Biomed Industries, Inc. submitted a proposal to acquire Quince Therapeutics, Inc. (NasdaqGS:QNCX) for $94 million on May 3, 2023. Under the terms of agreement, Biomed Industries will acquire all the outstanding Common Stock of Quince Therapeutics, Inc. ("Quince" or the "Company") which is does not own for a price of $2.50 per share in cash and stock of Biomed Industries, Inc. As per Biomed Proposal is $2.50 per share, or 60% premium to yesterday's closing price at $1.56 per share and the offer consists of $1.56 in cash per share and $1.00 in shares of Biomed Industries, Inc.

Quince Therapeutics will complete customary diligence and negotiate definitive documentation within 60 days. The Proposal is in the best interests of Quince's shareholders as it offers your shareholders a significantly more attractive risk/reward scenario than the Board's current plan. Merger of Quince Therapeutics, Inc. and Biomed Industries, Inc. would add significant value for each of our respective businesses and shareholders i.e., Biomed's Phase 2B and Phase 3 drug candidates for the treatment of Alzheimer's disease valued at approximately $600 million will increase the share price of the combined enterprise and a pathway to continue development of Quince's current pipeline and to save considerable time and cost in recruiting and managing ongoing clinical trials of Quince's drugs though Biomed's AI platform and the merger is very compelling as it provides Quince' shareholders with a highly certain and significant return and the ability to obtain liquidity for their shares, as well as the upside potential of Biomed.