Mr. Graham Simmonds reports

AION THERAPEUTIC PROVIDES DEFAULT STATUS UPDATE

Further to its press release dated Sept. 14, 2021, Aion Therapeutic Inc. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults.

On Aug. 31, 2021, the company announced (the default announcement) that it had not filed its annual financial statements and management discussion and analysis for the year ended April 30, 2021, together with the related certification of filings under National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the continuous disclosure documents) by the prescribed deadline of Aug. 30, 2021.

Except as discussed below, there have been no material changes to the information contained in the default announcement or any other changes required to be disclosed under NP 12-203.

The company anticipates that the continuous disclosure documents will be filed prior to Oct. 15, 2021. The company will continue to provide biweekly updates, as contemplated by NP 12-203, until the continuous disclosure documents have been filed. In the event that the company does not file the continuous disclosure documents by Oct. 29, 2021, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the company. The company intends to satisfy the provisions of the alternative information guidelines during the period it remains in default of the filing requirements.

About Aion Therapeutic Inc.

Aion, through its wholly owned subsidiary, AI Pharmaceuticals Jamaica Ltd., 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 is creating a strong international intellectual property portfolio related to its discoveries.

We seek Safe Harbor.