Athira Pharma Highlights Strong Strategy Execution and Positioning for the Future

Athira Pharma, Inc.

BOTHELL, Wash., March 30, 2022 (GLOBE NEWSWIRE) — Athira Pharma, Inc. (NASDAQ:ATHA), a late-stage clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration, today issued the following statement in response to Richard Kayne’s statement:

Athira’s Board of Directors and management team are committed to doing what is right for the company, our shareholders and our patients. Athira’s highest priority is to advance fosgonimeton through clinical trials and gain regulatory approval for the treatment of Alzheimer’s disease, which affects up to 35 million people worldwide. . Athira is performing well against this objective and meeting our targets. We are about to release the first results from the Phase 2 ACT-AD study in Q2, which we believe will validate the compelling Phase 1b P300 latency results and provide insight into the activity and safety of fosgonitone. We are also making solid progress in advancing our clinical trials and our LIFT-AD and SHAPE pipeline.

The Board of Directors is confident that Athira has the right strategy and the right team to lead the company through this crucial chapter.

In keeping with our commitment to maintaining a Board with the right mix of skills and experience, the Board has added three independent directors over the past year – Dr. Michael Panzara, Barbara Kosacz and, at Mr. Kayne’s suggestion, Grant Pickering. We are committed to continuing to build the deep industry, R&D and commercialization expertise within the Board and management team as we advance our strategy. The skills that MM. Kayne and Bickerstaff would bring to the board are already well represented among our current directors.

Members of our Board of Directors have spoken with Mr. Kayne on numerous occasions, and particularly in recent weeks. These conversations focused on our desire to find a collaborative path that would allow us to focus our attention and resources on clinical trials and the advancement of fosgonimeton, which we believe is clearly in Athira’s best interests. and our shareholders. Mr. Kayne rejected our attempts to find common ground.

Mr. Kayne pushed Athira to resume a formal relationship with his current business partner and the company’s former CEO, Dr. Leen Kawas, who stepped down as an executive and left the board in October 2021. It came after an investigation by an independent committee of the board found that she had altered images in her 2011 doctoral thesis and in at least four research papers she had co-authored. when she was a graduate student at Washington State University. The Board of Directors believes that terminating Dr. Kawas’ relationship with Athira was and remains in the best interests of Athira and our shareholders.

The company filed its preliminary proxy statement with the SEC on March 25, 2022. The filing can be accessed in the investor relations section of Athira’s website at https://investors.athira.com/financial-information/sec-filings.

Additional information and where to find it

On March 25, 2022, Athira Pharma, Inc. (“Athira”) filed a preliminary proxy statement in connection with its 2022 annual meeting of shareholders (the “Annual Meeting”). Prior to the annual meeting, Athira will provide a definitive proxy to its shareholders, together with a WHITE proxy card. SHAREHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY CIRCULAR (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THEREOF) AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Detailed information regarding the names, affiliations and interests of persons who participate in the solicitation of proxies from Athira shareholders is available in Athira’s preliminary proxy statement.

Shareholders may obtain, free of charge, Athira’s proxy statement (in preliminary and final form), any amendments or supplements thereto and any other relevant documents filed by Athira with the Securities and Exchange Commission (the “SEC”). ) as part of the Annual Meeting on the SEC website (http://www.sec.gov). Copies of Athira’s 2022 definitive proxy statement, any amendments or supplements thereto and any other relevant documents filed by Athira with the SEC in connection with the annual meeting will also be available. free of charge, on the Athira website (http://www.athira .com) or by writing to Investor Relations, Athira Pharma, Inc., 18706 North Creek Parkway, Suite 104, Bothell, WA 98011. In addition, Copies of these documents may be requested, free of charge, from Athira’s attorney-at-law by writing to Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022 or by calling toll-free (877) 456- 3510.

About Athira Pharma, Inc.
Athira Pharma Inc., headquartered in the Seattle area, is a late-stage clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration. Athira aims to provide rapid cognitive improvement and modify the course of neurological diseases through its novel mechanism of action. Athira is currently advancing its lead therapeutic candidate, fosgonimeton, a novel small molecule for Alzheimer’s and Parkinson’s disease dementia and Lewy body dementia. For more information, visit www.athira.com. You can also follow Athira on Facebook, LinkedIn and @athirapharma on Twitter and instagram.

Forward-looking statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical facts. and include statements regarding fosgonimeton as a potential treatment for Alzheimer’s disease, Parkinson’s disease dementia, Lewy body dementia, and other dementias; Athira’s technology platform and potential therapies; future development plans; clinical and regulatory objectives and their timing, including the timing of the ACT-AD and LIFT-AD clinical trials and the timing of the Phase 2 clinical trial of fosgonimeton for the treatment of dementia in Parkinson’s disease; interactions with regulators and the timing thereof, including the expected timing of IND or equivalent submissions; expectations regarding the potential efficacy and commercial potential of Athira’s product candidates; the planned communication of the data; and Athira’s ability to advance its product candidates to later stages of development. Forward-looking statements generally include statements that are predictive in nature and depend on or refer to future events or conditions, and include words such as “may”, “will”, “should”, “on track”, ” would”, “expect”, “plan”, “believe”, “intend”, “pursue”, “continue” and other similar expressions, among others. All forward-looking statements are based on management’s current expectations regarding future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those stated or implied. by these forward-looking statements. These risks and uncertainties include, but are not limited to, preliminary data for Athira’s fosgonimeton product candidate from Phase 1a/b trials that will not continue or persist in ongoing or planned clinical trials; the termination or delay of any of Athira’s ongoing clinical trials and/or development of fosgonimeton and other product candidates may occur; potential future regulatory milestones for fosgonimeton and other product candidates, including those related to ongoing and planned clinical studies, may be insufficient to support regulatory submissions or approval; the impact of the COVID-19 pandemic on Athira’s business, research and clinical development plans, as well as operating timelines and results, including the impact on trial sites Athira clinics and contractors acting for or on behalf of Athira, may be more serious and more prolonged than currently anticipated; the regulatory process for Athira product candidates; the outcome of legal proceedings that have been or may be brought in the future against us and certain of our directors and officers; clinical trials may not demonstrate the safety and efficacy of any of Athira’s product candidates; Athira’s assumptions regarding the adequacy of its cash, cash equivalents and investments to fund its planned operations may be incorrect; Athira’s research and development efforts and ability to advance product candidates to later stages of development could fail; one or more of Athira’s product candidates may not be successfully developed, approved or commercialized; adverse conditions in domestic and global economic markets generally; the impact of competition; while P300 latency is a functional measure strongly correlated with cognition, Athira may fail to link these P300 latency results to improved cognition; regulatory agencies may be delayed in reviewing, commenting on or approving any of Athira’s clinical development plans due to the COVID-19 pandemic, which could further delay development timelines; the impact of competition; the impact of expanding product development and clinical activities on operating expenses; the impact of new or changing laws and regulations; as well as other risks detailed in Athira’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof, and Athira undertakes no obligation to update any forward-looking statements. Athira may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on any forward-looking statements.

Contact with investors and the media:
Julie Rathbun
Athira Pharma
[email protected]
206-769-9219

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