Mr. Stephen Kilmer reports

PROFOUND MEDICAL ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON SHARES

Profound Medical Corp. has commenced an underwritten public offering in the United States of common shares in the capital of the company. The company intends to file a preliminary prospectus supplement to its short form base shelf prospectus dated March 23, 2022, in the United States and Canada relating to the proposed offering. The company intends that the offering will be priced in the context of the market, with such price and the total size of the offering to be determined at the time of entering into an underwriting agreement with respect thereto. The company expects to grant the underwriter for the offering an overallotment option to purchase up to an additional 15 per cent of the common shares to be sold pursuant to the offering on the same terms and conditions, and that the overallotment option will be exercisable for a period of 30 days after closing. All of the securities in the offering will be sold by the company.

Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

Closing of the offering will be subject to a number of customary conditions including, but not limited to, the listing of the common shares on the Toronto Stock Exchange and any required approvals of that exchange, as well as notice of the listing of the common shares on Nasdaq in accordance with the rules of that exchange, and there can be no assurance as to whether or when the offering may be completed.

The net proceeds of the offering are expected to be used: (i) to finance the continued commercialization of the Tulsa-Pro system in the United States; (ii) to finance the continued development and commercialization of the Tulsa-Pro system and the Sonalleve system globally; and (iii) for working capital and general corporate purposes.

The preliminary supplement will be filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. The preliminary supplement will also be filed with the U.S. Securities and Exchange Commission (the SEC) as part of the company's effective registration statement on Form F-10 (file No. 333-263248), as amended, previously filed under the multijurisdictional disclosure system adopted by the securities regulatory authorities in Canada and in the United States. The preliminary supplement, together with the base shelf prospectus and the registration statement, as applicable, contains certain important detailed information about the offering but remains subject to completion. Copies of the Preliminary supplement and the base shelf prospectus will be available on SEDAR+ and on EDGAR, and a copy of the registration statement is available on EDGAR. Copies of the preliminary supplement, the base shelf prospectus and the registration statement may also be obtained in the United States by contacting Titan Partners Group at 4 World Trade Center, 29th floor, New York, N.Y., 10007, by telephone at 929-833-1246 or by e-mail to info@titanpartnersgrp.com. Before investing in the offering, potential investors should read the preliminary supplement, the base shelf prospectus and the registration statement and the other documents that Profound has filed in Canada and with the SEC for more complete information about Profound and the offering.

The company is offering the common shares in the United States only. The common shares will not be qualified for sale under the securities laws of Canada or any province or territory of Canada and are not being offered for sale in Canada or to any resident of Canada.

About Profound Medical Corp.

Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.

Profound is commercializing Tulsa-Pro, a technology that combines real-time magnetic resonance imaging, robotically driven transurethral ultrasound and closed-loop temperature feedback control. Tulsa-Pro is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient's natural functional abilities. Tulsa-Pro has the potential to be a flexible technology in customizable prostate ablation, including intermediate-stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large-volume benign prostatic hyperplasia (BPH). Tulsa-Pro is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration.

We seek Safe Harbor.