Rafael Holdings sells its building located at 520 Broad

NEWARK, NJ, Aug. 23, 2022 (GLOBE NEWSWIRE) — Rafael Holdings, Inc., (NYSE: RFL), a novel early-stage cancer and immune metabolism therapeutics company, today announced that it has entered into the sale of the building housing its head office to subsidiaries of The Sinai Equity Group. The building at 520 Broad Street in Newark, New Jersey and an associated 800-car public garage were sold for a total purchase price of $49.4 million. Rafael Holdings expects net proceeds of approximately $33 million after paying off the $15 million mortgage and paying commissions, legal fees, taxes and other costs. The company previously reported cash, cash equivalents and marketable securities of $59.4 million as of April 30, 2022, which does not include the $6 million raised through the sale of common stock to a entity associated with family members of Howard Jonas, the chairman. of the council on July 7, 2022 or the proceeds of the sale of the building.

“We are pleased to have completed the sale of our real estate assets in Newark, New Jersey, a key milestone that further strengthens our balance sheet,” said Bill Conkling, CEO of Rafael Holdings. “We are well funded to advance our promising pipeline of new early-stage agents and to seize opportunities to expand our portfolio.”

About Rafael Holdings, Inc.

Rafael Holdings is focused on the discovery of novel cancer and immune metabolism therapies. The company owns the Barer Institute, Inc. and has a significant investment in two clinical-stage oncology companies, Cornerstone Pharmaceuticals (formerly Rafael Pharmaceuticals) and LipoMedix Pharmaceuticals. For more information, visit www.rafaelholdings.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to historical facts should be considered forward-looking statements, including, without limitation, statements regarding our expectations regarding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans for further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are not promises or guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements. expressed or implied by the forward-looking statements. statements, including, but not limited to, the following: the impact of public health threats, including COVID-19, on our business and operations; clinical trials of product candidates may fail; our pharmaceutical companies may not be able to develop drugs of commercial value; our pharmaceutical companies may not be successful in their efforts to identify or discover potential product candidates; the manufacturing and manufacturing development of our products and product candidates presents technological, logistical and regulatory risks, each of which may adversely affect our potential revenues; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process; interim, primary and preliminary data may change as more patient data becomes available and is subject to audit and verification procedures which could result in material changes to the final data; our product candidates may cause serious adverse side effects; current regulatory obligations; the effects of significant competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability claims; inability to attract, retain and motivate qualified personnel; the possibility of system failures or security breaches; intellectual property risks and significant costs resulting from operating as a public company. These and other important factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021, and our other SEC filings could cause actual results to be materially different from those indicated by the forward-looking statements made in this press release. These forward-looking statements represent management’s estimates as of the date of this press release. Although we may choose to update these forward-looking statements at some time in the future, we disclaim any obligation to do so, even if subsequent events change our views.

Contact:
Barbara Ryan
Barbara.ryan@rafaelholdings.com
(203) 274-2825