PRESS RELEASE

Obalon Engages Cowen to Explore Financial and Strategic Alternatives

SAN DIEGO, April 11, 2019 (GLOBE NEWSWIRE) -- Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, announces that the Company has retained Cowen as an independent financial advisor to assist in exploring financial and strategic alternatives.  As previously announced, Obalon recently undertook an organizational restructuring intended to refocus activities, streamline operations and make more efficient use of cash. With Cowen’s assistance, the Company plans to expand these efforts by exploring a wide range of financial and strategic alternatives that could enhance stockholder value and enable the Company to continue serving other important constituencies, including patients and physicians.

Obalon will proceed in an orderly manner to identify and evaluate possible financial and strategic alternatives for the Company and their implications. No assurance can be given as to whether any particular financial or strategic alternative will be recommended or undertaken, and if so, upon what terms and conditions. Obalon does not intend to make any further public announcements regarding its review of possible financial and strategic alternatives until its Board of Directors has approved a transaction or otherwise determined that further disclosure is appropriate or required by law.

Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Obalon Therapeutics, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including statements regarding the impact of the organizational restructuring and transition to a new commercial approach. Such forward-looking statements involve substantial risks and uncertainties that could cause Obalon Therapeutics' future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties and risks associated with the evaluation, pursuit and engagement in any particular financial or strategic transaction, the uncertainties inherent in the product research, development and regulatory process and risks, risks of operating with a reduced workforce and uncertainties surrounding the effectiveness and efficiency of the new commercial approach. Obalon Therapeutics undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Obalon Therapeutics' business in general, please refer to Obalon Therapeutics’ annual report on Form 10-K filed with the Securities and Exchange Commission on February 22, 2019, and its current and future periodic reports filed with the Securities and Exchange Commission.

About Obalon Therapeutics, Inc. 
Obalon Therapeutics, Inc. (NASDAQ:OBLN) is a San Diego-based company focused on developing and commercializing novel technologies for weight loss. For more information, please visit www.obalon.com.

For Obalon Therapeutics, Inc.
Investor Contact: 
William Plovanic 
Chief Financial Officer 
Obalon Therapeutics, Inc. 
Office: +1 760 607 5103 
wplovanic@obalon.com 

Obalon_Logo_Teal_2c.jpg

Source: Obalon Therapeutics, Inc.

IMPORTANT SAFETY INFORMATION
The Obalon Balloon System is intended for adults with a body mass index (BMI) of 30 to 40 kg/m2 willing to follow a diet and exercise program. All Obalon balloons must be removed in 6 months. Patients with prior weight loss surgeries are not eligible. The most common side effects reported were mild abdominal pain and nausea which typically resolved within two weeks. You must take daily acid-blocking medicine prescribed by your doctor. For full Important Safety Information click onSafety Information and Patient Labeling