Eupraxia Announces $125M At-The-Market Equity Program; Says No Current Plan To Use ATM Program In Near Term

Eupraxia Pharmaceuticals Inc. ("Eupraxia" or the "Company") (NASDAQ:EPRX) (TSX:EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, today announced that it has entered into a sales agreement (the "ATM Sales Agreement") with Jefferies LLC (the "U.S. Agent") and Jefferies Securities, Inc. (the "Canadian Agent", and together with the U.S. Agent, the "Agents"), thereby establishing an at-the-market equity program (the "ATM Program").

"The ATM Program has been put in place as a general corporate housekeeping item, consistent with industry norms" said Alex Rothwell, Chief Financial Officer of Eupraxia. "As outlined in our just-released quarterly financials, guidance on cash runway remains unchanged, with current cash balances covering the company's planned expenses until H2 2028. Accordingly, the Company has no current plan to use the ATM Program in the near term."

The ATM Sales Agreement will allow the Company to offer and sell up to US$125 million (or the Canadian dollar equivalent) of common shares of the Company ("Offered Shares") under the ATM Program. The Offered Shares may be offered and sold by the Company to the public from time to time, ‎through the Agents, at the discretion of the Company. The Offered Shares sold under the ATM Program, if ‎any, will be sold at the prevailing market price at the time of sale when sold on the Toronto Stock Exchange or Nasdaq Global Select Market, or other existing trading markets for the Offered Shares in Canada and the United States. The ATM Program has been put in place as a general corporate housekeeping item, consistent with industry norms. The Company has no current plan to use the ATM Program in the near term.