Mr. Kym Anthony reports

AVIVAGEN INC. ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDING JULY 31, 2023

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

Third quarter July 31, 2023, financial results

The company's unaudited financial statements for the third quarter ended July 31, 2023, and the accompanying management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website. The financial information for the third quarter ended July 31, 2023, should be read in conjunction with the company's unaudited financial statements as well as its management's discussion and analysis for the third quarter ended July 31, 2023.

The company reported net revenues of $40,525 and a comprehensive loss of $(932,918) for the three-month period ended July 31, 2023. This compares with revenues of $48,606 and a comprehensive loss of $(1,901,453) in the three-month period ended July 31, 2022.

For the nine-month period ended July 31, 2023, the company reported net revenues of $184,247 and a comprehensive loss of $(3,331,677). This compares with revenues of $408,201 and a comprehensive loss of $(4,757,982) in the nine-month period ended July 31, 2022.

As of July 31, 2023, the company reported total assets of $272,532 (current assets of $219,307), total liabilities of $9,537,947 and shareholders' deficit of $(9,265,415).

About Avivagen Inc.

Avivagen is a life sciences 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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