Modavar Pharmaceuticals Launches Rivastigmine Capsules

Washington, D.C., May 12, 2022 – Modavar Pharmaceuticals announced today that it has launched Rivastigmine Capsules.  The launch of the four strengths of Rivastigmine (1.5mg, 3mg, 4.5mg and 6mg) adds to the growing line of products in the Modavar portfolio.  The product is available immediately and is AB-rated to Novartis’ Exelon®.  Total market sales for this product are approximately $5.3 million (IMS MAT 2/2022).  Exelon® is indicated as a treatment for dementia in people with Alzheimer’s disease.

Exelon® belongs to a class of drugs known as cholinesterase inhibitors, which inhibits both butyrylcholinesterase and acetylcholinesterase.  It is thought to work by inhibiting these cholinesterase enzymes, which would otherwise break down the brain neurotransmitter acetylcholine.  An estimated 6.2 million Americans age 65 and older are living with Alzheimer’s dementia today.  This number could grow to 13.8 million by 2060 barring the development of medical breakthroughs.  Official death certificates recorded 121,499 deaths from Alzheimer’s in 2019, the latest year for which data are available.  Alzheimer’s is the sixth-leading cause of death in the U.S and the fifth-leading cause of death among Americans age 65 and older.  Total payments in 2021 for health care, long-term care and hospice services for people age 65 and older with dementia are estimated to be $355 billion.

Jaswinder (Manji) Matharu, Chairman, stated, “Rivastigmine is another important medication that we are launching to help treat patients with a debilitating disease.  We are pleased to be able to offer a full line of this important product to our customers and patients.”

About Modavar Pharmaceuticals

Modavar Pharmaceuticals is an emerging vertically integrated specialty pharmaceutical company that develops, manufactures, and markets generic prescription pharmaceutical products.    In collaboration with Cadila Pharmaceuticals Limited,  Modavar has a strong pipeline of products, and plans to manufacture ANDA and 505(b)(2) products in its Frederick, Maryland plant as well.

For further information about Modavar Pharmaceuticals, please visit the Company’s corporate website at www.modavar.com.

Safe Harbor

The information in this release may contain various forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (“PSLRA”) and which may be based on or include assumptions concerning Modavar’s operations, future results, and prospects.  Such statements may be identified using words like “plans”, “expect”, “aim”, “believe”, “projects”, “anticipate”, “commit”, “intend”, “estimate”, “will”, “should”, “could” and other expressions that indicate future events and trends.

All statements that address expectations or projections about the future, including without limitation, statements about the Company’s strategy for growth, product development, regulatory approvals, market position, acquisitions, revenues, expenditures, and other financial results, are forward-looking statements.

All forward-looking statements are based on current expectations and are subject to risk and uncertainties.  In connection with the “safe harbor” provisions, Modavar provides the following cautionary statements identifying important economic, political and technology factors which, among others, could cause actual results or events to differ materially from those set forth or implied by the forward-looking statements and related assumptions.

Such factors include (but are not limited to) the following:  (1) changes in the current and future business environment, including interest rates and capital and consumer spending; (2) the difficulty of predicting FDA approvals, including timing, and that any period of exclusivity may not be realized; (3) acceptance and demand for new pharmaceutical products; (4) the impact of competitive products and pricing, including as a result of so-called authorized-generic drugs; (5) new product development and launch, including the possibility that any product launch may be delayed or that product acceptance may be less than anticipated; (6) reliance on key strategic alliances; (7) the availability of raw materials; (8) the regulatory environment, including regulatory agency and judicial actions and changes in applicable law or regulations; (9) fluctuations in operating results; (10) the difficulty of predicting international regulatory approval, including  timing; (11)  the difficulty of predicting the pattern of inventory movements by the Company’s customers; (12) the impact of competitive response to the Company’s sales, marketing and strategic efforts; (13) risks that the Company may not ultimately prevail in litigation; and (14) the risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

This discussion is by no means exhaustive but is designed to highlight important factors that may impact the Company’s outlook.  We are under no obligation to update any of the forward-looking statements after the date of this report.