Mr. Ken d'Entremont reports

MEDEXUS PHARMACEUTICALS ANNOUNCES PRICING OF $30 MILLION OVERNIGHT MARKETED PUBLIC OFFERING OF COMMON SHARES

Medexus Pharmaceuticals Inc. has priced its previously announced overnight marketed underwritten offering of 7.5 million common shares of the company at a public offering price of $4 for aggregate proceeds of $30-million.

Raymond James Ltd. is acting as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, which includes Research Capital Corp., A.G.P. Canada Investments ULC, Bloom Burton Securities Inc., Canaccord Genuity Corp. and Leede Financial Inc. The company has agreed to grant to the underwriters an overallotment option exercisable, in whole or in part, in the sole discretion of the lead underwriter, to purchase up to an additional 1,125,000 of common shares sold in the offering for up to 30 days from the closing date of the offering.

The closing of the offering is expected to occur on or about Jan. 31, 2025, and will be subject to market and other customary closing conditions, including the approval of the Toronto Stock Exchange.

The company expects that the net proceeds of the offering will be used: (i) to repay a $2.5-million (U.S.) credit received from medac in September, 2021, and pay a portion of the milestone payment amount to medac; and (ii) for working capital and general corporate purposes, which may include financing the company's continuing business development activities and initiatives.

Medexus will file a prospectus supplement to the company's base shelf prospectus dated Nov. 15, 2024, in each of the provinces and territories of Canada (other than Quebec). The common shares may be offered and sold in other jurisdictions outside of Canada, provided that no prospectus or registration statement filing or comparable obligation arises in such other jurisdiction.

Access to the prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to the documents. The base shelf prospectus is accessible, and the prospectus supplement will be accessible within two business days, through SEDAR+. An electronic or paper copy of the prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from: Raymond James, Scotia Plaza, 40 King St. West, 54th floor, Toronto, Ont., M5H 3Y2, Canada, or by telephone at 416-777-7000, or by e-mail at ECM-Syndication@raymondjames.ca, by providing the contact with an e-mail address or address, as applicable. The base shelf prospectus and prospectus supplement will contain important detailed information about the company and the offering. Prospective investors should read the base shelf prospectus, the prospectus supplement (when filed) and the other documents the company has filed on SEDAR+ before making an investment decision.

About Medexus Pharmaceuticals Inc.

Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of oncology, hematology, rheumatology, auto-immune diseases, allergy and dermatology.

We seek Safe Harbor.