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MONTREAL & SYDNEY

Jubilant DraxImage Inc. (“DraxImage”) and Cyclopharm Limited (“CYC”) are pleased to announce the signing of a term sheet, subject to satisfactory due diligence and execution of the Definitive Agreement and other necessary approvals, providing DraxImage an exclusive license to market and distribute Technegas in the United States. DraxImage will assist CYC with the development and financing of the phase III clinical trials for Technegas, and any other steps required to file for and obtain USFDA approval.

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DraxImage President Martyn Coombs stated, “Jubilant DraxImage is excited about this opportunity to participate with Cyclopharm in the clinical development and potential US market introduction of this innovative nuclear medicine product. The execution of this Term Sheet demonstrates DraxImage’s commitment to invest in and grow the sustainability of ventilation/perfusion imaging in the US and our continued passion to bring innovative products that enable physicians to deliver high quality diagnostics to their patients”.

Cyclopharm CEO James McBrayer stated that “Cyclopharm is thrilled with the opportunities this transaction represents. DraxImage is the USA market leader for nuclear medicine lung imaging. We are confident that the synergies that exist between our organizations will ensure faster acceptance of our proprietary technology.”

About Jubilant DraxImage

Jubilant DraxImage Inc., a subsidiary of Jubilant Life Sciences, develops, manufactures and commercializes radiopharmaceuticals used for the diagnosis and treatment of disease. The company is dedicated to nuclear medicine and serves customers and through them patients, globally, with high quality and reliable products and services. The company is the market leader in North America for I-131 products (diagnosis and treatment of thyroid disorder and cancer), MAA (lung perfusion imaging), DTPA (renal imaging) and MDP (bone imaging), and also markets other products such as Sestamibi (myocardial perfusion imaging) and Gluceptate (brain and renal imaging). The company has a strong development pipeline of new products, notably a Rubidium-82 Generator (PET Cardiology).

About Cyclopharm Limited

Cyclopharm is a radiopharmaceutical company servicing the global medical community. The Company’s mission is to provide nuclear medicine and other clinicians with the ability to improve patient care outcomes. Cyclopharm achieves this objective primarily through the provision of its core radiopharmaceutical product, Technegas (for lung imaging).

About Technegas

The Technegas technology is a structured ultra-fine dispersion of radioactive labeled carbon, produced by using dried Technetium-99m in a carbon crucible, micro furnaced for a few seconds at around 2,700^oC. The resultant gas like substance is inhaled by the patient (lung ventilation) via a breathing apparatus, which then allows multiple views and tomography imaging under a gamma or single photon emission computed tomography (SPECT) camera for the superior diagnosis of pulmonary emboli (blood clots in the lungs).

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