Mr. Greg Gubitz reports

HLS THERAPEUTICS ANNOUNCES AGREEMENT WITH POLAR ASSET MANAGEMENT PARTNERS AND RETIREMENT OF TWO DIRECTORS FROM THE BOARD OF DIRECTORS

J. Spencer Lanthier and Don DeGolyer will not be standing for re-election to the HLS Therapeutics Inc. board of directors at HLS's coming annual meeting of shareholders to be held on June 16, 2023. Mr. Lanthier's and Mr. DeGolyer's terms as directors will expire at the conclusion of the AGM. The number of directors to be elected at the AGM will be reduced from 10 to eight.

"Spencer and Don have been key contributors to the board of directors and my fellow directors and I thank them both for their years of dedicated service to the board," said Greg Gubitz, chair of the board.

The withdrawal of Mr. Lanthier and Mr. DeGolyer will not affect the validity of the proxy form attached to the notice of annual meeting of shareholders and management information circular dated May 18, 2023, in respect of the AGM distributed to shareholders, nor any proxy votes already submitted in respect of the other director nominees or in respect of the remaining resolutions to be put to shareholders for approval at the AGM. HLS will disregard any votes cast for the election of Mr. Lanthier or Mr. DeGolyer as directors of HLS at the AGM.

In connection with the retirement of Mr. Lanthier and Mr. DeGolyer from the board, HLS entered into an agreement with Polar Asset Management Partners Inc., a shareholder of HLS, pursuant to which HLS and Polar have agreed that Polar will propose a director candidate for consideration by the compensation and governance committee of the board, who, if meeting the board's requirements, will be appointed to the board concurrently with the retirement from the board following the 2023 AGM of Greg Gubitz, the chair of the board and co-founder and founding chief executive officer of HLS. Pursuant to the agreement, Polar has agreed to support the election of all remaining director nominees at the AGM and to vote in favour of the resolution to approve certain amendments to HLS's stock option plan, the ratification of certain grants thereunder and the approval of the unallocated options thereunder. Additional information regarding the option plan resolution can be found in the circular, which is available on SEDAR.

About HLS Therapeutics Inc.

Formed in 2015, HLS is a pharmaceutical company focused on the acquisition and commercialization of late-stage development, commercial stage promoted and established branded pharmaceutical products in the North American markets. HLS's focus is on products targeting the central nervous system and cardiovascular therapeutic areas. HLS's management team is composed of seasoned pharmaceutical executives with a strong record of success in these therapeutic areas and at managing products in each of these life cycle stages.

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