MONTREAL, QUEBEC , April 28, 2022 – Valeo Pharma Inc. (TSX:VPH, OTCQB: VPHIF, FSE:VP2) (“Valeo” or the “Company”), a Canadian pharmaceutical company, today announces the results of the proposals submitted to shareholders at its annual meeting of shareholders held on April 27, 2022 (the “Meeting”).

Proposal No. 1: Election of Directors

The results of the vote for those elected as directors are as follows:

NomineeVotes ForVotes Withheld
 Number%Numbers%
Steve Saviuk9,538,71996.80315,1853.20
Richard MacKay9,517,71996.59336,1853.41
Vincent Hogue9,849,19499.954,7100.05
Maureen Brennan9,849,21999.954,6850.05
Michel Trudeau9,851,79499.982,1100.02
Frederic Fasano9,541,40496.83312,5003.17

Proposal No. 2: Apppointment of the auditor

The results of the vote for the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for Valeo are as follows:

Votes ForVotes Withheld
 Number%Numbers%
9,970,578100250.00

Appointments

Following the Meeting, the following appointments were made and committees confirmed by the newly elected board of directors of Valeo (the “Board”):

Board Chairman: Richard D. MacKay

Audit Committee Chairman: Michel Trudeau
Audit Committee Members: Frederic Fasano and Vincent P. Hogue

Corporate Governance and Human Resources Committee Chairman: Vincent P. Hogue
Corporate Governance and Human Resources Committee Members: Maureen C. Brennan and Steve Saviuk

In addition, the Board is pleased to announce the appointment of Marc Léger as director of the Company.

“I am pleased to welcome Marc to our Board of Directors. Marc had a long career as a senior executive in the Canadian pharmaceutical industry including 12 years with Valeo, the last 3 as Senior Vice-President and Chief Commercial Officer”, said Steve Saviuk, Valeo’s Chief Executive Officer. “We look forward to benefiting from his strategic insight and guidance as Valeo continues to pursue its ambitious growth objectives”.

More about Mr. Marc Léger

Mr. Léger is a seasoned pharmaceutical executive with pan-Canadian and U.S. experience in both the prescription pharmaceutical and consumer healthcare businesses. He has extensive experience in building and leading organizations and has an excellent track record of developing best in class brands.

Mr. Léger began his career in the pharmaceutical industry in 1984 with Schering Canada as a sales representative in British Columbia. He progressed through the organization in a variety of roles in the marketing and sales departments (Canada and U.S.) leading to the role of Vice President, Primary Care Business Unit (1997-2002) and subsequently to the role of General Manager, Schering-Plough Healthcare Canada (2002-2008), where he led the Consumer Health Business. During his career at Schering-Plough, Mr. Léger was directly involved with the launch and/or development of over 20 brands which became leading brands in their respective markets, and managed and led several organizational structure changes. Mr. Leger has previously served on the Board of Schering Canada Inc.

In February 2009, Mr. Léger joined Valeo Pharma, leading the Commercial Operations where he was directly involved with the development of both the dermatology and specialty products businesses, which were in part sold to Valeant Pharmaceuticals Inc. (now Bausch Health) in 2014. Prior to his retirement from Valeo in 2021, Mr. Léger was acting as Senior VP and Chief Commercial Officer for Valeo..

Mr. Léger graduated from Concordia University (Montreal, Qc) in 1984 with a Bachelor of Arts degree (Economics).

Grants under the Incentive Compensation Plan

The Company also announces that it granted an aggregate of 175,926 restricted share units (“RSUs“), vesting one year from grant and 387,500 stock options (“Options“) to certain officers, directors and management team members of the Company in accordance with the Company’s incentive compensation plan.

The Options will be exercisable at an exercise price of $0.66 per Class A common share of the Company until April 27, 2027, and will vest annually from 1 to 3 years.

About Valeo Pharma

Valeo Pharma is a pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respirology, Neurodegenerative Diseases, Oncology and other specialty products. Headquartered in Kirkland, Quebec, Valeo Pharma has the full capability and complete infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.

Forward Looking Statements

This press release contains forward-looking statements about Valeo’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.

For more information:

Steve Saviuk

CEO

514-693-8830

saviuk@valeopharma.com

or

Frederic Dumais

Director, Communications and Investor Relations

514-782-8803

dumais@valeopharma.com