Kadmon Announces Amendment to Credit Agreement and Related Warrants

NEW YORK–(BUSINESS WIRE)– Kadmon Holdings, Inc. (NYSE:KDMN) (“Kadmon” or the “Company”) today
announced that the Company, together with its lending syndicate, led by
Perceptive Credit Opportunities Fund, entered into an amendment to its
2015 Credit Agreement and related warrants.

Terms of the amendment include, but are not limited to:

• deferring the capital raise requirement of $17.0 million from June 30,
  2017 to December 31, 2017. Additionally, proceeds from non-dilutive
  funding sources such as business development transactions may be
  counted toward this capital raise;
• deferring mandatory monthly principal payments until January 31, 2018;
  and
• amending 617,651 previously issued warrants to cash warrants and
  adjusting the warrant strike price to $4.50.

“We are pleased to work with our lenders, led by Perceptive Credit
Opportunities Fund, to enter into this amendment, which enables us to
continue to focus our resources toward advancing our pipeline of
promising clinical and preclinical product candidates,” said Harlan W.
Waksal, M.D., President and CEO at Kadmon.

About Kadmon Holdings, Inc.

Kadmon Holdings, Inc. is a fully integrated biopharmaceutical company
developing innovative products for significant unmet medical needs. We
have a diversified product pipeline in autoimmune and fibrotic diseases,
oncology and genetic diseases.

Forward-Looking Statements

This press release contains forward-looking statements. Such statements
may be preceded by the words “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar expressions.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. We believe that these factors include, but
are not limited to, (i) the initiation, timing, progress and results of
our preclinical studies and clinical trials, and our research and
development programs; (ii) our ability to advance product candidates
into, and successfully complete, clinical trials; (iii) our reliance on
the success of our product candidates; (iv) the timing or likelihood of
regulatory filings and approvals; (v) our ability to expand our sales
and marketing capabilities; (vi) the commercialization of our product
candidates, if approved; (vii) the pricing and reimbursement of our
product candidates, if approved; (viii) the implementation of our
business model, strategic plans for our business, product candidates and
technology; (ix) the scope of protection we are able to establish and
maintain for intellectual property rights covering our product
candidates and technology; (x) our ability to operate our business
without infringing the intellectual property rights and proprietary
technology of third parties; (xi) costs associated with defending
intellectual property infringement, product liability and other claims;
(xii) regulatory developments in the United States, Europe and other
jurisdictions; (xiii) estimates of our expenses, future revenues,
capital requirements and our needs for additional financing; (xiv) the
potential benefits of strategic collaboration agreements and our ability
to enter into strategic arrangements; (xv) our ability to maintain and
establish collaborations or obtain additional grant funding; (xvi) the
rate and degree of market acceptance of our product candidates; (xvii)
developments relating to our competitors and our industry, including
competing therapies; (xviii) our ability to effectively manage our
anticipated growth; (xix) our ability to attract and retain qualified
employees and key personnel; (xx) our ability to achieve cost savings
and other benefits from our efforts to streamline our operations and to
not harm our business with such efforts; and (xxi) the use of proceeds
from our recent private placement. More detailed information about
Kadmon and the risk factors that may affect the realization of
forward-looking statements is set forth in the Company’s filings with
the U.S. Securities and Exchange Commission (SEC), including the
Company’s Annual Report on Form 10-K filed pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended, with the SEC on March 22,
2017. Investors and security holders are urged to read these documents
free of charge on the SEC’s web site at www.sec.gov.
The Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future events
or otherwise.

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