Kitov Pharma Issues CEO Shareholder Letter Providing Business Update - Seite 4

Burke Therapeutics’ sales team is growing steadily, and is expected to soon include about 50 sales representatives, with plans to increase this number further. We believe the team is highly-motivated to introduce this once-a-day treatment for hypertension and osteoarthritis pain in the U.S. market. In addition, we believe Burke is taking the necessary actions to overcome the short-term challenges imposed by the COVID-19 pandemic and we look forward to sales beginning to ramp up in the next few months, which will result in royalty revenue to us of 20% of sales, pursuant to our marketing and distribution agreement with Coeptis.  According to the agreement for CONSENSI, Kitov is eligible to receive up to $99.5 million in milestone and reimbursement payments, in addition to royalties. We expect to receive aggregate milestone and royalty revenues of between $28 million and $36 million from 2020 through 2022.

In summary, we look forward to further advancing our commercial and clinical activities by leveraging our strong cash position. Our current cash runway is expected to support our currently planned activities into at least 2024, beyond multiple anticipated clinical milestones, and we believe we are well-funded to execute our strategic plans.

We thank you for your continued support of Kitov.

Wishing you and yours good health,

Isaac Israel

Chief Executive Officer

About Kitov Pharma

Kitov Pharma (Kitov Pharma Ltd.; NASDAQ/TASE: KTOV) is a clinical-stage company focusing on advancing first-in-class therapies to overcome tumor immune evasion and drug resistance, to create successful long-lasting treatments for people with cancer. Kitov’s oncology pipeline includes NT-219 and CM-24. NT-219 is a small molecule targeting the novel cancer drug resistance pathways IRS1/2 and STAT3. Kitov is currently advancing NT-219 as a monotherapy treatment of advanced solid tumors and in combination with cetuximab for the treatment of recurrent or metastatic squamous cell carcinoma of head and neck cancer (SCCHN) in a planned phase 1/2 study. CM-24 is a monoclonal antibody blocking CEACAM1, a novel immune checkpoint that supports tumor immune evasion and survival through multiple pathways. Kitov plans to advance CM-24 as a combination therapy with anti-PD1 checkpoint inhibitors in selected cancer indications in a phase 1 study followed by a phase 2 for the treatment of non-small cell lung cancer NSCLC and pancreatic cancer. Kitov has entered into a clinical collaboration agreement with Bristol Myers Squibb Company for the planned phase 1/2 clinical trials to evaluate the combination of CM-24 with the PD-1 inhibitor nivolumab (Opdivo). Kitov is also the owner of Consensi, a fixed-dose combination of celecoxib and amlodipine besylate, for the simultaneous treatment of osteoarthritis pain and hypertension that was approved by the FDA for marketing in the U.S. Consensi is being sold in the U.S. by Burke Therapeutics, the marketing partner of Kitov’s U.S. distributor, Coeptis Pharmaceuticals. Kitov has also partnered to commercialize Consensi in China and South Korea. The company is headquartered in Tel Aviv, Israel. For more information, please visit http://www.kitovpharma.com.