Nexien BioPharma Announces Executive and Business Updates

DENVER–(BUSINESS WIRE)–Nexien BioPharma, Inc. (“Nexien” or the “Company”) (OTCQB:NXEN), a next
generation biopharmaceutical company focused on research, development
and commercialization of novel FDA-compliant cannabinoid pharmaceuticals
and related drug delivery systems, today announced executive and
business updates.

Dr. Joseph F. Aceto, JD, Ph.D. has been appointed as the Company’s
Interim Director of Translational Research. In this role, Dr. Aceto will
oversee the ongoing evolution of Nexien’s research programs, to develop,
license, and commercialize pharmaceuticals utilizing cannabinoids as the
Active Pharmaceutical Ingredients (APIs). Dr. Aceto has more than 30
years of scientific, business, legal, and intellectual property
experience, with a focus on supporting patented technologies in the
pharmaceutical and biotechnology industries. Dr. Aceto will retain his
existing role as Vice President, Legal and Intellectual Property counsel.

Dr. Michael Fenn, Ph.D., a member of Nexien’s Scientific Advisory Board,
has joined Harvard Innovation Labs as Director, Healthcare and Life
Sciences. Dr. Fenn has over a decade of experience in life science and
advanced materials research and development with a diverse background in
nanomaterials, biomaterials, oncology, drug delivery, medical devices,
and diagnostics. He has been involved with the launch and growth of
multiple successful early-stage life science startups, directing
pre-clinical R&D efforts, overseeing intellectual property development,
and guiding overall business and scientific strategy.

Nexien also announced that it has withdrawn its listing application with
the Canadian Stock Exchange (“CSE”) based on indications from the
Ontario Securities Commission of a protracted application process and
timeline. While the Company may reconsider applying at the appropriate
time for a listing on the CSE, management has determined to focus its
resources on advancing its research and development programs.

Alex Wasyl, Nexien’s Chief Executive Officer, commented, “Joe and Mike
are great examples of the high-caliber, specialized talent we have
attracted to Nexien’s team. I congratulate each of them on their new
roles and look forward to their continuing contributions as we pursue an
exciting pipeline of cannabinoid pharmaceuticals and delivery
technologies, including our flagship research programs addressing
convulsive disorders and myotonic dystrophy.”

About Nexien BioPharma Inc.

Nexien BioPharma is a US-based pharmaceutical company engaged in the
formulation, development and commercialization of cannabinoid
pharmaceuticals in accordance with U.S. Food and Drug Administration
(“FDA”) pre-clinical and clinical pathways, to address a broad range of
medical conditions and disorders. For more information, visit Nexien
BioPharma’s website at: www.nexienbiopharma.com.

Forward Looking Statements

This press release may contain forward-looking statements, which are
deemed to be any statements made by or on behalf of Nexien BioPharma
that are not statements of historical facts. These statements reflect
current beliefs, and a number of important factors could cause actual
results to differ materially from those expressed in this release,
including the factors set forth in “Risk Factors” in our most recent
Form 10-K filed with the Securities and Exchange Commission (SEC) and
subsequent filings with the SEC. Readers are cautioned not to place
reliance on these forward-looking statements, which are valid only as of
the date they were made. Nexien BioPharma undertakes no obligation to
update or revise any forward-looking statements to reflect new
information or the occurrence of unanticipated events or otherwise,
except as expressly required by law.

Contacts

Nexien BioPharma, Inc.
[email protected]

The Equity Group
Kalle Ahl, CFA
(212) 836-9614
[email protected]

Devin Sullivan
(212) 836-9608
[email protected]

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