Cyclo Therapeutics Reports Third Quarter 2023 Financial Results

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 reported its financial results for the third quarter 2023.

“Our number one priority remains to be the solid operational execution of our TransportNPC study. We are very pleased with our continued strong pace of enrollment and importantly the strong level of engagement with the NPC community. We remain hopeful that we will bring enrollment for this important study to a close in the coming months,” commented N. Scott Fine, Chief Executive Officer of Cyclo Therapeutics. “Further, during the quarter we entered into a strategic merger agreement with Applied Molecular Transport, which we expect to close before year end. Finally, we have taken important steps over the past quarter and in the recent weeks to strengthen our balance sheet and provide the necessary cash to bring us through key milestones for the Company.”

Recent Highlights

• Entered into a definitive agreement with Applied Molecular Transport Inc. (Nasdaq: AMTI), to focus on advancing Cyclo Therapeutics’ pivotal Phase 3 global study. TransportNPC, evaluating Trappsol Cyclo for NPC. The transaction is currently expected to close in the fourth quarter of 2023;
• Continued NPC community engagement through attendance at INPDA Face-to-Face Meeting, Critical Path Institute Scientific Breakthrough Summit, and the SSIEM Annual Symposium 2023;
• Closed of $5.0 million Private Placement with Rafael Holdings, Inc.; and
• Further strengthened Balance Sheet with early exercise of warrants by board members, management and a significant shareholder resulting in bolstered cash proceeds of $2.4 million.

About the Proposed Transaction

As previously announced, AMT and Cyclo Therapeutics entered into a definitive agreement (the Merger Agreement) pursuant to which AMT will merge with Cyclo Therapeutics in an all-stock transaction (the “Merger”). Following the closing of the Merger, the combined company will operate under the name “Cyclo Therapeutics, Inc.” and will continue trading on The Nasdaq Capital Market under the ticker symbol “CYTH”. The combined company will focus on advancing Cyclo Therapeutics’ pivotal Phase 3 global study (TransportNPC) evaluating Trappsol Cyclo for NPC.