Mr. Brook Riggins reports

THIOGENESIS ANNOUNCES CLOSING OF FINAL TRANCHE IN $4.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Thiogenesis Therapeutics Corp., further to its news release of Dec. 18, 2023, has closed a second and final tranche of its non-brokered private placement, originally announced on Nov. 20, 2023. Under this second tranche, the company has issued 417,000 common shares for gross proceeds of $312,750. The company paid cash finder's fees of $21,892 and issued 29,190 non-transferable finders' options to eligible persons in compliance with applicable securities laws and TSX Venture Exchange policies. Each finder's option entitles the holder to acquire one common share at a price of 75 cents for a period of two years following closing.

Combined with the first closing, the company has now issued an aggregate of 6,001,167 common shares for gross proceeds of $4,500,875. Aggregate finder's compensation of $307,186 cash and 409,582 non-transferable finders' options have been paid in connection with the offering.

Under applicable securities legislation, all securities issued pursuant to the first and second tranche will be subject to resale restrictions for a period of four months and one day from their respective closing dates. The offering is subject to the final acceptance of the exchange.

As previously disclosed, an officer and director of the company, who is not a control person, participated in the offering and acquired 50,000 common shares. The issuance of the offered shares to such insider pursuant to the offering is considered a related party transaction subject to and in accordance with Multilateral Instrument 61-101 and Policy 5.9 of the exchange. The company relied on the exemptions from the valuation and minority shareholder approval requirements contained in sections 5.5(a) and (b) and 5.7(1)(a) and (b) of MI 61-101. Neither the company nor, to the knowledge of the company after reasonable inquiry, a related party, has had knowledge of any material information concerning the company or its securities that has not been generally disclosed.

Proceeds raised from the offering will be used for the completion of a good lab practices (GLP) study on absorption with its lead compound TTI-0102, reformulation work on TTI-0102 to make it viable in the form of a tablet or capsule, the purchase of inventory, and general working capital purposes.

About Thiogenesis Therapeutics Corp.

Thiogenesis Therapeutics is a clinical-stage biopharmaceutical company operating through its wholly owned subsidiary based in San Diego, Calif. The Company is publicly traded on the TSX Venture Exchange. Thiogenesis is developing sulphur-containing prodrugs that act as precursors to thiol-active compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Thiols have been the subject of promising research for many decades and are known for having powerful antioxidant properties and other potential therapeutic activities. The company's initial target indications include mitochondrial encephalopathy lactic acidosis and stroke (MELAS), Retts syndrome, and pediatric NASH (non-alcoholic steatohepatitis).

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