On February 18, 2019, Christopher P. Prior, Ph.D., the Chief Executive Officer and a member of the Board of Directors of Innovate Biopharmaceuticals, Inc., resigned as Chief Executive Officer and as a director of the Company, effective February 19, 2019. On February 18, 2019, the Board appointed the Company's current Executive Chairman, Sandeep Laumas, M.D., to the additional position of Chief Executive Officer of the Company, effective upon the resignation of Dr. Prior. Dr. Laumas will not be entitled to any additional compensation as a result of his appointment as Chief Executive Officer.