Processa Pharmaceuticals, Inc. announces that industry veteran George Ng has been appointed to serve as the Company's Chief Executive Officer and as a Board Director as of August 8, 2023. Dr. David Young will focus his efforts on the development of the Next Generation Chemotherapy (NGC) drugs as President of Research and Development and as a board member. Company are thrilled to have George assume the leadership of management team.

His extensive managerial experience and proficiency in issues and opportunities afforded small-cap publicly traded biotech companies makes him an ideal fit for Company, and will ensure that company continue executing strategy, and create value for stockholders, commented Processas Chairman Justin Yorke. Late last year company changed focus to concentrate on Next Generation Chemotherapy drugs, with the intention of seeking partnering opportunities for non-oncology assets. As part of that transition, company have been evaluating how to best position Processa for long-term success and determined now is the right time to transition to next stage of corporate leadership.

Given his oncology and drug development expertise, Dr. Young has decided moving full-time to drug development will allow him to focus on advancing the development of Next Generation Chemotherapy drugs to subsequent FDA approval. Mr. Ng is a seasoned life sciences industry executive who joins Processa from his previous position as Board Director, President, and Chief Operating Officer at Calidi Biotherapeutics, Inc. Mr. Ng is also a partner at PENG Life Science Ventures. He has founded and/or led multiple companies, including Scilex Pharmaceuticals, Inc. (now, Scilex Holding Co., a Nasdaq, publicly traded company), where he was co-founder and President, and led the company through development, clinical trials, NDA submission, FDA approval, a $140 million financing, commercial launch of the company's first FDA-approved drug product, and ultimately, the company's sale.

Mr. Ng has also been a board member and held executive level positions with several publicly traded and private global biotechnology and pharmaceutical companies, including Sorrento Therapeutics, Inc., BioDelivery Sciences International, Inc., Spectrum Pharmaceuticals, Inc. and Alpharma, Inc., which is now, a part of Pfizer Inc. In those roles, Mr. Ng helped lead the strategy, development, fundraising, and commercialization efforts for multiple drug products. Mr. Ng earned a Juris Doctor degree in law from the University of Notre Dame School of Law and a Bachelor of Arts and Sciences dual degree in Biochemistry &Economics from the University of California, Davis.