Company Announcements

AUSTIN. Texas, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Benuvia Operations, LLC (“Benuvia”), a leader in pharmaceutical innovation, and Chromocell Therapeutics Corp. (“Chromocell”), (NYSE American: CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, are pleased to announce Chromocell’s first Development and License Agreement (“Agreement”). Under the Agreement, Chromocell licensed sublingual formulation of a Diclofenac spray for the treatment of acute pain, a Rizatriptan intranasal spray formulation and an Ondansetron sublingual spray formulation, diversifying our pipeline of non-opioid pain treatment therapies, while adding therapeutic options for related conditions. This collaboration leverages the unique strengths of both organizations to enhance patient outcomes and address unmet medical needs.

Under the terms of the agreement, Chromocell expects to develop clinical programs of one or more of the licensed products within 18 months. During 2024, Chromocell intends to complete the development and business plans for each of the three compounds with the expectation that development would commence following the completion of the review by the FDA. Benuvia will support these efforts by providing manufacturing and supply services, thereby establishing a synergistic partnership that is expected to accelerate the path to market for innovative therapeutic options.

This strategic alliance underscores both Benuvia and Chromocell’s commitment to advancing healthcare through innovative research, development, and commercialization efforts. It also reflects the shared vision of improving patient care and enhancing quality of life through scientific excellence and innovation.

"We are excited to partner with Chromocell, a company that shares our passion for innovation and our commitment to improving patient outcomes," said Darwin Richardson, CEO of Benuvia Operations LLC. "This partnership will leverage our combined expertise to accelerate the development of potentially groundbreaking therapies, aimed at marking a new era in healthcare solutions."

Frank Knuettel II, CEO of Chromocell Therapeutics Corp., added, "Joining forces with Benuvia represents our first new step forward in our mission to build our portfolio and develop novel therapeutic solutions addressing pain treatment and related conditions with non-addictive drugs. Together, we believe we are poised to make a profound impact on the lives of patients around the world."

About Benuvia Operations, LLC

Benuvia Operations, LLC is a leading pharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapies. With a focus on addressing unmet medical needs, Benuvia is committed to improving patient outcomes through scientific excellence and strategic partnerships.

About Chromocell Therapeutics Corp.

Chromocell Therapeutics Corporation is a clinical-stage biotechnology company focused on developing and commercializing novel, non-opioid, non-addictive, therapeutics to alleviate pain and other associated medical conditions. The Company’s initial clinical focus is to selectively target the sodium ion-channel known as NaV1.7 for the treatment of various types of chronic neuropathic pain and eye pain. The Company’s portfolio also includes pre-clinical work on other sodium channel receptor subtypes and the Company intends to explore these and other compounds for the treatment of additional pain indications. For company updates and to learn more about Chromocell, visit www.chromocell.com or follow us on social media.

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding the closing of the public offering and its anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company’s anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. 333-269188). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

For further information:

Benuvia Operations, LLC
Brandon Kidd, Chief Business Development Officer
bkidd@benuvia.com

Chromocell Media and Investor Inquires:
LR Advisors LLC.
Jason Assad
678-570-6791
Jason@Chromocell.com