Mr. David Goren reports

VAXIL ANNOUNCES FINANCING UPDATE

Vaxil Bio Ltd., further to its press release from Jan. 28, 2020, in connection with the company's convertible debt financing, and following the press releases from Feb. 13, 2020, and Feb. 18, 2020, regarding the possible identification of a coronavirus vaccine, will continue to pursue its convertible debt financing but with the following amended terms.

The company will be issuing convertible debentures with a face value of $1,000 and bearing an annual interest rate of 10 per cent for gross proceeds of up to $200,000. The convertible debentures will accrue interest at 10 per cent per annum, and the principal and interest will be repayable within one year. The company shall have the right, but not the obligation, in its sole and absolute discretion, to pay and satisfy the repayment amount by the issuance of common shares. The conversion price of the principal shall be seven cents. All interest conversions, if any, shall be compliant with Policy 4.3 of the TSX Venture Exchange.

Subscription finances received from arm's-length third parties in the amount $36,000 prior to the issuance of the recent press releases will be subject to the preamendment terms of the convertible debenture offering disclosed in the initial press release.

Proceeds will be used as a bridge financing to finance the company's working capital while the company continues to explore alternative financing avenues in order to be able to continue its operations.

The company expects the offering to close on or around March 2, 2020.

Vaxil's board of directors are insiders of the company, and insider participation in the offering is considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders' participation in the offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101.

About Vaxil Bio Ltd.

Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product, ImMucin, successfully completed a phase 1/2 clinical trial in multiple myeloma and received orphan drug status from the Food and Drug Administration and European Medicines Agency.