Mr. Sebastien Plouffe reports

DEFENCE THERAPEUTICS ANNOUNCES SECURITIES FOR DEBENTURE FINANCING

Defence Therapeutics Inc. is offering new unsecured convertible debentures for aggregate gross proceeds of up to $1.57-million in consideration for the settlement of the principal amounts owing to holders of the previous debentures (as defined below).

The new debentures will be issued on a non-brokered private placement basis, bear interest at the rate of 8.0 per cent per annum, be subject to a conversion event (as defined below) and mature on Nov. 16, 2025. Each new debenture is unsecured, and ranks pari passu in right of payment of principal and interest with all the existing and future unsecured indebtedness of the company. The principal amount of each new debenture is convertible at the option of the holder into common shares in the capital of the company at a price of 60 cents per common share at any time up to and including the maturity date. Assuming each new debentureholder exercises a respective conversion event, the company would issue an aggregate total of 2,616,666 common shares to the holders thereof.

The outstanding debt was incurred in connection with the previous debentures that were underlying previously issued units of the company at a price of $1,000 per unit on Nov. 16, 2022. Each unit consisted of: (i) one $1,000 principal amount 8.0 per cent convertible debenture; and (ii) 636 common share purchase warrants.

Upon closing of the offering, their will be no previous debentures outstanding; and concurrent with the closing of the offering, the total accrued interest owing on the previous debentures in the amount of approximately $251,200 will be settled through the conversion of such outstanding amount into common shares at a price per share equal to the closing market price of the common shares as of the trading day prior to such issuance and in accordance with the terms and conditions of the previous debentures.

All securities issued in connection with the offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation. The closing of the offering and issuance of the new debentures and the common shares to settle outstanding interest owing from the previous debentures are subject to receipt of all necessary regulatory and corporate approvals, including, but not limited to, approval from the Canadian Securities Exchange.

About Defence Therapeutics Inc.

Defence is a publicly traded biotechnology company developing and engineering the next generation of radioimmunoconjugate and ADC products using its proprietary platform in addition to novel immune-oncology vaccines. The core of the Defence platform is the Accum technology, which enables precision delivery of radioimmunoconjugates or ADCs in their intact form to target cells and vaccine antigens. As a result, increased efficacy and potency can be reached against catastrophic illness such as cancer and infectious diseases.

We seek Safe Harbor.