Toronto, Ontario--(Newsfile Corp. - August 30, 2022) - Aion Therapeutic Inc. (CSE: AION) ("Aion Therapeutic" or the "Company") announced today that further to its press release on August 18, 2022, the British Columbia Securities Commission ("BCSC") has granted a management cease trade order (the "MCTO"), pursuant to the Company's application made under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The MCTO as issued is in connection with the delay by the Company in filing its audited annual financial statements (the "Annual Financial Statements"), management's discussion and analysis ("MD&A") and related certifications for the fiscal year ended April 30, 2022 (the "Filing Deadline") before the prescribed deadline of August 29, 2022. The issuance of a management cease trade order will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

On August 10, 2022, the Company changed its auditors from Harbourside CPA LLP to Kreston GTA LLP. As a result of the change of auditor of the Company within such close proximity to the Filing Deadline, the Company and auditor anticipated it would require additional time to file the Annual Financial Statements and MD&A in accordance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") and National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings, as applicable. The Company anticipates that it will be in a position to file the Annual Financial Statements and related MD&A on or prior to October 31, 2022.

The Company confirms that it will satisfy the provisions of the Alternative Information Guidelines set out in NP 12-203. Furthermore, the Company's directors and officers will remain subject to a trading black-out pursuant to which such persons are prohibited from trading any securities of the Company until the end of the second full trading day following on which the Annual Financial Statements and related MD&A is filed on SEDAR, and a corresponding news release is issued by the Company pursuant to NI 51-102. The Company confirms that there is no other material information relating to its affairs that has not been disclosed.

About Aion Therapeutic Inc.

Aion Therapeutic Inc. through its wholly-owned subsidiary, AI Pharmaceuticals Jamaica Limited, is in the business of research and development, treatment, data mining and state-of-the-art artificial intelligence (machine learning) techniques, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi (edible mushroom), natural psychedelic formulations (Ayahuasca), and other medicinal plants in a legal environment for this type of discovery. In addition, Aion Therapeutic is creating a strong international intellectual property portfolio related to its discoveries.

For further information, please contact:

Aion Therapeutic Inc.
Graham Simmonds
Executive Vice Chair & CEO
(416) 843-2881

DISCLAIMER & READER ADVISORY

Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.

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