Scilex Holding Company Contacts SEC and FINRA Over Illegal Stock Manipulation

PALO ALTO, Calif., May 30, 2024 - Scilex Holding Company (Nasdaq: SCLX), a leading firm in non-opioid pain management solutions, has escalated concerns about the illegal manipulation of its common stock to the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company is targeting practices such as "naked short" selling, which may infringe upon SEC Regulation SHO and erode shareholder value. Scilex is committed to protecting its shareholders’ interests by addressing these illegal activities.

Scilex's product portfolio includes innovative non-opioid therapies aimed at treating both acute and chronic pain conditions. The company’s key products are ZTlido® (lidocaine topical system) 1.8%, ELYXYB®, and Gloperba®. ZTlido® is a topical system approved by the FDA for treating neuropathic pain related to postherpetic neuralgia, a condition often following shingles. ELYXYB® is an FDA-approved oral solution for acute migraine treatment in adults, and Gloperba® is a liquid oral colchicine formulation for preventing gout flares in adults, slated for market launch in the first half of 2024.

Scilex is also advancing three promising product candidates: SEMDEXA™ (SP-102), a corticosteroid gel for treating sciatica, SP-103, a potent lidocaine patch for chronic neck and low back pain, and SP-104, a delayed-release naltrexone capsule for fibromyalgia. SEMDEXA™ has achieved Fast Track status from the FDA following a successful Phase 3 study. SP-103, also granted Fast Track status for low back pain, completed a Phase 2 trial. SP-104 has progressed through Phase 1 trials and aims to address fibromyalgia-related pain.

Scilex's leadership asserts that naked short selling and related manipulative practices have a detrimental impact on shareholder value and intends to pursue all necessary actions to combat these illegal activities. Detailed letters outlining these concerns are available for public download.

The company's forward-looking statements are subject to various risks and uncertainties, including market unpredictability, economic conditions, and potential impacts from COVID-19. The advancement of Scilex’s product candidates through regulatory and commercial stages remains uncertain. Scilex advises caution in relying on these forward-looking statements and commits to updating its shareholders as required by law.

Scilex Holding Company is based in Palo Alto, California, and continues to focus on developing and commercializing non-opioid pain management solutions that address significant unmet medical needs.

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