Porokeratosis

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Harrow (Nasdaq: HROW), an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies, today announced that it has entered into a binding agreement for the acquisition of the exclusive U.S. commercial rights to five FDA‑approved ophthalmic products from the Novartis group of companies (“Novartis”). This acquisition, when closed, will further expand and diversify Harrow’s portfolio of branded pharmaceutical products and its ability to serve the U.S. ophthalmic surgical and acute care markets. Subject to customary closing conditions, this acquisition is expected to close in early 2023. This transaction, which is the second acquisition transaction between Harrow and Novartis, transfers exclusive U.S. rights to the following ophthalmic products: ILEVRO® (nepafenac ophthalmic suspension) 0.3%, a non-steroidal, anti-inflammatory eye drop indicated for pain and inflammation associated with cataract surgery. NEVANAC® (nepafenac ophthalmic suspension) 0.1%, a non-steroidal, anti-inflammatory eye drop indicated for pain and inflammation associated with cataract surgery. VIGAMOX® (moxifloxacin hydrochloride ophthalmic solution) 0.5%, a fluoroquinolone antibiotic eye drop for the treatment of bacterial conjunctivitis caused by susceptible strains of organisms. MAXIDEX® (dexamethasone ophthalmic suspension) 0.1%, a steroid eye drop for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe. TRIESENCE® (triamcinolone acetonide injectable suspension) 40 mg/ml, a steroid injection for the treatment of certain ophthalmic diseases and for visualization during vitrectomy. Mark L. Baum, Chairman and CEO of Harrow, stated, “This is a landmark transaction for Harrow, catapulting Harrow into a leadership position in the U.S. ophthalmic pharmaceuticals market. Following the satisfaction of the relevant closing conditions, these products will be immediately accretive to our revenues and excellently complement our current portfolio of ophthalmic prescription products. “We know these products very well and have long appreciated and admired them for the value they have delivered to thousands of U.S. eyecare professionals and many millions of their patients. We believe the addition of these five products to our ophthalmic pharmaceutical portfolio, which includes newly FDA‑approved IHEEZO®, MAXITROL® 3.5mg/10,000 units/0.1%, IOPIDINE® 1%, and the market-leading ImprimisRx compounded formulary, will be of tremendous value to our customers – giving them more choices and flexibility when considering the best treatment options for their patients and the specific needs of their practices. “Our market research indicates an increasing demand for the indications these products treat. Based on U.S. demographic growth, favorable competitive trends, and broad public and private payor reimbursement, revenue contribution from these products is expected to grow for many years. Assuming this transaction closes during the first quarter of 2023, Harrow expects 2023 net revenues to be between $135 million and $143 million and adjusted EBITDA to be between $44 million and $50 million, with both net revenues and adjusted EBITDA ramping up during 2024 and beyond.” Under the terms of the agreement: Harrow will make a one-time payment of $130 million at closing, with up to an additional $45 million payable in a milestone payment upon the commercial availability of TRIESENCE, which is expected in the second half of 2023. During an estimated 6-month NDA transfer period, Novartis will continue to sell the products in the U.S. market and will transfer all net profits to Harrow. Following the NDA transfer period, Harrow will assume control over all U.S. market activities and will begin a process to have the products manufactured by third parties. Novartis will retain all rights to the products outside of the U.S. The transaction is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act. About ILEVRO® (nepafenac ophthalmic suspension) 0.3%: INDICATIONS AND USAGE ILEVRO® (nepafenac ophthalmic suspension) 0.3% is a nonsteroidal, anti-inflammatory prodrug indicated for the treatment of pain and inflammation associated with cataract surgery. IMPORTANT SAFETY INFORMATION Contraindications ILEVRO® 0.3% is contraindicated in patients with previously demonstrated hypersensitivity to any of the ingredients in the formula or to other nonsteroidal anti-inflammatory drugs (NSAIDs). Warnings and Precautions Increased Bleeding Time – There exists the potential for increased bleeding time. Ocularly applied NSAIDs may cause increased bleeding of ocular tissues (including hyphema) in conjunction with ocular surgery. Delayed Healing – Use may slow or delay healing. Concomitant use of topical NSAIDs and topical steroids may increase the potential for healing problems. Corneal Effects – Use may result in keratitis. In some patients, continued use of topical NSAIDs may result in epithelial breakdown, corneal thinning, corneal erosion, corneal ulceration, or corneal perforation. These events may be sight threatening. Patients with complicated ocular surgeries, corneal denervation, corneal epithelial defects, diabetes mellitus, ocular surface diseases (e.g., dry eye syndrome), rheumatoid arthritis, or repeat ocular surgeries within a short period of time may be at increased risk for corneal adverse events, which may become sight threatening. Use more than 1 day prior to surgery or use beyond 14 days post-surgery may increase patient risk and severity of corneal adverse events. Contact Lens Wear – ILEVRO® 0.3% should not be administered while using contact lenses. Adverse Reactions The most frequently reported ocular adverse reactions following cataract surgery occurring in approximately 5% to 10% of patients were capsular opacity, decreased visual acuity, foreign body sensation, increased intraocular pressure, and sticky sensation. For complete product information about ILEVRO® 0.3%, including important safety information, please visit: . About NEVANAC® (nepafenac ophthalmic suspension) 0.1%: INDICATIONS AND USAGE NEVANAC® is a nonsteroidal, anti-inflammatory prodrug indicated for the treatment of pain and inflammation associated with cataract surgery. IMPORTANT SAFETY INFORMATION Contraindications Hypersensitivity to any of the ingredients in the formula or to other non-steroidal anti-inflammatory drugs (NSAIDS). Warnings and Precautions Increased Bleeding Time – There exists the potential for increased bleeding time due to interference with thrombocyte aggregation. There have been reports that ocularly applied NSAIDs may cause increased bleeding of ocular tissues (including hyphema) in conjunction with ocular surgery. Delayed Healing – Use may slow or delay healing. Concomitant use of topical NSAIDs and topical steroids may increase the potential for healing problems. Corneal Effects – Use may result in keratitis. In some susceptible patients, continued use of topical NSAIDs may result in epithelial breakdown, corneal thinning, corneal erosion, corneal ulceration, or corneal perforation. These events may be sight threatening. Postmarketing experience with topical NSAIDs suggests that patients with complicated ocular surgeries, corneal denervation, corneal epithelial defects, diabetes mellitus, ocular surface diseases (e.g., dry eye syndrome), rheumatoid arthritis, or repeat ocular surgeries within a short period of time may be at increased risk for corneal adverse events, which may become sight threatening. Postmarketing experience with topical NSAIDs also suggests that use more than 1 day prior to surgery or use beyond 14 days post-surgery may increase patient risk and severity of corneal adverse events. Contact Lens Wear – NEVANAC® 0.1% should not be administered while using contact lenses. Adverse Reactions Most common adverse reactions (5% to 10%) are capsular opacity, decreased visual acuity, foreign body sensation, increased intraocular pressure (IOP), and sticky sensation. For complete product information about NEVANAC®, including important safety information, please visit: . About VIGAMOX® (moxifloxacin hydrochloride ophthalmic solution) 0.5%: INDICATIONS AND USAGE VIGAMOX® is a topical fluoroquinolone anti-infective indicated for the treatment of bacterial conjunctivitis caused by susceptible strains of the following organisms: Corynebacterium species*, Micrococcus luteus*, Staphylococcus aureus, Staphylococcus epidermidis, Staphylococcus haemolyticus, Staphylococcus hominis, Staphylococcus warneri*, Streptococcus pneumoniae, Streptococcus viridans group, Acinetobacter lwoffii*, Haemophilus influenzae, Haemophilus parainfluenzae*, and Chlamydia trachomatis. *Efficacy for this organism was studied in fewer than 10 infections. IMPORTANT SAFETY INFORMATION Contraindications VIGAMOX® is contraindicated in patients with a history of hypersensitivity to moxifloxacin, to other quinolones, or to any of the components in this medication. Warnings and Precautions Hypersensitivity Reactions – Hypersensitivity and anaphylaxis have been reported with systemic use of moxifloxacin. Prolonged Use – May result in overgrowth of non-susceptible organisms, including fungi. Avoid Contact Lens Wear – Patients should not wear contact lenses if they have signs or symptoms of bacterial conjunctivitis. Adverse Reactions The most frequently reported ocular adverse events were conjunctivitis, decreased visual acuity, dry eye, keratitis, ocular discomfort, ocular hyperemia, ocular pain, ocular pruritus, subconjunctival hemorrhage, and tearing. These events occurred in approximately 1%-6% of patients. Nonocular adverse events reported at a rate of 1%-4% were fever, increased cough, infection, otitis media, pharyngitis, rash, and rhinitis. For complete product information about VIGAMOX®, including important safety information, please visit: . About MAXIDEX® (dexamethasone ophthalmic suspension) 0.1%: INDICATIONS AND USAGE Steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe, such as allergic conjunctivitis, acne rosacea, superficial punctate keratitis, herpes zoster keratitis, iritis, cyclitis, selected infective conjunctivitides when the inherent hazard of steroid use is accepted to obtain an advisable diminution in edema and inflammation; corneal injury from chemical, radiation, or thermal burns, or penetration of foreign bodies. IMPORTANT SAFETY INFORMATION Contraindications MAXIDEX® 0.1% is contraindicated in acute, untreated bacterial infections; mycobacterial ocular infections; epithelial herpes simplex (dendritic keratitis); vaccinia, varicella, and most other viral diseases of the cornea and conjunctiva; fungal disease of ocular structures; and in those persons who have shown hypersensitivity to any component of this preparation. Warnings and Precautions Prolonged use may result in ocular hypertension and/or glaucoma, with damage to the optic nerve, defects in visual acuity and fields of vision, and posterior subcapsular cataract formation. Prolonged use may suppress the host response and thus increase the hazard of secondary ocular infections. In acute purulent conditions or parasitic infections of the eye, corticosteroids may mask infection or enhance existing infection. In those diseases causing thinning of the cornea or sclera, perforations have been known to occur with the use of topical corticosteroids. If these products are used for 10 days or longer, intraocular pressure (IOP) should be routinely monitored even though it may be difficult in children and uncooperative patients. Employment of corticosteroid medication in the treatment of herpes simplex other than epithelial herpes simplex keratitis, in which it is contraindicated, requires great caution; periodic slit-lamp microscopy is essential. Adverse Reactions In clinical studies with MAXIDEX, the most frequently reports adverse reactions were ocular discomfort occurring in approximately 10% of the patients and eye irritation occurring in approximately 1% of the patients. All other adverse reactions from these studies occurred with a frequency less than 1%, including keratitis, conjunctivitis, dry eye, photophobia, blurred vision, eye pruritis, foreign body sensation, increased lacrimation, abnormal ocular sensation, eyelid margin crusting, and ocular hyperemia. For complete product information about MAXIDEX®, including additional important safety information, please visit: . About TRIESENCE® (triamcinolone acetonide injectable suspension) 40 mg/ml: INDICATIONS AND USAGE TRIESENCE® suspension is a synthetic corticosteroid indicated for treatment of sympathetic ophthalmia, temporal arteritis, uveitis, and ocular inflammatory conditions unresponsive to topical corticosteroids as well as visualization during vitrectomy. IMPORTANT SAFETY INFORMATION Contraindications TRIESENCE® is contradicted in patients with systemic fungal infections or hypersensitivity to triamcinolone or any component of this product. Warnings and Precautions TRIESENCE® suspension should not be administered intravenously. Ophthalmic effects – May include cataracts, infections, and glaucoma. Monitor intraocular pressure. Hypothalamic-pituitary-adrenal (HPA) axis suppression, Cushing's syndrome and hyperglycemia: Monitor patients for these conditions and taper doses gradually. Infections – Increased susceptibility to new infection and increased risk of exacerbation, dissemination, or reactivation of latent infection. Elevated blood pressure, salt and water retention, and hypokalemia – Monitor blood pressure and sodium, potassium serum levels. GI perforation – Increased risk in patients with certain GI disorders. Behavioral and mood disturbances – May include euphoria, insomnia, mood swings, personality changes, severe depression, and psychosis. Decreases in bone density – Monitor bone density in patients receiving long term corticosteroid therapy. Live or live attenuated vaccines: Do not administer to patients receiving immunosuppressive doses of corticosteroids. Negative effects on growth and development: Monitor pediatric patients on long-term corticosteroid therapy. Use in pregnancy – Fetal harm can occur with first trimester use. Weight gain – May cause increased appetite. Adverse Reactions The most common reported adverse events following administration of triamcinolone acetonide were elevated intraocular pressure and cataract progression. These events have been reported to occur in 20‑60% of patients. For complete product information about TRIESENCE®, including important safety information, please visit: . About Harrow Harrow (Nasdaq: HROW) is an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic prescription therapies for the U.S. market that are accessible and affordable. For more information about Harrow, please visit the Investors section of the corporate website, harrow.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include the continued impact of the COVID-19 pandemic and any future health epidemics on our financial condition, liquidity and results of operations; our ability to make commercially available our FDA-approved products and compounded formulations and technologies in a timely manner or at all; market acceptance of the Company’s products and challenges related to the marketing of the Company’s products; risks related to our pharmacy operations; our ability to enter into other strategic alliances, including arrangements with pharmacies, physicians and healthcare organizations for the development and distribution of our products; our ability to obtain intellectual property protection for our assets; our ability to accurately estimate our expenses and cash burn, and raise additional funds when necessary; risks related to research and development activities; the projected size of the potential market for our technologies and products; unexpected new data, safety and technical issues; regulatory and market developments impacting compounding pharmacies, outsourcing facilities and the pharmaceutical industry; competition; and market conditions. These and additional risks and uncertainties are more fully described in Harrow’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Such documents may be read free of charge on the SEC's website at . Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. View source version on businesswire.com: Contacts Investors Jamie Webb Director of Communications and Investor Relations jwebb@harrowinc.com 615-733-4737 Media Deb Holliday Holliday Communications, Inc. deb@hollidaycommunications.net 412-877-4519 Source: Harrow View this news release online at:

-- Second quarter 2022 UPNEEQ® net product sales of $8.4 million; 42% above first quarter -- -- Opportunity for cash runway to extend through 2023 following recently announced financings -- -- Expanded Board of Directors with the appointment of Alisa Lask, Aesthetic industry veteran with pharmaceutical experience in both sales and marketing -- -- Continued sequential expansion among key UPNEEQ demographics, including pharmacy-paid prescribers and medical aesthetics practices -- BRIDGEWATER, N.J., Aug. 11, 2022 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company, today announced financial results and business highlights for the three months ended June 30, 2022. “Our recent financing and addition of Alisa Lask to our Board of Directors are strong signals of our growing belief in UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%. Ms. Lask brings over 20 years of commercial experience in pharmaceuticals and medical aesthetics. Of note, she held senior leadership roles at Galderma and Allergan and currently holds the position of Chief Commercial Officer at RION, a development stage biotechnology company focused on regenerative medicine in medical and aesthetic applications. Our recent track record of growth and growing evidence of social proof have enabled us to attract outstanding talent from the industry and entertain a number of potentially exciting partnerships,” stated Brian Markison, Chief Executive Officer of RVL Pharmaceuticals plc. “The second quarter was another strong quarter of growth for RVL and UPNEEQ. As we continue to build this market, we expect to leverage our multi-channel business strategy as a strong foundation to accelerate growth. Establishing UPNEEQ as a daily part of the non-invasive facial aesthetic practice remains our number one priority, and we believe the performance thus far directly supports our ambitions,” said James “JD” Schaub, Chief Operating Officer of RVL. Second Quarter 2022 Financial Highlights and Recent Developments UPNEEQ net product sales of $8.4 million, up $6.9 million year-over-year, and up $2.5 million, or 42%, from the first quarter of 2022. Approximately 15,000 cumulative unique pharmacy-paid prescribers at quarter end, an increase of 16% compared to the end of the first quarter of 2022.At quarter end, our optometry and ophthalmology customer base accounted for 67% and 33%, respectively, of our total unique prescriber base.Approximately 2,200 cumulative unique medical aesthetics practices had placed orders for UPNEEQ at quarter end, an increase of 100% from the end of the first quarter of 2022. Total revenues of $8.4 million, entirely from net product sales from UPNEEQ, compared to $11.5 million in the second quarter of 2021, which included $10.0 million of licensing revenue from Santen during the period.Net loss from continuing operations of $(12.1) million, compared to a loss of $(22.0) million in the prior year period. Adjusted EBITDA1 loss of $(11.8) million, compared to a loss of $(8.4) million in the prior year period.At June 30, 2022, cash and cash equivalents were $27.4 million and debt and financing obligations had an aggregate principal amount of $55.6 million.On August 8, 2022, the Company raised an aggregate of $43.9 million, comprised of $23.9 million in aggregate gross proceeds from the private placement of ordinary shares and, concurrently, $20.0 million from the issuance of second tranche senior secured notes. Second Quarter 2022 Financial Results Total revenues decreased $3.1 million to $8.4 million in the three months ended June 30, 2022, as compared to $11.5 million in the three months ended June 30, 2021, primarily due to the absence of licensing revenue from Santen during the 2022 period, partially offset by a $6.9 million year over year increase in net product sales of UPNEEQ. Net product sales, entirely from sales of UPNEEQ, increased by $6.9 million to $8.4 million in the 2022 period, as compared to $1.5 million in the 2021 period. The increase in net product sales was primarily attributable to a year over year increase in sales volume reflecting expanded commercialization into eyecare markets and, effective February 2022, the medical aesthetics market. ___________________________ 1 Adjusted EBITDA is a non-GAAP financial measurement, see “Presentation of Non-GAAP Financial Measures.” Total cost of goods sold increased $1.5 million in the three months ended June 30, 2022 to $2.2 million, as compared to $0.7 million in the three months ended June 30, 2021. The year over year increase in cost of goods sold was primarily driven by $0.9 million in higher product costs for UPNEEQ due to higher sales volume and $0.7 million related to increased royalties and contingent milestone payments due under an intellectual property license agreement, each attributable to sales of UPNEEQ. Gross profit percentage decreased to 74% in the three months ended June 30, 2022, as compared to 94% in the 2021 period, largely due to the absence of licensing revenue from Santen during the 2022 period. Excluding licensing revenues, gross profit percentage from net product sales was 52% in the 2021 period. Selling, general and administrative expenses decreased $0.8 million in the three months ended June 30, 2022 to $20.2 million, as compared to $21.0 million in the three months ended June 30, 2021. The year over year decrease in selling, general and administrative expenses was primarily driven by approximately $1.1 million of lower legal and other professional fees and $0.6 million of lower marketing expenses for UPNEEQ partially offset by $1.0 million in higher net compensation and training costs relating to our expanded salesforce. Research and development expenses decreased by $0.9 million in the three months ended June 30, 2022 to $1.2 million, as compared to $2.1 million in the three months ended June 30, 2021. The year over year decrease in R&D expenses primarily reflects $1.2 million in restructuring expenses unique to the 2021 period. Unique to the three months ended June 30, 2021, the Company recognized impairment charges of $7.9 million related to delays in the anticipated commercialization of arbaclofen extended release tablets. No such impairments were recognized in the three months ended June 30, 2022. Total other non-operating activities contributed $3.3 million of net income in the 2022 period, largely reflecting $4.2 million of gains from the change in fair value of the Company’s debt and warrant liability, partially offset by $1.0 million of amortization expense from its financial commitment asset. Total other non-operating activities in the 2021 period contributed a $(1.7) million loss, consisting of $1.3 million of asset disposal costs recognized under a restructuring program and $0.4 million for interest expense and amortization of debt discount. Net loss from continuing operations for the three months ended June 30, 2022 was $(12.1) million, compared to a loss of $(22.0) million in the three months ended June 30, 2021. Adjusted EBITDA loss for the 2022 period was $(11.8) million, compared to a loss of $(8.4) million for the 2021 period. See “Presentation of Non-GAAP Financial Measures” below. Liquidity At June 30, 2022, the Company had cash and cash equivalents of $27.4 million and debt and financing obligations with aggregate principal amounts of $55.6 million, including $55.0 million of long-term debt that is reflected on our balance sheet at fair value of $42.9 million. On August 8, 2022, the Company closed a private placement of 15,451,612 ordinary shares of the Company for $23.9 million in aggregate gross proceeds. Concurrently, the Company closed on the issuance of second tranche notes in an aggregate principal amount equal to $20.0 million following an amendment of its Note Purchase Agreement with funds managed by Athyrium Capital Management (“Athyrium”). Under the amendment, among other things, an affiliate of Athyrium also agreed to make available up to $25.0 million in cash from the issuance of third tranche notes through April 2023, subject to a minimum revenue target. Presentation of Non-GAAP Financial Measures In addition to our results determined in accordance with accounting principles generally accepted in the United States of America (or “GAAP”) throughout this press release, we also present Adjusted EBITDA, which is a non-GAAP financial measurement. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (or “EBITDA”) adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, non-recurring or other items that are included in net loss from continuing operations and EBITDA that we do not consider indicative of our ongoing operating performance. In particular, our measurement of Adjusted EBITDA excludes the following from EBITDA: impairments of intangible assets and fixed assets, share-based compensation expense, gains and losses on disposals of fixed assets, foreign currency translation, severance expenses, gains and losses on the sale of product rights, changes in the fair value of our debt and warrants recognized through earnings, non-product related licensing and milestone revenues, legal and contractual settlements and related litigation reserves and professional fees incurred. We use Adjusted EBITDA for business planning purposes, in assessing our performance and in measuring our performance relative to that of our competitors. We also believe that Adjusted EBITDA provides investors with useful information to understand our operating results and analyze financial and business trends on a period-to-period basis. Adjusted EBITDA has important limitations as an analytical tool, however, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Adjusted EBITDA is not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. Our definition of Adjusted EBITDA may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Adjusted EBITDA is reconciled from net income or loss from continuing operations, the most comparable GAAP financial measure, in the attached table “RVL Pharmaceuticals plc - GAAP to Non-GAAP Reconciliations” at the end of this press release. Forward Looking Statements This press release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, liquidity, prospects, financial guidance, growth plan, strategies, trends and other events, particularly relating to sales of UPNEEQ and FDA and other regulatory applications, approvals and actions, the continuation of historical trends, our ability to manage costs and service our debt and the sufficiency of our cash balances and cash generated from operating and financing activities for future liquidity and capital resource needs. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We may not achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place significant reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Important factors that could cause actual results and events to differ materially from those indicated in the forward-looking statements include the following: UPNEEQ’s ability to reach market acceptance by clinicians and patients; our ability to successfully commercialize UPNEEQ; our customers’ willingness to pay the price we charge for UPNEEQ; the results of our marketing and sales expenditures; our dependence on third-party suppliers and distributors for UPNEEQ; UPNEEQ’s ability to produce its intended effects; failures of or delays in clinical trials or other delays in obtaining regulatory approval or commencing product sales for new products; the impact of legal proceedings; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on March 30, 2022 and other filings that the Company makes with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. Conference Call As previously announced, RVL management will host its second quarter 2022 financial results conference call as follows: Date: Thursday, August 11, 2022Time:8:30 a.m. ETRegister (audio only):Click HereWebcast (live and replay): ir.rvlpharma.com under the “Investors & News” section The webcast will be archived at the aforementioned URL. IMPORTANT SAFETY INFORMATION INDICATION UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1% is indicated for the treatment of acquired blepharoptosis in adults. WARNINGS AND PRECAUTIONS Ptosis may be associated with neurologic or orbital diseases such as stroke and/or cerebral aneurysm, Horner syndrome, myasthenia gravis, external ophthalmoplegia, orbital infection and orbital masses. Consideration should be given to these conditions in the presence of ptosis with decreased levator muscle function and/or other neurologic signs.Alpha-adrenergic agonists as a class may impact blood pressure. Advise UPNEEQ patients with cardiovascular disease, orthostatic hypotension, and/or uncontrolled hypertension or hypotension to seek medical care if their condition worsens.Use UPNEEQ with caution in patients with cerebral or coronary insufficiency or Sjögren’s syndrome. Advise patients to seek medical care if signs and symptoms of potentiation of vascular insufficiency develop.UPNEEQ may increase the risk of angle closure glaucoma in patients with untreated narrow-angle glaucoma. Advise patients to seek immediate medical care if signs and symptoms of acute narrow-angle glaucoma develop.Patients should not touch the tip of the single patient-use container to their eye or to any surface, in order to avoid eye injury or contamination of the solution. ADVERSE REACTIONS Adverse reactions that occurred in 1-5% of subjects treated with UPNEEQ were punctate keratitis, conjunctival hyperemia, dry eye, blurred vision, instillation site pain, eye irritation and headache. DRUG INTERACTIONS Alpha-adrenergic agonists, as a class, may impact blood pressure. Caution in using drugs such as betablockers, anti-hypertensives, and/or cardiac glycosides is advised. Caution should also be exercised in patients receiving alpha adrenergic receptor antagonists such as in the treatment of cardiovascular disease, or benign prostatic hypertrophy.Caution is advised in patients taking monoamine oxidase inhibitors which can affect the metabolism and uptake of circulating amines. About RVL Pharmaceuticals plc RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults. UPNEEQ is the first non-surgical treatment option approved by the FDA for acquired blepharoptosis. Investor and Media Relations for RVL Pharmaceuticals plc Lisa M. WilsonIn-Site Communications, Inc.T: 212-452-2793E: lwilson@insitecony.com -Financial Tables Follow- RVL Pharmaceuticals plc Unaudited Condensed Consolidated Balance Sheets (in thousands) June 30, 2022 December 31, 2021Assets Current assets: Cash and cash equivalents $27,413 $40,444 Other receivables 1,833 2,133 Inventories, net 528 838 Prepaid expenses and other current assets 9,287 12,901 Financial commitment asset 1,128 3,063 Total current assets 40,189 59,379 Property, plant and equipment, net 713 866 Operating lease assets 871 1,368 Indefinite-lived intangible assets 27,210 27,210 Goodwill 55,847 55,847 Total assets $124,830 $144,670 Liabilities and Shareholders' Equity Current liabilities: Trade accounts payable $5,437 $3,777 Accrued liabilities 11,947 13,077 Current portion of debt 607 2,409 Current portion of obligations under finance leases 1 5 Current portion of lease liability 552 839 Income taxes payable - current portion 11 1 Total current liabilities 18,555 20,108 Long-term debt (measured at fair value and representing $55,000 of aggregate unpaid principal) 42,900 43,800 Warrant liability 4,273 3,220 Long-term portion of lease liability 349 592 Income taxes payable-long term portion 68 66 Deferred taxes 174 151 Total liabilities 66,319 67,937 Commitments and contingencies Shareholders' equity: Ordinary shares 836 833 Additional paid in capital 594,132 591,730 Accumulated deficit (536,457) (517,530)Accumulated other comprehensive income — 1,700 Total shareholders' equity 58,511 76,733 Total liabilities and shareholders' equity $124,830 $144,670 RVL Pharmaceuticals plc Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net product sales $8,448 $1,482 $14,392 $2,255 Royalty revenue — 28 — 190 Licensing revenue — 10,000 15,500 10,000 Total revenues 8,448 11,510 29,892 12,445 Cost of goods sold 2,227 709 4,371 1,388 Gross profit 6,221 10,801 25,521 11,057 Selling, general and administrative expenses 20,169 21,047 44,003 37,999 Research and development expenses 1,176 2,052 2,038 4,256 Impairment of intangible assets — 7,880 — 7,880 Total operating expenses 21,345 30,979 46,041 50,135 Operating loss before gain on sales of product rights, net (15,124) (20,178) (20,520) (39,078) Gain on sales of product rights, net — — — 5,636 Operating loss (15,124) (20,178) (20,520) (33,442) Interest expense and amortization of debt discount 978 494 1,963 1,015 Change in fair value of debt and interest expense (740) — 304 — Change in fair value of warrants (3,455) — 1,053 — Other non-operating (income) expense, net (78) 1,202 (5,115) 1,193 Total other non-operating (income) expense (3,295) 1,696 (1,795) 2,208 Loss before income taxes (11,829) (21,874) (18,725) (35,650) Income tax expense, continuing operations 277 94 202 90 Loss from continuing operations (12,106) (21,968) (18,927) (35,740) Income from discontinued operations before income taxes — 4,454 — 9,153 Income tax expense, discontinued operations — 213 — 752 Income from discontinued operations, net of tax — 4,241 — 8,401 Net loss $(12,106) $(17,727) $(18,927) $(27,339) Change in fair value of debt due to change in credit risk, net of tax — — (1,700) — Comprehensive loss $(12,106) $(17,727) $(20,627) $(27,339) (Loss) earnings per ordinary share: Basic and diluted, continuing operations $(0.14) $(0.35) $(0.23)$ (0.57) Basic and diluted, discontinued operations $— $0.07 $— $ 0.13 Basic and diluted $(0.14) $(0.28) $(0.23)$ (0.44) Weighted average ordinary shares outstanding: Basic and diluted 83,580,906 62,767,400 83,535,655 62,723,011 RVL Pharmaceuticals plc Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2022 2021 Cash Flows from Operating Activities: Net loss from continuing operations $(18,927) $(35,740) Net income from discontinued operations — 8,401 Net loss (18,927) (27,339) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 180 7,914 Share compensation 2,418 2,409 Change in fair value of debt (2,600) — Change in fair value of warrants 1,053 — Impairment of intangible assets — 7,880 Deferred income tax benefit 23 267 (Gain) loss on sale of fixed and leased assets (94) 1,244 Gain on sales of product rights, net — (5,636) Amortization of deferred financing and loan origination fees 1,935 552 Write off of deferred financing and loan origination fees — 37 Change in operating assets and liabilities: Other receivables 300 3,875 Inventories, net 310 1,606 Prepaid expenses and other current assets 3,614 (1,004) Trade accounts payable 1,659 (1,004) Accrued and other current liabilities (1,151) (5,209) Net cash used in operating activities (11,280) (14,408) Cash Flows from Investing Activities: Proceeds from product rights disposal — 7,300 Proceeds from sale of fixed and leased assets 94 25 Purchase of property, plant and equipment (27) (1,398) Net cash provided by investing activities 67 5,927 Cash Flows from Financing Activities: Payments on finance lease obligations (4) (27) Payments on insurance financing loan (1,802) — Payments for taxes related to net share settlement of share-based awards(131) (607) Proceeds from issuance of ordinary shares under ESPP 119 139 Debt repayments — (5,300) Net cash used in financing activities (1,818) (5,795) Net change in cash and cash equivalents (13,031) (14,276) Cash and cash equivalents, beginning of period 40,444 114,053 Cash and cash equivalents, end of period $27,413 $99,777 RVL Pharmaceuticals plc GAAP to Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Loss from continuing operations $(12,106) $(21,968) $(18,927) $(35,740)Interest expense and amortization of debt discount 978 494 1,963 1,015 Income tax benefit 277 94 202 90 Depreciation and amortization expense 91 285 180 1,331 EBITDA (10,760) (21,095) (16,582) (33,304) Licensing-related revenues, net of transaction costs(1) — — (15,000) — Divestiture-related contingent milestone payments, net of fees(2) — — (4,850) — Change in fair value of debt and interest expense(3) (740) — 304 — Change in fair value of warrants(3) (3,455) — 1,053 — Gain on sales of product rights(4) — — — (5,636)Impairment of intangible assets(5) — 7,880 — 7,880 Asset disposal charge(6) — 1,245 — 1,245 Share-based compensation expense 1,209 1,131 2,418 2,205 Severance expense 1,859 3,192 1,859 3,887 Foreign currency translation 48 (857) 62 (791)Legal settlements and expenses — 373 — 391 Other 85 (219) 86 21 Adjusted EBITDA $(11,754) $(8,350) $(30,650) $(24,102) (1) - Includes $15,500 in licensing revenue recognized in connection with an amendment of our License Agreement with Santen, effective March 31, 2022, net of a $500 transaction fee expense classified in selling, general and administrative expenses.(2) - Includes $5,000 in contingent gains related to milestone payments earned subsequent to the sale of our legacy business to Alora Pharmaceuticals, net of $150 in consent fees classified in selling, general and administrative expenses. The fees were incurred with our lendor upon the issuance of waivers of mandatory repayments of debt.(3) - Our senior secured notes issued under our Note Purchase Agreement, a material component of long-term debt, and our warrant liabilities, a material component of total liabilities have each been measured and carried at fair value since their issuance in October 2021. Changes in the fair value of debt and warrants that are accounted for at fair value, inclusive of related accrued interest expense in respect of debt, are presented as periodic gains or losses in our consolidated statements of operations and comprehensive loss.(4) - Relates to our sale of global rights to Osmolex ER to Adamas Pharmaceuticals, Inc., which closed in January 2021 and resulted in our recognition of a gain of $5,636.(5) - Relates to impairment charges recognized upon delays in anticipated commercialization of arbaclofen extended release tablets.(6) - Relates to restructuring charges associated with a curtailment of Argentinian operations, specifically asset disposal costs related to leasehold improvements at our former Buenos Aires location.

-- Secured $68.9 million in committed financing through a combination of equity and non-dilutive debt financing -- -- Cash runway anticipated to extend through 2023 with $43.9 million funded at closing and an additional $25.0 million of availability through April 2023, subject to a minimum revenue target -- BRIDGEWATER, N.J., Aug. 04, 2022 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, today announced that it has entered into arrangements to secure up to $68.9 million in committed financing through a combination of equity and non-dilutive committed debt financing. Total proceeds anticipated at closing amount to $43.9 million, comprised of $23.9 million in aggregate gross proceeds from the private placement of ordinary shares and, concurrently, $20.0 million in second tranche senior secured notes by amending the Company’s existing Note Purchase Agreement waiving certain conditions to the funding of such notes. The referenced amendment also provides a $25.0 million commitment for third tranche senior secured notes, subject to a minimum revenue target. “This financing reflects our belief in the brand and meaningfully enhances our financial position as we build momentum with our expanding launch of UPNEEQ. Provider and patient feedback continue to be positive as UPNEEQ awareness grows. Behind strong sales growth in the first half of this year and the ongoing expansion of our aesthetic team, these financing arrangements provide us with the means to support our commercialization efforts in the eye care and medical aesthetics markets,” stated Brian Markison, Chief Executive Officer of RVL. “We launched into medical aesthetics six months ago with a core sales group that we attracted from around the industry. This financing places us on the path to execute our multi-channel strategy and to continue to attract great people,” said James “JD” Schaub, Chief Operating Officer of RVL. The referenced private placement includes the execution of a series of share subscription agreements with affiliates of Athyrium Capital Management and Avista Capital Partners and certain members of management, including Messrs. Markison and Schaub, to issue an aggregate of 15,451,612 ordinary shares at a price per share of $1.55, the closing market trading price on Thursday, August 4, 2022. Closing is anticipated to occur on or before Monday, August 8, 2022. The referenced amendment of the Company’s existing Note Purchase Agreement is subject to the satisfaction of certain conditions, including the completion of the private placement. At closing of the amendment, the Company will issue $20.0 million of second tranche senior secured notes. An additional $25.0 million of third tranche senior secured notes will become available to RVL at its option through April 2023, subject to the achievement of a minimum UPNEEQ revenue target. Important information with respect to these financing arrangements will be included in a forthcoming Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission and copies of the First Amendment to Note Purchase Agreement and the form of share subscription agreement will be included in our Quarterly Report in Form 10-Q for the fiscal quarter ended June 30, 2022. FORWARD LOOKING STATEMENTS This press release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, including without limitation statements regarding the commercialization of UPNEEQ, the expected closing of the amendment and the private placement, anticipated proceeds from the amendment and the private placement and our expected cash runway and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s current expectations and actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, liquidity, prospects, financial guidance, growth plan, strategies, trends and other events, particularly relating to sales of UPNEEQ and FDA and other regulatory applications, approvals and actions, the continuation of historical trends, our ability to manage costs and service our debt and the sufficiency of our cash balances and cash generated from operating and financing activities for future liquidity and capital resource needs. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We may not achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place significant reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Important factors that could cause actual results and events to differ materially from those indicated in the forward-looking statements include the following: UPNEEQ’s ability to reach market acceptance by clinicians and patients; our ability to successfully commercialize UPNEEQ; our customers’ willingness to pay the price we charge for UPNEEQ; the results of our marketing and sales expenditures; our dependence on third-party suppliers and distributors for UPNEEQ; UPNEEQ’s ability to produce its intended effects; failures of or delays in clinical trials or other delays in obtaining regulatory approval or commencing product sales for new products; the impact of legal proceedings; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on March 30, 2022 and other filings that the Company makes with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. IMPORTANT SAFETY INFORMATION INDICATION UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1% is indicated for the treatment of acquired blepharoptosis in adults. WARNINGS AND PRECAUTIONS Ptosis may be associated with neurologic or orbital diseases such as stroke and/or cerebral aneurysm, Horner syndrome, myasthenia gravis, external ophthalmoplegia, orbital infection and orbital masses. Consideration should be given to these conditions in the presence of ptosis with decreased levator muscle function and/or other neurologic signs. Alpha-adrenergic agonists as a class may impact blood pressure. Advise UPNEEQ patients with cardiovascular disease, orthostatic hypotension, and/or uncontrolled hypertension or hypotension to seek medical care if their condition worsens. Use UPNEEQ with caution in patients with cerebral or coronary insufficiency or Sjögren’s syndrome. Advise patients to seek medical care if signs and symptoms of potentiation of vascular insufficiency develop. UPNEEQ may increase the risk of angle closure glaucoma in patients with untreated narrow-angle glaucoma. Advise patients to seek immediate medical care if signs and symptoms of acute narrow-angle glaucoma develop. Patients should not touch the tip of the single patient-use container to their eye or to any surface, in order to avoid eye injury or contamination of the solution. ADVERSE REACTIONS Adverse reactions that occurred in 1-5% of subjects treated with UPNEEQ were punctate keratitis, conjunctival hyperemia, dry eye, blurred vision, instillation site pain, eye irritation and headache. DRUG INTERACTIONS Alpha-adrenergic agonists, as a class, may impact blood pressure. Caution in using drugs such as betablockers, anti-hypertensives, and/or cardiac glycosides is advised. Caution should also be exercised in patients receiving alpha adrenergic receptor antagonists such as in the treatment of cardiovascular disease, or benign prostatic hypertrophy. Caution is advised in patients taking monoamine oxidase inhibitors which can affect the metabolism and uptake of circulating amines. About RVL Pharmaceuticals plc RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelids, in adults. UPNEEQ is the first non-surgical treatment option approved by the FDA for acquired blepharoptosis. Investor and Media Relations for RVL Pharmaceuticals plc Lisa M. WilsonIn-Site Communications, Inc.T: 212-452-2793E: lwilson@insitecony.com