Mr. Kym Anthony reports

AVIVAGEN INC. ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDING APRIL 30, 2023

Avivagen Inc. has released its unaudited financial results for the second quarter of 2023.

"The special committee continues to examine all potential alternatives, including a strategic sale, in whole or in part, of the company," said Kym Anthony, Avivagen chief executive officer. "To date, Avivagen has received numerous responses from firms wishing to engage in preliminary discussions regarding such alternatives."

Second quarter ended April 30, 2023, financial results

The company's unaudited financial statements for the second quarter ended April 30, 2023, and the accompanying management's discussion and analysis have been filed on SEDAR and are available on its website. The financial information for the second quarter ended April 30, 2023, should be read in conjunction with the company's unaudited financial statements, as well as its management's discussion and analysis, for the second quarter ended April 30, 2023.

The company reported net revenues of $77,683 and a comprehensive loss of ($1,244,829) for the three-month period ended April 30, 2023. This compares with revenues of $88,438 and a comprehensive loss of ($1,303,677) in the three-month period ended April 30, 2022.

For the six-month period ended April 30, 2023, the company reported net revenues of $143,722 and a comprehensive loss of ($2,398,759). This compares with revenues of $359,595 and a comprehensive loss of ($2,856,529) in the six-month period ended April 30, 2022.

As of April 30, 2023, the company reported total assets of $324,686 (current assets of $266,140), total liabilities of $8,633,272 and shareholders deficit of ($8,308,586).

About Avivagen Inc.

Avivagen is a life science corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada.

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