extractX Ltd. and Canurta Therapeutics Announce Strategic Amalgamation

Toronto, Ontario – June 24, 2025

extractX Ltd., a leader in advanced extraction technologies, and Canurta Therapeutics (“Canurta”), an innovative biotechnology company, are excited to announce the signing of a Letter of Intent (LOI). This LOI marks the beginning of a thorough due diligence process aimed at finalizing a merger agreement. The partnership will explore opportunities for both companies to go public as an amalgamated entity.

A Game-Changing Partnership

extractX brings important operational infrastructure and expertise in extraction processing. Its established revenue streams from mobile extraction laboratories will complement Canurta's extensive intellectual property portfolio. This includes a strong therapeutic pipeline with candidates like CNR-401, intended for ALS treatment, and the proprietary PolyKye™ AI-driven drug discovery platform. This strategic alignment will not only accelerate global sales but also bolster research and technology development for both companies.

Unlocking New Opportunities in Biotechnology

With a focus on harnessing innovative technologies, the merger presents a unique opportunity for both extractX and Canurta to scale rapidly in the biotechnology and life sciences markets. Canurta’s solid position, supported by established funding sources and market potential, will enable the acquisition of extractX’s assets and technology. Integrating their revenue streams and infrastructure will enhance their growth trajectory and financial stability, ultimately benefiting stakeholders.

Path to Public Listing

The newly formed entity aims for a listing on the Canadian Securities Exchange (CSE) between the latter half of 2025 and early 2026. The CSE provides an entrepreneurial environment with reduced transactional friction, ideal for supporting CanurtaX’s innovative initiatives. This platform will help attract diverse capital sources and investor communities, ensuring robust funding for accelerated projects.

Strategic Vision and Leadership Perspectives

“This amalgamation will make both companies stronger,” states Albert Iannantuono, Co-CEO of extractX Ltd. “We will utilize our unique Mobile labs along with additional technology to create a consistent supply of products for Canurta's pipeline. This collaboration will also help us expand our global opportunities, and we are excited about the next steps.”

Akeem Gardner, CEO of Canurta Therapeutics, echoed this sentiment: “This merging with extractX represents a strategic milestone for us. It propels Canurta’s vision of therapeutic innovation forward. The proven revenue-generating capabilities of extractX will enable us to deliver value promptly and efficiently to our stakeholders.”

Next Steps in the Process

In the coming months, both companies will engage in rigorous financial, operational, and regulatory due diligence. The objective is to finalize a definitive merger agreement within the timeframe set by the LOI. At the same time, Canurta is progressing with regulatory consultations, nonclinical activities, and clinical trial preparations. This ongoing commitment further emphasizes their focus on pioneering effective therapeutic solutions.

Update and Future Outlook

Further updates will be available as milestones are reached toward the definitive agreement. This includes the lifting of the current cease trade order against extractX Ltd. and their CSE listing. We anticipate that this merger will create significant momentum within the industry.

About Canurta Therapeutics

Canurta Therapeutics specializes in developing innovative therapeutics derived from industrial biomass. Their significant intellectual property portfolio and advanced AI-driven drug discovery platform aim to transform healthcare by addressing critical therapeutic needs. One of their key objectives is to provide unique and effective therapeutic solutions to pressing health challenges.

About extractX Ltd.

extractX Ltd. delivers advanced extraction solutions through state-of-the-art mobile laboratories. These labs provide high-purity, scalable botanical extracts for the pharmaceutical and therapeutic markets on a global scale. As of May 31, 2025, their issued and outstanding capitalization stood at 24,786,786 common shares.

Forward-Looking Statements

This press release contains forward-looking statements related to the anticipated amalgamation and benefits of the partnership, among other things. Actual outcomes could differ significantly due to various risks and uncertainties. Readers should not place undue reliance on these forward-looking statements.

For additional insights, see the reports filed by the company with applicable securities regulators, currently available at www.sedar.com.

Unless required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether due to new information, future events, or otherwise.

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