THIS DOCUMENT IS NOT TO BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, RUSSIA, BELARUS OR IN ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OF THIS PRESS RELEASE WOULD BE SUBJECT TO LEGAL RESTRICTIONS.

The subscription period for the Rights Issue runs from today, April 24, 2023 to and including May 9, 2023.

Please note, that custodians may have a last response date for subscription to the Rights Issue that falls before May 9, 2023.

The information memorandum is available on the Company's website www.inhalation.se, on Stockholm Corporate Finance AB's website www.stockholmcorp.se and on Spotlight Stock Market's website www.spotlightstockmarket.com.

"We are convinced that the rights issue will give us the financial means we need to take the next step in our growth journey. The lion share of the capital will be directed to expanding and grow the service offering. I am pleased that both the board of directors and company management have shown their confidence in our growth plan by participating in the rights issue. This is a firm acknowledgement to what we currently are doing is going to accelerate our growth moving forward as we all look with confidence on what comes next "says Manoush Masarrat, CEO of Inhalation Sciences

• All existing shareholders received five (5) subscription rights for each one (1) share held on the record date of April 20, 2023, and twelve (12) subscription rights entitle the holder to subscribe for one (1) newly issued share.
• The subscription price is SEK 3.60 per share.
• Upon full subscription in the Rights Issue, the Company will receive approximately MSEK 17.1 before issuing costs.
• The Rights Issue is covered to approximately 80 percent through subscription and guarantee commitments. However, these measures have not been secured through advance transactions, bank guarantees or similar arrangements.
• The Board and management have submitted subscription commitments amounting to approximately MSEK 1.2 and a main shareholder has submitted a subscription commitment amounting to approximately MSEK 0.6.

Subscription with the support of subscription rights

Shareholders or representatives of shareholders who were registered in Euroclear's share register on the record date of April 20, 2023, will receive a pre-printed subscription form with an attached payment slip from Euroclear. If a different number of subscription rights is used than indicated on the pre-printed payment slip from Euroclear, a special subscription form should be used. Subscription by payment must be made in accordance with the instructions on the special subscription form. Therefore, the pre-printed payment slip from Euroclear should not be used. The special subscription form can be ordered from Hagberg & Aneborn Fondkommission AB by phone or email.

Shareholders whose holdings of shares in the Company were registered with a custodian bank or other custodian on the record date will not receive any subscription forms or special subscription forms from Euroclear. Subscription and payment should instead be made in accordance with instructions from the respective custodian.

Subscription without the support of subscription rights

Subscription without the support of subscription rights through a custodian is made according to instructions from the respective custodian. For subscription through a capital insurance or an investment savings account, please contact your custodian. Subscription without the support of subscription rights is otherwise made by submitting a subscription form via mail or email to Hagberg & Aneborn Fondkommission AB. The subscription form must be received by Hagberg & Aneborn Fondkommission AB no later than 3:00 PM on May 9, 2023. The subscription form is available on the Company's website www.inhalation.se and on Hagberg & Aneborn Fondkommission AB's website www.hagberganeborn.se.

Timetable for the Rights Issue

A timetable for the Rights Issue follows below (all dates refer to 2023):

April 24 Trading in subscription rights on Spotlight Stock Market.
- May 4
April 24 Subscription period in the Rights Issue.
- May 9
April 24 Trading with BTA (paid subscribed share) begins. Trading continues
until the Rights Issue has been registered with the Swedish
Companies Registration Office.
Around Announcement of the outcome of the Rights Issue.
May 12

Advisors

ISAB has appointed Stockholm Corporate Finance AB as financial advisor and Fredersen Advokatbyrå AB as legal advisor. Hagberg & Aneborn Fondkommission AB is the issuing agent in connection with the Rights Issue.

Important information

The publication, announcement or distribution of this press release may be subject to restrictions in certain jurisdictions. Recipients of this press release in jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction.

This press release does not constitute or form any part of an offer or solicitation to buy or subscribe for securities in the United States. The information in this press release may not be announced, published, copied or distributed, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, Russia, Belarus or any other jurisdiction in which the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require a prospectus, registration or other measures than those required by Swedish law.

This announcement does not constitute or form any part of any offer or solicitation to acquire, subscribe for, sell or in any other way trade in shares or other securities in the Company. This document has not been approved by any authority and the information does not constitute a prospectus. In any EEA Member State, this communication is only addressed to qualified investors in that Member State within the meaning of the Prospectus Regulation (2017/1129).

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's intentions, beliefs or current expectations and goals regarding the Company's future operations, financial condition, liquidity, results of operations, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and can be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might" or, in each case, their negative, or similar, expressions. The forward-looking statements in this press release are based on various assumptions, many of which are in turn based on additional assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, actual results or performance could differ materially from those reflected in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from error and does not accept any responsibility for the future accuracy of the views expressed in this press release or any obligation to update or revise the statements in this press release to reflect subsequent events. Undue reliance should not be placed on the forward-looking statements in this press release. The information, opinions and forward-looking statements contained in this press release speak only as of the date hereof and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release.