Mr. Frank Gleeson reports

SATELLOS RECEIVES CONDITIONAL APPROVAL TO GRADUATE TO THE TORONTO STOCK EXCHANGE

Satellos Bioscience Inc. has received conditional approval from the Toronto Stock Exchange (TSX) to graduate from the TSX Venture Exchange and to list its common shares on the TSX.

"Uplisting to the TSX will expand our reach to a broader range of global investors seeking to invest in novel therapeutic approaches grounded in decades of groundbreaking scientific research," said Frank Gleeson, co-founder and chief executive officer of Satellos. "This year we will be building to important milestones as we progress SAT-3247, our lead small-molecule drug candidate for Duchenne muscular dystrophy, through IND-enabling studies and GMP manufacturing. We remain on target to initiate clinical trials mid-2024."

Final approval of the listing is subject to the company meeting certain customary conditions required by the TSX. The company will issue a press release once the TSX confirms the date when trading of the common shares is expected to commence on the TSX.

Upon completion of the final TSX listing requirements, the common shares will be delisted from the TSX-V.

Shareholders are not required to exchange their share certificates or direct registration system advices, or take any other action in connection with the listing on the TSX, as there will be no change in the trading symbol or Cusip for the common shares.

About Satellos Bioscience Inc.

Satellos is a publicly traded biotechnology company dedicated to developing life-improving medicines to treat degenerative muscle diseases. Satellos has incorporated breakthrough research in muscle stem cell polarity into a proprietary discovery platform, called MyoReGenX, to identify degenerative muscle diseases where deficits in this process affect muscle regeneration and are amenable to therapeutic intervention. With this platform, Satellos is building a pipeline of novel therapeutics to correct muscle stem cell polarity and promote the body's innate muscle repair and regeneration process. The company's lead program is an oral, small-molecule drug candidate in development as a potential disease-modifying treatment for Duchenne muscular dystrophy. Satellos is headquartered in Toronto, Ont.

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