DEVONIAN APPOINTS DENNIS TURPIN AS CHIEF FINANCIAL OFFICER AND PROVIDES UPDATES ON STOCK OPTIONS GRANT

Rhea-AI Summary

Devonian Health Group (OTCQB: DVHGF) appointed Dennis Turpin as Chief Financial Officer effective February 2, 2026; he will remain on the board and previously chaired the audit committee. The company granted Mr. Turpin 25,000 options vesting immediately at an $11.50 exercise price for 10 years.

The company corrected prior option disclosures: a pre-consolidation exercise price was revised from $0.18 to $0.19, then adjusted to $11.40 post-consolidation after a 1-for-60 share consolidation on January 22, 2026; option counts were rounded down per the plan.

Positive

• Appointed Dennis Turpin as CFO effective Feb 2, 2026, who will remain on the Board
• 25,000 options granted to new CFO vesting immediately, exercisable for 10 years
• Share consolidation completed on Jan 22, 2026, clarifying post‑consolidation capitalization

Negative

• Corrected exercise price upward from $0.18 to $0.19 pre‑consolidation, reducing option economics for holders
• Post‑consolidation adjustment set exercise price at $11.40, which may affect perceived option value
• Option quantities were rounded down after consolidation, reducing potential share purchase for some option holders

News Market Reaction – DVHGF

+149.65%

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+149.65% News Effect

On the day this news was published, DVHGF gained 149.65%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

QUÉBEC, Feb. 2, 2026 /PRNewswire/ - Devonian Health Group Inc. ("Devonian" or the "Company") (TSXV: GSD) (OTCQB: DVHGF), a clinical stage corporation focused on developing unique solutions to fibroinflammatory diseases, is pleased to announce that it has appointed Dennis Turpin as Chief Financial Officer of the Company, effective today. Mr. Turpin currently serves and will remain on the Board of Directors of the Company. Before his appointment as Chief Financial Officer, he also served as Chair of the Audit Committee, a role that will now be assumed by Mr. Pierre Labbé.

Mr. Turpin is a seasoned professional executive and chartered professional accountant (CPA) with significant experience in finance, capital markets transactions, business development as well as mergers and acquisitions, over 25 years of which have been in the biopharmaceutical industry.

"I am pleased to welcome Dennis and confident that he will help strengthen our management approach, diversify our perspectives, enhance our collective expertise, and help guide the development of Devonian." said Dr. André P. Boulet, PhD, Chief Executive Officer.

Mr. Turpin will replace Viktoria Krasteva, who will remain with the Company and assist ensuring a smooth transition until February 27, 2026. The Board would like to thank Ms. Krasteva for her contributions to the Company and wishes her well in her future endeavors.

A total of 25,000 stock options were granted to Mr. Turpin.  These options are vesting immediately and are exercisable at a price of $11.50, for a period of 10 years following the grant date.

Options Grant Updates

The Company also wishes to correct the press release issued on December 19, 2025, regarding the granting of 2,948,056 stock options to directors and a consultant of the Company, as well as the additional grants of 385,950 stock options to employees and 100,000 stock options to a research and development consultant. Pursuant to the terms of the stock option plan, the exercise price of stock options may not be set below the market price of the common shares at the close of trading on the exchange on the trading day immediately preceding the grant date. Accordingly, the exercise price previously disclosed as $0.18 has been corrected to $0.19, being the applicable market price at the close of trading on the exchange on the trading day immediately preceding the grant date. All other terms of the stock option grants remain unchanged. Further to the share consolidation completed by the Company on January 22, 2026, on the basis of one post‑consolidation common share for every 60 pre‑consolidation common shares, the stock options described above have been automatically adjusted in accordance with the terms of the Company's stock option plan. As a result, each block of 60 pre‑consolidation options now represents one post‑consolidation option, and the corrected exercise price of $0.19 per share has been adjusted to $11.40 per share on a post‑consolidation basis. The number of options has been rounded down to the next lowest whole in order to allow the holder to purchase only a whole number of common shares upon exercise.

About Devonian

Devonian Health Group Inc. is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune fibroinflammatory disease with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription drugs for the treatment of fibroinflammatory autoimmune diseases including but not limited to atopic dermatitis, radiodermatitis and ulcerative colitis.

Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius Healthcare LP, focused on selling prescription pharmaceutical products in Canada, under licenses from brand name pharmaceutical companies.

Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Quebec, Canada where it owns a state-of-the art extraction facility. Devonian is traded publicly on the TSX Venture Exchange (the "Exchange") (TSXV: GSD) and currently quoted on the OTCQB Venture Market (OTCQB: DVHGF).

For more information, visit www.groupedevonian.com.

Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, the above "About Devonian" paragraph, all of which essentially describes the Company's outlook, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws (collectively, "forward-looking statements"), and are based on expectations, estimates and projections as of the time of this press release. Such forward-looking statements may be identified by the use of words such as "intends", "believes", "expects", or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", or "will" be taken, occur or be achieved.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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

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SOURCE Devonian Health Group Inc.

FAQ

When did Devonian (DVHGF) appoint Dennis Turpin as CFO and what is his board status?

He was appointed Chief Financial Officer effective February 2, 2026. According to Devonian, Mr. Turpin will remain on the company's Board of Directors and previously served as Chair of the Audit Committee.

How many stock options did Devonian grant to the new CFO and what are the key terms?

Devonian granted the CFO 25,000 stock options that vest immediately. According to Devonian, the options are exercisable at $11.50 per share and expire 10 years from the grant date.

What correction did Devonian make to the previously disclosed option exercise price for DVHGF?

The company corrected the disclosed exercise price from $0.18 to $0.19 pre‑consolidation. According to Devonian, $0.19 was the market close price on the trading day before the grant date.

How did the January 22, 2026 share consolidation affect Devonian stock options (DVHGF)?

Devonian completed a 1-for-60 share consolidation on January 22, 2026, converting each block of 60 pre‑consolidation options into one post‑consolidation option. According to Devonian, exercise prices were adjusted accordingly and option counts were rounded down.

What is the post‑consolidation exercise price after Devonian adjusted option grants?

On a post‑consolidation basis the corrected exercise price was adjusted to $11.40 per share. According to Devonian, this reflects the automatic adjustment after the 1-for-60 consolidation.

Will former CFO Viktoria Krasteva remain with Devonian during the transition period?

Yes, Viktoria Krasteva will remain with the company to support a smooth transition through February 27, 2026. According to Devonian, she will assist during the handover to the newly appointed CFO.