On July 14, 2020 AzurRx BioPharma, Inc. (the \”Company\”) granted Johan (Thijs) Spoor, its former Chief Executive Officer, warrants (the \”Warrants\”) to purchase an aggregate of 150,000 shares of the Company\’s common stock, in connection with the recent settlement and general release (the \”Settlement and Release\”), effective July 9, 2020 (the \”Settlement Date\”), of certain claims relating to Mr. Spoor\’s separation from the Company on October 8, 2019. The Warrants are immediately exercisable, have an exercise price equal to $1.00 per share, a five-year term and may be exercised to a cashless exercise provision commencing six months from the issuance date. The Warrants were to be issued by the Company to Mr. Spoor within ten (10) days of the Settlement Date. In connection with the Settlement and Release: (i) Mr. Spoor waived all claims to an incentive bonus in the amount of $255,000, which was originally accrued by the Company in June 2019 but was subsequently reversed during the quarter ended December 31, 2019; (ii) Mr. Spoor waived all claims to $348,400 due to JIST Consulting, a company controlled by Mr. Spoor, that is reflected in the Company\’s accounts payable as of June 30, 2020; and (iii) the Company has agreed to pay Mr. Spoor\’s legal expenses in the amount of $51,200.

About AzurRx BioPharma, Inc. (NASDAQ:AZRX)

AzurRx BioPharma, Inc. is a clinical development-stage biopharmaceutical company. The Company is engaged in the research and development of non-systemic biologics for the treatment of patients with gastrointestinal (GI) disorders. The Company’s product pipeline consists of two therapeutic proteins, such as MS1819 and AZX1101. MS1819 is an acid-resistant secreted lipase produced by Yarrowia lipolytica, known as LIP2, that the Company is developing through recombinant deoxyribonucleic acid (DNA) technology for the treatment of exocrine pancreatic insufficiency (EPI), associated with chronic pancreatitis (CP) and cystic fibrosis (CF). AZX1101 is a recombinant-lactamase combination of bacterial origin under development for the prevention of hospital-acquired infections by resistant bacterial strains induced by parenteral administration of b-lactam antibiotics (known as nosocomial infections), as well as the prevention of antibiotic-associated diarrhea (AAD).