Mr. Mariusz Olejniczak reports

SIGNING OF LETTER OF INTENT WITH ACRX INVESTMENTS LIMITED

On Aug. 8, 2023, WPD Pharmaceuticals Inc.'s WPD Pharmaceuticals Spzoo (WPD Poland), the subsidiary and the operating branch of the company, signed a letter of intent with ACRX Investments Ltd. with its registered office in Nicosia and Houston Pharmaceuticals Inc. of Houston, Tex., regarding the financing of WPD Poland by ACRX to raise funds of at least 10.2 million Polish zloty (approximately $3.36-million) to be used for the joint development of drug projects currently and in the future carried out by WPD Poland. ACRX will acquire shares of WPD Poland in several scheduled tranches. The parties intend to replace the letter of intent with an investment agreement. This financing by WPD Poland is in line with the approved recovery program, to search for domestic Polish and eligible foreign investors also in the European Union (EU) and the United States who are interested in capital participation in financing the next stages of the drug development of WPD Poland.

WPD Poland is conducting a project of oncological development of a chemical drug for chemotherapy in the treatment of Glioblastoma (GBM). The project is currently in the second phase of a clinical trial conducted on patients diagnosed with GBM. WPD Poland has guaranteed funds from the EU subsidy in the amount of $3.5-million for conducting research. The signing of the letter of intent with ACRX is a confirmation of the work carried out by WPD Poland and ACRX leading to the signing of an investment agreement that will provide WPD Poland with equity capital.

Equity capital obtained from ACRX will supplement financing from EU subsidies and will enable WPD Poland to open new projects for the development of oncology drugs based on targeted biological therapy. WPD Poland expects that the signing of the investment agreement with ACRX and the launch of the financing should take place within the next two weeks.

ACRX is a European television rights transaction and distribution company and an investor in areas such as new technologies, Web applications and biotechnology in technology companies listed on Nasdaq in the United States. ACRX is a shareholder of one of the leading producers and publishers of computer games listed on the Warsaw Stock Exchange in Poland.

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