GlobeNewswire Inc | Aug 25, 2020 04:55PM EDT

August 25, 2020

MENLO PARK, Calif., Aug. 25, 2020 (GLOBE NEWSWIRE) -- CohBar, Inc. (NASDAQ: CWBR) (the Company), a clinical stage biotechnology company developing mitochondria based therapeutics to treat chronic diseases and extend healthy lifespan, today announced a proposed underwritten public offering of units consisting of one share of the Companys common stock and one warrant to purchase 0.75 of a share of common stock. Each warrant will be exercisable for five years from the closing date of the offering. All of the securities to be sold in the offering are being offered bythe Company. In addition, the Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the aggregate number of shares of common stock and/or 15% of the aggregate number of warrants offered. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Roth Capital Partners is acting as sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, and WBB Securities are acting as co-managers.

CohBarintends to use the net proceeds from the offering, together with its existing cash resources, for general corporate purposes, which may include funding preclinical and clinical development of its peptides, increasing working capital, operating expenses and capital expenditures.

The securities will be issued pursuant to an effective shelf registration statement filed with theSecurities and Exchange Commission(SEC) onNovember 22, 2017. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with theSECand will be available on the SECs website atwww.sec.gov. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SECs website at www.sec.gov or from Roth Capital Partners, 888 San Clemente, Newport Beach, CA 92660, Attn: Prospectus Department, telephone: 800-678-9147.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

About CohBar

CohBar (NASDAQ: CWBR) is a clinical stage biotechnology company focused on the research and development of mitochondria based therapeutics, an emerging class of drugs for the treatment of chronic and age-related diseases. Mitochondria based therapeutics originate from the discovery by CohBars founders of a novel group of naturally occurring peptide sequences within the mitochondrial genome,some of whichhave been shown tohave the potential to regulatekey processes inmultiplesystems andorgans in the body. To date, the company has discovered more than 100 mitochondrial derived peptides and generated over 1,000 analogs. CohBars efforts focus on the development of these peptides into therapeutics that offer the potential to address a broad range of diseasesbecause of the underlying impact of mitochondrial dysfunction. The companys lead compound, CB4211, is in the Phase 1b stage of a Phase 1a/1b clinical trial for NASH and obesity. In addition, CohBarcurrentlyhas four preclinical programs: CB5138 Analogs for fibrotic diseases,CB5064 Analogs for COVID-19 associated ARDS and type 2 diabetes, MBT5 Analogs for CXCR4-related cancer and orphan diseases, and MBT3 Analogs for cancer immunotherapy.

For additional company information, please visit www.cohbar.com.

Forward-Looking Statements

Certain of the statements made in this press release are forward looking, such as those, among others, relating to CohBars expectations regarding the completion, timing and size of the proposed offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not CohBar will be able to raise capital through the sale of its securities, the final terms of the proposed offering, market and other conditions, and the satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that CohBar will be able to complete the proposed public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the proposed public offering, CohBar and its business can be found under the heading Risk Factors in CohBars Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and other filings with the SEC, and in the preliminary prospectus supplement related to the proposed public offering to be filed with the SEC on or about the date hereof. Except as otherwise required by law, CohBar does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

Contacts: Jordyn Tarazi Director of Investor Relations CohBar, Inc. (650) 445-4441jordyn.tarazi@cohbar.com

Joyce Allaire LifeSci Advisors, LLCjallaire@lifesciadvisors.com