San Diego, California--(Newsfile Corp. - October 17, 2022) - Thiogenesis Therapeutics Corp. (TSXV: TTI) (Thiogenesis or the Company) is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted for filing, the Company's new incentive stock option plan (the "2022 Plan"). The 2022 Plan replaces the Company's previous 10% rolling stock option plan (the "Old Plan").

The 2022 Plan is a "fixed" plan, such that the aggregate number of common shares that may be issued upon the exercise or settlement of all security-based compensation arrangements of the Company shall not exceed, in the aggregate, 20% of the Company's issued and outstanding shares as at August 15, 2022. Based on the Company's capitalization, as at that date, the number of options issuable under the 2022 Plan is 5,648,535. The Company has 2,600,000 stock options currently outstanding pursuant to the Old Plan, which will be rolled into and be governed by the 2022 Plan, leaving 3,048,535 available for grant as at the date hereof. The 2022 Plan was approved by the directors (subject to such changes as required by the Exchange) on August 15, 2022 and the disinterested shareholders of the Company at the Company's Annual and Special Meeting held on September 19, 2022.

Further details regarding the 2022 Plan are set out in the management information circular of the Company which is available under the Company's corporate profile at .

About Thiogenesis

Thiogenesis Therapeutics, Corp. (TSXV: TTI) is a clinical-stage biopharmaceutical company operating through its wholly subsidiary based in San Diego, CA. The Company is publicly traded on the TSX Venture Exchange. Thiogenesis is developing sulfur-containing prodrugs that act as precursors to thiol-active compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Thiols have been the subject of promising research for many decades and are known for having powerful antioxidant properties and other potential therapeutic properties. The Company's initial target indications include Mitochondrial Encephalopathy Lactic Acidosis and Stroke (MELAS), Rett's syndrome and pediatric NASH.

For further information, please contact:

Brook Riggins, Director and CFO
Email: briggins@thiogenesis.com
Tel.: +420 776 659 259

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as forward-looking statements) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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