PharmAla Biotech named Exclusive MDMA Supply Partner to Awakn Life Sciences

PharmAla will be the sole provider of both GMP and Engineering MDMA to Awakn

VANCOUVER, British Columbia, March 02, 2023 (GLOBE NEWSWIRE) — PharmAla Biotech Holdings Inc. (“PharmAla”)(CSE: MDMA), a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules (including MDMA) are pleased to announce that PharmAla has been named the exclusive MDMA supplier to Awakn LS Europe Holdings Limited (“Awakn”) (CSE:AWKN).

“We’ve been working with the Awakn team for several months now, to ensure they have all the material needed for their development efforts,” said Nick Kadysh, CEO of PharmAla. “Awakn and PharmAla share a bit of founding history – Prof. David Nutt, who was a founding board member of PharmAla, left our board in order to take on the role of Chief Research Officer of Awakn. We think it’s completely fitting that we are able to supply Awakn with both engineering-grade and GMP LaNeo MDMA, which will grow their development program. I look forward to continued collaboration with Anthony and the Awakn team.”

Anthony Tennyson, CEO of Awakn commented, “We are pleased to have selected PharmAla as the exclusive GLP and GMP MDMA supplier for our MDMA research and development program. We are currently running a feasibility study to assess and potentially develop a market-ready proprietary formulation and optimized delivery route for MDMA, with the goal of reducing the treatment time for MDMA-assisted therapy. Having a trusted partner like PharmAla as our API supplier will reduce risk and potentially increase probability of success for this program.”

PharmAla is the first publicly traded company to manufacture GMP MDMA, and is the first company to make available to researchers two clinical-grade Psychedelic APIs. On March 8^th PharmAla will be hosting a webinar for researchers and clinicians on the recent changes announced by the Australian Therapeutic Goods Agency for the use of its products in upcoming clinical trials.

For more information, please visit www.PharmAla.ca, where you can sign up to receive regular new updates.

About PharmAla
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is the first publicly-traded company to manufacture clinical-grade MDMA. PharmAla’s research and development unit has completed proof-of-concept research into ALA-002, PharmAla’s lead drug candidate. PharmAla is a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

About Awakn:

Awakn Life Sciences Corp. is a biotechnology company developing therapeutics to treat addiction.  Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 285m people globally for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels. 

For more information, please contact:
Nicholas Kadysh
Chief Executive Officer
PharmAla Biotech Holdings Inc.
Email: press@PharmAla.ca
Phone: 1-855-444-6362
Website: www.PharmAla.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in PharmAla’s management’s discussion and analysis which is available on PharmAla’s profile at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction