Cytophage Technologies Inc. entered into a letter of intent to acquire Cuspis Capital II Ltd. (TSXV:CCII.P) in a reverse merger transaction on February 14, 2022. Pursuant to the transaction, post-Consolidation
Cuspis Shares, in an amount and in a ratio to be determined, will be issued in exchange for outstanding common shares of Cytophage. In a related transaction, Cytophage Technologies Inc. announced a private placement of common shares for minimum gross proceeds of CAD 10 million and maximum gross proceeds of CAD 15 million on February 17, 2022. Upon completion of the transaction, Steven Theriault, Harold Wolkin, Robert Gabor, Paul Gallagher, Shantha Kodihalli, Michael Graham and Heather Medwick shall be appointed the Board of Directors and management of Cytophage while Cuspis may nominate a 6th director, acceptable to Cytophage. The transaction is subject to the shareholders approval of Cytophage, execution of a definitive agreement, director and regulatory approvals and completion of concurrent financing.

Cytophage Technologies Inc. cancelled the acquisition of Cuspis Capital II Ltd. (TSXV:CCII.P) in a reverse merger transaction on May 6, 2022.