Press Release

PharmAla Biotech Completes Annual General Meeting

All Motions Adopted Amidst Significant Market Interest in PharmAla as a Leading GMP Manufacturer and Researcher of MDMA and Analog molecules

Toronto, March 01, 2023 (GlobeNewswire) – PharmAla Biotech (CSE:MDMA) has completed its first Annual General Meeting as a publicly-traded company. The company is happy to report that all motions were adopted with zero votes against, including:

- The Re-Appointment of the Corporation’s Board of Directors, under the
chairpersonship of Ms. Jodi Butts

- The appointment of Clearhouse LLP as the Corporation’s auditors

“The environment for PharmAla Biotech has changed dramatically in the past two months,” said Jodi Butts, Board Chair, PharmAla Biotech. “On behalf of the board, we are pleased to have been re-appointed to continue providing exemplary corporate governance in the execution of our fiduciary duty to provide value to our shareholders.”

Following the AGM, the Company released its annual Letter to Shareholders, which can be found on its website here: Download Letter

“In 2022, we laid the groundwork for what we hoped to achieve in the future; Many elements of that strategy have proved prescient,” said Nick Kadysh, CEO, PharmAla Biotech. “I’m very happy to share with the Shareholders of the Corporation our plans for the 2023 calendar year.”

PharmAla is also pleased that Mr. Kadysh has been named an ‘Emerging Under-40 Leader in Healthcare” by The Peak, an online publication focusing on Canadian news and current events. Mr. Kadysh was nominated for both his work in supporting Psychedelics supply chains via GMP Drug Substance manufacture with PharmAla Biotech, as well as his leadership role in PsyCan (Psychedelics Canada), the trade association for the for-profit, medicinal Psychedelics industry where he sits as inaugural board chair.

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 a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators. Our team of dedicated professionals includes regulatory experts, scientists, and biomanufacturing professionals. PharmAla has built what it believes to be North America’s first cGMP MDMA value chain, encompassing GMP manufacturing of Active Pharmaceutical Ingredient (API), and drug product formulation. PharmAla’s research and development unit has also begun preclinical research into two patented Novel Chemical Entities (NCEs) based on MDXX class molecules, with proof-of-concept research currently ongoing at the University of Arkansas Medical School.

Media Inquiries

Nicholas Kadysh, CEO