Mr. Andrew Schutte reports

REPLICEL LIFE SCIENCES INC. ANNOUNCES DATE FOR ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

RepliCel Life Sciences Inc. has set Sept. 22, 2023, as the date for its annual general and special meeting. At the meeting, the company intends to seek shareholder approval for the following: (i) setting the number of directors at six; (ii) electing Andrew Schutte, R. Lee Buckler, David Hall, Peter Lewis, Jamie Mackay and Gary Boddington as directors of the company; (iii) approval of a new equity incentive plan, which will enable the company to grant stock options, restricted share units, performance share units and deferred share units; and (iv) disinterested shareholder approval of the extension of the expiry date from July 30, 2023, to July 30, 2025, to 860,000 stock options granted to insiders of the company on July 30, 2018, which are each exercisable into one common share of the company at the exercise price of 43 cents per common share.

The meeting was also scheduled in response to a requisition for the company to call a meeting that shareholders received from Andrew Schutte on July 10, 2023, being a greater-than-5-per-cent shareholder of the company. Mr. Schutte requested that the company convene a meeting of shareholders to elect the slate of directors.

About RepliCel Life Sciences Inc.

RepliCel is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles.

The company's cell therapy product pipeline comprises RCT-01 for tendon repair, RCS-01 for skin rejuvenation and RCH-01 for hair restoration. RCH-01 has been the subject of successful safety and dose-finding clinical studies, and is now the subject of its third clinical study evaluating efficacy for the treatment of male and female hair loss due to androgenetic alopecia. This continuing study is being financed by Shiseido Company Ltd. pursuant to a licence agreement, which has now been terminated but is the subject of an arbitration regarding Shiseido's rights to the product for Asia. RepliCel maintains the undisputed rights to RCH-01 for the rest of the world. RCT-01 and RCS-01 are exclusively licensed in greater China to Yofoto (China) Health Company. RepliCel and Yofoto are currently co-developing these products in China. RepliCel maintains the rights to these products outside of greater China.

RepliCel has also developed a proprietary injection device (DermaPrecise) and related consumables, expected to improve the administration of its cell therapy products and certain other injectables. Yofoto has exclusively licensed the commercial rights for the DermaPrecise device and consumables in greater China for dermatology applications, and is expected to first launch the product in Hong Kong upon it being approved for market launch in either the United States or Europe. MainPointe Pharmaceuticals has an exclusive distribution agreement for the DermaPrecise device and consumables in the United States, subject to income. MainPointe is expected to finance the U.S. Food and Drug Administration (FDA) approval process in the United States.

Notable facts

RepliCel's three-cell-therapy products have now been tested in over 100 patients in four countries on three continents.

RepliCel now has key strategic regional partners, each of which are now investing heavily in the further clinical testing and development of RepliCel's products for their markets. Data from each of the clinical programs will strengthen the product development initiatives for RepliCel and its other partners worldwide.