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Scilex Holding Company Announces Early Installment Payment on its Senior Secured Promissory Note, Paving the Way for Future Growth and Innovation

SCLX 12.16.2024

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PALO ALTO, Calif.,Dec. 16, 2024(GLOBE NEWSWIRE) --Scilex Holding Company(Nasdaq: SCLX, “Scilex” or the “Company”), an innovative revenue-generating company focused on acquiring, developing and commercializing the treatments for obesity, neurodegenerative, cardiometabolic disease (following formation of its proposed joint venture withIPMC Company), and non-opioid pain management products for acute and chronic pain, today announced that it has voluntarily made an early installment payment in the aggregate amount of$13.2 millionunder its senior secured promissory note (the “Oramed Note”) issued to Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, “Oramed”) inSeptember 2023. Subsequent to this early installment payment, the remaining principal balance under the Oramed Note will be payable in one final payment onMarch 21, 2025, and the Oramed Note will be retired in its entirety.

For more information onScilex Holding Company, refer towww.scilexholding.com

For more information onSemnur Pharmaceuticals, refer towww.semnurpharma.com

For more information on Scilex Holding Company Sustainability Report, refer towww.scilexholding.com/investors/sustainability

For more information on ZTlido®, including Full Prescribing Information, refer towww.ztlido.com.

For more information on ELYXYB®, including Full Prescribing Information, refer towww.elyxyb.com.

For more information on Gloperba®, including Full Prescribing Information, refer towww.gloperba.com.

https://www.facebook.com/scilex.pharm

https://www.linkedin.com/company/scilex-holding-company/

info@scilexholding.com

AboutScilex Holding Company

Scilex Holding Companyis an innovative revenue-generating company focused on acquiring, developing and commercializing the treatment for neurodegenerative and cardiometabolic diseases, and non-opioid pain management products for the treatment of acute and chronic pain.Scilextargets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and are dedicated to advancing and improving patient outcomes. Scilex’s commercial products include: (i) ZTlido® (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by theU.S. Food and Drug Administration(the “FDA”) for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB®, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba®, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.

In addition,Scilexhas three product candidates: (i) SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (“SEMDEXA^TM” or “SP-102”), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, for whichScilexhas completed a Phase 3 study and was granted Fast Track status from the FDA in 2017; (ii) SP-103 (lidocaine topical system) 5.4%, (“SP-103”), a next-generation, triple-strength formulation of ZTlido, for the treatment of acute pain and for whichScilexhas recently completed a Phase 2 trial in acute low back pain. SP-103 has been granted Fast Track status from the FDA in low back pain; and (iii) SP-104 (4.5 mg, low-dose naltrexone hydrochloride delayed-release capsules) (“SP-104”), a novel low-dose delayed-release naltrexone hydrochloride being developed for the treatment of fibromyalgia, for which Phase 1 trials were completed in the second quarter of 2022.

Scilex Holding Companyis headquartered inPalo Alto, California.

For more information onScilex Holding Company, refer towww.scilexholding.com

AboutSemnur Pharmaceuticals, Inc.

Semnur Pharmaceuticals, Inc.(“Semnur”) is a clinical-late stage specialty pharmaceutical company focused on the development and commercialization of novel non-opioid pain therapies. Semnur’s lead program, SP-102 (SEMDEXATM), is the first non-opioid novel gel formulation administered epidurally in development for patients with moderate to severe chronic radicular pain/sciatica.

Semnur Pharmaceuticals, Inc.is headquartered inPalo Alto, California.

For more information onSemnur Pharmaceuticals, refer towww.semnurpharma.com

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related toScilexand its subsidiaries and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Scilex’s ability to repay the remaining balance of the Oramed Note, the impact of this early installment payment on Scilex’s balance sheet, Scilex’s proposed joint venture withIPMC Companyand the potential development and commercialization of treatments for obesity, neurodegenerative, cardiometabolic disease, Scilex’s belief that it is well-positioned to pursue collaborations, expand commercialization efforts and bring additional innovative products to market, the Company’s outlook, goals and expectations for 2024, and the Company’s development and commercialization plans. Although each ofScilexand its subsidiaries believes that it has a reasonable basis for each forward-looking statement contained in this press release, each ofScilexand its subsidiaries caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain.

Risks and uncertainties that could cause actual results ofScilexto differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: Scilex’s ability to make the final installment payment on the Oramed Note, Scilex’s ability to consummate a joint venture or any other transaction withIPMC Companyand develop and commercialize treatments for obesity, neurodegenerative, cardiometabolic disease, risks associated with the unpredictability of trading markets; general economic, political and business conditions; the risk that the potential product candidates thatScilexdevelops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex’s product candidates; the risk thatScilexwill be unable to successfully market or gain market acceptance of its product candidates; the risk that Scilex’s product candidates may not be beneficial to patients or successfully commercialized; the risk thatScilexhas overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the outcome of the trials and studies for SP-102, SP-103 or SP-104 may not be successful or reflect positive outcomes; risks that the prior results of the clinical and investigator-initiated trials of SP-102 (SEMDEXATM), SP-103 or SP-104 may not be replicated; regulatory and intellectual property risks; and other risks and uncertainties indicated from time to time and other risks described in Scilex’s most recent periodic reports filed with theSEC, including its Annual Reports on Form 10-K for the year endedDecember 31, 2023and subsequent Quarterly Reports on Form 10-Q that the Company has filed or may file, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, andScilexundertakes no obligation to update any forward-looking statement in this press release except as may be required by law.

Contacts:

Investors and MediaScilex Holding Company960 San Antonio RoadPalo Alto, CA94303Office: (650) 516-4310

Email:investorrelations@scilexholding.com

Website:www.scilexholding.com

SEMDEXATM (SP-102) is a trademark owned bySemnur Pharmaceuticals, Inc., a wholly-owned subsidiary ofScilex Holding Company. A proprietary name review by the FDA is planned.

ZTlido® is a registered trademark owned byScilex Pharmaceuticals Inc., a wholly-owned subsidiary ofScilex Holding Company.

Gloperba® is the subject of an exclusive, transferable license toScilex Holding Companyto use the registered trademark.

ELYXYB® is a registered trademark owned byScilex Holding Company.

Scilex BioTM is a trademark owned byScilex Holding Company.

All other trademarks are the property of their respective owners.

Source: Scilex Holding Company

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Scilex Holding Company Announces Early Installment Payment on its Senior Secured Promissory Note, Paving the Way for Future Growth and Innovation

SCLX 12.16.2024

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