ASP Acerus Pharmaceuticals Corporation

Acerus Pharmaceuticals Corporation (the “Company” or “Acerus”) (TSX:ASP; OTCQB:ASPCF) announced that further to its news release from April 19, 2022, the Company’s application to consolidate its common shares (“Shares”) on the basis of one (1) post-consolidation Share for every two hundred (200) pre-consolidation Shares (the “Consolidation”) has been accepted by the Toronto Stock Exchange.

Prior to implementing the Consolidation, the Company had approximately 1,541,549,299 Shares issued and outstanding and immediately after implementing the Consolidation, the Company will have approximately 7,707,250 Shares issued and outstanding. No fractional Shares will be issued as a result of the Consolidation. Each fractional Share following the Consolidation will be rounded down to the nearest whole Share. The exercise price and the number of Shares issuable under any of the Company's outstanding stock options and convertible instruments, as applicable, will be proportionately adjusted in connection with the Consolidation.

Effective at the opening of trading on April 29, 2022, the pre-Consolidation Shares will be delisted and the post-Consolidation Shares will commence trading under the same name Acerus Pharmaceuticals Corporation and same trading symbol of “ASP”. On the OTCQB, the shares will trade for a period of 20 trading days under the symbol “ASPCD”, before returning to the original symbol of “ASPCF”.

A letter of transmittal will be mailed to registered shareholders. The letter of transmittal contains instructions on how registered shareholders can exchange their Share certificates evidencing their pre-Consolidation Shares for new share certificates representing the number of post-Consolidation Shares to which they are entitled. A letter of transmittal is also available on SEDAR.

Beneficial shareholders holding their Shares through a brokerage or other intermediary may be subject to different procedures for obtaining their post-Consolidation shares in their accounts. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary. Generally speaking, beneficial shareholders should not need to take any action but processing times by the applicable brokerage or other intermediary may differ.

The Company's new CUSIP number is 00444G405 and its new ISIN number is CA00444G4051.

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 including the Company’s intent to under the Consolidation. Implicit in this information are assumptions regarding our future operational results and ability to obtain the requisite approvals for the Consolidation. 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 Contactir@aceruspharma.com

Investor Relations ContactChris WittyAcerus Investor Relations(646) 438-9385cwitty@darrowir.com