Mr. Ken d'Entremont reports

MEDEXUS PHARMACEUTICALS ANNOUNCES C$10 MILLION BOUGHT-DEAL PUBLIC OFFERING OF UNITS

Medexus Pharmaceuticals Inc. has entered into an agreement with Research Capital Corp., as sole bookrunner and sole underwriter, pursuant to which the underwriter has agreed to purchase, on a bought-deal basis, 3,389,900 units of the company at a price of $2.95 per unit for gross proceeds to the company of $10,000,205.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $3.65 at any time up to 30 months following the closing date (as defined below).

The net proceeds of the offering will be used for working capital and general corporate purposes.

The company has granted the underwriter an option, exercisable in part or in whole at the underwriter's discretion, at any time until 30 days following the closing date, to purchase up to the number of additional units, and/or the components thereof, equal to 15 per cent of the aggregate number of units sold in the offering to cover overallotments, if any, and for market stabilization purposes.

The offering will be completed: (i) by way of a short form prospectus to be filed in all provinces of Canada other than Quebec pursuant to National Instrument 44-101, Short Form Prospectus Distributions; and (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and applicable U.S. state securities laws.

The closing of the offering is expected to occur on or about Sept. 21, 2023, or such later or earlier date as the underwriter and the company may agree upon, and is subject to certain conditions including, but not limited to, the company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities, and the satisfaction of other customary closing conditions.

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 oncology, hematology, rheumatology, auto-immune diseases, allergy and dermatology.

We seek Safe Harbor.