Acquisition Advances Transformation Into Platform Company Focused on Cell, Gene Editing and Cytokine Therapy

Company to Hold Conference Call Today, July 19, 2021, at 4:15 PM ET to Discuss the Transaction and Future Plans

New York – July 19, 2021 – Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) (“Brooklyn”), a biopharmaceutical company focused on exploring the role that cytokine and gene editing/cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases, today announced that it had completed, on July 16, 2021, its acquisition of Novellus Therapeutics Limited (“Novellus”). Novellus is developing next‑generation engineered mesenchymal stem cell (“MSC”) therapies using extensively patented mRNA-based cell reprogramming and gene editing technologies licensed from Factor Bioscience (“Factor”). The transaction advances Brooklyn’s evolution into a platform company with a pipeline of next-generation engineered cellular, gene editing and cytokine programs.

Key Transaction Highlights: Brooklyn acquired Novellus for consideration totaling $125 million, which consisted of $23 million in cash and 7,022,230 shares of Brooklyn common stock, which were valued at a total of $102 million based on a price of approximately $14.53 per share. Immediately following the closing, the shares issued represented, on an as-converted basis, 13.6% of the shares of Brooklyn’s outstanding common stock, which closed at a price of $10.05 per share on July 16, 2021.