Mr. Sebastien Plouffe reports

DEFENCE ANNOUNCES CLOSING OF SECURITIES FOR DEBENTURE FINANCING

Defence Therapeutics Inc. has closed its offering of unsecured convertible debentures (the new debentures) for aggregate gross proceeds of $1,476,000 in consideration for the settlement of the principal amounts owing to holders of the previous debentures (as defined below).

The new debentures were issued pursuant to a non-brokered private placement, bear interest at the rate of 8.0 per cent per annum, are subject to the conversion event (as defined below), and mature on Nov. 16, 2025 (the maturity date). Each new debenture is unsecured and rank 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 (the conversion event). Assuming each new debentures holder exercises their respective conversion event, the company would issue an aggregate total of 2.46 million common shares to the holders thereof. In connection with the offering, 123,000 common shares were issued to an arm's-length finder, representing 5 per cent of the total number of common shares that could be issued pursuant to the offering.

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 (the previous debenture), and (ii) 636 common share purchase warrants.

In connection with the settlement of the previous debentures, the total accrued interest owing on the previous debentures in the amount of approximately $251,200 was also settled -- via the conversion of such outstanding and accrued interest into common shares at a price per share equal to 57 cents per share, resulting in the issuance of 440,697 common shares.

All securities issued in connection with the offering (including the common shares issued to the finder) and the interest settlement are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation.

The proceeds raised from the offering were fully used to settle the outstanding debt and there no obligations related to the previous debentures outstanding.

About Defence Therapeutics Inc.

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

We seek Safe Harbor.