Tenax Therapeutics, Inc. announced that on January 9, 2024, the Company?s Board of Directors appointed Lawrence R. Hoffman as Interim Chief Financial Officer of the Company effective January 11, 2024 (the Start Date). Mr. Hoffman will be responsible for the Company?s accounting and finance functions and will serve as the Company?s principal financial officer and principal accounting officer beginning on the Start Date. Mr. Hoffman succeeds Eliot M. Lurier, who passed away in December 2023, in such roles.

Mr. Hoffman will provide services to the Company as an independent contractor pursuant to the Company?s existing consulting agreement with Danforth Advisors, LLC (the ?Danforth Consulting Agreement?), filed as Exhibit 10.20 to the Company?s Form 10-K for the period ended December 31, 2021, and incorporated herein by reference. Pursuant to the Danforth Consulting Agreement, Danforth will receive cash compensation at a rate of $416 per hour for Mr. Hoffman?s services, which rate may be increased by up to 4% annually. The Danforth Consulting Agreement may be terminated by the Company or Danforth (a) with cause (as defined in the Danforth Consulting Agreement), immediately upon written notice to the other party or (b) without cause upon 30 days prior written notice to the other party.

Since November 2021, Mr. Hoffman has served as a consultant to several companies through Danforth, including as Interim Chief Financial Officer for SCYNEXIS, Inc. from November 2021 until October 2022. Prior to joining Danforth, from February 2018 to October 2021, Mr. Hoffman was Chief Financial Officer of Sermonix Pharmaceuticals, Inc. Prior to that, Mr. Hoffman has held executive management positions at multiple public and private companies in the United States. Mr. Hoffman holds a B.S. in Business Administration from La Salle University, a J.D. from Temple University School of Law, an LL.M. (taxation) from Villanova University School of Law, and is a Certified Public Accountant in Pennsylvania.

Mr. Hoffman, age 69, has no familial relationships with any executive officer or director of the Company. Other than his consultancy with the Company, there have been no transactions in which the Company has participated and in which Mr. Hoffman had a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K.