On April 10, 2019, Avenue Therapeutics, Inc. notified The Nasdaq Capital Market that Jeffrey Paley, M.D. had resigned as a member of the board of directors of the Company and the Company’s Audit Committee. Dr. Paley resigned in connection with the first stage closing of the Stock Purchase and Merger Agreement (the SPMA) between the Company, InvaGen Pharmaceuticals Inc. (the Buyer) and Madison Pharmaceuticals, Inc. After giving effect to Dr. Paley’s resignation, the Company’s Audit Committee no longer has three members as required by Nasdaq Listing Rule 5605(c)(2)(A). Effective April 5, 2019, and in connection with the first stage closing of the SPMA, Jeffrey Paley, M.D. resigned as a member of the Board in order to create a vacancy for the Buyer to appoint a Buyer Director to the Board.