Scilex Holding Company Alerts U.S. House on Illegal Stock Manipulation

PALO ALTO, Calif., May 24, 2024 – Scilex Holding Company (Nasdaq: SCLX), a pioneering entity in the development and commercialization of non-opioid pain management products, has taken decisive action against illegal market practices. The company has addressed a letter to the U.S. House of Representatives, highlighting concerns regarding the illegitimate manipulation of its common stock through "naked short" selling, a practice potentially violating SEC Regulation SHO.

Scilex's management is deeply committed to protecting shareholder value and ensuring the integrity of the market. The company is determined to confront and eradicate manipulative short selling activities that negatively impact its stock performance and infringe upon shareholder rights.

Scilex's Product Portfolio

Scilex Holding Company is headquartered in Palo Alto, California, and is dedicated to enhancing patient outcomes through innovative non-opioid pain therapies. The company’s product lineup includes:

1. ZTlido® (lidocaine topical system) 1.8%: An FDA-approved prescription lidocaine topical product designed to relieve neuropathic pain associated with postherpetic neuralgia, a type of nerve pain following shingles.

2. ELYXYB®: The first and only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults. This product is positioned as a potential first-line treatment for migraines.

3. Gloperba®: The first and only liquid oral version of colchicine, intended for the prophylaxis of painful gout flares in adults. It is slated for launch in the first half of 2024.

In addition to these commercial products, Scilex has a robust pipeline of product candidates, including:

- SP-102 (SEMDEXATM): A novel viscous gel formulation of dexamethasone sodium phosphate for epidural injections to treat lumbosacral radicular pain (sciatica). This product has completed Phase 3 trials and received Fast Track status from the FDA in 2017.

- SP-103: A next-generation, triple-strength formulation of ZTlido for treating chronic neck pain, which has recently completed a Phase 2 trial in low back pain. SP-103 has also been granted Fast Track status from the FDA for this indication.

- SP-104: A novel low-dose delayed-release naltrexone hydrochloride capsule being developed for fibromyalgia treatment, currently having completed Phase 1 trials in the second quarter of 2022.
Summary
Scilex Holding Company is at the forefront of non-opioid pain management innovation, focusing on significant unmet needs in the market. The company's proactive measures to address illegal stock manipulation underscore its commitment to safeguarding shareholder interests and maintaining market integrity. With a promising portfolio of commercial products and a strong pipeline, Scilex continues to forge ahead in improving patient care for acute and chronic pain conditions.

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