Acerus Announces Initiation of Strategic Review

Acerus Pharmaceuticals Corporation (the “

Company

” or “

Acerus

”) (TSX: ASP; OTCQB: ASPCF) today announced that the Board of Directors has determined to undertake a strategic review of capital and business alternatives, including a possible debt or equity financing, asset sale, M&A, or licensing transaction.

The Board has struck a committee of independent directors to supervise this strategic review process. Ernst & Young Orenda Corporate Finance Inc. (“EY”) has been engaged as independent financial advisors to the Company. Parties interested in pursuing a transaction with Acerus should contact EY via one of the persons listed below to get further details and should plan to deliver a non-binding letter of interest no later than October 26, 2022.

Michael HayesSenior [e-mail]416 575 9089

Jatinder WadhwaSenior [e-mail]416 943 2063

Allen [e-mail]416 943 3470

About Acerus

Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories.

Acerus’ shares trade on TSX under the symbol ASP and on OTCQB under the symbol ASPCF. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn.

Notice regarding forward-looking statements

Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 14, 2022 that is available on www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Company [e-mail]

Investor Relations ContactChris WittyAcerus Investor Relations(646) [e-mail]