Mr. Dean Burns reports

OCUMETICS ANNOUNCES APPOINTMENT OF PRESIDENT AND CEO

Ocumetics Technology Corp. has appointed Dean Burns as Ocumetics's president and chief executive officer. Mr. Burns will also join the Ocumetics board of directors. Mr. Burns was previously a consultant of the corporation, assisting with the corporation's regulatory and marketing endeavours.

Further to the announcement of Dr. Mark Lee's resignation effective June 30, 2023, Dr. Lee stepped down as president and CEO on June 12, 2023.

"We are pleased to have Dean move from a consulting capacity to join our team on a full-time basis in a leadership role," said Dr. Garth Webb, chairman of the board of Ocumetics. "Dean will draw on his 27 years of experience navigating the regulatory process and product commercialization with Alcon Vision to lead Ocumetics as we commence clinical trials," added Dr. Webb.

Mr. Burns is recently retired from Alcon Vision, where he was a senior director of cataract instrumentation and advanced consumable technology, a $750-million (U.S.) business of Alcon. At Alcon, Mr. Burns managed technologies in four therapeutic categories: cataract, refractive, retinal and pharmaceutical. Mr. Burns's 27-year career with Alcon brings a diverse health care experience to Ocumetics. His experience included developing plans to commercialize acquired technologies and line extension of existing products. He also has skills and experience in marketing and sales management, manufacturing, comprehensive understanding of the regulatory process for devices, key opinion leader management, and surgeon clinical training. Mr. Burns's accomplishments include over 15 Food and Drug Administration product approvals and five business development and licensing acquisition projects totalling $2.3-billion (U.S.).

"I am thrilled to join Ocumetics on a full-time basis," said Mr. Burns. "Over the past year, in my consulting capacity, I have seen first-hand the market potential of the Ocumetics lens technology. The potential for this technology is incredible and I look forward to leading the process to bring it to market. My 90-day priorities include meeting with shareholders, engaging new investors and raising capital to fund our phase 1 clinical trials."

In conjunction with his appointment, Ocumetics has issued 1.6 million incentive stock options to Mr. Burns. Each option entitles the holder to purchase one common share of Ocumetics at an exercise price per common share of 32 cents for a period of five years. The options will vest over three years, with 15 per cent of the options vesting six months after the date of issuance, another 15 per cent vesting after 12 months, another 15 per cent after 18 months, another 15 per cent after 24 months, another 20 per cent after 30 months and the remaining 20 per cent after 36 months.

About Ocumetics Technology Corp.

Ocumetics Technology is a Canadian research and development company that specializes in adaptive intraocular lens designs. Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. Ocumetics has developed an expandable intraocular lens that fits within the capsular bag following extracapsular cataract extraction. It is designed to allow the eye's natural muscle activity to shift focus from distance to near, potentially to eliminate the need for corrective lenses.