Windtree Therapeutics, Inc. (NasdaqCM: WINT), a biotechnology and medical device company focused on developing drug product candidates and medical device technologies to address acute cardiovascular and pulmonary diseases, today announced the pricing of its public offering of 2,758,620 units at a price to the public of $7.25 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $7.975 per share. The warrants are exercisable for five years from the date of issuance. The common stock and warrants will be immediately separable from the units and will be issued separately. Windtree expects to receive gross proceeds of $20 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Windtree also announced that, in connection with the offering, its common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol "WINT" on May 20, 2020.

Windtree has granted the underwriters a 45-day option to purchase up to 413,793 additional shares of common stock, and/or warrants to purchase up to 413,793 additional shares of common stock, or any combination thereof, to cover over-allotments, if any. The offering is expected to close on May 22, 2020, subject to customary closing conditions.

Windtree intends to use the net proceeds from this offering primarily to advance (i) the study of KL4 surfactant to treat COVID-19 related lung injury; (ii) istaroxime phase 2 start-up activities; (iii) clinical development of AEROSURF® for respiratory distress syndrome; (iv) pre-clinical studies of Windtree's oral SERCA2a activators to facilitate business development opportunities; and (v) for working capital, and/or general corporate purposes.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager for the offering. National Securities Corporation is acting as the lead manager for the offering.

About Windtree Therapeutics

Windtree Therapeutics, Inc. is a clinical-stage, biopharmaceutical and medical device company focused on the development of novel therapeutics intended to address significant unmet medical needs in important acute care markets. Windtree has three lead clinical development programs spanning respiratory and cardiovascular disease states, including istaroxime, a novel, dual-acting agent being developed to improve cardiac function in patients with acute heart failure and cardiogenic shock; AEROSURF®, an innovative combination drug/device product candidate that is designed to deliver the Company's proprietary synthetic, peptide-containing surfactant noninvasively to premature infants with respiratory distress syndrome (RDS); and rostafuroxin, a novel precision drug product being developed to target hypertensive patients with certain genetic profiles in the important group of patients with resistant hypertension. Windtree also has multiple pre-clinical programs, including potential heart failure therapies delivered orally that are based on SERCA2a mechanism of action.

For more information, please visit the Company's website at www.windtreetx.com.