On March 7, 2023, the Board of Directors of Avenue Therapeutics, Inc.voted to expand the size of the Board from five to six members, effective immediately, and appointed Alexandra MacLean, M.D., Chief Executive Officer of the Company, to the Board as a director, effective immediately, with a term expiring at the 2023 Annual Meeting of Stockholders of the Company or until her successor is elected and qualified, or, if earlier, her death, disability, resignation, disqualification or removal from the Board. Dr. MacLean, due to her position of Chief Executive Officer of the Company, will not be independent under rules and regulations of the Securities and Exchange Commission (the “SEC”) and the listing requirements of The Nasdaq Stock Market and will not be permitted to sit on any of the committees of the Board. Consistent with the Company's current policies, she will receive no compensation for her service as a director.

There are no arrangements or understandings between Dr. MacLean and any other person pursuant to which Dr. MacLean was selected as a director and there are no transactions in which Dr. MacLean has an interest requiring disclosure under Item 404(a) of Regulation S-K. Also on March 7, 2023, the Board appointed Jay Kranzler, M.D., Ph.D. to serve as Chairman of the Board, effective immediately, in place of Lindsay A. Rosenwald, M.D. Dr. Rosenwald will remain a member of the Board.