Pharmaceutical

Financing from new and existing investors will support continued development of a novel treatment for food allergy

Jim Momtazee and George Montgomery to join Alladapt's Board of Directors

Alladapt Immunotherapeutics Inc., a private, clinical-stage biopharmaceutical company developing prescription therapeutics to address IgE-mediated food allergy, announced today the closing of a $119 million financing round led by Enavate Sciences, a portfolio company created by Patient Square Capital. Additional investors participating in the financing include Alladapt's founding investor, Gurnet Point Capital, along with new investors Allerfund, Novartis (NYSE: NVS), Red Tree Venture Capital, and WestRiver Group.

Proceeds from this funding round will support the ongoing clinical development of ADP101, the Company's lead product candidate, as well as preparation for a potential pivotal trial, the continued buildout of Alladapt's manufacturing facility, and investment in further pipeline expansion. Leveraging an immense body of evidence in oral immunotherapy developed by many leading allergists, including Dr. Kari Nadeau, the Director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University and co-founder of Alladapt, ADP101 is currently being studied in Harmony, a Phase 1/2 trial, and Encore, the associated open-label extension (OLE) study, in food allergy patients.

"We are pleased to further accelerate the development of our investigative clinical program targeting the treatment of allergy to one or to multiple foods through a singular oral immunotherapy," commented Ashley Dombkowski, Ph.D., Alladapt's Chief Executive Officer and co-founder. "Food allergy is a serious, chronic disease in which accidental exposure to an allergen can cause a rapid onset, severe, potentially life-threatening reaction. The challenges of food allergy can be particularly difficult for patients who have allergies to many foods. Treatment options are urgently needed, and we believe ADP101 holds immense promise as a therapeutic modality targeting clinically meaningful allergen desensitization. With this financing, we are delighted to have the continued support of Gurnet Point Capital and to welcome George and Jim to our Board of Directors, who both bring a deep understanding of the food allergy space and can offer meaningful perspective as we advance our clinical programs."

Glenn Reicin, Alladapt's Chief Financial Officer, commented: "The substantial investment on behalf of this expert syndicate of investors enables us to allocate resources to expand the development of ADP101, which has the potential to be the first FDA-approved therapy to treat the majority of U.S. food allergy patients."

"Our firm remains committed to Alladapt's vision for a best-in-class approach that truly aligns with the needs of patients, their families, and clinicians," added Sophie Kornowski, Partner at Gurnet Point Capital, Alladapt's founding investor.

"We are excited to partner with Alladapt given our enthusiasm around oral immunotherapy, or OIT, as an important treatment option in the food allergy therapeutic landscape. I am equally pleased to join Alladapt's Board and support the Company's leadership in its endeavor to treat highly reactive pediatric and adult patients with food allergy," said Jim Momtazee, Managing Partner of Patient Square Capital.

"Having closely followed the food allergy space, and the commercial market at large, Alladapt stands out because of its potentially best-in-class prescription therapeutic targeted to treat multi-allergies simultaneously," said George Montgomery, consultant to WestRiver Group and Senior Advisor to Alvarium Investments LLC. "I look forward to working with Alladapt's co-founders, with whom I have collaborated in the past and who are acclaimed experts in the food allergy space, in addition to Alladapt's seasoned senior executives who hold diversified experiences across the food allergic disease landscape."

In conjunction with the financing, Heath Lukatch, Ph.D., Founder and Managing Partner of Red Tree Venture Capital, will become an Alladapt board observer.

Jefferies, LLC acted as placement agent for the financing.

About Alladapt Immunotherapeutics
Alladapt Immunotherapeutics Inc. is a private, clinical-stage biopharmaceutical company developing prescription therapeutics targeting food allergy. The company is currently conducting the Harmony Study, a Phase 1/2, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of ADP101 for the treatment of food allergy in children and adults, and the Encore Study, an open-label extension study for its Harmony study. ADP101 is an investigational oral immunotherapy product candidate representing the nine food groups responsible for the vast majority of significant food allergic reactions globally.

Alladapt was co-founded in 2018 by biotechnology entrepreneur, Ashley Dombkowski, Ph.D. and allergist, clinician and protein biochemist, Kari Nadeau, M.D., Ph.D. Dr. Nadeau is also the Naddisy Foundation Endowed Professor of Medicine and Pediatrics and Director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University. Food allergen specific OIT conducted by Dr. Nadeau and other food allergy experts is an approach that has shown consistently promising results through administration of increasing amounts of an allergen to individuals with food allergy to raise the reactive threshold and decrease the severity of allergic responses to the allergenic food. This work, combined with research on disease mechanisms, pathways, and protein structures, led the founders to envision biopharmaceutical interventions capable of addressing food allergy due to a wide-ranging set of foods. For more information, please visit the Company's website at www.alladapt.com .

About Enavate Sciences
Enavate Sciences is a platform created by Patient Square Capital dedicated to supporting therapeutic companies advancing medicines and enabling technologies with transformative potential to address patient need. Through the application of capital support and operational experience, Enavate strives to enable and empower a diverse portfolio of therapeutics companies to accelerate innovation. To learn more about Enavate, please visit www.enavatesciences.com .

About Gurnet Point Capital
Gurnet Point Capital is a unique healthcare investment platform within the B-Flexion group and led by a team with deep expertise in an industry for which they share a passion, both as investors and senior executives. GPC invests long-term capital and supports entrepreneurs in building a new generation of companies that deliver outsized returns through active ownership. Based in Cambridge, MA, its remit encompasses life sciences and health care focused businesses, with a particular emphasis on businesses that have high growth potential in the product development and commercialization stages of their evolution.  With its strategy of driving best in class operational transformation for these businesses, to create social impact while generating significant economic value, Gurnet is able to deliver differentiated results for its investors and partners. www.gurnetpointcapital.com .

Source: Alladapt Immunotherapeutics, Inc.

Investor Contact:
Investor@alladapt.com

Media Contact:
Hannah Gendel
Solebury Trout
646-378-2943
hgendel@soleburytrout.com


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Alkaline Fuel Cell Power Announces Development of Fuel Cells for Off-Grid and Back-Up Generator Markets

Alkaline Fuel Cell Power Announces Development of Fuel Cells for Off-Grid and Back-Up Generator Markets

Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company") a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that the Company is supplementing the ongoing development of our 4 kW Combined Heat and Power (" CHP ") fuel cell by developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets.

"A number of global pressures are driving rapid growth and accelerating the revenue potential of the generator market at a pace that exceeds the mass home market, and AFCP is ideally positioned to use our cost-effective alkaline technology to meet this growing demand," commented Frank Carnevale, Chief Executive Officer of AFCP. "By leveraging our existing staff and resources in Belgium and Czech Republic, we anticipate being able to generate revenue earlier by selling our fuel cells into the burgeoning generator market."

Off-Grid and Back-up Generator Systems
In 2021, the global portable generator market had a value estimated at US$4.6 billion with that figure expected to grow to US$6.7 billion by 2027, representing a CAGR of 6.5% over the period 1 . AFCP is developing fuel cells of varying power output capacities to satisfy these off-grid and back-up generator markets, including fuel cell configurations with an expected stacked range between 40kW and 100kW generator systems. These configurations build on AFCP's current design for the 4kW CHP system, incorporating different membrane technology into larger fuel cells suitable for servicing the generator market.

Discussions with integrators are ongoing and AFCP will collaborate with them to gain access to assembly, sales, marketing, and maintenance capabilities for customers, with the goal of targeting systems that have a power capacity of between 40kW and 100kW with our alkaline fuel cell, including the following:

  • Cell towers / weather stations
  • Highways / rail monitoring
  • Rescue & military
  • Residential
  • Datacentre / hospital / industrial

Global players currently operating within the above segments provide diesel generators which feature a significant carbon footprint compared to the zero-emission alternative offered by AFCP's fuel cells.

Key Advantages of AFCP's Alkaline Technology
Alkaline fuel cell technology offers a number of meaningful advantages compared to other fuel cell types, including:

  • lower cost, as no precious metals are required, which enables affordable mass production;
  • operable with less pure "industrial" hydrogen that may contain up to 10 parts per million of carbon monoxide; a capability not shared by other fuel cell technologies;
  • functional at very low temperatures (-35°C); and
  • a less complex balance of plant.

Emerging Trends in the Off-Grid Generator Segment
The construction sector is a large market and accounts for 36% of global energy use and 38% of energy-related CO 2 emissions. This sector has a large demand for off-grid power generation that is currently being met by diesel power generators and aligns with the heavy transportation sector given both sectors use diesel fuel as the main energy carrier 2 .

As a result, there will be significant challenges adhering to future CO 2 and pollution regulations. For example, in April of 2022, the UK changed its legislation to restrict the use of tax free diesel in generators, which renders hydrogen powered generators as an interesting alternative both ecologically and economically. Across Europe and the UK, the power generation market shows annual sales of nearly 1 billion EUR, while globally that figure is estimated at 20 billion EUR. The market segment being targeted by AFCP represents 65% of this figure and the Company expects that demand for zero emission power generators will grow rapidly driven by the increasing emission restrictions 3 .

The growth potential of this new market is not limited to the sale of new generators; it also includes the replacement of installed generators that no longer meet stricter emission regulations. The anticipated installed base of old diesel generators is forecast between 15 and 20 billion EUR in Europe and the UK and 400 billion EUR world-wide 4 .

Diversification Lends Strength for Second Half of 2022 and Beyond
On June 20, 2022, the Company released an outlook for the second half of 2022, and AFCP's expansion into the back-up and off-grid generator markets is consistent with our drive to further accelerate and ramp up efforts to bring fuel cells to market globally. The Company's inclusion of fuel cells for the generator market enables AFCP to generate revenue in the near term while the distribution system for hydrogen to be delivered to homes continues to advance, supporting our long-term goal of providing micro-CHP Alkaline Fuel Cell Power systems to the market. Off-grid and back-up fuel cell generators can operate using tanks of hydrogen that are stored on site, thus eliminating the need for hydrogen to be distributed directly to local sites.

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.

AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.

  • Fuel Cell Power NV is focused on the development, production and commercialization of micro-combined heat and power ("micro-CHP") systems based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
  • PWWR Flow is focused on the development, ownership and operations of combined heat and power ("CHP") assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.

AFCP is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:

LinkedIn , Twitter , Facebook , Instagram and YouTube . Common shares are listed for trading on the NEO Exchange ("NEO") under the symbol " PWWR ", the OTC Venture Exchange "OTCQB" under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".

For further information, please contact:

Frank Carnevale
Chief Executive Officer
+1 (647) 531- 8264
fcarnevale@fuelcellpower.com

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements may include, but are not limited to, statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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