Exhibit 99.1

Moleculin Biotech, Inc. Reports Financial Results for the First Quarter Ended March 31, 2018

HOUSTON - May 15, 2018 - Moleculin Biotech, Inc., (NASDAQ: MBRX) ("Moleculin" or the "Company"), a clinical stage pharmaceutical company focused on the development of oncology drug candidates, all of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center, today announced its financial results for the first quarter ended March 31, 2018. Additionally, the Company announced potential upcoming milestones and recent corporate developments.

Management Discussion

Walter Klemp, Chairman and CEO of Moleculin, said, “The first quarter of 2018 was very productive as we took important steps to advance the clinical trial of our lead compound, Annamycin for the treatment of relapsed or refractory acute amyloid leukemia (“AML”). We entered into an agreement with The University Hospitals Cleveland Medical Center, which includes the Seidman Cancer Center and the Cleveland Clinic, to participate in our U.S. Phase I/II clinical trial of Annamycin to demonstrate safety and efficacy. The first patients were enrolled and treated without incident beginning in late March 2018. We are also awaiting authorization to proceed with our Annamycin clinical trial in Poland, which, if approved by the Polish National Office, would provide a significant and positive expansion of our trial.”

“We are particularly excited with the commencement of the U.S. Annamycin clinical trial because of its unique attributes in treating cancer,” continued Mr. Klemp. “Currently approved drugs for AML are limited in their effectiveness by two key flaws: they are often defeated by something called multidrug resistance, which allows cancer cells to build a resistance to the drug, and at the same time, their dosage is limited by their inherent cardiotoxicity, meaning they can do significant and permanent damage to the heart. Annamycin was uniquely designed to avoid these multiple drug resistance mechanisms and exhibits little to no cardiotoxicity. We believe these unique characteristics could make Annamycin an important new treatment option for AML patients."

“Also, during the quarter, we engaged a contract research organization in anticipation of the expansion of the Annamycin clinical trial in Europe; and we entered into an agreement with a European-based manufacturer to begin preparations for commercial scale production of Annamycin as it moves through the approval process.

We remain highly focused on developing treatments for rare and difficult cancers such as AML; glioblastoma; cutaneous T-cell lymphoma, (“CTCL), a deadly form of skin cancer; and pancreatic cancer. We have three highly differentiated technologies with breakthrough potential that, we believe, may effectively treat these difficult cancers. From those three core technologies, we now have six potential oncology drug candidates - one of those drugs is currently in clinical trials - with the possibility of two others commencing clinical trial in 2018. We are off to a good start in the first quarter of 2018 and we look forward to building on that momentum throughout the rest of the year.”

First Quarter Highlights and Recent Corporate Developments

Moleculin Announces Engagement with Voisin Consulting Life Sciences to Expand Annamycin Clinical Trial - May 03, 2018, the Company announced that it has engaged Voisin Consulting Life Sciences (“VCLS”),

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The following information was filed by Moleculin Biotech, Inc. (MBRX) on Tuesday, May 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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