KemPharm ^{Priced, Nasdaq: KMPH}

We are a clinical-stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs that we believe will be improved versions of widely prescribed, approved drugs. We employ our Ligand Activated Therapy, or LAT, platform technology to create our prodrugs, each of which is a new molecular entity, or NME. We believe our prodrugs, as NMEs, will be eligible for composition-of-matter patent protection. Our most advanced product candidate, KP201/APAP, consists of KP201, our NME prodrug of hydrocodone, formulated in combination with acetaminophen, or APAP. We are developing KP201/APAP as an immediate release, product candidate for the treatment of acute moderate to moderately severe pain. We designed KP201/APAP to deter tampering and abuse by selecting a molecular structure that prevents the release of the opioid upon crushing, physical manipulation and other commonly employed extraction techniques. We believe this approach to abuse-deterrence at the molecular level may be more effective than many formulation-based abuse-deterrence technologies, which combine the opioid drug with another drug or use an abuse-deterrent capsule or physical matrix.