Starton Therapeutics Inc. ("Starton" or "the Company"), a clinical-stage biotechnology company focused on transforming standard-of-care therapies with proprietary continuous delivery technology, announced that it notified Healthwell Acquisition Corp. I (NASDAQ:HWEL) ("Healthwell") today that the Company had elected to terminate the business combination agreement among Starton, Healthwell and the other parties thereto dated as of April 27, 2023, as amended (the "Combination Agreement"), effective immediately. The conditions to the closing of the initial business combination and subsequent amendments were not satisfied or waived by the outside date of November 3 2023 (the "Termination"). As a result, the Combination Agreement is of no further force and effect, with the exception of certain specified provisions in the Combination Agreement, which shall survive the Termination and remain in full force and effect in accordance with their respective terms. In light of the Termination, the special meeting of Starton shareholders that was initially scheduled for October 24, 2023 and subsequently adjourned will not be reconvened.

Starton initiated its Phase 1b STAR-LLD clinical trial in multiple myeloma and announced last month the dosing of its first patient. The study is expected to provide multiple readings for safety and efficacy during the next 6 to 18 months. The Company remains focused and committed to the completion of this study in order to bring patients a potentially superior delivery of lenalidomide that will enable them to live longer, better.

"Over the last several months, Starton has taken significant, critical steps forward in its clinical development," said Pedro Lichtinger, Chairman and CEO of Starton Therapeutics. "We will work diligently to ensure we continue to drive our clinical efforts to meet the completion of this landmark study. We believe we are well-positioned to capitalize on this momentum to bring forth the power of continuous delivery technology to enhance therapeutic treatment for the betterment of patients."

About Starton Therapeutics

A clinical-stage biotechnology platform company focused on transforming standard of care therapies with proprietary continuous delivery technology, so people with cancer can receive continuous treatment to live better, longer. Starton's proprietary transdermal technology is intended to increase efficacy of approved drugs, to make them more tolerable and expand their potential use. To learn more, visit www.startontx.com.

Forward looking statements

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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Starton Therapeutics Announces Termination of Business Combination Agreement with Healthwell Acquisition Corp. I