Mr. Ken d'Entremont reports

MEDEXUS ANNOUNCES FULL EXERCISE AND CLOSING OF OVER-ALLOTMENT OPTION IN BOUGHT-DEAL PUBLIC OFFERING

In connection with its recently completed bought deal public offering of units, Medexus Pharmaceuticals Inc. has issued an additional 508,484 units at a price of $2.95 per unit for an additional $1.5-million in gross proceeds following exercise in full by Research Capital Corp. of the underwriter's overallotment option pursuant to the underwriting agreement dated Sept. 11, 2023, between Medexus and the underwriter relating to the offering.

The sale of these additional Units brings the aggregate gross proceeds to Medexus from the Offering to over C$11.5 million. The net proceeds from the Offering, including the net proceeds from the exercise of the Underwriter's over-allotment option, and after deducting underwriting discounts and commissions and offering expenses, will be used for working capital and general corporate purposes, which may include funding Medexus's ongoing 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 C$3.65 at any time up to April 6, 2026, being 30 months following the initial closing of the Offering on October 6, 2023.

About Medexus

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. For more information about Medexus and its product portfolio, please see the company's corporate website at www.medexus.com and its filings on SEDAR+ at www.sedarplus.com.

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