Dr. Salim Dhanji reports

ME THERAPEUTICS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND PROVIDES CORPORATE UPDATE

ME Therapeutics Holdings Inc. has arranged a non-brokered private placement financing to raise gross proceeds of up to $1.55-million and provided an update on the status of its current research and development programs.

The offering is expected to consist of up 1.55 million units at a price of $1 per unit for gross proceeds of up to $1.55-million. The company confirms that the offering price was reserved confidentially on Jan. 31, 2024, pursuant to Section 6.2(4) of Policy 6 of the Canadian Securities Exchange.

Each unit will comprise one common share of the company and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional share of the company at a price of $1.50 per share for a period of two years from closing of the offering, subject to an acceleration provision whereby the expiry date of the warrants may be accelerated if the daily trading price of the shares equals or exceeds $2 on the exchange (or such other exchange on which the shares may then be traded) for a period of 10 consecutive trading days, in which event the company may, in its discretion, accelerate the expiry date of the warrants by giving notice through news release, and, in such case, the warrants will expire on the 30th day after the date on which the news release is disseminated.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. No finders' fees are expected to be paid in connection with the offering. Completion of the offering remains subject to certain conditions, including confirmation of no objection from the exchange.

The aggregate gross proceeds from the sale of the offering are expected to be used for financing continuing research and development of the company's technology, regulatory review and approvals, potential in-licensing or partnerships, operating expenses, investor relations, and other working capital requirements.

At the request of CIRO (Canadian Investment Regulatory Organization), the company's management confirms that, other than the offering, it is unaware of any material change in the company's operations that would account for the recent increase in market activity. The company continues to pursue research and development of its G-CSF antibody candidate, myeloid pro-drug candidate and novel LNP (lipid nanoparticle) formulation as previously disclosed in the company's corporate update news release dated Jan. 25, 2024.

About ME Therapeutics Holdings Inc.

ME Therapeutics is an early-stage Vancouver-based biotechnology company involved in the discovery and development of novel immuno-oncology therapeutics targeting immune suppression in cancer. The company's main focus is on overcoming the suppressive effects of an important class of immune cells called myeloid cells in order to enhance anti-cancer immunity (myeloid enhancement).

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