Egalet Corporation (Nasdaq: EGLT), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and marketing innovative treatments for pain and other conditions, today announced the closing of its previously announced underwritten public offering of 16,666,667 shares of its common stock and accompanying warrants to purchase up to 16,666,667 shares, at a combined public offering price of $1.80 per share and accompanying warrant. The aggregate gross proceeds to Egalet from this offering are expected to be approximately $30.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Egalet.

Egalet anticipates using the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities available for sale, to support its commercial sales and marketing efforts with respect to ARYMO® ER (morphine sulfate) extended-release tablets for oral use —CII, SPRIX® (ketorolac tromethamine) Nasal Spray and OXAYDO® (oxycodone HCI, USP) tablets for oral use only —CII and for general corporate purposes, including potential business development opportunities.

About Egalet

Egalet, a fully integrated specialty pharmaceutical company, is focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions. Egalet has three approved products: ARYMO® ER (morphine sulfate) extended-release tablets for oral use —CII, developed using Egalet's proprietary Guardian™ Technology, OXAYDO® (oxycodone HCI, USP) tablets for oral use only —CII and SPRIX® (ketorolac tromethamine) Nasal Spray. Using Guardian Technology, Egalet is developing a pipeline of clinical-stage, product candidates including Egalet-002, an abuse-deterrent, extended-release, oral oxycodone formulation for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Guardian Technology can be applied broadly across different classes of pharmaceutical products and can be used to develop combination products that include multiple active pharmaceutical ingredients with similar or different release profiles. For full prescribing information on ARYMO ER, including the boxed warning and medication guide, please visit arymoer.com. For full prescribing information on SPRIX, including the boxed warning and medication guide, please visit sprix.com. For full prescribing information on OXAYDO, including the boxed warning and medication guide, please visit oxaydo.com.