(all amounts are in Canadian dollars) QUÉBEC, March 25, 2026 /PRNewswire/ - Devonian Health Group Inc. ("Devonian" or the "Company") (TSXV: GSD) (OTCQB: DVHGF), a clinical-stage biopharmaceutical company focused on developing innovative therapies targeting fibro-inflammatory diseases, today highlighted its financial and operating results for the three and six months ended January 31, 2026. ''We are pleased with the continued momentum to execute on our priorities and readiness to advance our pipeline'', said ...

Core Insights - Devonian Health Group Inc. has filed a proprietary Thykamine™ fingerprint in recent patent applications, which is a key element of its long-term intellectual property strategy [1] - The Thykamine™ fingerprint identifies eight specific chemical components in precise ratios, validated through advanced HPLC-MS methods, showing 98% confidence in batch consistency [1] - The company emphasizes the quality and consistency of Thykamine™, which has demonstrated anti-inflammatory and anti-fibrotic properties in various studies, including a Phase IIa clinical study [1] Patent Strategy - The Thykamine™ fingerprint will be systematically included in all future patent filings related to Thykamine™ [1] - This strategy aims to strengthen the company's intellectual property portfolio and regulatory preparedness for pharmaceutical development [1] Manufacturing and Quality Control - HPLC-MS methodology has shown high reproducibility across manufactured batches, confirmed by NMR analysis [1] - Potency assays using a U-937 human cell-based model validated that each batch of Thykamine™ exhibits equivalent biological activity, consistently inhibiting key inflammatory cytokines [1] Product Overview - Thykamine™, developed from Devonian's SUPREX™ platform, targets health conditions related to inflammation and oxidative stress, including ulcerative colitis and atopic dermatitis [1] - The product's anti-inflammatory, anti-oxidative, and immunomodulatory properties have been supported by numerous in vitro and in vivo studies [1] Company Background - Devonian Health Group Inc. is a clinical-stage pharmaceutical company focused on developing drugs for autoimmune fibroinflammatory diseases [1] - The company also develops high-value cosmeceutical products and operates a commercialization subsidiary, Altius Healthcare LP, for selling prescription pharmaceuticals in Canada [1]

Core Insights - Devonian Health Group Inc. announced additional preclinical results from its STAM mouse model study, highlighting the anti-MASH, anti-inflammatory, and anti-fibrotic effects of Thykamine™ in liver conditions [1] Group 1: Study Results - The STAM mouse model study showed that Thykamine™ significantly reduced liver disease progression, inflammation, and fibrosis at doses of 0.5 mg/kg, 5.0 mg/kg, and 50.0 mg/kg over three weeks [1] - Gene expression analysis indicated a marked down-regulation of multiple genes central to MASH pathophysiology, with reductions approaching or exceeding 80-90% compared to placebo [1] - Thykamine™ treatment significantly modulated fibrosis-related genes such as CCN1, CCN2, COL1A1, and inflammation-related genes including CCL2 and IFNG, demonstrating a dose-dependent response [1] Group 2: Market Potential - The global MASH treatment market was valued at $7.87 billion in 2024 and is projected to reach $31.76 billion by 2033, growing at a 17.7% CAGR from 2025 to 2033 [1] - Nonalcoholic fatty liver disease (NAFLD), which progresses to MASH, has a worldwide prevalence of 20-30%, indicating a significant market opportunity for treatments targeting this condition [1] Group 3: Company Overview - Devonian Health Group Inc. is a clinical stage pharmaceutical company focused on developing drugs for autoimmune fibroinflammatory conditions, leveraging over 15 years of research [2] - The company is also involved in developing high-value cosmeceutical products and operates a commercialization subsidiary, Altius Healthcare LP, for selling prescription pharmaceutical products in Canada [2] - Devonian is publicly traded on the TSX Venture Exchange (TSXV: GSD) and OTCQB (OTCQB: DVHGF) [2]

Core Insights - Devonian Health Group Inc. reported positive results from a study on Thykamine™, demonstrating its potential as an antifibrotic treatment for pulmonary fibrosis, particularly in comparison to Pirfenidone [1][2] Company Overview - Devonian Health Group Inc. is a clinical-stage pharmaceutical company focused on developing drugs for autoimmune fibroinflammatory conditions, leveraging over 15 years of research [2] - The company is headquartered in Québec, Canada, and is publicly traded on the TSX Venture Exchange (TSXV: GSD) and OTCQB (OTCQB: DVHGF) [2] Study Findings - The study utilized a bleomycin-induced pulmonary fibrosis mouse model, showing that Thykamine™ at a dose of 0.5 mg/kg significantly reduced lung wet weight and tissue index compared to the control group [1] - Thykamine™ treatment resulted in a statistically significant reduction in fibrosis and inflammation scores, indicating an improvement in lung morphology [1] - Key fibrosis- and inflammation-associated genes were downregulated with Thykamine™ treatment, suggesting controlled matrix remodeling and reduced fibrotic progression [1] Market Context - Pulmonary fibrosis, especially idiopathic pulmonary fibrosis (IPF), is a chronic and progressive disease with a poor prognosis, highlighting the urgent need for effective therapies [1] - The incidence and prevalence of IPF are increasing globally, driven by aging populations and improved diagnostic awareness, creating a significant unmet medical need [1] Product Information - Thykamine™, developed from Devonian's SUPREX™ platform, is positioned as a next-generation therapeutic candidate with potential applications in various fibroinflammatory diseases [1] - The product has demonstrated anti-inflammatory, anti-oxidative, and immunomodulatory properties in multiple studies, including a Phase IIa clinical study for ulcerative colitis and a Phase II study for atopic dermatitis [1][2]

Company Announcement - Devonian Health Group Inc. has appointed Dennis Turpin as Chief Financial Officer, effective immediately, while he will continue to serve on the Board of Directors [1][3] - Turpin has over 25 years of experience in the biopharmaceutical industry, focusing on finance, capital markets, business development, and mergers and acquisitions [2] - He replaces Viktoria Krasteva, who will assist in the transition until February 27, 2026 [4] Stock Options - A total of 25,000 stock options were granted to Turpin, vesting immediately at an exercise price of $11.50 for a period of 10 years [4] - The company corrected a previous press release regarding the granting of stock options, adjusting the exercise price from $0.18 to $0.19, which is now $11.40 on a post-consolidation basis [5] Company Overview - Devonian Health Group Inc. is a clinical stage pharmaceutical company focused on developing drugs for autoimmune fibroinflammatory diseases, including atopic dermatitis, radiodermatitis, and ulcerative colitis [6] - The company also develops high-value cosmeceutical products and operates a subsidiary, Altius Healthcare LP, for selling prescription pharmaceuticals in Canada [7] - Incorporated in 2015, Devonian is headquartered in Quebec, Canada, and is publicly traded on the TSX Venture Exchange and quoted on the OTCQB Venture Market [8]

Core Insights - Devonian Health Group Inc. has published a peer-reviewed article in Biomedicines highlighting the anti-inflammatory properties of its lead pharmaceutical candidate, Thykamine™ [1][2] - The study demonstrates that Thykamine™ exhibits greater potency in inhibiting inflammatory markers compared to six widely prescribed anti-inflammatory drugs [3][4] - Thykamine™ is positioned as a promising candidate for treating chronic inflammatory conditions due to its favorable safety profile and multi-target efficacy [4][6] Company Overview - Devonian Health Group Inc. specializes in developing prescription drugs for fibroinflammatory diseases and has a focus on unmet medical needs in autoimmune inflammatory conditions [10] - The company’s first pharmaceutical product, Thykamine™, is derived from its SUPREX™ platform and has shown efficacy in treating conditions like ulcerative colitis and atopic dermatitis [8][10] - Devonian is publicly traded on the TSX Venture Exchange and OTCQB Venture Market, and it operates a state-of-the-art extraction facility in Québec, Canada [12]

Core Viewpoint - Devonian Health Group Inc. is actively engaging with institutional investors and has announced a non-brokered private placement to support its operations and research activities [1][4][5]. Group 1: Company Presentation - Dr. André Boulet, the Chairman and CEO of Devonian, will present at the ThinkEquity Conference on October 30, 2025 [1][8]. - The conference aims to connect institutional investors, analysts, and growth-oriented companies for presentations and networking [2]. Group 2: Private Placement Details - Devonian has completed a non-brokered private placement, raising gross proceeds of $334,500.33 through the issuance of 1,967,649 units at a price of $0.17 per unit [4][5]. - Each unit consists of one common share and one share purchase warrant, with the warrant allowing the purchase of one share at the same price for 24 months [4][6]. - The funds raised will primarily be allocated to working capital for corporate overhead and research and development activities [5]. Group 3: Regulatory and Financial Information - A cash finder's fee of $14,166.68 was paid in connection with the offering, and the issued shares and warrants are subject to a four-month hold period ending on February 23, 2026 [6]. - The offering is pending final approval from the TSX Venture Exchange [6].

Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $265,547, primarily due to operating costs of $353,194 and provision for income taxes of $29,918, partially offset by interest earned from the Trust Account of $117,565 [160]. - For the nine months ended September 30, 2023, the company reported a net loss of $670,061, primarily due to operating costs of $1,357,955 and income tax provisions of $172,730, partially offset by interest earned from the Trust Account of $860,624 [161]. - Cash used in operating activities for the nine months ended September 30, 2023, was $323,054, with a net loss impacted by interest earned from the Trust Account and changes in operating assets and liabilities providing $1,207,631 [164]. - As of September 30, 2023, the company had no cash in its operating bank account and a working capital deficit of approximately $4,717,286 [168]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023 [172]. Business Combination and Governance - The company has extended the deadline to complete a business combination from August 9, 2023, to February 9, 2024, allowing for up to six additional months for completion [156]. - The company entered into a Business Combination Agreement with DarkPulse, Inc., which will be executed through a merger, with DarkPulse becoming a wholly owned subsidiary [150]. - The company’s sponsor, DarkPulse, aims to leverage the business combination to access new capital sources and enhance market visibility [145]. - The company has issued notes to the sponsor totaling $1,049,248, with additional smaller amounts, to extend the termination date for the business combination [149]. - The company has until December 9, 2023, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed [171]. - The company has undergone changes in its board of directors, with new appointments and resignations impacting governance [142][144]. Shareholder Actions and Meetings - Approximately 87% of outstanding Public Shares were redeemed for cash at a redemption price of approximately $10.42 per share, totaling an aggregate redemption amount of approximately $95,356,719 [154]. - Following the first extension, approximately $14,128,405 remained in trust with 1,343,154 Public Shares outstanding [154]. - A total of 10,079,383 shares (75.64%) were present at the Special Meeting to approve the extension amendment, with over 65% voting in favor [151]. Costs and Expenses - Transaction costs related to the IPO and partial over-allotment amounted to $6,265,859, including $3,672,368 of deferred underwriting commissions [167]. - The company plans to continue incurring monthly fees of $10,000 for general and administrative services until the completion of the initial Business Combination or liquidation [174]. - As of September 30, 2023, there are no Working Capital Loans outstanding, but there are non-interest-bearing advances due to the Sponsor amounting to $841,818 [169].

Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $295,396, primarily due to operating costs of $426,089 and provision for income taxes of $26,287, partially offset by interest earned from the Trust Account of $156,980 [160]. - For the six months ended June 30, 2023, the company reported a net loss of $404,514, primarily due to operating costs of $1,004,761 and income tax provisions of $142,812, partially offset by interest earned from the Trust Account of $743,059 [161]. - Cash used in operating activities for the six months ended June 30, 2023, was $323,000, with a net loss impacted by interest earned from the Trust Account and changes in operating assets and liabilities providing $824,573 [164]. - As of June 30, 2023, the company had a working capital deficit of approximately $4,095,576 and only $53 in cash in its operating bank account [168]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023 [172]. - The company will not generate any operating revenues until after the completion of its initial Business Combination [163]. Business Combination - The company has extended the deadline to complete a business combination from August 9, 2023, to February 9, 2024, allowing for up to six additional months for completion [156]. - The company entered into a Business Combination Agreement with DarkPulse, Inc., which will be executed through a merger, with DarkPulse becoming a wholly owned subsidiary [150]. - A total of 10,079,383 shares (75.64%) voted in favor of extending the time to complete a business combination, with more than 65% voting for approval [151]. - The company has until December 9, 2023, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if this is not achieved [171]. Financial Arrangements - The company has issued notes to the sponsor totaling $1,049,248, with additional smaller amounts, to extend the termination date for the Business Combination [149]. - The company issued a Convertible Promissory Note of $1,150,000 to the New Sponsor, with $1,049,248 borrowed under this loan as of June 30, 2023 [175]. - Monthly fees of $10,000 are payable to the New Sponsor for general and administrative services until the completion of the initial Business Combination or liquidation [174]. Shareholder Actions - Approximately 87% of outstanding Public Shares were redeemed for cash at a redemption price of approximately $10.42 per share, totaling an aggregate redemption amount of approximately $95,356,719 [154]. - Following the first extension, approximately $14,128,405 remained in trust with 1,343,154 Public Shares outstanding [154]. Strategic Focus - The company’s sponsor, DarkPulse, aims to leverage the business combination to access new capital sources and enhance market visibility [145]. - The company is focusing on industries that complement its management team's background, particularly in farming and national security sectors [139]. Transaction Costs - Transaction costs related to the IPO and partial over-allotment amounted to $6,265,859, including $3,672,368 of deferred underwriting commissions [167]. - Cash provided by investing activities was $95,251,557, primarily from interest withdrawal from the Trust Account [164].

Financial Position - As of March 31, 2023, total assets amounted to $14,491,687, a significant decrease from $109,158,375 as of December 31, 2022[15] - Total current liabilities rose to $3,700,387 as of March 31, 2023, compared to $1,947,671 as of December 31, 2022, representing an increase of 89.9%[15] - The company had a stockholders' deficit of $6,885,886 as of March 31, 2023, compared to a deficit of $5,216,953 as of December 31, 2022, reflecting an increase in the deficit[15] - As of March 31, 2023, the Company reported a working capital deficit of approximately $3.21 million, with only $485 in cash available[51] - As of March 31, 2023, the Company had $14,411,751 in the Trust Account, down from $109,099,978 as of December 31, 2022[65] Operating Performance - The company reported a net loss of $109,118 for the three months ended March 31, 2023, compared to a net loss of $388,604 for the same period in 2022, indicating a reduction in losses[17] - Operating costs increased to $578,672 for the three months ended March 31, 2023, up from $391,244 in the same period of 2022, reflecting a 47.9% increase[17] - The basic and diluted net loss per Class A redeemable share was $0.02 for the three months ended March 31, 2023, compared to $0.03 for the same period in 2022[17] - The company generated net cash used in operating activities of $93,476 for the three months ended March 31, 2023, compared to $459,410 for the same period in 2022, indicating improved cash management[24] Trust Account and Investments - The Company has $107,023,296 deposited in a Trust Account, which is invested in U.S. government securities[35] - The Company has outstanding obligations of $1,049,248 under a Convertible Promissory Note for an extension of the business combination deadline[53] Business Combination and Extensions - The Company extended the deadline to complete a Business Combination by up to six months, now due by August 9, 2023[36] - The Company must complete a Business Combination with a fair market value of at least 80% of the assets held in the Trust Account[34] - The Company has until September 9, 2023, or February 9, 2024, to complete a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed by these dates[54] - Stockholders voted to approve a Second Extension Amendment, allowing the Company to extend the deadline for completing a business combination up to six additional months, until February 9, 2024[137][138] Shareholder Activity - The Company redeemed 9,149,326 Public Shares for a total of $95,356,719 on January 31, 2023[62] - Approximately 65% of outstanding Public Shares were redeemed for cash at a price of approximately $10.97 per share, totaling an aggregate redemption amount of approximately $9,501,728[139] - Stockholders holding 866,088 Public Shares (approximately 65% of outstanding Public Shares) redeemed their shares for cash at a redemption price of approximately $10.97 per share, totaling approximately $9,501,728[162] Internal Controls and Compliance - Management identified material weaknesses in internal control over financial reporting, including inadequate segregation of duties and insufficient written policies[182] - The Company plans to enhance internal controls by appointing additional qualified personnel and adopting sufficient written policies during the fiscal year ending December 31, 2023[183] - The Company’s disclosure controls and procedures were deemed ineffective due to material weaknesses in internal control over financial reporting[181] IPO and Financing - The Company completed its IPO on August 9, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 units at $10.00 per unit[30] - The Company incurred transaction costs related to the IPO totaling $6,265,859, which included deferred underwriting commissions and other offering costs[32] - The underwriters are entitled to a deferred underwriting discount of $0.35 per unit, totaling $3,672,368, payable only if the Company completes a Business Combination[94] Tax and Legal Matters - The Company recorded an excise tax liability of $953,567 as of March 31, 2023, calculated as 1% of shares redeemed[62] - The Company had no unrecognized tax benefits and no amounts accrued for interest and penalties related to unrecognized tax benefits[75] - The Company has not disclosed any legal proceedings as of the date of the report[186]