TLT Theralase Technologies Inc

Theralase® Technologies Inc. (“Theralase®” or the “Company”) (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company focused on the research and development of light activated Photo Dynamic Compounds (“PDCs”) and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, is pleased to announce it has been named to the Toronto Stock Exchange (“TSX”) Venture Exchange’s 2023 Venture 50™. The Venture 50™ is an annual ranking of the top-performing companies from five industry sectors; specifically: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. Theralase® was recognized in the Clean Technology and Life Sciences category.

The Venture 50™ ranking is comprised of the top performing companies on the TSX Venture Exchange in 2022, selected based on the equally weighted criteria of: market capitalization, share price appreciation and trading volume. Selected Venture 50™ companies have seen tremendous growth over the past year, offered excellent returns to their shareholders and are actively traded in the market.

Theralase® was previously named a TSX Venture 50™ company in 2015, 2019 and 2020 making this the fourth year Theralase® has been recognized as a top performer in the Clean Technology & Life Sciences sector in the last 8 years.

“With more than 1500 companies listed on the TSX Venture Exchange, we are honoured to receive this award and to be named as one of the TSX Venture Top 50 companies,” said Arkady Mandel MD, Ph.D., D.Sc., Interim Chief Executive Officer and Chief Scientific Officer, Theralase®. “2022 was one of the defining years for Theralase®, highlighted by our progress with the international, multicenter, Phase II clinical study of intravesical Photo Dynamic Therapy (“PDT”) in Patients with Bacillus Calmette Guerin (“BCG”) Unresponsive Non-Muscle Invasive Bladder Cancer (“NMIBC”) Carcinoma In-Situ (“CIS”). Based on the clinical data collected to date, Theralase® PDT could represent a viable treatment option for this patient population with an acceptable safety profile. We are extremely excited about our pipeline of patented and proprietary PDCs, so it is rewarding to be acknowledged for these accomplishments by the TSX Venture Exchange and the Canadian investment community. I am proud to recognize the Theralase® team for their hard work and dedication, and our shareholders for their ongoing support.”

About Study IIStudy II utilizes the therapeutic dose of TLD-1433 (0.70 mg/cm2) activated by the proprietary TLC-3200 medical laser system. Study II is focused on enrolling and treating approximately 100 to 125 BCG-Unresponsive NMIBC CIS patients in up to 20 clinical study sites located in Canada and the United States.

About TLD-1433TLD-1433 is a patented PDC with 12 years of published peer reviewed preclinical research and is currently under investigation in Study II.

About Theralase® Technologies Inc.Theralase® is a clinical stage pharmaceutical company dedicated to the research and development of light activated compounds and their associated drug formulations with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.

Additional information is available at www.theralase.com and www.sedar.com

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements regarding the Company's proposed development plans with respect to Photo Dynamic Compounds and their drug formulations. Forward looking statements may be identified by the use of the words "may", "should", "will", "anticipates", "believes", "plans", "expects", "estimate", "potential for" and similar expressions including statements related to the current expectations of the Company's management for future research, development and commercialization of the Company’s Photo Dynamic Compounds and their drug formulations, including preclinical research, clinical studies and regulatory approvals.

These statements involve significant risks, uncertainties and assumptions; including, the ability of the Company to: adequately fund and secure the requisite regulatory approvals to successfully complete a Phase II NMIBC clinical study in a timely fashion to implement its development plans. Other risks include: the ability of the Company to successfully commercialize its drug formulations, the risk that: access to sufficient capital to fund the Company’s operations may not be available or may not be available on terms that are commercially favorable to the Company, the Company’s drug formulations may not be effective against the diseases tested in its clinical studies, that the Company fails to comply with the term of license agreements with third parties and as a result loses the right to use key intellectual property in its business, the Company’s ability to protect its intellectual property, the timing and success of submission, acceptance and approval of regulatory filings, and the impacts of public health crises, such as COVID-19. Many of these factors that will determine actual results are beyond the Company's ability to control or predict.

Readers should not unduly rely on these forward- looking statements, which are not a guarantee of future performance. There can be no assurance that forward looking statements will successfully come to fruition, as such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward-looking statements.

Although the forward-looking statements contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.

All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, the Company assumes no obligation to update such statements.

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

For More Information:Kristina Hachey, CPAChief Financial Officer1.866.THE.LASE (843.5273)416.699.LASE (5273)

khachey@theralase.comwww.theralase.com