Rafael Holdings Inc. Class B

Rafael Holdings includes commercial real estate assets and interests in two clinical-stage pharmaceutical companies backed by a strong and liquid balance sheet. Rafael’s real estate holdings are comprised by a 20-story commercial office building and associated parking garage in Newark, New Jersey, an office/data center building in Piscataway, New Jersey and an office condominium in Israel. Rafael’s pharmaceutical holdings include interests in two clinical-stage oncology companies – Rafael Pharmaceuticals and LipoMedix. Rafael Pharmaceuticals is developing therapies that exploit the metabolic differences between normal cells and cancer cells in both solid and liquid cancers. LipoMedix is developing liposomal prodrugs designed to enhance the efficacy of certain chemotherapeutic therapies.