Avenue Therapeutics, Inc. notified the Listing Qualifications Department of The Nasdaq Stock Market LLC that, on May 12, 2022, the company determined that Jay Kranzler, M.D., Ph.D. was not independent under Nasdaq Listing Rules. Accordingly, Dr. Kranzler resigned from the Audit Committee of the company's Board of Directors on May 13, 2022. As a result, the Company notified Nasdaq that it was no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A) related to audit committee composition.

Dr. Kranzler remains a member of the Board. subsequent to the date of Dr. Kranzler's resignation from the Audit Committee, on May 16, 2022, the Board appointed Faith L. Charles to fill the vacancy on the Audit Committee created by Dr. Kranzler's resignation. The Board appointed Faith L. Charles as a director, with a term expiring at the 2022 annual meeting of stockholders, to fill the vacancy on the Board resulting from the previously disclosed resignation of Lucy Lu, M.D., and to serve on the Board's audit committee.

The Board determined that Ms. Charles is independent under the listing standards of Nasdaq and applicable securities rules and regulations with respect to service on the Company's board and audit committee. Faith L. Charles, 60, has been a corporate transactions and securities partner at the law firm of Thompson Hine, LLP, since 2010.