Egalet Prices Public Offering of Common Stock and Warrants

7/6/17

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 pricing of its 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. Each warrant will have an exercise price of $2.70 and will expire five years from the date of issuance.

The Company has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of common stock and additional warrants to purchase 2,500,000 shares of its common stock. The 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, assuming no exercise of the underwriter's option to purchase additional securities and none of the warrants issued in this offering are exercised. The offering is expected to close on or about on July 11, 2017, subject to the satisfaction of customary closing conditions. All of the securities in the offering are to be sold by Egalet.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

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.

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