PRFX PainReform Ltd

PainReform Ltd. (Nasdaq: PRFX) ("PainReform" or the "Company"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, announces a major advancement in the development of its lead asset, PRF-110. The Company's new highly scalable manufacturing process, for which it recently filed a new patent, has enabled PRF-110 to achieve full product stability for 18 months at room temperature. This stability study is ongoing and marks a significant achievement for PainReform.

Drug stability, or shelf life, is defined as the ability of a drug substance or product to maintain its original properties and characteristics within specified limits during storage. This is crucial for ensuring the drug's safety and efficacy. The demonstrated stability of PRF-110 at room temperature is a critical milestone for PainReform as it significantly eases handling and transportation and reduces associated costs, all of which are vital for ensuring future market penetration and wide-scale use.

Ehud Geller, Chairman and interim Chief Executive Officer of PainReform, commented, "Achieving 18-month stability for PRF-110 at room temperature is a major accomplishment for PainReform and a significant validation of our new manufacturing process. This stability not only simplifies logistics and reduces costs but also underscores our commitment to ensuring the highest standards of safety and efficacy for our products. As we look forward to the top-line results from our Phase 3 trial in the second half of 2024, we are confident that this new process will significantly bolster our future commercialization efforts."

PainReform continues to advance the development of PRF-110 and is on track to report top-line results from the Phase 3 trial in the second half of 2024. These results are expected to further inform the regulatory submission process and potential commercialization plans.

About PainReform

PainReform is a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics. PRF-110, the Company's lead product is based on the local anesthetic ropivacaine, targeting the postoperative pain relief market. PRF-110 is an oil-based, viscous, clear solution that is deposited directly into the surgical wound bed prior to closure to provide localized and extended postoperative analgesia. The Company's proprietary extended-release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates. For more information, please visit www.painreform.com.

Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements about our expectations, beliefs and intentions including with respect to objectives, plans and strategies and expected timing of results. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. These forward-looking statements are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of our control. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward- looking statements, including, but not limited to, the following: our ability to continue as a going concern, our history of significant losses, our need to raise additional capital and our ability to obtain additional capital on acceptable terms, or at all; our dependence on the success of our initial product candidate, PRF-110; the outcomes of preclinical studies, clinical trials and other research regarding PRF-110 and future product candidates;  our limited experience managing clinical trials; our ability to retain key personnel and recruit additional employees; our reliance on third parties for the conduct of clinical trials, product manufacturing and development; the impact of competition and new technologies; our ability to comply with regulatory requirements relating to the development and marketing of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights and our ability to operate our business without infringing the intellectual property rights of others; the overall global economic environment; our ability to develop an active trading market for our ordinary shares and whether the market price of our ordinary shares is volatile; and statements as to the impact of the political and security situation in Israel on our business, including due to the current war between Israel and Hamas. More detailed information about the risks and uncertainties affecting us is contained under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 20-F and in other filings that we have made and may make with the Securities and Exchange Commission in the future.

Contact:Crescendo Communications, LLCTel: 212-671-1021Email: prfx@crescendo-ir.com

Dr. Ehud GellerChairman and interim Chief Executive OfficerPainReform Ltd.Tel: +972-54-4236711Email: egeller@medicavp.com