PharmAla launches MDMA clinical trial tool for researchers

TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) — PharmAla Biotech Holdings Inc. (“PharmAla“ or the “Pursue”) (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 the development of a new researcher tool that provides qualified researchers with direct access to its Chemistry, Manufacturing and Control (CMC) data and investigator brochure.

“Over the past few weeks, we have experienced a massive influx of requests for documentation for research materials on MDMA. One of the unexpected consequences of the FDA's decision on Lykos' MDMA NDA was a dramatic increase in the number of clinical researchers seeking information on our products. Clearly, MDMA remains of great interest to the global research community,” said Nicholas Kadysh, CEO of PharmAla Biotech. “Following the successful launch of PharmAla's Prescriber Portal for our Canadian prescribers, we are excited to offer this new tool to the global community of clinical researchers. We hope it will save them time and energy when applying for grants and is a testament to PharmAla's unmatched transparency and regulatory sophistication.”

The new tool, offered at https://pharmala.ca/clinical-trialsprovides researchers with direct access to drug quality information that researchers can review directly. PharmAla expects the tool to simplify the process for researchers seeking to apply for trials involving MDMA and help further expand PharmAla's clinical trial sales pipeline for LaNeo MDMA. Dozens of researchers are already using LaNeo MDMA for clinical research around the world.

Change in the CFO area

PharmAla Biotech is also pleased to announce that it will hire Mr. William Avery, CPA, CA, as Chief Financial Officer for the Company, effective October 1.^st. Mr. Avery has been serving as financial advisor to PharmAla Biotech for over a month. Mr. Avery is a former partner at MNP and focuses on public companies in innovative spaces.

The Board of Directors of PharmAla Biotech thanks Mr. Carmelo Marelli, the Company’s outgoing CFO, for his many years of service.

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 goal: to address the global backlog of clinical grade generic MDMA to enable clinical trials as well as commercial sale in select jurisdictions, and to develop new drugs in the same class. PharmAla is the only company currently providing clinical grade MDMA for the treatment of patients outside of clinical trials. PharmAla's R&D division has completed proof-of-concept research on several IP families, including ALA-002, its lead drug candidate. PharmAla is a “regulatory first” organization, founded on the principle that true success in the psychedelics industry can only be achieved through excellent relationships with regulators.

For further information please contact:
Nicholas Kadysh
Managing Director
PharmAla Biotech Holdings Inc.
E-mail: [email protected]
Phone: 1-855-444-6362
Website: www.PharmAla.ca

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

Warning

This news 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 the words “may,” “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 beliefs or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions made by PharmAla at the date the information is made 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 undertakes no obligation 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 heading “Risk Factors” in PharmAla's Management's Discussion and Analysis, which is available under PharmAla's profile at www.sedar.com.

This press 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.