Mr. Ken d'Entremont reports

MEDEXUS ANNOUNCES NORMAL COURSE ISSUER BID, OR NCIB, FOR ITS CONVERTIBLE DEBENTURES

The Toronto Stock Exchange has accepted Medexus Pharmaceuticals Inc.'s notice of intention to make a normal course issuer bid, or NCIB, for its 6 per cent unsecured convertible debentures due 2023 (TSX: MDP.DB). Under the NCIB, Medexus may purchase for cancellation up to $4,132,100 principal amount of convertible debentures, representing approximately 10 per cent of the public float as defined under TSX rules. As of May 1, 2023, $41,546,000 principal amount of convertible debentures were outstanding.

"We believe that purchases of our convertible debentures will allow us to deleverage our balance sheet," said Ken d'Entremont, Medexus's chief executive officer. "This would lead to lower overall debt levels and reduced future debt service obligations, particularly as we approach the October, 2023, maturity of the convertible debentures."

"We will carefully monitor the market price of the convertible debentures," added Marcel Konrad, Medexus's chief financial officer. "Any purchases we make under this new NCIB will benefit the company and its investors by reducing the principal amount of convertible debentures outstanding at maturity, smoothing out our capital outlays during this period, and seeking to uphold a stable and orderly market for both the convertible debentures and our common shares."

Purchases under the NCIB may commence on May 15, 2023, and continue through Oct. 16, 2023, or such earlier date as Medexus completes the maximum aggregate purchases permitted under the NCIB. The NCIB will be conducted by means of open market transactions through the facilities of the TSX or alternative Canadian trading systems. From Nov. 1, 2022, to April 30, 2023, the average daily trading volume, or ADTV, of the convertible debentures was $6,483 principal amount. Accordingly, under TSX rules and policies, purchases under the NCIB on any trading day will be limited to a maximum of $1,620 principal amount, being 25 per cent of the ADTV, other than any purchases made in accordance with the TSX's block purchase exception.

About Medexus Pharmaceuticals Inc.

Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of hematology, oncology, autoimmune diseases and allergy.

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