Press Release for Early Warning Report Regarding Aequus Pharmaceuticals Inc.

VANCOUVER, British Columbia, July 23, 2022 (GLOBE NEWSWIRE) -- Doug Janzen, of 2820 – 200 Granville St., Vancouver, BC, V6C 1S4, today announced that on Tuesday, July 19, 2022, he acquired ownership (the “Acquisition”) of 100,000 common shares (“Common Shares”) in the capital of Aequus Pharmaceuticals Inc. (Address: 2820 – 200 Granville St., Vancouver, BC V6C 1S4) (“Aequus”) through the facilities of the TSX Venture Exchange. Mr. Janzen acquired 99,000 Common Shares at a price of $0.07 per Common Share and 1,000 Common Shares at a price of $0.08 per Common Share, for an aggregate purchase price of $7,010.

As previously announced by Aequus, on February 12, 2021, Aequus issued Common Shares from treasury (the “Issuance”). Following the Issuance, the beneficial ownership of Mr. Janzen in Common Shares of Aequus, being the securities subject to the most recent report required to be filed by Mr. Janzen in respect of Aequus under National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”), fell below 10% of the issued and outstanding Common Shares (the “Dilution”). The Dilution arose solely as a result of the Issuance without any action being taken by Mr. Janzen. Mr. Janzen was exempt from the early warning requirements pursuant to Section 6.1(2) of NI 62-103 at the time of the Issuance and resulting Dilution. As a result of the Acquisition, Mr. Janzen may no longer rely on the exemption under Section 6.1(2) of NI 62-103.

Prior to the Acquisition, Mr. Janzen owned, directly or indirectly, or exercised control or direction over, 11,953,800 Common Shares and 300,000 stock options (“Options”), with each Option entitling Mr. Janzen to acquire one Common Share. The Common Shares represented approximately 9.01% of the total number of issued and outstanding Common Shares prior to giving effect to the acquisition of the Common Shares. If all of the Options were exercised, Mr. Janzen would have owned, directly or indirectly, or exercised control or direction over, 12,253,800 Common Shares, representing approximately 9.23% of the total number of issued and outstanding Common Shares, on a partially-diluted basis.

After the Acquisition of the 100,000 Common Shares, Mr. Janzen now owns, directly or indirectly, or exercises control or direction over, 12,053,800 Common Shares, representing approximately 9.08% of the total number of issued and outstanding Common Shares, resulting in an approximate 0.07% change to Mr. Janzen’s Common Share holdings. If all of the Options were exercised, Mr. Janzen would own, directly or indirectly, or exercise control or direction over, 12,353,800 Common Shares, representing approximately 9.30% of the total number of issued and outstanding Common Shares, resulting in an increase of 0.07% on a partially-diluted basis.

The Acquisition was made for investment purposes. In accordance with applicable securities laws, Mr. Janzen may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Aequus in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Aequus and other relevant factors.

As Mr. Janzen no longer holds 10% or more of the issued and outstanding Common Shares of Aequus, no further early warning reports will be filed by Mr. Janzen under NI 62-103 unless and until such time as Mr. Janzen’s aggregate shareholdings exceed 10% of Aequus’ issued and outstanding Common Shares on a non-diluted or partially-diluted basis.

The early warning report (exit) relating to the transactions contemplated hereby will be filed on the System for Electronic Document Analysis and Review under Aequus’ profile on .

For more information, or to obtain a copy of the subject early warning report, please contact:

Doug Janzen

2820 – 200 Granville St.

Vancouver, British Columbia

V6C 1S4

Telephone: 604-336-7906