Kiora Pharmaceuticals Enters Into Agreements to Raise $3.12 Million From the Exercise of Previously Issued Class A Warrants Salt Lake City, Utah--(Newsfile Corp.

Kiora Pharmaceuticals

Enters Into Agreements to Raise $3.12 Million

From the Exercise of Previously Issued Class A Warrants

Salt Lake City, Utah--(Newsfile Corp. - November 18,

2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") announced today it has entered

into warrant inducement offer letters to raise $3.12 million in gross proceeds from the exercise of 654,609 Class A warrants issued

in the Company's public offering from July 2022.

On November 17, 2022, the Company reduced

the exercise price of all Class A warrants from $8.00 per share to $4.77 per share. On such date, Kiora also entered into warrant

inducement offer letters with certain investors pursuant to which the investors' immediately exercised 654,609 Class A Warrants at

the reduced exercise price of $4.77, and the Company issued to such investors new warrants to purchase 100% of the shares exercised pursuant

to the Class A Warrants. Such new warrants will, among other terms, become exercisable six months after issuance, have an exercise

price of $5.97 and a term of 18 months from their initial exercise date. The exercise of the Class A warrants is expected to result

in gross proceeds to the Company of $3.12 million.

The Class A Warrants were registered

pursuant to a registration statement on Form S-1 and were issued pursuant to an Underwriting Agreement dated as of July 22,

2022. The new warrants and the shares underlying the New Warrants are unregistered and are being issued in a private placement pursuant

to Section 4(a)(2) of the Securities Act of 1933 (the "Securities Act").

Ladenburg Thalmann & Co. Inc. acted

as the exclusive warrant inducement agent.

About Kiora Pharmaceuticals

Kiora Pharmaceuticals is a clinical-stage

biotechnology company developing and commercializing products for the treatment of ophthalmic diseases. KIO-301 is being developed for

the treatment of retinitis pigmentosa. It is a molecular photoswitch that has the potential to restore vision in patients with inherited

and/or age-related retinal degeneration. KIO-101 is being developed for the treatment of the Ocular Presentation of Rheumatoid Arthritis

("OPRA"). It is a next-generation, non-steroidal, immuno-modulatory and small molecule inhibitor of Dihydroorotate Dehydrogenase

("DHODH") with what Kiora believes is best-in-class picomolar potency and a validated immune modulating mechanism (blocks T

cell proliferation and proinflammatory cytokine release) designed to overcome the off-target side effects and safety issues associated

with commercially available DHODH inhibitors. In addition, Kiora is developing KIO-201, a chemically cross-linked form of the natural

polymer hyaluronic acid, designed to accelerate corneal wound healing.

In addition to news releases and SEC filings,

we expect to post information on our website, www.kiorapharma.com, and social media accounts that could be relevant to investors.

Forward-Looking Statements

Some of the statements in this press release

are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of

1995. These "forward-looking" statements include statements relating to, among other things, the development and commercialization

efforts pertaining to Kiora's development-stage products, including KIO-101, KIO-201 and KIO-301, as well as the success thereof, with

such approvals or success may not be obtained or achieved on a timely basis or at all. These statements involve risks and uncertainties

that may cause results to differ materially from the statements set forth in this press release, including, among other things, the ability

to conduct clinical trials on a timely basis, market and other conditions and certain risk factors described under the heading "Risk

Factors" contained in Kiora's Amendment No. 1 to Annual Report on Form 10-K/A filed with the SEC on July 7, 2022 or

described in Kiora's other public filings. Kiora's results may also be affected by factors of which Kiora is not currently aware. The

forward-looking statements in this press release speak only as of the date of this press release. Kiora expressly disclaims any obligation

or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto

or any changes in the events, conditions, or circumstances on which any such statement is based, except as required by law.

Francina Agosti, Ph.D.