PharmAla to host investor webinar to discuss prominent changes to the business, including its first profitable quarter
VANCOUVER, BC - January 31, 2024 - 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 present its Q1 Interim Financial Statement for the period ending November 30, 2023.
PharmAla showed a quarterly profit for the first time in its history, validating its low-overhead manufacturing business model. PharmAla believes that this is the first quarterly profit for any publicly-traded psychedelics company. The company’s financial statements can be found on SEDAR, and are available at the following link: Q1 Financial Statement
“Positive regulatory changes are fast approaching to permit these life-saving medicines, we are pleased with the progress we’ve made towards serving patients and practitioners globally,” said Nick Kadysh, CEO at PharmAla Biotech. “While we are a young company, and we know there will be ups and downs in this very nascent category, we are confident that 2024 will be a prolific year for MDMA and it will continue to compound with our proven history of achievements and accomplishments from 2023.”
The company is furthermore proud to confirm that the first-ever dose of MDMA issued under the Australian Authorized Prescriber Scheme was manufactured by PharmAla Biotech. Accelerating the use of MDMA in the treatment of Post-Traumatic Stress Disorder (PTSD) globally continues to support both PharmAla’s manufacturing IP, and its development of novel, safer analogs of MDMA, such as the company’s lead ALA-002 molecule.
PharmAla will be hosting an investor webinar on Friday the 2nd to further elaborate on its financial report as well as discuss their recent achievement of obtaining a Controlled Drugs & Substances Dealer’s License (CDSL) from Health Canada. Sign up at the following link: Friday, February 2nd, at 1:00 PM EST