VANCOUVER, BC Sep 6, 2023 - PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA) (OTCQB:PMBHF), a biotechnology company focused on the research, development, and manufacturing of novel MDXX class molecules (including MDMA), is pleased to announce that it has qualified for trading on the OTCQB Venture Market (the "OTCQB") in the United States operated by the OTC Markets Group Inc. and the Company's common shares commenced trading today on the OTCQB under the symbol "PMBHF”. PharmAla’s common shares will continue to trade on the Canadian Securities Exchange (“CSE”) under the ticker “MDMA”.
“This listing is the result of an exceedingly long process, which I’m pleased we’ve finally completed,” stated Nick Kadysh, CEO, PharmAla Biotech. “We believe that this move will open the doors to greater access and trading capability in our shares for both institutional and retail investors; This is just one part of our continued efforts to grow the PharmAla story.”
PharmAla’s OTC listing, which will allow for greater access to its stock for US investors, follows the company’s receipt earlier this year of regulatory allowances from the US Food and Drug Administration (“USFDA”) for its LaNeo MDMA to be used in US Clinical Trials. The OTCQB offers investors transparent trading in entrepreneurial and development stage U.S. and international companies. To be eligible, companies must be current in their reporting and undergo an annual verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors. Investors can find real-time level 2 quotes and market information at: https://www.otcmarkets.com/sto...
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.
Nicholas Kadysh, CEO