Mr. Ken d'Entremont reports

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

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

The offering was completed pursuant to an underwriting agreement dated Jan. 28, 2025, between Medexus and Raymond James Ltd., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, which included Research Capital Corp., A.G.P. Canada Investments ULC, Bloom Burton Securities Inc., Canaccord Genuity Corp. and Leede Financial Inc.

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.

The common shares were offered in each of the provinces and territories of Canada, other than Quebec, pursuant to a prospectus supplement dated Jan. 28, 2025, filed under Medexus's short form base shelf prospectus dated Nov. 15, 2024. The terms of the offering are described in the prospectus supplement, which is available under Medexus's profile on SEDAR+.

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, autoimmune diseases, allergy and dermatology.

We seek Safe Harbor.