PainReform Announces Exercise of Warrants for $1.58 Million Gross Proceeds Page 1

TEL AVIV, Israel, Sept. 10, 2024 (GLOBE NEWSWIRE) — PainReform Ltd. (Nasdaq: PRFX) (“PainReform” or the “Company”), a clinical-stage pharmaceutical company focused on reformulating established therapies, today announced the closing of definitive agreements for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 989,300 shares of the Company’s common stock originally issued in December 2023 and April 2024, with an exercise price of $4.80 per share, at a reduced exercise price of $1.60 per share. The shares of common stock issuable upon exercise of the warrants have been registered pursuant to effective registration statements on Form F-3 (File No. 333-276485) and Form F-1 (File No. 333-277594). The offering is expected to close on or about September 11, 2024, subject to satisfaction of customary closing conditions.

HC Wainwright & Co. is acting as exclusive placement agent for the offering.