Ms. Carolyn Bonner reports

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

Medicus Pharma Ltd. has closed its previously announced 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 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 commenced 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 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 acted as the sole book-running manager for the offering, and Brookline Capital Markets, a division of Arcadia Securities LLC, acted as co-manager. In connection with the offering, the underwriter partially exercised its overallotment option and purchased an additional 145,500 warrants at one cent per warrant for additional gross proceeds of $1,455.

This offering will only be made by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Maxim Group, 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 is a biotech/life science company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.

SkinJect Inc., a wholly owned subsidiary of Medicus, is a development-stage, life science company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using a patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumour cells. The company completed a phase 1 safety and tolerability study (SKNJCT-001) in March of 2021, which met its primary objective of safety and tolerability. The study also describes the efficacy of the investigational product D-MNA, with six participants experiencing complete response on histological examination of the resected lesion. The company submitted a phase 2 investigational new drug clinical protocol to the Food and Drug Administration in January, 2024, for a randomized, controlled, double-blind, multicentre clinical study (SKNJCT-003) that is expected to randomize up to 60 patients. The study is designed to evaluate the efficacy of two doses of two-dose levels (100 and 200 micrograms) of D-MNA compared with placebo (P-MNA) in subjects with nodular BCC. Patient recruitment is currently under way in nine sites across the United States.

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