Mr. Marcel Konrad reports

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

Medexus Pharmaceuticals Inc. has closed its bought deal public offering of 3,389,900 units at a price of $2.95 per unit for aggregate gross proceeds to Medexus of $10,000,205. The net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses, will be used for working capital and general corporate purposes, which may include financing Medexus's continuing business development activities and initiatives.

Each unit consists of one common share of Medexus and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of Medexus at an exercise price of $3.65 at any time up to 30 months following the closing of the offering.

The offering was completed pursuant to an underwriting agreement dated Sept. 11, 2023, between Medexus and Research Capital Corp., as sole bookrunner and sole underwriter. Medexus 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 of the offering, to purchase up to the number of additional units, and/or the components of the units, 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.

Medexus filed a final short form prospectus in all provinces of Canada, except Quebec, under National Instrument 44-101 -- Short Form Prospectus Distributions to qualify for distribution the securities offered in the offering. Copies of the prospectus and documents incorporated by reference into the prospectus are available electronically on SEDAR+.

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.