Toronto, Ontario--(Newsfile Corp. - August 29, 2022) - Satellos Bioscience Inc. (TSXV: MSCL) ("Satellos" or the "Company"), a regenerative medicine company aimed at developing therapeutics that change the way degenerative muscle diseases are treated, announced today that it has filed an amended and restated preliminary short form prospectus (the "Amended and Restated Preliminary Prospectus") with the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario, amending and restating the Company's preliminary prospectus dated July 11, 2022. The Amended and Restated Preliminary Prospectus has been filed in connection with the previously announced proposed offering of units of the Company ("Units") for minimum aggregate gross proceeds of $3,500,000 and maximum gross proceeds of $5,000,000 (the "Offering"). Each Unit consists of one common share of the Company ("Common Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at any time until for a period of thirty-six (36) months from the date issued. The price of the Units will be determined by negotiation between the Company and the Agents (as defined herein) in the context of the market with the final pricing terms to be determined at the time of filing the final prospectus in connection with the Offering.