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Exhibit 99.1 • • CERECOR Cerecor Reports Second Quarter 2021 Financial Results and Provides Business Updates Announced positive results for low - dose cohort of CERC - 002 ( 1.0 mg / kg ) in moderate - to- severe Crohn's disease patients who had previously failed three or more lines of biologic therapies , including anti - TNF alpha treatments Announced plans to explore CERC - 002 in patients with moderate - to - severe ulcerative colitis refractory to anti - TNF alpha therapies Completed $ 35 million debt financing that extends cash runway and supports multiple clinical catalysts anticipated in the second half of 2021 -- ROCKVILLE , Md . and CHESTERBROOK , Pa . , August 2 , 2021 Cerecor Inc. ( NASDAQ : CERC ) , a biopharmaceutical company focused on becoming a leader in the development and commercialization of treatments for immunologic , immuno - oncologic and rare genetic disorders , today announced recent business progress and second quarter 2021 financial results . " We are pleased with the progress made in the second quarter , " said Mike Cola , Chief Executive Officer of Cerecor . “ In addition to strengthening our cash position with the debt financing , we expanded our pipeline with an exciting collaboration with Sanford Burnham , and announced favorable results in one of our key programs , CERC- 002 in moderate - to - severe Crohn's disease . We are excited to continue the advancement of our programs , including the expansion of CERC - 002 into moderate - to - severe ulcerative colitis refractory to anti - TNF alpha therapies . We look forward to the second half of 2021 with multiple data readouts including the second cohort of CERC - 002 in Crohn's disease . " Business Updates : • Announced positive results from Cohort 1 of its open - label proof - of - concept Phase 1b study of CERC - 002 in patients with moderate - to - severe Crohn's disease who had previously failed three or more lines of biologics therapies , including anti - TNF alpha treatments . Data demonstrated a rapid and dramatic mean reduction of LIGHT levels of approximately 80 % compared to baseline that correlated to the pharmacodynamic effect of CERC - 002 ( 1.0 mg / kg ) . A clinically meaningful benefit in mucosal healing as determined by colonoscopy ( SES - CD score ) was observed in 75 % of the patients in Cohort 1 ( 3 of 4 ) . CERC - 002 was well - tolerated with no drug - related severe adverse events . The Company has completed enrollment of Cohort 2 ( 3.0 mg / kg ) and anticipates data in the second half of 2021 . Cerecor entered into an exclusive license agreement with Sanford Burnham Prebys for the worldwide development and commercialization of an immune checkpoint program . The license further enhances the Company's development pipeline of novel biologics that address immunology and immuno - oncology targets . Cerecor strengthened and extended its financial resources with a $ 35 million debt financing agreement with Horizon Technology Finance . The Company received the initial tranche of $ 20 million at the loan closing in the second quarter and an additional $ 10 million in the third quarter ( following the positive results from Cohort 1 of its open - label proof - of - concept Phase 1b study of CERC - 002 in moderate - to - severe Crohn's disease ) . The remaining $ 5 million may be funded upon achieving certain predetermined milestones . Program Updates and Milestones : 1