Waverley Pharma Announces Resignation of CEO and Appointment of New CEO

July 23, 2018

Waverley Pharma Inc. ("Waverley Pharma" or the "Company") (TSXVWAVE), an emerging Canadian pharmaceutical company, announced today that its board of directors (the “Board”) has accepted the resignation of Dr. George Thomas as President and Chief Executive Officer (CEO) of the Company, effective July 26, 2018, as he has decided to pursue other opportunities.

Dr. Theron (Ted) Odlaug has been appointed by the Board as the new CEO, effective August 1, 2018. Dr. Odlaug is currently the Executive Chairman of Impopharma Inc. and most recently was the CEO of leon-nanodrugs GmbH, based in Munich, Germany. Prior to that he was the Executive Chairman of Cedarburg Pharmaceuticals, and has over 35 years business experience that includes senior leadership roles at Astellas, Fujisawa, Bayer AG and Baxter.

Dr. Albert Friesen, Chairman of Waverley Pharma said: “The Board is very thankful to George for his exemplary service to the Company and wishes him much success in his future endeavors. On behalf of the Board I would also like to welcome Ted to the team and we look forward to working with him as he brings his extensive experience and knowledge to the Company.”

Waverley Pharma also announced today that it has authorized the grant of an aggregate of 400,000 stock options (each an "Option") to certain directors and officers of the Company and its subsidiaries in accordance with the Company's stock option plan. Each Option will be exercisable into one common share of the Company at the closing market price of the Company’s common shares on the date of grant, for a period of five years from the date of grant. The issuance of the Options is subject to the approval of the TSX Venture Exchange.

About Waverley Pharma

WaverleyPharma is an emerging pharmaceutical company focused on the development and commercialization of safe, effective, and affordable cancer therapeutics in theEU, United Kingdom and North American market. The Company, through its subsidiary, is currently selling three generic oncology products in the UnitedKingdom, namely capecitabine, temozolomide and erlotinib. In addition, theCompany is developing two generic oncology products in Europe, namely pemetrexedand bortezomib and additional products in the United States. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may","plans", "will", "estimates", "continues","anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are here in after collectively referred to as "forward-looking statements").Forward-looking statements include the Company’s expectation of increasing its shareholder base and other estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which theCompany believes to be relevant and reasonable in the circumstances. Inherentin forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's potential product revenues, stage of development, additional capital requirements, risks associated with obtaining regulatory approvalto market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about:general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicableCanadian securities regulatory authorities.

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