TG Therapeutics Announces Exercise of License Option For Its Novel, Next Generation PI3K-Delta Inhibitor, TGR-1202

TG Therapeutics, Inc.

today announced that it has exercised its option to license the global rights to TGR-1202, the Company's novel, next generation PI3K-delta inhibitor from Rhizen Pharmaceuticals, S A ("Rhizen"). The Company and Rhizen have to date been jointly developing TGR-1202 in a 50:50 joint venture. Given the successful development of TGR-1202, TG Therapeutics elected an early exercise of the Company's license option. In exchange for the global license, Rhizen will receive a one-time, upfront cash payment of $4.0 million and approximately 370,000 shares of TG Therapeutics' common stock. TG Therapeutics will receive exclusive worldwide rights, excluding India, for the development and commercialization of TGR-1202 for all indications. Rhizen will be eligible to receive regulatory filing, approval and sales based milestones in the aggregate of approximately $240 million, and tiered royalties based on net sales. Michael S. Weiss, Executive Chairman and Interim Chief Executive Officer of TG Therapeutics, stated, "The development of TGR-1202 in partnership with Rhizen has progressed very rapidly to date, having entered the clinic less than two years ago and now being prepared for Phase 3 clinical trials. We continue to be impressed by the clinical activity observed thus far, and coupled with a once-a-day dosing and lack of observed hepatotoxicity, we believe TGR-1202 possesses best-in-class attributes. We believe the activity, safety and tolerability profile make TGR-1202 well-suited for both single agent development as well as in our novel combination regimens." Mr. Weiss continued, "The early exercise of our license option will allow us greater strategic flexibility and speed in advancing the development of TGR-1202. We thank Rhizen for their ongoing support in our successful collaboration and look forward to continuing our relationship as we seek to develop much needed therapies for patients suffering from hematologic malignancies."