On April 23, 2018, Pernix Therapeutics Holdings, Inc. (the "Company") entered into an amendment, effective as of April 12, 2018, with respect to the Company's five-year $40 million asset-based revolving credit facility (the "ABL Facility") by and among the Company and certain subsidiaries of the Company as borrowers and guarantors, Pernix Ireland Pain Designated Activity Company, Pernix Ireland Limited, Pernix Holdco 1, LLC, Pernix Holdco 2, LLC and Pernix Holdco 3, LLC as additional guarantors, Cantor Fitzgerald Securities as agent, and the lenders party thereto (the "ABL Facility Amendment"). The ABL Facility Amendment modifies the borrowing base formula which determines the Company's capacity to draw on the ABL Facility, which could increase such capacity. The ABL Facility Amendment also removes concentration limits for accounts receivable due from individual customers or other account debtors that may be included in the borrowing base.

On April 23, 2018, the Company issued a press release announcing that the Company has agreed to participate in an investor group that has entered into a "stalking horse" asset purchase agreement to acquire certain assets of Orexigen Therapeutics, Inc. ("Orexigen"), including worldwide rights to Contrave^® (naltrexone HCl / bupropion HCl), a prescription-only weight loss medication, for $75 million in cash. Orexigen has filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. in the United States Bankruptcy Court for the District of Delaware. A copy of the press release is attached hereto as Exhibit 99.1.