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World Federation of Neurology awards UT Southwestern director the first Medal for Scientific Achievement

January 10, 2020

In connection with the exchange of shares in the merger, Raptor and TorreyPines stockholders will own 95% and 5% of the outstanding shares of the combined company, respectively. Raptor stockholders will receive 17,881,300 shares of the combined company's common stock in exchange for the 76,703,147 shares of Raptor common stock outstanding immediately prior to the closing of the merger. TorreyPines stockholders will receive 941,121 shares of the combined company's common stock in exchange for the 15,999,058 shares of TorreyPines common stock outstanding immediately prior to the closing of the merger. For example:

1,000 Shares of 1,000 Shares of Raptor TorreyPines --------------- --------------- Number of Combined Company Shares Issued as a Result of Merger 233 58

In connection with the merger and subject to the same conversion factor as the Raptor common stock, the combined company will assume all of Raptor's stock options and warrants outstanding at the time of the merger. The combined company will also retain the TorreyPines stock options and warrants outstanding at the merger, subject to the same conversion factor as the TorreyPines common stock.

SOURCE Raptor Pharmaceuticals Corp.; TorreyPines Therapeutics