Mr. Yves Leduc reports

VELAN ANNOUNCES ELECTION OF DIRECTORS

Each director nominee listed in the management proxy circular dated May 23, 2020, was elected as director of Velan Inc. during the annual meeting of the shareholders held on July 9, 2020, in Montreal, Que.

The details of the election are as shown in the attached table.

Director nominee      Outcome    Votes for   % for  Votes withheld  % withheld

Tom Velan             Elected   78,755,672  97.61%       1,928,320       2.39%     
Yves Leduc            Elected   80,271,275  99.49%         412,717       0.51%     
William Sheffield     Elected   78,937,758  97.84%       1,746,234       2.16%     
Dahra Granovsky       Elected   79,298,092  98.28%       1,385,900       1.72%     
James A. Mannebach    Elected   79,267,492  98.24%       1,416,500       1.76%     
Jacques Latendresse   Elected   78,940,258  97.84%       1,743,734       2.16%     
Robert Velan          Elected   78,760,706  97.62%       1,923,286       2.38%     
Ivan Velan            Elected   78,747,395  97.60%       1,936,597       2.40%     

The results of the final votes regarding all matters subject to a vote during the annual meeting will be made available under the corporation's profile on SEDAR.