Cellphire Therapeutics, Inc., a biotechnology company developing next-generation platelet-based hemostatic therapeutics for application across multiple medical indications, announced today that Michael Gaffney has joined the company as Chief Executive Officer, effective immediately. Mr. Gaffney brings deep health sector insight, extensive operational experience, and proven strategy and capital markets expertise to Cellphire. He will also join the Company's board.

"We're thrilled to have Mike join the Cellphire team," said Tom Dubin, Executive Chairman. "He joins us at an exciting time, as Cellphire begins two Phase 2 clinical trials with two distinct investigational products, Thrombosomes® and Cryopreserved Platelets. Mike's proven and steady leadership and his background in health care and capital markets will help guide the company in bringing our platelet-based products to patients."

Mr. Gaffney's 30-year career includes serving as Executive Chairman and interim CEO for more than 10 healthcare organizations. In these roles, he oversaw and contributed to strategy development and execution, talent recruitment, business development, growth, and capital raising. Prior to joining Cellphire, he founded Bancroft Group, LLC, a strategy and operational consulting business focused on growth stage healthcare companies and their investors. In addition, Mr. Gaffney is a co-founder of EDG Partners, LLC, a healthcare-focused private equity firm. He also served in the U.S. Navy as a Submarine Officer.

"Cellphire is at the forefront of an exciting new era in cellular therapeutics. I believe the work we are doing in platelet-based therapeutics has the potential to revolutionize how bleeding patients are treated, with a broad range of additional indications relevant to the company's scientific portfolio," said Michael Gaffney, CEO. "The company has a great foundation in place, great science, and a talented, dedicated team of people. I look forward to leading the company into the next stage of development and, ultimately, to helping bring life-saving products to patients."

Mr. Gaffney received a Master of Arts from Oxford University, where he was a Rhodes Scholar, and a Bachelor of Science from the United States Naval Academy, where he serves on the A&S Board of Trustees.

About Cellphire Therapeutics

Cellphire Therapeutics, Inc. is a biotechnology company developing next-generation platelet-based therapeutics. The company is applying its proprietary cell stabilization technology to platelets, to develop lifesaving products. Its lead investigational product is Thrombosomes®, a freeze-dried hemostatic derived from human platelets. Cellphire is expanding its technology portfolio to include a wide range of potential medical applications from trauma to wound care, imaging, targeted drug delivery, and regenerative medicine. For more information, visit www.cellphire.com.