Mr. Steven Musumeci of Soleus reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - ACQUISITION OF SECURITIES OF THERATECHNOLOGIES INC.

This press release is disseminated as required by National Instrument 62-103 (the Early Warning System and Related Take Over Bids and Insider Reporting Issuers) in connection with the filing of an early warning report regarding the acquisition of securities of Theratechnologies Inc. by Soleus Capital Master Fund LP.

On Nov. 11, 2022, Soleus Master Fund purchased 7,000 common shares of the issuer over the Nasdaq at a price of $1.92 (U.S.) per share for aggregate proceeds of $13,440 (U.S.).

Prior to the transaction, Soleus Master Fund owned 8,118,909 common shares and warrants to acquire up to 1.55 million common shares at an exercise price of $3.14 (U.S.) per share expiring on Jan. 19, 2024. Following the transaction, Soleus Master Fund owned 8,125,909 common shares and 1.55 million warrants, representing approximately 8.54 per cent of the issued and outstanding common shares on a non-diluted basis and approximately 10.01 per cent of the issued and outstanding common shares on a partially diluted basis assuming the exercise in full of the warrants, based upon 95,141,639 common shares being issued and outstanding as close of business on Aug. 31, 2022, as reflected in the financial statements of the issuer for the nine-month period ended Aug. 31, 2022.

The common shares were acquired for investment purposes. Soleus Master Fund has a long-term view of the investment, and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with additional information in respect of the foregoing matters may be found on SEDAR and may be obtained from Steven Musumeci, chief operating officer of Soleus Capital Management LP (475-208-3178).