Aion Therapeutic Provides Bi-Weekly MCTO Status Update

Toronto, Ontario--(Newsfile Corp. - September 12, 2024) - Aion Therapeutic Inc. (CSE: AION) ("Aion Therapeutic" or the "Company") is providing this bi-weekly update on the status of its management cease trade order issued on August 29, 2024 (the "MCTO"), by its principal regulator, the British Columbia Securities Commission (the "BCSC"), under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company announced on August 14, 2024 (the "Default Announcement"), that it expected to be unable to file its annual audited consolidated financial statements for the financial year ended April 30, 2024, the related annual management's discussion and analysis and the related CEO and CFO certifications (collectively, the "2024 Financial Disclosure") by the filing deadline of August 28, 2024 (the "Filing Deadline").

As a result of certain complexities associated with the acquisition of Toppen Health, Inc. on December 15, 2023, the accounting and audit process remains ongoing at this time. The BCSC has given the Company until October 28, 2024 to complete its 2024 Financial Disclosure, which the Company anticipates being in a position to meet.

The Company confirms that there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default with its 2024 Financial Disclosure; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the 2024 Financial Disclosure; (iii) the Company confirms as of the date of this news release, that there is no insolvency proceeding against it; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Aion Therapeutic Inc.

Aion Therapeutic is a forward-thinking business within the health and wellness sector with a diverse portfolio of intellectual property. With a commitment to innovation and transformative solutions, the Company is poised to drive positive change to redefine the boundaries of health and wellness.

Toppen, a wholly-owned subsidiary of Aion Therapeutic, is a US-based health and wellness company dedicated to delivering state-of-the-art water filtration solutions. With a focus on innovation, affordability, and sustainability, Toppen's water filtration solutions are designed to meet the diverse needs of consumers, businesses, and industries around the world as they strive to provide access to clean and safe water.