Devonian Health Group Announces Proposed Listing on the NYSE American with Concurrent Underwritten Public Offering

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 announces that it is conducting an underwritten public offering of its common shares (and/or pre-funded warrants in lieu thereof) and warrants (the "Warrants") (the "Offering"). Concurrently with the Offering, the Company expects its common shares and Warrants to be approved for listing on the NYSE American LLC (the "NYSE American") under the symbols "DHGR" and "DHGRW", respectively, subject to final authorization of the Company's listing application and continued compliance with the exchange rules.

Additional details regarding the Offering will be provided through the Company's filings with the Securities and Exchange Commission (the "SEC") and those made in other filings with the applicable securities regulators of Canada. The Offering is subject to market conditions and regulatory approval, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

The Company expects that its common shares will continue to be quoted on the OTCQB Venture Market until the pricing of the Offering. Upon listing on the NYSE American, trading of the common shares on the OTCQB will terminate. Shareholders of the Company do not need to take any action prior to the listing of shares on the NYSE American.

The Company has also reserved the symbol "DHGR" on the TSX Venture Exchange (the "TSXV") and intends to request that its current trading symbol be changed at a later date from "GSD" to "DHGR". ThinkEquity is acting as the sole book-running manager for the Offering.

A registration statement relating to the proposed Offering has been filed with the SEC but has not yet been declared effective. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. The proposed Offering will be made only by means of a prospectus.

Copies of the preliminary prospectus contained in the registration statement may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. This communication does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No securities will be offered or sold to any investor resident in Québec or elsewhere in Canada in connection with the Offering.

About Devonian

Devonian Health Group Inc. is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune fibroinflammatory disease with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription drugs for the treatment of fibroinflammatory autoimmune diseases including but not limited to atopic dermatitis, radiodermatitis and ulcerative colitis.

Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Quebec, Canada where it owns a state-of-the-art extraction facility. Devonian is traded publicly on the TSXV (TSXV: GSD) and currently quoted on the OTCQB Venture Market (OTCQB: DVHGF).

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact contained in this press release, including but not limited to those relating to the anticipated listing on the NYSE American and concurrent underwritten public offering and the proposed NYSE American and proposed change to the TSXV ticker symbols, and, generally, the statements contained under the ...