Ms. Carolyn Bonner report

MEDICUS PHARMA LTD. ANNOUNCES PRICING OF US$4.0M INITIAL PUBLIC OFFERING IN THE UNITED STATES

Medicus Pharma Ltd. today priced its initial public offering in the United States of 970,000 units at a price of $4.125 (U.S.) per unit. Each unit consists of one common share of the company and one warrant to purchase one common share. The warrants will have an exercise price of $4.64 (U.S.) per share and will expire five years from the date of issuance.

The common shares and the warrants are expected to commence trading on The Nasdaq Capital Market under the symbols MDCX and MDCXW, respectively, on Nov. 14, 2024. The common shares will continue to trade on the TSX Venture Exchange under the symbol MDCX. The warrants will not trade on the TSX-V. The offering is expected to close on Nov. 15, 2024, subject to customary closing conditions.

The company intends to use the net proceeds from the offering to finance its phase 2 proof-of-concept clinical trial for treatment of basal cell carcinoma using its doxorubicin tip loaded dissolvable microarray needle skinpatch. The company may also use the net proceeds of the offering to expand its exploratory phase 2 clinical trial to a pivotal trial and/or to expand its trials to cover other non-melanoma skin diseases. The company will use any remaining net proceeds for general corporate purposes and working capital.

Maxim Group LLC is acting as the sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities LLC, is acting as co-manager. The company has granted the underwriters a 45-day option to purchase up to 145,500 common shares and/or warrants at the initial public offering price to cover overallotments, if any.

This offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Maxim Group LLC, 300 Park Ave., 16th floor, New York, N.Y., 10022, attention: syndicate department, by telephone at 212-895-3745 or by e-mail at syndicate@maximgrp.com.

About Medicus Pharma Ltd.

Medicus Pharma is a biotechnology/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.

SkinJect Inc., a wholly owned subsidiary of Medicus Pharma, is a development-stage life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumour cells.

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