Acerus Pharmaceuticals Corporation (the “Company” or “Acerus”) (TSX:ASP; OTCQB:ASPCF) today announced the closing of its previously-announced acquisition of Serenity Pharmaceuticals LLC (“Serenity”), including the global rights to its Noctiva™ brand. Serenity, based in Miami, FL, is a specialty pharmaceutical company focused on developing therapies for diseases associated with voiding disorders and had previously been granted approval by the U.S. Food and Drug Administration (FDA) for its Noctiva™ (desmopressin acetate) nasal spray. Additional details of this transaction can be found in the Company’s filings in the US and Canada.

Acerus will host an investor call to discuss the acquisition of Serenity on March 9, 2022 at 8:30 am Eastern. To access the call live, please dial 416-406-0743 or 1-800-952-5114 and use access code 4028136#. Listeners are encouraged to dial in 10 minutes before the call begins to avoid delays. A replay of the conference call will be available until 11:59 p.m. Eastern Time on Wednesday, March 16, 2022 by dialing 905-694-9451 or 1-800-408-3053, using access code:3378123#.

“We are excited to announce the closing of this significant transaction which positions Acerus for faster top line growth and improved long-term performance,” said Edward Gudaitis, President and Chief Executive Officer of Acerus Pharmaceuticals. “The combined enterprise brings a broader array of offerings to the urology and men’s health markets in North America, leveraging our expanding footprint and strengthening our outlook for years to come.”

The presentation that Acerus will cover during the investor call, as well as a FAQ document, can be found on the Acerus Investor Page of its website, or at the links below, as well as on SEDAR.

Presentation: http://www.aceruspharma.com/files/doc_downloads/2022/Acerus-Serenity-Combo_Public-deck_final_03072022.pdf

FAQ: http://www.aceruspharma.com/files/doc_downloads/2022/ASP-SER-Acqusition-Public-FAQs_final_03072022.pdf

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.

About Serenity

Founded in 2006 and located in Miami, Florida, Serenity Pharmaceuticals is focused on developing products that address urinary conditions that impact the health and well-being of millions of people. Serenity Pharmaceuticals is working to develop patented pharmaceuticals with unique delivery mechanisms and formulations, to provide safe and effective treatments for voiding disorders.

Notice regarding forward-looking statements

Except for statements of historical fact relating to Acerus or Serenity, certain statement contained in this press release constitute forward-looking information, future oriented financial information or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and other public filings of Acerus. Forward-looking information relates to statements concerning Acerus and the combined company’s outlook, anticipated events or results, statements as to Acerus’ management expectations with respect to the Acquisition, including the completion thereof, and statements with respect to the combined company including expected net revenues of the combined company and in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “forecast”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.

Forward-looking information in this press release are based on certain key expectations and assumptions made by Acerus, including expectations and assumptions concerning the closing of the Acquisition. Although Acerus believes that the expectations and assumptions on which such forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Acerus can give no assurance that they will prove correct. Forward-looking information are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this press release. The key risks and uncertainties include, but are not limited to, the Acquisition not closing as anticipated; delay or failure to resume the production of Noctiva; failure to raise sufficient capital, which could impede the ability to properly launch Noctiva and thus achieve anticipated revenue targets for Acerus; failure to maintain ongoing production of Natesto or Noctiva due to quality issues, supply chain disruption or events at the contract manufacturers that produce both products; failure to achieve or maintain adequate and competitive commercial and government reimbursement for either of Natesto and Noctiva with key payers in the US or other key markets; failure to attain market acceptance and anticipated market shares for the combined company’s products; failure to retain key personnel or failure to replace departures in a timely manner; failure of the combined company to integrate and achieve expected synergies; the profitability and viability of the combined entity; the ability of Acerus and the combined company to continue as a going concern; the anticipated ability of Acerus to raise the capital required to fund the payment of the purchase price and the operations of the combined company; the continued commercialization and sales of products; market acceptance of the company’s products; generic entrance risk and intellectual property risks; risks associated with the company’s marketing and distribution and reliance on third party manufacturers and suppliers; risks related to product safety or efficacy concerns which could result in litigation, regulatory action or product recalls or withdrawals; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, tax, prescription drug pricing and rebates and other laws or regulations and interpretations thereof; developments with respect to the COVID-19 pandemic, including the duration, severity and scope of the pandemic and potential impacts on operations and supply chains; the fact that the combined company will continue to have a controlling shareholder; and other risk factors detailed from time to time in Acerus’ reports filed with the Canadian securities regulatory authorities. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 10, 2021, 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 reliance 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        

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