ObsEva Announces Progress on Cost Reduction Initiatives and

• Transition of linzagolix program to Kissei Pharmaceutical Co., Ltd. substantially complete with approximately $16.0 million savings expected from assignment of program contracts, including $3.7 million of accounts payable assigned to date
• Company extends forbearance agreement with JGB through December 1, 2022
• Swiss court grants stay of moratorium proceedings through November 30, 2022, as ObsEva progresses restructuring initiatives

Ad hoc announcement pursuant to Art. 53 LR of the SIX Swiss Exchange

GENEVA, Switzerland – October 26, 2022 – ObsEva SA (NASDAQ: OBSV; SIX: OBSN), a biopharmaceutical company developing novel therapies for women’s health, today announced that the transition of the linzagolix program to Kissei Pharmaceutical Co., Ltd. is substantially complete following the assignment of substantially all clinical, manufacturing, and scientific contracts related to the development of linzagolix. These assignments represent savings of approximately $16.0 million in contractual commitments, including $3.7 million of accounts payable.

The Company also extended its previously announced forbearance agreement with respect to outstanding debt held by certain funds and accounts managed by JGB Management, Inc. (JGB). JGB has now agreed to forbear through December 1, 2022 enforcement of any rights or remedies under the outstanding convertible notes held by JGB arising in connection with certain events of default by the Company related to the Company’s previously announced application to the Swiss court for a preliminary moratorium to facilitate the Company’s ongoing restructuring. In exchange, the Company lowered the conversion price of $1.5 million of debt from $0.26 per share to $0.19 per share and converted an additional $500,000 of outstanding principal and accrued and unpaid interest on the notes at the new conversion price of $0.19 per share. The outstanding debt balance under the convertible notes following this conversion is…