Eupraxia Pharmaceuticals Announces Voting Results from Annual General and Special Meeting of Shareholders Victoria, B.C.

Eupraxia Pharmaceuticals Announces Voting

Results from Annual General

and Special Meeting of Shareholders

Victoria, B.C. - June 6, 2024 - Eupraxia

Pharmaceuticals Inc. ("Eupraxia" or the "Company") (TSX: EPRX) (NASDAQ: EPRX), a clinical-stage

biotechnology company leveraging its proprietary DiffuSphere technology to optimize drug delivery for applications with significant

unmet need, is pleased to announce the results from its Annual General and Special Meeting of Shareholders (the "Meeting")

held on June 6, 2024.

Pursuant to a resolution passed by ballot

vote, all of the six nominees proposed by management for election to the Company's board of directors (the "Board")

at the Meeting and listed in the Company's Management Information Circular dated May 1, 2024, were elected. The directors will remain

in office until the next annual meeting of shareholders, or until their successors are elected or appointed.

The results of the vote on the election of

the Board are as follows:

The other items of business at the Meeting were

to (i) appoint KPMG LLP as the auditor of the Company for the ensuing year and to authorize the Board to fix the remuneration of the auditors;

(ii) approve unallocated entitlements under the Company's amended and restated stock option plan; and (iii) amend the Articles of

the Company to provide that the Company may, by a resolution of the Board, consolidate or subdivide all or any of the Company's

shares. All such items of business were passed by the shareholders at the Meeting.

About Eupraxia Pharmaceuticals Inc.

Eupraxia is a clinical-stage biotechnology

company focused on the development of locally delivered, extended-release products that have the potential to address therapeutic areas

with high unmet medical need. The Company strives to provide improved patient benefit and has developed technology designed to deliver

targeted, long-lasting activity with fewer side effects. DiffuSphere , a proprietary, polymer-based micro-sphere technology, is

designed to facilitate targeted drug delivery, with extended duration of effect, and offers multiple, highly tuneable pharmacokinetic

(PK) profiles. This investigational technology can be engineered for use with multiple active pharmaceutical ingredients and delivery

Eupraxia recently completed a Phase 2b clinical

trial (SPRINGBOARD) of EP-104IAR for the treatment of pain due to osteoarthritis of the knee. The trial met its primary endpoint and

three of the four secondary endpoints. Eupraxia has expanded the EP-104 platform into gastrointestinal disease with the Phase 1b/2a RESOLVE

trial for treating EoE. Eupraxia is also developing a pipeline of later- and earlier-stage long-acting formulations. Potential pipeline

indications include candidates for other inflammatory joint indications and oncology, each designed to improve on the activity and tolerability

of currently approved drugs. For further details about Eupraxia, please visit the Company's website at: www.eupraxiapharma.com.

Notice Regarding Forward-looking Statements

This news release includes forward-looking

statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking information

can be identified by the use of words such as "plans", "is expected", "expects", "suggests",

"scheduled", "intends", "contemplates", "anticipates", "believes", "proposes",

"potential" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions,

events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward looking statements in this news release include statements regarding the Company's product candidates, including expected benefits

to patients; the results gathered from studies and trials of Eupraxia's product candidates; the potential for the Company's technology

to impact the drug delivery process; potential market opportunity for the Company's products, and potential pipeline indications.

Such statements and information are based on the current expectations of Eupraxia's management, and are based on assumptions, including

but not limited to: future research and development plans for the Company proceeding substantially as currently envisioned; industry growth

trends, including with respect to projected and actual industry sales; the Company's ability to obtain positive results from the Company's

research and development activities, including clinical trials; and the Company's ability to protect patents and proprietary rights. Although

Eupraxia's management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect.

The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ

materially as a result of known and unknown risk factors and uncertainties affecting Eupraxia, including, but not limited to: risks and

uncertainties related to the Company's limited operating history; the Company's novel technology with uncertain market acceptance; if

the Company breaches any of the agreements under which it licenses rights to its product candidates or technology from third parties,

the Company could lose license rights that are important to its business; the Company's current license agreement may not provide an adequate

remedy for its breach by the licensor; the Company's technology may not be successful for its intended use; the Company's future technology

will require regulatory approval, which is costly and the Company may not be able to obtain it; the Company may fail to obtain regulatory

approvals or only obtain approvals for limited uses or indications; the Company's clinical trials may fail to demonstrate adequately the

safety and efficacy of our product candidates at any stage of clinical development; the Company may be required to suspend or discontinue

clinical trials due to side effects or other safety risks; the Company completely relies on third parties to provide supplies and inputs

required for its products and services; the Company relies on external contract research organizations to provide clinical and non-clinical

research services; the Company may not be able to successfully execute its business strategy; the Company will require additional financing,

which may not be available; any therapeutics the Company develops will be subject to extensive, lengthy and uncertain regulatory requirements,

which could adversely affect the Company's ability to obtain regulatory approval in a timely manner, or at all; the impact of health pandemics

or epidemics on the Company's operations; the Company's restatement of its consolidated financial statements, which may lead to additional

risks and uncertainties, including loss of investor confidence and negative impacts on the Company's common share price; and other risks

and uncertainties described in more detail in Eupraxia's public filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov). Although Eupraxia

has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described

in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated,

estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws,

forward-looking statements and information speak only as of the date on which they are made and Eupraxia undertakes no obligation to publicly

update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Danielle Egan, Eupraxia Pharmaceuticals Inc.

Adam Peeler, on behalf of:

Eupraxia Pharmaceuticals Inc.

SOURCE Eupraxia Pharmaceuticals Inc.