PharmAla Biotech Signs Sale Agreement with Numinus

LaNeo Product Data submitted for a Clinical Trial in Canada

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) — PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA, OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeo™ MDMA and novel derivatives of MDMA (MDXX class molecules), is pleased to announce that it had entered into a binding sales agreement with Numinus Wellness Inc. (“Numinus”) (TSX: NUMI, OTCQX: NUMIF) to provide its GMP LaNeo™ MDMA for a prospective clinical trial.

“PharmAla wishes Numinus success in their clinical trial application, and looks forward to supporting them in their efforts,” said Nick Kadysh, Founding CEO, PharmAla Biotech. “LaNeo™ is undoubtedly the drug product of choice for MDMA clinical trial practitioners in Canada, and around the world – and of course, increasingly, for prescribers as well.”

Poster Presentation at Behaviour, Biology, and Chemistry (BBC) Conference

PharmAla is also pleased to announce that key data relating to the in-vivo performance of its ABA family of drug candidates was presented by Dr. Fantegrossi, and colleagues at the 16^th annual Behaviour, Biology and Chemistry conference in San Antonio, Texas, from March 22-24. The poster, entitled In Vivo Characterization of MBDB and its Enantiomers in C57 and Autism-like BTBR Mice, presents key findings from the development of PharmAla’s proof-of-concept rodent data for its ABA molecule family.

“We thank Dr. Fantegrossi for his exceptional and diligent work, and look forward to receiving academic community feedback on our findings thus far,” said Dr. Harpreet Kaur, Vice President of Research, PharmAla Biotech.

About PharmAla

PharmAla Biotech Holdings Inc. (CSE: MDMA)(OTCQB:MDXXF) 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 as well as commercial sales in selected jurisdictions, and to develop novel drugs in the same class. PharmAla is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. PharmAla’s research and development unit has completed proof-of-concept research into several IP families, including ALA-002, its 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.

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.