Cyclo Therapeutics Announces Closing of $5.0 Million Private Placement with Rafael Holdings, Inc.

Cyclo Therapeutics, Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or the “Company”), a clinical stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases, today announced that it has closed the previously announced private placement with Rafael Holdings, Inc. (NYSE:RFL) (“Rafael”) for the purchase of 4,000,000 shares of common stock of Cyclo Therapeutics and warrants to purchase an additional 4,000,000 shares of common stock of Cyclo Therapeutics, for an aggregate purchase price of $5,000,000. The warrants have an exercise price of $1.25 and a term of seven years.

Cyclo Therapeutics intends to use the net proceeds from the financing for working capital and general corporate purposes, including the support of its Trappsol Cyclo development programs.

N. Scott Fine, CEO of Cyclo Therapeutics, commented, “The closing of this private placement is an important step for the continued execution of our strategy and enables us to remain focused on advancing our pivotal Niemann-Pick Type C study and ultimate goal of bringing a much-needed solution to patients. We are grateful to the Rafael team and look forward to strengthening our partnership as we continue to advance our clinical development program.”

William Conkling, Chief Executive Officer of Rafael, added, “We remain highly encouraged by the continued progress of Cyclo Therapeutics and their commitment to develop a treatment option for people living with Niemann-Pick Disease Type C. We look forward to working with the Cyclo Therapeutics team to bring hope to the NPC community and continued efforts to advance Trappsol Cyclo.”

The securities described above were offered by Cyclo Therapeutics in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder, and such securities will not be registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. The securities have been issued by the Company directly to Rafael without the services of a placement agent or other intermediary.