An anonymous director reports

BLOOM BURTON & CO. INC. ANNOUNCES CHANGES TO HOLDINGS IN SATELLOS BIOSCIENCE INC.

Satellos Bioscience Inc. shareholder Bloom Burton & Co. Inc. and its affiliate today acquired 1,453,070 common shares and 6,636,734 compensation options of Satellos in connection with a public offering of the corporation by way of a short form prospectus dated May 9, 2023. Bloom Burton purchased the shares at a price of 50 cents per share for total consideration of $726,535 and its affiliate acquired the compensation options as partial consideration for its services in connection with the public offering. Combined with other treasury issuances of shares by the corporation, this resulted in a decrease of beneficial holdings of approximately 4.9 per cent of the outstanding shares on a partially diluted basis since the date of the last early warning report.

Prior to this acquisition, Bloom Burton, its affiliates and Brian Bloom beneficially owned 7,666,812 shares and 1,176,946 derivative securities (that is, warrants, broker warrants, compensation options and stock options), representing approximately 18.0 per cent of the outstanding shares on a non-diluted basis and approximately 20.3 per cent on a partially diluted basis assuming exercise of such derivative securities (including all of the stock options). After this acquisition, Bloom Burton, its affiliates and Brian Bloom beneficially own 9,119,882 shares and 7,813,680 derivative securities (including the compensation options), representing approximately 8.1 per cent of the outstanding shares on a non-diluted basis and approximately 14.0 per cent on a partially diluted basis assuming exercise of such derivative securities (including all of the stock options).

The securities noted above are held for investment purposes. Bloom Burton has a long-term view of the investment and may acquire additional securities including either on the open market or through private acquisitions or sell the securities including either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The corporation is located at Royal Bank Plaza, South Tower, 2800, 200 Bay St., Toronto, Ont., M5J 2J1. A copy of the early warning report with respect to the foregoing will appear on the corporation's profile on SEDAR and may also be obtained by contacting Sonia Yung, general counsel, Bloom Burton, at 416-640-7575, or at compliance@bloomburton.com. Bloom Burton is a corporation existing under the laws of Ontario, specializing in the health care industry, with its head office at 300, 65 Front St. E., Toronto, Ont., M5E 1B5.