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Cuspis Capital II Ltd. and Cytophage Technologies Inc. Announce Termination of Letter of Intent

V.CCII.P

(TheNewswire)

Cuspis Capital II Ltd.

Toronto, Ontario – TheNewswire - May 6, 2022 – Cuspis Capital II Ltd. (TSXV:CCII.P) (“Cuspis” or the “Corporation”), a capital pool company, and Cytophage Technologies Inc. (“Cytophage”), a biotech company focused on the development of bacteriophage products, announce that they have mutually agreed to terminate the previously announced letter of intent (“LOI”) between the parties. Please refer to the Cuspis press release of February 17, 2022 for more information on the LOI, and the transaction(s) that had been contemplated thereby.

Cuspis continues to evaluate other opportunities and candidates for the completion of a Qualifying Transaction as described by Policy 2.4 of the TSX Venture Exchange (the “Exchange”). Trading of Cuspis’ common shares on the Exchange is expected to resume within five (5) business days of the date of this release.

“In light of the current state of the capital markets, and especially as it relates to development stage biotechnology companies, we have concluded that the timing of completing a going public transaction is not optimal. We are thankful for the support of Cuspis and its team, and wish them success as they negotiate an alternative transaction.” – Dr. Steven Theriault, CEO Cytophage Technologies Inc.

For further information:

William Ollerhead

Cuspis Capital II Ltd.

Email: Will@CuspisCapital.com

Tel. (416) 214-0876

Michael Graham

Cytophage Technologies Inc.

Email:mgraham@cytophage.com

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

Copyright (c) 2022 TheNewswire - All rights reserved.