Marvel Biosciences Closes Private Placement for $1.6 Million

Alberta-based Marvel Biosciences Corp. (TSXV: MRVL) (OTCQB: MBCOF) has successfully closed a non-brokered private placement, raising $1,598,144.70 through the issuance of 10,654,298 units. Each unit was sold at a price of $0.15, bringing the total gross proceeds to the specified amount. The units consist of one common share and one common share purchase warrant. These warrants will allow the holder to purchase one additional common share at a price of $0.20 per share, commencing on the 61st day after the closing date of the Offering.

According to the terms of the Offering, the expiry date of the warrants can be accelerated if the volume-weighted average trading price of the common shares on the TSX Venture Exchange (TSXV) reaches at least $0.25 per share for a period of five consecutive trading days. In such a case, the Company may accelerate the expiry date to a date that is not less than 30 days after the date of notice provided to the warrant holders.

Marvel Biosciences also paid finders fees of $77,175.49 in cash commission and 494,737 finder's warrants to certain finders. The Offering was made to purchasers resident in all provinces of Canada and certain foreign jurisdictions, in compliance with the listed issuer financing exemption under Part 5A of National Instrument 45-106 (NI 45-106).

The net proceeds from the Offering will be utilized for various purposes, including paying a deposit for phase 1 clinical trials for the Company's lead compound, MB-204, as well as covering general and administrative expenses and general working capital. MB-204 is a novel fluorinated derivative of the approved anti-Parkinson's drug Istradefylline, and the Company is actively investigating its potential in treating other neurological diseases such as autism, depression, and Alzheimer's Disease.

Marvel Biosciences Corp. is a Calgary-based pre-clinical stage pharmaceutical development biotechnology company. The company's business model focuses on developing new synthetic chemical derivatives of known, off-patent drugs to address various neurological and non-neurological conditions. The Offering is part of the company's ongoing efforts to fund its research and development initiatives and advance its pipeline of potential therapeutic assets.

The Offering is subject to compliance with applicable regulatory requirements and is being made in accordance with NI 45-106. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.