Mr. Mariusz Olejniczak reports

WPD PHARMACEUTICALS INC. - NEWS RELEASE

WPD Pharmaceuticals Inc.'s Polish subsidiary, WPD Pharmaceuticals sp zoo (WPD Poland), has received the first tranche of the funds agreed to be advanced to WPD Poland by ACRX Investments Ltd., pursuant to the investment agreement with ACRX announced on Sept. 1, 2023. In consideration of advance by ACRX of 4,000,006 Polish zloty ($1,303,358) in the first tranche, WPD Poland issued 48,002 new shares to ACRX, thereby increasing the total issued shares of WPD Poland from 42,000 shares to 102,174 shares.

Following the capital increase, of the total issued shares of WPD Poland, ACRX will hold 46.98 per cent, WPD Pharmaceuticals will hold 7.83 per cent, Houston Pharmaceuticals Inc. will hold 33.28 per cent and other investors will hold 11.91 per cent. As a result of the issuance of the shares to ACRX, the percentage equity ownership of WPD Poland shares by the company has decreased from 19 per cent to 7.83 per cent.

The funds obtained from the first tranche of the financing under the investment agreement will be used to finance the development of medicines in 2023 to 2024. This financing is in line with WPD Poland's intended financing program by domestic Polish and authorized foreign investors from the European Union and the United States that are interested in financing the next stages of the development of clinical trials of WPD Poland.

WPD Poland is conducting an oncology project to develop a 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 secured total funds for the implementation of this and other future projects of 22,615,465 Polish zloty ($7,369,001) for the years 2023 and 2024, which include a total 11.94 million Polish zloty ($3,918,000) obtained under the investment agreement with ACRX and 10,675,465.7 Polish zloty ($3,478,483) of granted subsidy funds for clinical development of the Berubicin project.

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