180 Life Sciences CEO expects operating expenses to remain low relative to peers

180 Life Sciences Corp. released the following letter to stockholders from its CEO Dr. James Woody. The letter read in part, "On the heels of the November 9, 2020, closing of our merger with KBLM Merger Corp IV, resulting in 180 Life Sciences now being a stand-alone publicly traded company and its common stock being listed on The NASDAQ Capital Market under the symbol "ATNF", I wanted to take this opportunity to personally communicate with you. It goes without saying that I appreciate your support in helping us get to where we are today and want to update you on our planned path moving forward...I'd like to now tell you a little about our exciting pipeline which includes three clinical programs addressing the following indications: Early Dupuytren's contracture, a fibrotic disease of the hand, which is in Phase 2b/3, with results expected in 2H 2021. Dupuytren's disease is estimated to impact over 11 million Americans, and about the same number in the European Union. Our trial is focused on treating early and preventing the progress of the disease to avoid the hand contracture disability. This project is entirely grant funded. Frozen shoulder, with a grant to initiate the clinical study recently awarded by the National Institute of Health Research, U.K. Due to COVID-19, we plan to start the trial in Q3 2021. Again, we plan to try and avoid the pain and disability associated with Frozen Shoulder by treating early. Post-operative cognitive delirium disorder and dysfunction, a major unmet clinical need occurring in the elderly patient population, most commonly following lengthy anesthesia during hip fracture repair or after CABG. We hope to be able to reduce or prevent this dysfunction. Additionally, our pre-clinical discovery programs include: A program focused on the development of unique, Food and Drug Administration-approved, pharmaceutical-grade oral synthetic cannabidiol analogs to treat pain that is specifically focused on arthritis. This project is run in Israel and Oxford, England. We are working with one of the foremost authorities on Cannabis chemistry and the discoverer of the body's own "cannabinoids", Prof Raphael Mechoulam. To optimize uptake we are working with an expert in cannabinoid drug delivery, Prof Avi Domb in Jerusalem, Israel. The alpha7nAChR program, which aims to develop alpha7nAChR agonists for the treatment of inflammatory diseases, initially ulcerative colitis induced after cessation of smoking. We look forward to the results of our Phase 2b/3 study on Dupuytren's contracture, a disease that impacts a large total addressable market estimated to comprise over 22 million in the US and EU. We believe that if we are able to successfully commercialize this drug, of which there can be no assurance, it has the potential to generate significant revenues for the Company. It is important to note that our business model itself is unique for a biotech company. Almost all our clinical studies to date have been funded in full through grants. While ultimately, we intend to fund some studies internally, we anticipate our operating expenses will remain low relative to our peers. There are many advantages of doing clinical development mostly with academic leaders, both in cost, efficiency and credibility. I'd like to close by telling you why I took the role as CEO and what my personal goal is for the Company. My goal and the goal of the other members of management is to build stockholder value by developing world leading products to solve unmet medical needs. As management and insiders currently own over 50% of the Company, we believe our goals are directly aligned with the stockholders of the Company. Many members of our management team have not taken a salary to date. Future compensation will be conservative, favoring equity over cash."