Forward Looking Statements Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Investor Contact:JTC Team, LLCJenene Thomas(833) 475-8247vallon@jtcir.com

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  • Vallon Pharmaceuticals Announces Pricing of Initial Public Offering

    PHILADELPHIA, PA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals, Inc. (the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders, today announced the pricing of its initial public offering of 2,250,000 shares of its common stock at a public offering price of $8.00 per share, for gross proceeds of $18.0 million, before deducting underwriting discounts, commissions and offering expenses. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 337,500 shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments. The shares are expected to begin trading on The Nasdaq Capital Market on February 10, 2021 under the ticker symbol “VLON.” The offering is expected to close on February 12, 2021, subject to satisfaction of customary closing conditions. ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering. A registration statement on Form S-1 (File No. 333-249636) relating to the shares was filed with the U.S. Securities and Exchange Commission (“SEC”), which became effective on February 9, 2021. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., at 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, or by email at prospectus@think-equity.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Vallon Pharmaceuticals Inc. Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy. Forward Looking Statements Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Investor Contact:JTC Team, LLC Jenene Thomas (833) 475-8247 vallon@jtcir.com

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