Galmed Pharmaceuticals Ltd.

We are a biopharmaceutical company focused on developing Aramchol, a first-in-class, oral, SCD1 modulator. Historically, our focus was almost exclusively on developing Aramchol for liver diseases, including primary sclerosing cholangitis (PSC), and exploring its use for other fibro-inflammatory conditions outside of MASH and liver fibrosis. We are currently evaluating strategic options to optimize resources and are seeking to advance Aramchol's development for combination therapy in GI oncological indications. As part of our growth strategy, we are actively pursuing opportunities in biotech and medtech to expand and diversify our product pipeline, specifically targeting GI, cardiometabolic indications, and other innovative product candidates that align with our core competencies. Aramchol, our lead product candidate, is a synthetic conjugate of 3-amino cholic acid (a modified bile acid) and arachidic acid (a saturated fatty acid), which in its non-synthetic forms, occurs naturally. This conjugated molecule acts on metabolic pathways, reducing fat accumulation in the liver, improving fatty acid oxidation, and regulating cholesterol transport. Aramchol's ability to decrease liver fat content may also reduce liver inflammation and fibrosis, and the risk of cardiovascular complications associated with NASH. Pre-clinical studies suggest Aramchol directly affects fibrosis via collagen production from human hepatic stellate cells. We believe Aramchol's ability to reduce liver fat and fibrosis, along with its observed safety profile, will enable it to treat all stages of NASH in overweight or obese patients with pre-diabetes or type II diabetes mellitus, and prevent associated hepatic complications. In September 2019, we initiated our Phase 3 ARMOR Study to evaluate Aramchol's efficacy and safety in subjects with NASH and fibrosis.