Mr. Matthew Perraton reports

THERALASE APPOINTS ROGER DUMOULIN-WHITE AS PRESIDENT AND CHIEF EXECUTIVE OFFICER

Theralase Technologies Inc. has appointed Roger DuMoulin-White, BSc, PEng, pro. dir., as president and chief executive officer of the company.

Dr. Arkady Mandel, MD, PhD, DSc, has tendered his resignation as interim CEO, but will continue to serve as chief scientific officer (CSO) and as a member of Theralase's board.

Mr. DuMoulin-White is the founder of Theralase and its former president and CEO. He stepped down as president and CEO in 2018 and has since served in a non-executive business development role.

Mr. DuMoulin-White was the subject of a voluntary settlement agreement with the Ontario Securities Commission dated Feb. 16, 2018, and an OSC order dated Feb. 26, 2018, which required, among other things, that he resign as a director and officer of Theralase and refrain from holding those positions for a period of five years. That period has expired, and Theralase has obtained the approval of the TSX Venture Exchange to appoint Mr. DuMoulin-White as president and CEO of the company and to nominate him for election to the company's board of directors at the company's annual meeting on June 29, 2023.

Matthew Perraton, PFP, FMA, FCSI, pro. dir., chairman of the board of Theralase, stated: "As Theralase's founder and visionary, Roger built the company from scratch, imparting ideals and a vision that remain the foundation of the company today. The board has unanimously agreed that it is in the best interests of Theralase and its shareholders that Roger resume the roles of president and CEO."

Mr. Perraton continued: "We wish to thank Arkady for his dedication and support as the interim CEO of the company. Under his leadership, Theralase has made great strides in our phase 2 non-muscle invasive bladder cancer (NMIBC) clinical study, whose strong interim clinical data verifies that light-activated Ruvidar is a potent PDC that is capable of destroying bladder cancer and providing a durable response to the disease. Theralase has an exceptionally bright future, and we look forward to having Roger lead us on the path to becoming a commercial-stage pharmaceutical company."

About Study 2

Study 2 utilizes the therapeutic dose of Ruvidar (0.70 milligram per square centimetre) activated by the proprietary TLC-3200 (90 joules per square centimetre) medical laser system. Study 2 is focused on enrolling and treating approximately 100 to 125 BCG-unresponsive NMIBC CIS patients in up to 15 clinical study sites located in Canada and the United States.

About TLD-1433 (Ruvidar)

TLD-1433 is a patented PDC with over 12 years of published peer-reviewed preclinical research and is currently under clinical investigation in Study 2. The trade name Ruvidar was selected by the company as Ru is the element symbol for ruthenium, a rare transition metal belonging to the platinum group, which the Theralase PDC is based upon. Vita is Latin for life and dar is Russian for gift; hence, roughly translated, "Ruthenium, the gift of life."

About Theralase Technologies Inc.

Theralase is a clinical-stage pharmaceutical company dedicated to the research and development of light activated compounds and their associated drug formulations with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.

We seek Safe Harbor.