Windtree Therapeutics, Inc. ("Windtree" or the "Company") (NasdaqCM: WINT), a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases, today announced that it has engaged New Growth Advisors ("NGA"), a leading life sciences consulting firm chosen by companies seeking discreet, conflict-free, and knowledgeable advice on complex M&A, asset sale, research, capital markets, and licensing transactions, as its strategic advisor to lead a process in respect of Windtree's cardiovascular portfolio, including a potential out-licensing transaction or asset sale. NGA has advised on transactions with an aggregate value approaching $400 million from 2023 through 2024.

The Company seeks to leverage the positive early cardiogenic shock and acute heart failure results (including the recent positive Phase 2b in early cardiogenic shock) to better address the breadth of opportunities and secure potentially non-dilutive funding via a partnership for istaroxime as well as the next generation, oral SERCA2a activators for all global territory ex-Greater China. NGA has been engaged to manage the current inbound interest as well as to run an expanded out-licensing process.

The Company currently has a licensing agreement for the Greater China territory for istaroxime, dual mechanism SERCA2a activators and rostafuroxin with Lee's Pharmaceuticals (HK) Limited ("Lee's") for which it may receive up to $138 million in potential milestones and low double-digit royalties. Lee's pays for all development costs and is working with Windtree on the planning, Lee's expects to start Phase 3 in acute heart failure in its licensed territory in the first half of 2025.