FDA cleared the IND for OcuRing$(TM)$-K, enabling a U.S. multi-center Phase II trial in cataract surgery with patient enrollment expected in the second half of 2026

PRF-110 matched an approved, commercially available benchmark on 72-hour analgesic activity using a ropivacaine-only, NSAID-free formulation

DeepSolar validated Predict(TM), unveiled GridFeed(TM) and expanded into battery storage, backed by a substantially strengthened balance sheet

Company ended June with approximately $11.6 million in cash, short term deposits and cash equivalents, nearly triple year-end 2025 levels

TEL AVIV, Israel, Sept. 03, 2026 (GLOBE NEWSWIRE) -- PRF Technologies Ltd. (Nasdaq: PRFX) ("PRF" or the "Company") today reported its financial results for the six months ended June 30, 2026, and provided a business update.

First Half 2026 and Recent Highlights

   -- Received FDA clearance of the Investigational New Drug (IND) application 
      for OcuRing(TM)-K, enabling initiation of a multi-center Phase II 
      clinical trial in the United States in patients undergoing cataract 
      surgery, with patient enrollment expected in the second half of 2026. 
 
   -- Reported that PRF-110 demonstrated sustained 72-hour analgesic activity 
      comparable to ZYNRELEF(R), an approved, commercially available 
      extended-release benchmark, in a validated porcine post-operative pain 
      model, using a ropivacaine-only, NSAID-free formulation. 
 
   -- Reported expanded results from the same head-to-head study showing slower 
      systemic absorption, enhanced local tissue retention and sustained 
      exposure for PRF-110, supporting its development as a 
      single-administration, long-acting post-surgical analgesic being 
      developed as a potential non-opioid option for the management of 
      post-surgical pain. 
 
   -- Entered a commercial collaboration with Blade Ranger to pursue potential 
      enterprise DeepSolar engagements, each with a minimum scope of 150 MW, 
      across utility-scale solar portfolios. 
 
   -- Strengthened the balance sheet to approximately $11.6 million in cash, 
      short term deposits and cash equivalents as of June 30, 2026, providing 
      PRF with substantially greater flexibility to advance its strategic plan. 
 
   -- Validated DeepSolar Predict(TM) using real-world European utility-scale 
      production, weather and market data across day-ahead and intraday 
      scenarios, a key technical milestone ahead of planned commercial launch. 
 
   -- Expanded DeepSolar Predict(TM) with Battery-to-Revenue Intelligence, 
      extending the platform's AI-driven optimization from solar generation 
      into battery energy storage, a growing segment of global energy 
      infrastructure investment. The platform is designed to address solar, 
      wind and storage assets. 
 
   -- Unveiled GridFeed(TM), PRF's AI-driven platform for renewable energy 
      trading, market participation and revenue optimization, built on the 
      DeepSolar Predict engine. DeepSolar will showcase GridFeed at Energy 
      Trading Week Europe 2026, September 24--25, 2026 in London, before an 
      expected audience of more than 2,500 energy trading professionals. 
 
   -- Joined the NVIDIA Connect program, supporting continued development of 
      DeepSolar's AI capabilities. 
 
   -- Began generating revenue from DeepSolar's commercial engagements, which 
      include a SaaS agreement with Shikun & Binui Energy at the 71 MW Satu 
      Mare photovoltaic site in Romania and a first commercial due diligence 
      engagement with EDF Power Solutions Israel. 
 
   -- Reduced general and administrative expenses by approximately 39% 
      year-over-year while nearly tripling investment in research and 
      development, reflecting a shift in resources of capital from 
      administrative overhead toward the Company's clinical and commercial 
      programs. 

Efraim Cohen-Arazi, Interim Chief Executive Officer of PRF Technologies, commented, "The first half of 2026 delivered two important advances for the Company: a significant regulatory milestone and compelling comparative data. The FDA cleared our IND for OcuRing(TM)-K, which enables us to advance a drop-less, single-application ocular therapy into a multi-center Phase II clinical trial in the United States, with enrollment expected in the second half of this year. Cataract surgery is one of the most commonly performed procedures in the world, and post-operative care continues to rely largely on complex eye-drop regimens with well-documented compliance challenges. We believe OcuRing(TM)-K is designed to address that need directly."

"In a head-to-head preclinical study, PRF-110 demonstrated 72-hour analgesic activity comparable to an approved, commercially available product, using a ropivacaine-only, NSAID-free formulation," Mr. Cohen-Arazi continued. "Expanded results from the same study showed slower systemic absorption and enhanced retention at the surgical site. In a market where reducing reliance on opioids remains a clinical and public health priority, PRF-110 is being developed as a potential non-opioid option for the management of post-surgical pain, which we believe represents a differentiated profile worth advancing."

"In energy, DeepSolar continued to convert its technology into commercial progress," Mr. Cohen-Arazi added. "We validated Predict using real-world European market data, extended the platform into battery storage, joined the NVIDIA Connect program, unveiled GridFeed and entered into a collaboration with Blade Ranger targeting enterprise engagements of at least 150 MW each. We are also generating revenue from commercial engagements with counterparties such as Shikun & Binui Energy and EDF Power Solutions Israel."

"We achieved this while reducing general and administrative expenses by approximately 39% and nearly tripling our investment in research and development, supported by a materially stronger balance sheet," Mr. Cohen-Arazi concluded. "This reflects a deliberate reallocation of capital from administrative overhead toward the programs we believe will create long-term value. We enter the second half of 2026 with what we believe are two distinct value drivers, a Phase II clinical trial expected to begin enrolling and the financial resources to execute."

Healthcare Business Update

PRF's healthcare portfolio advanced on two fronts during the first half of 2026, including the Company's most significant regulatory milestone to date in ophthalmology.

In April 2026, PRF and its majority-owned subsidiary LayerBio, Inc. announced that the U.S. Food and Drug Administration had cleared the Company's IND application for OcuRing(TM)-K, enabling initiation of a Phase II clinical trial in patients undergoing cataract surgery. The Company expects to conduct a multi-center Phase II trial in the United States evaluating pain, inflammation and safety following cataract surgery, with patient enrollment expected in the second half of 2026 following trial-startup activities.

OcuRing(TM)-K is a patent-protected, bio-erodible intraocular ring designed to deliver ketorolac through a single intraoperative application, providing sustained, localized drug release at the surgical site and potentially eliminating the need for complex post-surgical eye-drop regimens that can burden patients and contribute to inconsistent compliance. Previously reported preclinical studies and a Phase I clinical evaluation demonstrated a favorable safety profile, with no treatment-related serious adverse events observed. PRF has previously highlighted that the broader LayerBio ocular platform may support additional ophthalmic applications over time, including other NSAID, steroid, antibiotic and anti-VEGF opportunities.

On the post-operative pain side, in May 2026 the Company reported that PRF-110 demonstrated sustained 72-hour analgesic activity comparable to ZYNRELEF(R) (bupivacaine and meloxicam extended-release solution), an approved, commercially available extended-release product, in a head-to-head study conducted in a validated porcine post-operative pain model. Notably, PRF-110 achieved this profile using a ropivacaine-only, NSAID-free extended-release formulation. Both products reduced pain-related measures, PRF-110 maintained comparable efficacy at later timepoints, and safety and local tolerability were consistent with prior preclinical experience, with no unexpected findings.

In June 2026, PRF reported expanded results from the same study, showing slower systemic absorption, enhanced local tissue retention and sustained exposure for PRF-110. The Company believes these results further validate its proprietary extended-release delivery platform and support the continued development of PRF-110 as a single-administration, long-acting post-surgical analgesic designed to reduce reliance on opioids.

DeepSolar Business Update

DeepSolar advanced materially during the first half of 2026, progressing from initial commercial deployment toward a broader AI-driven energy optimization and trading platform.

In March 2026, PRF announced a commercial collaboration agreement with Blade Ranger intended to accelerate deployment of the DeepSolar platform across utility-scale solar portfolios. The agreement targets multiple enterprise engagements, each with a minimum scope of 150 MW, expanding DeepSolar's integration for forecasting, diagnostics and performance optimization with large operators and investors.