Cyclo Therapeutics, Inc. increased the size of the Board from eight members to nine members and appointed Dr. Vivien Wong to serve as a member of the Board, to serve until her successor has been duly elected and qualified, or until her earlier resignation or removal. The Board has affirmatively determined that Dr. Wong qualifies as an ?independent director? under the applicable rules and regulations of The Nasdaq Stock Market and the U.S. Securities Exchange Act of 1934, as amended.

At this time, Dr. Wong has not been appointed to any committees. Dr. Wong, age 66, has over 20 years of experience as a pharmaceutical executive in the research and development of drugs and diagnostics. Since 2022, Dr. Wong has acted as an independent consultant and advisor on product development to various pharmaceutical companies and venture capital firms, including serving on the board of directors of Burke Neurological Institute of Weill Cornell Medicine, and (ii) serving on the scientific advisory boards of NeuroCures NY, Inc., Bioscience Task Force, and Westchester County Economic Development.

From 2007 to 2021, Dr. Wong eld various positions at Progenics Pharmaceuticals, Inc., including as Executive Vice President, Research & Development, where she was responsible for clinical and regulatory research and development strategies for oncology-ocused development programs and oversaw various functions, including project management, clinical development, manufacturing, quality control, regulatory compliance. Dr. Wong holds a Ph.D. in Anatomy and Neurobiology from the University of Maryland School of Medicine, a M.S. in Physiology from Southern Illinois University at Carbondale and a B.S. in Biology from Mississippi University for Women. Dr. Wong?s compensation for service as a non-employee director will be consistent with that of the Company?s other non-employee directors.

The non-employee director compensation program is described under the heading ?Compensation of Directors? in the Company?s Definitive Proxy Statement filed with the Securities and Exchange Commission on June 13, 2023. Accordingly, upon joining the Board, Dr. Wong received an initial grant of options to purchase 6,700 shares of the Company?s common stock, with an exercise price equal to $1.26 per share, the closing price of the Company?s common stock on the Effective Date.

The options have a term of 10 years and were fully vested as of the Effective Date. Dr. Wong was appointed by the Board as a designee of Rafael Holdings, Inc. pursuant to that certain securities purchase agreement, dated June 1, 2023, by and between the Company and Rafael.