Mr. Robert Farrell reports

CLARITAS PROVIDES MANAGEMENT CEASE TRADE ORDER & CORPORATE UPDATE PER POLICY STATEMENT 12-203

Claritas Pharmaceuticals Inc. has provided an update with respect to its previously announced management cease trade order (MCTO) issued by the company's principal regulator, the British Columbia Securities Commission (BCSC), on May 4, 2022.

The MCTO was issued because the company did not file its annual audited financial statements for the fiscal year ending Dec. 31, 2021, annual management discussion and analysis for the fiscal year ending Dec. 31, 2021, and chief executive officer and chief financial officer certificates related to the foregoing by the prescribed filing deadline of May 2, 2022.

Preparation of the annual documents has also impacted the timely completion of the company's interim financial statements for the quarter ended March 31, 2022. The completion of those interim statements is dependent on the results contained in the annual documents. As a result, Claritas will not be able to file its interim financial results for the quarter ended March 31, 2022, and the related management's discussion and analysis, and CEO and CFO certificates by the reporting deadline of May 30, 2022. Claritas expects to file the Q1 filings within five business days after it has filed the annual documents.

The company's management confirm that it is working to file the annual documents and the Q1 filings as soon as they are available. As previously announced, pursuant to the MCTO, the company's CEO and CFO cannot trade the securities of the company until the company files the annual documents and the Q1 filings and the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.

Claritas has not completed the annual documents and the Q1 filings due to its inability to pay fees due to its audit firm as well as third party service providers that Claritas has retained to provide certain financial valuations required for completion of the audit. The company's lack of financial resources has also impacted the company's research and development activities. Specifically, the company has not been able to pay fees due to the third party service provider, the Salzman Group, that the company retained to provide certain research and development activities, including manufacture of drug substance and overall management of the company's phase 1 clinical study of R-107. Consequently, the Salzman Group has stopped work on the phase 1 clinical study, and the company has placed the phase 1 clinical study of R-107 on hold. The company will not be able to complete the annual documents and Q1 filings, nor will it be able to restart the phase 1 clinical study of R-107, until it either raises additional capital or sublicenses to a third party pharmaceutical company its rights to develop R-107 for the treatment of pulmonary arterial hypertension (PAH). The company is seeking to raise additional capital and is working with a United States-based firm that advises clients on private debt, equity capital, and merger and acquisition transactions. The company is also in discussions with pharmaceutical companies regarding the sublicense of its rights to develop R-107 for the treatment of PAH.

The company is providing this biweekly default status report in accordance with National Policy Statement 12-203 Respecting Management Cease Trade Orders. Until such time as the company files the annual documents and the Q1 filings and the MCTO has been revoked, the company intends to follow the provisions of the alternative information guidelines set out in PS 12-203, including the issuance of biweekly default status reports in the form of news releases.

Pursuant to the provisions of the alternative information guidelines specified in PS 12-203, the company confirms that, other than as disclosed in this news release and the previous status report new releases accessible on the company's profile on SEDAR, as the date of this news release (a) there are no material changes to the information contained in the anticipated default announcement issued on April 29, 2022, and the subsequent related announcement of May 4, 2022, announcing the MCTO that would reasonably be expected to be material to an investor; (b) there have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under PS 12-203; (c) there has not been, nor is there anticipated to be (except with respect of the anticipated lateness of the Q1 filings), any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed. The company will provide updates should any material developments occur.

The applicable Canadian securities regulatory authorities may issue a general cease trade order against the company for failure to file the annual documents within the prescribed time period or sooner if the company fails to file its status reports during the prescribed time limits.

About Claritas Pharmaceuticals Inc.

Claritas Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for patients with significant unmet medical needs. Claritas focuses on areas of unmet medical need, and leverages its expertise to find solutions that will improve health outcomes and dramatically improve people's lives.

We seek Safe Harbor.