ALPHAEON Corporation Completes Reorganization to Simplify its Corporate Structure

ALPHAEON Corporation ("ALPHAEON"), announced today that it has completed a reorganization to simplify its corporate structure. As a result of this reorganization the company has split into two business units, each of which will retain the same shareholder base that was in place prior to this split off.

ALPHAEON has been renamed AEON Biopharma, Inc. ("AEON"), which will now focus on developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection, as a therapeutic application for debilitating medical conditions.

A second unit, Alphaeon1 LLC, will provide a way for the ALPHAEON stockholders to continue to hold the approximately 8.7 million shares of Evolus Inc. (NASDAQ:EOLS) previously held by ALPHAEON, subject to securities law restrictions on resales by affiliates for six months under Rule 144.

Rick Taketa, Lead Independent Director of AEON's Board of Directors and also a manager of Alphaeon1 LLC, said, "We are pleased to see Evolus's strong market uptake in 2019 and are excited about Evolus's future prospects. We continue to have a positive outlook on the long-term potential of the position held in Evolus for our stockholders. As such, we sought a way for our stockholders to continue to maintain a significant equity stake in Evolus, as we focus operationally on AEON's critical phase of development. Evolus and AEON have always operated independently, and this action now makes the separation of the therapeutic and aesthetic applications of the neurotoxin cleaner and clearer."

About AEON Biopharma, Inc.

AEON Biopharma, Inc. (previously known as ALPHAEON Corporation) focuses on developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection, for debilitating medical conditions.

Statements in this press release that are not a description of historical fact are forward-looking statements and may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Any forward-looking statement made by AEON in this press release is based only on information currently available to it and speaks only as of the date on which such statement is made. AEON undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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