May 2019 Update View this email in your browser Financing Announcement Last week we announced a financing we believe will be as attractive to existing shareholders as to new investors. It is a preferred share financing that is anticipated to be much less dilutive in the end than a common share financing at this stage would be and has very attractive terms for return, liquidity, and income.



This financing will ensure nothing slows us down on the market launch of our device and the preparations already underway in Japan. With this funding in place, we will have what we need to transition the Company to its first commercial product.



If you are interested in seeing more information about this financing, you may download the summary here or email lee@replicel.com. RepliCel Programs On Track



Before summer hits, I wanted to send a note to all our subscribers with perhaps the most important message I can relay - that we are “on track”.



We are on track with the timelines in China where YOFOTO expects to have their facility ready for production in Q3.



We are on track in Japan where we are fully engaged in the regulatory review process to obtain the approvals needed to do our next-phase clinical studies for tendon regeneration and skin rejuvenation there. A single trial of each product in Japan is potentially all we need to go to market there with those products.



We are on track with our dermal injector and related consumables to have them all CE-marked for market launch in Europe and Hong Kong within the next 12 months.



We are on track in terms of our projected cash position.



As you’ve heard me say before, the Company’s top three priorities are: (1) market launch of the dermal injector and consumables, (2) moving fast and furious in China, and (3) paving the way for our next-phase clinical studies in Japan which presents our fastest route to market. The over-arching theme here is enabling our partnership with YOFOTO in China and getting to revenue. Revenue from the injector in Europe and Hong Kong. Revenue from our cell therapy products in Japan.



Over the next 18 months you should expect to see: 2 clinical trials launched in China (tendon and skin) being financed by YOFOTO,

2 clinical trials (tendon and skin) launched in Japan,

an ongoing revenue stream from the sale of dermal injectors and consumables,

new clinical data from a study completed showing the value of the dermal injector in treating hair loss, and

clinical data from the Shiseido-funded study of our hair loss treatment (RCH-01) in Japan with clarity around its intentions to launch the product.