Dr. Lior Shaltiel reports

NUREXONE ANNOUNCES APPOINTMENT OF NEW DIRECTOR AND PROVIDES CORPORATE UPDATES

Effective July 6, 2023, Nurexone Biologic Inc. has appointed Dr. Gadi Riesenfeld to the board of directors of the company, replacing Ron Mayron, who resigned for personal reasons.

Dr. Riesenfeld has served on the board of directors and as president of several biopharmaceutical companies, including Kamapharm Ltd., Galisar Ltd., and OticPharma. Moreover, he was previously the president of Pharmos Corp., a publicly traded biotech company listed on the Nasdaq Stock Market. Dr. Riesenfeld holds a PhD from the faculty of agriculture of the Hebrew University of Jerusalem and held a scientific position, as a postdoctorate, at the Cedars Sinai Medical Center in Los Angeles, Calif.

The company is excited to have Dr. Riesenfeld on its board of directors and believes his rich corporate experience as well as his knowledge of the pharmaceutical industry will benefit the board and the company. Nurexone thanks Mr. Mayron for his service on the board of directors of the company.

Corporate updates

On June 28, 2023, the company held its annual and special meeting of shareholders. At the meeting, shareholders approved all proposed resolutions as set out in the management information circular dated May 23, 2023, available at the company's SEDAR profile, including the adoption of the company's omnibus equity incentive plan, as amended. The text of the plan as well as a summary of the plan is contained in the circular. The maximum number of common shares issuable pursuant to awards granted under the plan is 7,713,928 common shares, being a fixed amount equal to 18 per cent of the issued and outstanding common shares of the company as of the date of the meeting.

The company will make an application to the TSX Venture Exchange to amend the exercise price of 13,815,730 outstanding common share purchase warrants of the company. The warrants currently have an exercise price of $1.20 per common share and expire on June 15, 2024. The warrants will be amended to adjust their exercise price to 38 cents per common share. All other provisions of the warrants will remain the same, including the expiration date. Management believes repricing these out-of-the-money warrants could encourage their earlier exercise, improving the company's balance sheet. The amendment of the warrants is subject to the approval of the TSX-V.

The company would like also to announce that a patent covering Nurexone's ExoPTEN technology, including drug composition and methods for non-invasive intranasal administration of exosome-based treatment, has been allowed recently by the Russian Patent Office in a national phase examination. A U.S. patent application, based on the same PCT (Patent Cooperation Treaty) filing (PCT/IL2019/050355) was granted earlier this year. The applications are part of Nurexone's focus on obtaining intellectual property protection in key markets for its central nervous system disease treatment.

About Nurexone Biologic Inc.

Nurexone Biologic is a TSX-V-listed pharmaceutical company that is developing a platform for biologically guided exotherapy to be delivered, non-invasively, to patients who have suffered traumatic spinal cord injuries.

Exotherapy, utilizing extracellular vesicles or exosomes, was conceptually demonstrated in animal studies at the Technion, Israel Institute of Technology. Nurexone is translating the treatment to humans, and the company holds an exclusive worldwide licence from the Technion and Tel Aviv University for the development and commercialization of the technology.

We seek Safe Harbor.