Mr. Rashid Bux reports

BIOMARK PROVIDES SECOND QUARTER OPERATIONAL UPDATE AND ANNOUNCES EXTENSION TO WARRANT EXERCISE TERM

Biomark Diagnostics Inc. has released its strong operational results from the second quarter ended Sept. 30, 2023. The company intends to extend the warrant exercise term in a continuing effort to improve corporate value for its shareholders.

Highlights of the second quarter:

• The company expanded its technical team and hired two additional staff members to support all activities related to securing lab certification and running clinical samples as it prepares the launch of its early lung cancer assay in the first half of 2024. Financing to support the hiring of the personnel was provided by NRC-IRAP. The company is looking to expand its work force in the near term to support the future scale-up of the operation.
• On Aug. 8, 2023, Biomark announced that the Japan Patent Office (JPO) issued divisional patent application No. 7311659, titled "Methods of detecting lung cancer," using urine biomarkers. The issued patent belongs to a larger family of patents on the company's biomarker panel for detecting lung cancer.
• On Aug. 30, 2023, Biomark announced that vice-admiral Kevin Cosgriff would be joining Biomark's advisory team to support its innovation and investment strategy. His experience and connections will be valuable as Biomark makes a committed effort to hasten commercialization of its early lung cancer assay. Similarly, he will aid Biomark to expand its clinical research collaborations in the United States for other vertical indications, which it holds in its patent estate.
• The company has completed the recruitment of patients for its clinical trial measuring response to immunotherapy in advanced-stage lung cancer patients that is being conducted at IUCPQ under Dr. Joubert leadership. Results are expected by Q4 2023. This sponsored research is financed by a foundation grant and sample analysis will be conducted at BioMark's lab in Quebec. A positive outcome of the studies will further demonstrate BioMark's diagnostic assay in differentiating responders versus non-responders to immunotherapy treatment, which ultimately leads to better quality-of-life treatment selection for patients and overall cost savings. Biomark's assay is intended to monitor response faster and more accurately.
• The large early lung cancer multimodal trial that commenced in March, 2022, and is being conducted in Quebec across seven participating hospitals continued to successfully recruit patients as planned. The completion of the trial and the initial data readout is anticipated by Q4 2023.

Results for the second quarter

The company's unaudited consolidated results of operations, financial condition and cash flows for the quarter ended Sept. 30, 2023, and the related management's discussion and analysis (MD&A) are available on SEDAR+. Of note, the company generated revenues of $81,872 (Canadian) for the six months ended Sept. 30, 2023, and research and development expenses increased by 15 per cent compared with the same period last year. The consistent increase in research and development expenses is in line with management objectives and was mainly due to continuing research projects to advance the clinical validation of the company's liquid biopsy platform for early lung cancer detection, monitoring and predicting response to treatment. These results also reflect investments related to the establishment of a diagnostic laboratory in Quebec announced on April 29, 2021. At the end of the quarter, cash, short-term investments and long-term investments stood at $632,238 (Canadian). As of Sept. 30, 2023, the number of outstanding common shares was 83,286,229, and a total of 12,534,579 stock options and warrants were issued.

In addition, the company is pleased to announce that it intends to amend the term of 1,15,579 non-broker warrants issued in relation to a private placement financing that closed on Dec. 13, 2019. The warrants carry an exercise price per share of 45 Canadian cents and are scheduled to expire on Dec. 13, 2023. The company proposes to extend their term by one year such that the warrants will be exercisable until Dec. 13, 2024, at an exercise price per share of 45 Canadian cents. All other terms of the warrants will remain unchanged. These warrants are the only non-listed warrants currently outstanding, and the amendments do not apply to any warrants issued to finders or agents as compensation.

Holders of the warrants may contact the company at info@biomarkdiagnostics.com, should they have any questions or wish to exercise their warrants.

Biomark reminds its shareholders that the date for the annual general meeting (AGM) has been set for Friday, Dec. 22, 2023. All related documents have been filed on SEDAR+ and are available to download from the company website.

About Biomark Diagnostics Inc.

Biomark is developing proprietary, non-invasive and accurate cancer diagnostic solutions that can help detect, monitor and assess treatment for cancer early and cost-effectively. The technology can also be used for measuring response to treatment and potentially for serial monitoring of cancer survivors.

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