CCII.P:CC - Cuspis Capital II Ltd. and Cytophage Technologies Inc. Announce Termination of Letter of Intent

(TheNewswire)

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

Cuspis continues to evaluate other opportunities andcandidates for the completion of a Qualifying Transaction as describedby Policy 2.4 of the TSX Venture Exchange (the “Exchange”). Trading of Cuspis’ common shares on the Exchange is expected toresume within five (5) business days of the date of thisrelease.

“In light of the current state of the capitalmarkets, and especially as it relates to development stagebiotechnology companies, we have concluded that the timing ofcompleting a going public transaction is not optimal.  We arethankful for the support of Cuspis and its team, and wish them successas they negotiate an alternative transaction.” – Dr. StevenTheriault, 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 norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.

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