Bloom Burton & Co. Inc. Announces Changes to Holdings in Satellos Bioscience Inc.

Toronto, Ontario--(Newsfile Corp. - May 17, 2023) - Bloom Burton & Co. Inc. announces that, today, it and its affiliate acquired 1,453,070 common shares (Shares) and 6,636,734 compensation options (Compensation Options) of Satellos Bioscience Inc. (Corporation) in connection with a public offering of the Corporation by way of a short form prospectus dated May 9, 2023. Bloom Burton purchased the Shares at a price of $0.50 per Share for total consideration of $726,535 and its affiliate acquired the Compensation Options as partial consideration for its services in connection with the public offering. Combined with other treasury issuances of Shares by the Corporation, this resulted in a decrease of beneficial holdings of approximately 4.9% of the outstanding Shares on a partially diluted basis since the date of the last early warning report.

Prior to this acquisition, Bloom Burton, its affiliates and Brian Bloom beneficially owned 7,666,812 Shares and 1,176,946 derivative securities (i.e., warrants, broker warrants, compensation options and stock options), representing approximately 18.0% of the outstanding Shares on a non-diluted basis and approximately 20.3% on a partially diluted basis assuming exercise of such derivative securities (including all of the stock options). After this acquisition, Bloom Burton, its affiliates and Brian Bloom beneficially own 9,119,882 Shares and 7,813,680 derivative securities (including the Compensation Options), representing approximately 8.1% of the outstanding Shares on a non-diluted basis and approximately 14.0% on a partially diluted basis assuming exercise of such derivative securities (including all of the stock options).

The securities noted above are held for investment purposes. Bloom Burton has a long-term view of the investment and may acquire additional securities including either on the open market or through private acquisitions or sell the securities including either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The Corporation is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2800, Toronto, Ontario, M5J 2J1. A copy of the early warning report with respect to the foregoing will appear on the Corporation's profile on SEDAR at www.sedar.com and may also be obtained by contacting Sonia Yung, General Counsel, Bloom Burton at (416) 640-7575 or at compliance@bloomburton.com. Bloom Burton is a corporation existing under the laws of Ontario, specializing in the healthcare industry, with its head office at 65 Front St. E., Suite 300, Toronto, Ontario M5E 1B5).

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