Mr. James Kinley reports

CYTOPHAGE ANNOUNCES FORMATION OF SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO EVALUATE STRATEGIC ALTERNATIVES

Cytophage Technologies Ltd.'s board of directors has formed a special committee composed solely of independent and disinterested directors to evaluate potential strategic alternatives.

The company is currently in receipt of unsolicited strategic financing proposals. The special committee will oversee a competitive process to assist all interested parties in conducting due diligence and reaching, if possible, a firm and final financing offer. The special committee is further exploring a full range of options, which may include, but are not limited to, a merger, sale or other business combination. The special committee is focused on acting in the best interests of all Cytophage stockholders and maximizing value.

The board has not set a timetable for this process, nor has it made any decisions regarding any potential strategic transaction. There can be no assurance that this process will result in any transaction. The company does not intend to provide updates or make further comments regarding these matters unless and until it determines that additional disclosure is appropriate or required by law.

About Cytophage Technologies Ltd.

Cytophage Technologies is a pioneering biotechnology company dedicated to bacteriophage research, product development and commercialization.

Bacteriophages are viruses that only infect and kill bacteria. These natural killers of bacteria can overcome cellular or organism-level defences. They are nature's version of antibiotics.

Cytophage is improving bacteria's natural predators with environmental, as well as genetic, modifications to bring safe and toxin-free killer solutions to large addressable markets with an initial focus on animal health. As a leading bacteriophage manufacturer in Canada and powered by a large library of phage strains, Cytophage is committed to addressing the global challenge of antibiotic resistance. The World Health Organization predicts that AMR will be the leading cause of human mortality by 2050. Many countries have already banned or limited preventative antibiotic use in animal production including 27 European Union countries, United States, Canada, Brazil, Bangladesh, India and Mexico. In addition to that, consumers all over the world are demanding organic and antibiotic-free products.

Cytophage is using its know-how and technology to advance innovative and cost-competitive products that harness the power of bacteriophages to combat bacterial infections affecting human health, animal health and food security.

We seek Safe Harbor.